The Phoenix Holdings Ltd.

Prospectus • Nov 19, 2009

Pearl Group

18 November 2009

Pearl Group (the "Company")

SUMMARY DOCUMENT - CORRECTION

On 12 November 2009, the Company published a summary document (the "Summary Document") in connection with the application for its ordinary shares to be admitted to the Official List of the UK Listing Authority and to trading on the Main Market of the London Stock Exchange ("Admission") under Chapter 14 of the Listing Rules. Admission became effective on 17 November 2009.

Capitalised terms used in this announcement shall have the meanings given to them in the Summary Document, unless otherwise defined. The Summary Document contains an inaccurate statement which is corrected as set out below.

The following paragraph is contained on page 117 of the Summary Document:

"The Sponsors' Warrants have terms and provisions that are identical to the Public Warrants, except that the Sponsors' Warrants: (i) will become exercisable if the last sales price of the Ordinary Shares exceeds €16.50 per share for any 20 trading days within a 30 trading day period beginning 90 days after such business combination; (ii) will be nonredeemable so long as the Sponsors or their permitted transferees hold such warrants; and (iii) may be exercised at the option of the holder on a cashless basis."

This paragraph should be read as if sub-section (i) had been deleted and sub-sections (ii) and (iii) were re-numbered accordingly.

The Summary Document is available on the Company's website at www.thepearlgroup.com, and is also available for inspection on the UK Listing Authority's Document Viewing Facility, which is situated at 25 North Colonnade, Canary Wharf, London, E14 5HS.

ENQUIRIES

Media: Andrew Grant, James Bradley, Mal Patel, Tulchan Communications + 44 (0) 20 7353 4200

Investors: Fiona Clutterbuck, Pearl Group + 44 (0) 20 7489 4881