The Phoenix Holdings Ltd.

Legal Proceedings Report • Nov 28, 2023

Re: Approval of a Motion to Certify the Claim as a Class Action Against The Phoenix Insurance Company Ltd.(subsidiary) - Immediate Report The Phoenix Insurance is studying the Approval Decision and considering its next steps and, in its assessment, the approval decision is not expected to have a material impact on its financial statements. false

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THE PHOENIX HOLDINGS LTD
Corporation no: 520017450	10820
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	Israel Securities Authority			Tel Aviv Stock Exchange		�150 ( Public )		Reported via MAGNA:	28/11/2023
	www.isa.gov.il			www.tase.co.il				Reference:	2023-01-107563	Time of broadcast: 10:34 10:34

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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: Approval of a Motion to Certify the Claim as a Class Action Against The Phoenix Insurance Company Ltd.(subsidiary) - Immediate Report On November 24, 2023, a decision was given by the Tel Aviv-Yafo District court approving a motion to certify a claim as a class action ("Approval Decision") which was filed against a subsidiary of the company, The Phoenix Insurance Company Ltd. ("Phoenix Insurance"), and two other insurance companies (hereinafter together: "the Defendant Insurance Companies"), as well as against four banks (hereinafter together: "the Defendant Banks"). According to the plaintiffs, the claim deals with unlawful overcharging of insurance premiums for unnecessary building insurance policies issued to building owners (who took out a mortgage loan and were required to insure the building with a building policy in favor of the lending bank), despite the fact that at the time of issuance of such policies, there was already and insurance policy covering that building, regardless of whether that policy was taken out with the same insurance company or with another insurance company (details can be found in the Company immediate report dated December 6, 2018 (reference number 2018-01-112618) and in Note 7A(20) to the company's financial statements for June 30, 2023, published on August 24, 2023 (reference number 2023-01-079147)). As part of the Approval Decision, it was determined that the representative class in the lawsuit is composed of individuals who took out a mortgage loan from one or more of the Defendant Banks and were insured by the Defendant Insurance Companies with a building insurance policy, more than one policy for the same building during the same period. It was also determined that the common questions for the class members are whether the Defendant Insurance Companies insured them with double coverage; whether they created a reasonable expectation that they would act properly, according to which, among other things, they would not insure the same building during the same period without adding insurance coverage; whether they failed to meet the expected standard of conduct; whether they violated the duty to make proper disclosure; whether in their conduct that required premiums for two insurance policies that do not stack, they enriched themselves unlawfully; and whether the class members are entitled to compensation and the scope thereof. The Phoenix Insurance is studying the Approval Decision and considering its next steps and, in its assessment, the approval decision is not expected to have a material impact on its financial statements.

Attached hereto is a report on	Re: Approval of a Motion to Certify the Claim as a Class Action Against The Phoenix Insurance Company Ltd.(subsidiary) - Immediate Report The Phoenix Insurance is studying the Approval Decision and considering its next steps and, in its assessment, the approval decision is not expected to have a material impact on its financial statements.

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	Reference to parallel Hebrew report:	2023-01-106888
	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	Meni Neeman	Other Chief Legal Officer

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 November 26, 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: 10/10/2023
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 , ������� 53454 Telephone: 03-7332997 Facsimile: 03-7238831 E-mail: menin@fnx.co.il 1