The Phoenix Holdings Ltd.

Foreign Filer Report • Jul 25, 2024

Re: Immediate Report � Amendment to Circular Regarding Measurement of Liabilities � Update of Demographic Assumptions Underlying Life Insurance and their Effects on the Company false

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THE PHOENIX HOLDINGS LTD
Corporation no: 520017450	14969
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	Israel Securities Authority			Tel Aviv Stock Exchange		�150 ( Public )		Reported via MAGNA:	25/07/2024
	www.isa.gov.il			www.tase.co.il				Reference:	2024-01-076608	Time of broadcast: 21:16 21:16

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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:   _________   _________   _________

Re: Immediate Report � Amendment to Circular Regarding Measurement of Liabilities � Update of Demographic Assumptions Underlying Life Insurance and their Effects on the Company The Company announce that on July 24, 2024, the Capital Market, Insurance and Savings Authority issued, published a circular amending the provisions of the previously issued consolidated circular regarding updating the demographic assumption system and a mortality improvement model for insurance companies and pension funds ("Circular"). Following the publication of the Circular, The Phoenix Insurance Company Ltd. a subsidiary of the Company ("Phoenix Insurance") conducted an initial assessment of the Circular anticipated overall impact on its financial results and the economic solvency ratio of Phoenix Insurance, as follows: - Impact on after-tax profit: The expected impact of the Circular is an increase in insurance liabilities in life insurance, resulting in a reduction of after-tax profit by approximately NIS 80-130 million over a period of three months ending June 30, 2024. - Impact on economic solvency ratio: The impact is estimated to reduce the solvency ratio by 2% to 4% without transitional measures, and by 3% to 5% with transitional measures (based on the solvency ratio as of December 31, 2023, published on May 29, 2024, see Immediate Report reference number 2024-01-055752). It is emphasized that the above Company estimates are preliminary and have not yet been approved by the Company's authorized organs or audited by the Company's auditor, and changes may occur accordingly. It should be emphasized that the above does not provide insight into the financial results of the company for Q2 2024 and solvency ratio as of June 30, 2024 for Phoenix Insurance, as the results are impacted by various other factors such as business results and changes in market indicators. Among these indicators, is the impact of the rise in the interest rate curve in Q2 2024, which, among other things, leads to an increase in the K factor in the life insurance segment. This impact is expected to reduce liabilities significantly and thereby materially reduce the circular financial impact. Additionally, the aforementioned increase in the interest rate curve is expected to increase the solvency ratio, thereby also reducing the impact of the circular. The company and Phoenix Insurance aforementioned estimates are forward-looking information as defined in the Securities Law, 5728-1968. Furthermore, the data included in this report is preliminary estimate only, is not audited or reviewed, and has not been approved by Phoenix Insurance's authorized organs or the Company.

Attached hereto is a report on	Re: Immediate Report � Amendment to Circular Regarding Measurement of Liabilities � Update of Demographic Assumptions Underlying Life Insurance and their Effects on the Company

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	Reference to parallel Hebrew report:	2024-01-076539
	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 which was published 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: 18/06/2024
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