The Phoenix Holdings Ltd.

Legal Proceedings Report • May 22, 2025

Re: Phoenix Pension and Provident Ltd. (Subsidiary) - Request for Approval of a Settlement Agreement in a Class Action Lawsuit submitted to the District Court in Tel Aviv-Jaffa. The Company announces that on May 20, 2025, a request for approval of a settlement agreement in a class action lawsuit was submitted to the District Court in Tel Aviv-Jaffa. This lawsuit is against a subsidiary of the Company, Phoenix Pension and Provident Ltd. ("Phoenix Pension & Provident"), concerning the allegation of raising management fees in 2007 without sending prior notice as required by law (see details in the immediate reports dated March 20, 2022, and June 14, 2022 (reference numbers: 2022-01-031636 and 2022-01-060504, respectively) and in Note 43a(2)(7) to the Company's financial statements as of December 31, 2024, published on March 13, 2025 (reference number 2025-01-016702). As part of the settlement agreement, it was agreed that Phoenix Pension & Provident will compensate the group members with a total amount of approximately NIS 55 million, consisting of a cash refund of NIS 46 million and the remainder as a future benefit whereby management fees for group members with an existing account in a provident fund at Phoenix Pension & Provident will not be increased for a period of one year starting from the end of the current discount period for each member. Additionally, Phoenix Pension & Provident agreed, subject to court approval, to bear the fee payment for the representative plaintiff and the attorney's fees at the rate agreed in the settlement or the amount determined by the court, as well as various non-material expenses incurred by the representative plaintiff during the management of the proceedings. The settlement agreement is subject to court approval, and there is no certainty that it will be approved. Phoenix Pension & Provident has made an appropriate provision in the books for the aforementioned settlement agreement false

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PHOENIX FINANCIAL LTD
Corporation no: 520017450	14969
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	Israel Securities Authority			Tel Aviv Stock Exchange		�150 ( Public )		Reported via MAGNA:	22/05/2025
	www.isa.gov.il			www.tase.co.il				Reference:	2025-01-036232	Time of broadcast: 11:53 11:53

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English language report to Israeli corporateThis form is for reports that has been translated to English (convenience translation) and should be published alongside with the report in Hebrew in accordance with the Securities Regulations (Periodic and Immediate Reports), 5730 - 1970.

References of previous reports relating to this matter:   _________   _________   _________

_________

Attached hereto is a report on

Re: Phoenix Pension and Provident Ltd. (Subsidiary) - Request for Approval of a Settlement Agreement in a Class Action Lawsuit submitted to the District Court in Tel Aviv-Jaffa. The Company announces that on May 20, 2025, a request for approval of a settlement agreement in a class action lawsuit was submitted to the District Court in Tel Aviv-Jaffa. This lawsuit is against a subsidiary of the Company, Phoenix Pension and Provident Ltd. ("Phoenix Pension & Provident"), concerning the allegation of raising management fees in 2007 without sending prior notice as required by law (see details in the immediate reports dated March 20, 2022, and June 14, 2022 (reference numbers: 2022-01-031636 and 2022-01-060504, respectively) and in Note 43a(2)(7) to the Company's financial statements as of December 31, 2024, published on March 13, 2025 (reference number 2025-01-016702). As part of the settlement agreement, it was agreed that Phoenix Pension & Provident will compensate the group members with a total amount of approximately NIS 55 million, consisting of a cash refund of NIS 46 million and the remainder as a future benefit whereby management fees for group members with an existing account in a provident fund at Phoenix Pension & Provident will not be increased for a period of one year starting from the end of the current discount period for each member. Additionally, Phoenix Pension & Provident agreed, subject to court approval, to bear the fee payment for the representative plaintiff and the attorney's fees at the rate agreed in the settlement or the amount determined by the court, as well as various non-material expenses incurred by the representative plaintiff during the management of the proceedings. The settlement agreement is subject to court approval, and there is no certainty that it will be approved. Phoenix Pension & Provident has made an appropriate provision in the books for the aforementioned settlement agreement

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	Reference to parallel Hebrew report:	2025-01-035332
	This report was not reported in Hebrew.

Details of the authorized signatories to sign on behalf of the corporation:

	Name of the signer	Corporate Role
1	Elad Sirkis	Secretary _________

Note: According to Rule 5 of the Periodic and Immediate Reports Regulations (1970), a report submitted under these Regulations will be signed by the authorized persons to sign on behalf of the corporation. For the ISA staff notice Click here .2 2

note that the attached report is a convenience translation only and the parallel Hebrew immediate report published on 20 May, 2025 is the binding report.
References of previous documents relating to this matter(the reference does not constitute incorporation by reference):
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Stock Exchange/Market: ������	Date of revision of form structure: 06/08/2024
Address: ��� ����� 53 , ������� 53454   , Tel: 03-7332997 , 03-7338174 Fax: 03-7238855
E-mail address: menin@fnx.co.il
Previous names of reporting entity: ������ ������ ��"�, ������ ������� ���� ����� ��"�
Name of the Signatory: ������ ���� Position of Signatory in the reporting corporation: Name of Employer Company: ������ ���� ������ ��"�
Address: ��� ����� 53 , ������� 5345433 Telephone: 074-7315656 Facsimile: 03-7238855 E-mail: Elads1@fnx.co.il 1