The Phoenix Holdings Ltd.

Legal Proceedings Report • Jun 21, 2023

Re: A Motion to Certify a Settlement Agreement in a Class Action against The Phoenix Insurance Company Ltd. - Immediate Report false

������ ������ ��"�	1 818
THE PHOENIX HOLDINGS LTD
Corporation no: 520017450	10820
- - -

	Israel Securities Authority			Tel Aviv Stock Exchange		�150 ( Public )		Reported via MAGNA:	21/06/2023
	www.isa.gov.il			www.tase.co.il				Reference:	2023-01-057886	Time of broadcast: 08:38 08:38

---

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: A Motion to Certify a Settlement Agreement in a Class Action against The Phoenix Insurance Company Ltd. - Immediate Report The Company is announcing that on June 20, 2023 a motion to certify a settlement agreement in a class action was submitted to the District Court, which is conducted against a subsidiary of the Company, The Phoenix Insurance Company Ltd. (hereinafter: "The Phoenix Insurance"), as well as against six additional insurance companies, which concerns with the allegation of unlawful collection of a payment called "Policy Factor" in a way that harmed the savings accumulated for the benefit of the policyholders in life insurance policies (See details in the Immediate Report dated February 7, 2019 (Reference No. 2019-01-013164) and in Note 7a(2) to the Company's financial statements as of March 31, 2023, which were published on May 31, 2023 (Reference No. 2023-01-050344)). As part of the settlement agreement, it was agreed that the main changes to the group members (as defined in the settlement) shall be as follows: 1.The Phoenix Insurance will restitute the group members a rate of 42% of the total collection of the Policy Factor, which, according to the allegation, was supposed to be transferred to savings and was not transferred, starting seven years prior to the submission of the motion to certification and until the commencement date of the reduced collection, as mentioned in section 2 below. According to an initial and non-binding assessment by The Phoenix Insurance, the restitution amount (in nominal values) is expected to be in the range between about NIS 78 million to about NIS 91 million (As of 31 March, 2023). In relation to the period until the end of 2012, the restitution of the amounts will include yields, and in relation to the period from the beginning of 2013 onwards, the valuation of the amounts will be done in accordance with the court's decision according to the authority granted to it by the parties. Therefore, the final restitution amount to the group members depends on the aforementioned court decision and may change accordingly. 2.The Phoenix Insurance will reduce the future collection of the Policy Factor from the relevant group members by way of reducing the Policy Factor charges at a rate of 50% of the total Policy Factor that would have been collected had the reduction not been carried out, as stated in the settlement agreement. According to an initial and non-binding assessment by The Phoenix Insurance, the reduction in collection for 2024 (for example) is expected to be in the range between about NIS 2.8 million to about NIS 3.3 million. It should be noted that these amounts will decrease over the next few years. Insofar as the settlement agreement is approved, The Phoenix Insurance will be required, in addition to the above, to bear the compensation of the class action plaintiff, as well as of the attorney's fees, at the rate agreed upon in the settlement agreement or in an amount set forth by the court. The settlement agreement is subject to the approval of the court, and there is no certainty that it will be approved by it. It should be noted that in respect of the settlement agreement, the approval of which was requested as stated, there is an appropriate provision in the Phoenix Insurance books.

Attached hereto is a report on	Re: A Motion to Certify a Settlement Agreement in a Class Action against The Phoenix Insurance Company Ltd. - Immediate Report

_________

	Reference to parallel Hebrew report:	2023-01-057877
	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 is the binding report.
References of previous documents relating to this matter(the reference does not constitute incorporation by reference):
- - -
Stock Exchange/Market: ������	Date of revision of form structure: 20/06/2023
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