The Phoenix Holdings Ltd.

Capital/Financing Update • Dec 14, 2023

Re: The Phoenix Capital Raising (2009) Ltd.- issuance of two new bond series in total NIS 600 Par valueThe Company is announcing that a second-tier subsidiary of the Company, The Phoenix Capital Raising (2009) Ltd. ("Phoenix Capital Raising") which engages in raising sources of funding for The Phoenix Insurance Company Ltd. (a subsidiary of the Company)("Phoenix Insurance"), published immediate reports of a rating by the rating companies, Midrog Ltd. (Aa3il rating with a positive horizon) and S&P Global Ratings Ma'alot Ltd. (rating ilAA), for the issuance of two new series of deferred notes, series 14 and 15 ("New Bonds") in the amount of up to NIS 600 million P.V.. which in return will be deposited with Phoenix Insurance and designated to be used as tier 2 capital of Phoenix Insurance through a shelf offer report published by Phoenix Capital Raising.It shall be emphasized that as of the date of this Immediate Report, the date of public offering, scope, and terms of the New Bonds which will be offered to the public by Phoenix Capital Raising (insofar as they are offered) have not yet been finally determined, and nothing in this immediate report shall impose any liability on the part of Phoenix Capital Raising to act to offer the said New Bonds.It shall also be clarified that the publication of the shelf offering report by The Phoenix Capital Raising is subject to all approvals required by law, including the approval of The Phoenix Capital Raising board of directors to raise capital (including in connection with the terms and structure of the public offering and including in connection with the publication of the shelf offering report), approval of the TASE for listing the new bonds for trading and the publishing of a shelf offering report. Accordingly, there is no certainty that the public offering will be carried out. Nothing in this immediate report constitutes an offer to the public and/or an invitation to purchase the Company's securities. 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:	14/12/2023
	www.isa.gov.il			www.tase.co.il				Reference:	2023-01-113449	Time of broadcast: 17:30 17:30

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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:   _________   _________   _________

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Attached hereto is a report on

Re: The Phoenix Capital Raising (2009) Ltd.- issuance of two new bond series in total NIS 600 Par value The Company is announcing that a second-tier subsidiary of the Company, The Phoenix Capital Raising (2009) Ltd. ("Phoenix Capital Raising") which engages in raising sources of funding for The Phoenix Insurance Company Ltd. (a subsidiary of the Company)("Phoenix Insurance"), published immediate reports of a rating by the rating companies, Midrog Ltd. (Aa3il rating with a positive horizon) and S&P Global Ratings Ma'alot Ltd. (rating ilAA), for the issuance of two new series of deferred notes, series 14 and 15 ("New Bonds") in the amount of up to NIS 600 million P.V.. which in return will be deposited with Phoenix Insurance and designated to be used as tier 2 capital of Phoenix Insurance through a shelf offer report published by Phoenix Capital Raising. It shall be emphasized that as of the date of this Immediate Report, the date of public offering, scope, and terms of the New Bonds which will be offered to the public by Phoenix Capital Raising (insofar as they are offered) have not yet been finally determined, and nothing in this immediate report shall impose any liability on the part of Phoenix Capital Raising to act to offer the said New Bonds. It shall also be clarified that the publication of the shelf offering report by The Phoenix Capital Raising is subject to all approvals required by law, including the approval of The Phoenix Capital Raising board of directors to raise capital (including in connection with the terms and structure of the public offering and including in connection with the publication of the shelf offering report), approval of the TASE for listing the new bonds for trading and the publishing of a shelf offering report. Accordingly, there is no certainty that the public offering will be carried out. Nothing in this immediate report constitutes an offer to the public and/or an invitation to purchase the Company's securities.

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	Reference to parallel Hebrew report:	2023-01-112744
	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 on 12 December 2023 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: 05/12/2023
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