Tchwella The board would like to thank Mr

Canada III-9 Market Analysis III-9 Table 23: Canadian Recent Past, Current & Future Analysis for Titrators byProduct Group/Segment - Karl Fischer Titrators (Volumetric, and Coulometric),and Other Titrators Markets Independently Analyzed with Annual Sales Figures inUS$ Million for Years 2000 through 2010 (includes corresponding Graph/Chart)III-9 Table 24: Canadian Long-term Projections for Titrators by Product Group/Segment- Karl Fischer Titrators (Volumetric, and Coulometric), and Other TitratorsMarkets Independently Analyzed with Annual Sales Figures in US$ Million forYears 2011 through 2015 (includes corresponding Graph/Chart) III-10 Table 25: Canadian 10-Year Perspective for Titrators by Product Group/Segment -Percentage Breakdown of Dollar Sales for Karl Fischer (Volumetric, andCoulometric), and Other Titrators Markets for 2003, 2008 & 2012 (includescorresponding Graph/Chart) III-10 3. Japan III-11 Market Analysis III-11 Table 26: Japanese Recent Past, Current & Future Analysis for Titrators byProduct Group/Segment - Karl Fischer Titrators (Volumetric, and Coulometric),and Other Titrators Markets Independently Analyzed with Annual Sales Figures inUS$ Million for Years 2000 through 2010 (includes corresponding Graph/Chart)III-11 Table 27: Japanese Long-term Projections for Titrators by Product Group/Segment- Karl Fischer Titrators (Volumetric, and Coulometric), and Other TitratorsMarkets Independently Analyzed with Annual Sales Figures in US$ Million forYears 2011 through 2015 (includes corresponding Graph/Chart) III-12 Table 28: Japanese 10-Year Perspective for Titrators by Product Group/Segment -Percentage Breakdown of Dollar Sales for Karl Fischer (Volumetric, andCoulometric), and Other Titrators Markets for 2003, 2008 & 2012 (includescorresponding Graph/Chart) III-12 4. Europe III-13 Market Analysis III-13 Table 29: European Recent Past, Current & Future Analysis for Titrators byGeographic Region - France, Germany, Italy, UK, and Rest of Europe MarketsIndependently Analyzed with Annual Sales Figures in US$ Million for Years 2000through 2010 (includes corresponding Graph/Chart) III-13 Table 30: European Recent Past, Current & Future Analysis for Titrators byProduct Group/Segment - Karl Fischer Titrators (Volumetric, and Coulometric),and Other Titrators Markets Independently Analyzed with Annual Sales Figures inUS$ Million for Years 2000 through 2010 (includes corresponding Graph/Chart)III-14 Table 31: European Long-term Projections for Titrators by Geographic Region -France, Germany, Italy, UK, and Rest of Europe Markets Independently Analyzedwith Annual Sales Figures in US$ Million for Years 2011 through 2015 (includescorresponding Graph/Chart) III-14 Table 32: European Long-term Projections for Titrators by Product Group/Segment- Karl Fischer Titrators (Volumetric, and Coulometric), and Other TitratorsMarkets Independently Analyzed with Annual Sales Figures in US$ Million forYears 2011 through 2015 (includes corresponding Graph/Chart) III-15 Table 33: European 10-Year Perspective for Titrators by Geographic Region -Percentage Breakdown of Dollar Sales for France, Germany, Italy, UK, and Rest ofEurope for Years 2003, 2008 & 2012 (includes corresponding Graph/Chart) III-15 Table 34: European 10-Year Perspective for Titrators by Product Group/Segment -Percentage Breakdown of Dollar Sales for Karl Fischer (Volumetric, andCoulometric), and Other Titrators Markets for 2003, 2008 & 2012 (includescorresponding Graph/Chart) III-16 4a. France III-17 A.Market Analysis III-17 Strategic Development III-17 B.MarketAnalytics III-18 Table 35: French Recent Past, Current & Future Analysis for Titrators by ProductGroup/Segment - Karl Fischer Titrators (Volumetric, and Coulometric), and OtherTitrators Markets Independently Analyzed with Annual Sales Figures in US$Million for Years 2000 through 2010 (includes corresponding Graph/Chart) III-18 Table 36: French Long-term Projections for Titrators by Product Group/Segment -Karl Fischer Titrators (Volumetric, and Coulometric), and Other TitratorsMarkets Independently Analyzed with Annual Sales Figures in US$ Million forYears 2011 through 2015 (includes corresponding Graph/Chart) III-18 Table 37: French 10-Year Perspective for Titrators by Product Group/Segment -Percentage Breakdown of Dollar Sales for Karl Fischer (Volumetric, andCoulometric), and Other Titrators Markets for 2003, 2008 & 2012 (includescorresponding Graph/Chart) III-19 4b.

Germany III-20 Market Analysis III-20 Table 38: German Recent Past, Current & Future Analysis for Titrators by ProductGroup/Segment - Karl Fischer Titrators (Volumetric, and Coulometric), and OtherTitrators Markets Independently Analyzed with Annual Sales Figures in US$Million for Years 2000 through 2010 (includes corresponding Graph/Chart) III-20 Table 39: German Long-term Projections for Titrators by Product Group/Segment -Karl Fischer Titrators (Volumetric, and Coulometric), and Other TitratorsMarkets Independently Analyzed with Annual Sales Figures in US$ Million forYears 2011 through 2015 (includes corresponding Graph/Chart) III-21 Table 40: German 10-Year Perspective for Titrators by Product Group/Segment -Percentage Breakdown of Dollar Sales for Karl Fischer (Volumetric, andCoulometric), and Other Titrators Markets for 2003, 2008 & 2012 (includescorresponding Graph/Chart) III-21 4c. Italy III-22 Market Analysis III-22 Table 41: Italian Recent Past, Current & Future Analysis for Titrators byProduct Group/Segment - Karl Fischer Titrators (Volumetric, and Coulometric),and Other Titrators Markets Independently Analyzed with Annual Sales Figures inUS$ Million for Years 2000 through 2010 (includes corresponding Graph/Chart)III-22 Table 42: Italian Long-term Projections for Titrators by Product Group/Segment -Karl Fischer Titrators (Volumetric, and Coulometric), and Other TitratorsMarkets Independently Analyzed with Annual Sales Figures in US$ Million forYears 2011 through 2015 (includes corresponding Graph/Chart) III-23 Table 43: Italian 10-Year Perspective for Titrators by Product Group/Segment -Percentage Breakdown of Dollar Sales for Karl Fischer (Volumetric, andCoulometric), and Other Titrators Markets for 2003, 2008 & 2012 (includescorresponding Graph/Chart) III-23 4d. The United Kingdom III-24 A.Market Analysis III-24 GR Scientific - A KeyPlayer III-24 B.Market Analytics III-25 Table 44: UK Recent Past, Current & Future Analysis for Titrators by ProductGroup/Segment - Karl Fischer Titrators (Volumetric, and Coulometric), and OtherTitrators Markets Independently Analyzed with Annual Sales Figures in US$Million for Years 2000 through 2010 (includes corresponding Graph/Chart) III-25 Table 45: UK Long-term Projections for Titrators by Product Group/Segment - KarlFischer Titrators (Volumetric, and Coulometric), and Other Titrators MarketsIndependently Analyzed with Annual Sales Figures in US$ Million for Years 2011through 2015 (includes corresponding Graph/Chart) III-25 Table 46: UK 10-Year Perspective for Titrators by Product Group/Segment -Percentage Breakdown of Dollar Sales for Karl Fischer (Volumetric, andCoulometric), and Other Titrators Markets for 2003, 2008 & 2012 (includescorresponding Graph/Chart) III-26 4e. Rest of Europe III-27 A.Market Analysis III-27 Switzerland - Base forLeading Companies III-27 Key Players III-27 Metrohm (Switzerland) III-27Mettler-Toledo International (Switzerland) III-28 Product Launches III-28B.Market Analytics III-29 Table 47: Rest of Europe Market for Titrators - Recent Past, Current & FutureAnalysis by Product Group/ Segment for Karl Fischer Titrators (Volumetric, andCoulometric), and Other Titrators Markets Independently Analyzed with AnnualSales Figures in US$ Million for Years 2000 through 2010 (includes correspondingGraph/Chart) III-29 Table 48: Rest of Europe Long-term Projections for Titrators by ProductGroup/Segment - Karl Fischer Titrators (Volumetric, and Coulometric), and OtherTitrators Markets Independently Analyzed with Annual Sales Figures in US$Million for Years 2011 through 2015(includes corresponding Graph/Chart) III-30 Table 49: Rest of Europe 10-Year Perspective for Titrators by Product Segment -Percentage Breakdown of Dollar Sales for Karl Fischer (Volumetric, andCoulometric), and Other Titrators Markets for 2003, 2008 & 2012 (includescorresponding Graph/Chart) III-31 5.

Asia-Pacific III-32 A.Market Analysis III-32 Strategic Corporate DevelopmentsIII-32 B.Market Analytics III-33 Table 50: Asia-Pacific Market for Titrators - Recent Past, Current & FutureAnalysis by Product Group/ Segment for Karl Fischer Titrators (Volumetric, andCoulometric), and Other Titrators Markets Independently Analyzed with AnnualSales Figures in US$ Million for Years 2000 through 2010 (includes correspondingGraph/Chart) III-33 Table 51: Asia-Pacific Long-term Projections for Titrators by ProductGroup/Segment - Karl Fischer Titrators (Volumetric, and Coulometric), and OtherTitrators Markets Independently Analyzed with Annual Sales Figures in US$Million for Years 2011 through 2015 (includes corresponding Graph/Chart) III-34 Table 52: Asia-Pacific 10-Year Perspective for Titrators by Product Segment -Percentage Breakdown of Dollar Sales for Karl Fischer (Volumetric, andCoulometric), and Other Titrators Markets for 2003, 2008 & 2012 (includescorresponding Graph/Chart) III-34 6. The Middle East III-35 Market Analysis III-35 Table 53: Middle East Market for Titrators - Recent Past, Current & FutureAnalysis by Product Group/ Segment for Karl Fischer Titrators (Volumetric, andCoulometric), and Other Titrators Markets Independently Analyzed with AnnualSales Figures in US$ Million for Years 2000 through 2010 (includes correspondingGraph/Chart) III-35 Table 54: Middle East Long-term Projections for Titrators by ProductGroup/Segment - Karl Fischer Titrators (Volumetric, and Coulometric), and OtherTitrators Markets Independently Analyzed with Annual Sales Figures in US$Million for Years 2011 through 2015 (includes corresponding Graph/Chart) III-36 Table 55: Middle East 10-Year Perspective for Titrators by Product Segment -Percentage Breakdown of Dollar Sales for Karl Fischer (Volumetric, andCoulometric), and Other Titrators Markets for 2003, 2008 & 2012 (includescorresponding Graph/Chart) III-36 7. Latin America III-37 Market Analysis III-37 Table 56: Latin American Market for Titrators - Recent Past, Current & FutureAnalysis by Product Group/ Segment for Karl Fischer Titrators (Volumetric, andCoulometric), and Other Titrators Markets Independently Analyzed with AnnualSales Figures in US$ Million for Years 2000 through 2010 (includes correspondingGraph/Chart) III-37 Table 57: Latin American Long-term Projections for Titrators by ProductGroup/Segment - Karl Fischer Titrators (Volumetric, and Coulometric), and OtherTitrators Markets Independently Analyzed with Annual Sales Figures in US$Million for Years 2011 through 2015 (includes corresponding Graph/Chart) III-38 Table 58: Latin American 10-Year Perspective for Titrators by Product Segment -Percentage Breakdown of Dollar Sales for Karl Fischer (Volumetric, andCoulometric), and Other Titrators Markets for 2003, 2008 & 2012 (includescorresponding Graph/Chart) III-38 IV. Arik Kilman Appointed Executive Chairman of the Board of DirectorsHERZLIYA, Israel, January 6 /PRNewswire-FirstCall/ BluePhoenixSolutions (Nasdaq: BPHX), the leader in value-driven legacy IT modernizationsolutions, today announced new appointments to the offices of Chief ExecutiveOfficer and Chairman of the Board. These appointments are effectiveimmediately.Arik Kilman, who has served as Chief Executive Officer of BluePhoenixsince May 2003, has been named Executive Chairman of the Board. In thisposition he will maintain a leadership role, responsible for the strategicdirection of the company, with a specific focus on the development of keystrategic relationships with partners and customers, the management of majorsales opportunities, and mergers and acquisitions."I take great satisfaction in seeing all that we have achieved inBluePhoenix during my tenure as CEO, and I am increasingly excited about ourfuture," said Mr Kilman.

"We enter 2009 in excellent financial position,with a market opportunity that is still growing, and an ever-improvingbusiness proposition for our customers. We will continue to work closely together and I am looking forwardto a future of continued growth in financial performance and shareholdervalue creation at BluePhoenix."Yaron Tchwella, who joined the company as President in August 2008, hasbeen promoted to the position of Chief Executive Officer Since his arrivalat BluePhoenix, Mr Tchwella has worked closely with Mr. Kilman and theentire BluePhoenix management team, and played a pivotal role in thecompany's recently completed comprehensive strategic review and action plan.He has additionally assumed a central role in the company's shareholderrelations initiatives.Gur Shomrom, member of the Board of Directors, said, "The BluePhoenixboard is pleased to announce these new appointments for Mr Kilman and Mr.Tchwella The board would like to thank Mr. Shomromadded "Yaron has demonstrated tremendous drive and management acumen sincejoining BluePhoenix as we had anticipated. His promotion represents thesuccessful culmination of the management changeover program that weinitiated.""I am honored to takeover in the seat that Arik filled so effectively forthe last six years," said Mr Tchwella. "I assume leadership of a strongglobal enterprise uniquely positioned to capitalize on the macro trendsdriving IT modernization. The opportunities for BluePhoenix are truly greatand I am relishing the challenge of working with the BluePhoenix team tocontinue to grow the business."About BluePhoenix SolutionsBluePhoenix Solutions (Nasdaq: BPHX) is the leading provider ofvalue-driven legacy IT modernization solutions.