The Phoenix Holdings Ltd.

Legal Proceedings Report • May 21, 2023

Re: Withdrawal from a Motion to Certify a Claim as a Class Action Against the Company, The Phoenix Insurance Company Ltd. & Directors - Immediate Report Notice is hereby given that on May 17, 2023, the District Court in Tel Aviv approved the plaintiffs' withdrawal from the motion to certify a Claim as a class action (hereinafter: "The Claim"), which was filed against the Company, its subsidiary, The Phoenix Insurance Company Ltd. (hereinafter: "The Phoenix Insurance"), the chairperson of the Board of Directors of the Company and The Phoenix Insurance, the serving members of the Company's Board of Directors and The Phoenix Insurance, as well as against a senior manager at The Phoenix Insurance (hereinafter, collectively: "The Defendants"), and which concerns with the allegation of misleading reporting and the Company's non-disclosure of material facts that caused damage to the shareholders of the Company, regarding the events that occurred in the early 1990s, regarding the inclusion of El Al employees to guaranteed-yield policies (See detailed in the Immediate Report dated June 30, 2021 (Reference No. 2021-01-045415) and in Note 43.A.1(44) to the Company's financial statements for December 31, 2022, which were published on March 23, 2023 (Reference No. 2023-01-038857)).It should be noted that the Claim was based on the similar allegations that arose as part of a motion to certify a derivative claim, which ended on April 24, 2023, with the plaintiff's withdrawal (on the recommendation of the court), and which was also filed against the Defendants (See detailed in the Immediate Report dated April 24, 2023 (Reference Nu. 2023-01-038587)).That brings the proceeding to an end. 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:	21/05/2023
	www.isa.gov.il			www.tase.co.il				Reference:	2023-01-046183	Time of broadcast: 15:44 15:44

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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: Withdrawal from a Motion to Certify a Claim as a Class Action Against the Company, The Phoenix Insurance Company Ltd. & Directors - Immediate Report Notice is hereby given that on May 17, 2023, the District Court in Tel Aviv approved the plaintiffs' withdrawal from the motion to certify a Claim as a class action (hereinafter: "The Claim"), which was filed against the Company, its subsidiary, The Phoenix Insurance Company Ltd. (hereinafter: "The Phoenix Insurance"), the chairperson of the Board of Directors of the Company and The Phoenix Insurance, the serving members of the Company's Board of Directors and The Phoenix Insurance, as well as against a senior manager at The Phoenix Insurance (hereinafter, collectively: "The Defendants"), and which concerns with the allegation of misleading reporting and the Company's non-disclosure of material facts that caused damage to the shareholders of the Company, regarding the events that occurred in the early 1990s, regarding the inclusion of El Al employees to guaranteed-yield policies (See detailed in the Immediate Report dated June 30, 2021 (Reference No. 2021-01-045415) and in Note 43.A.1(44) to the Company's financial statements for December 31, 2022, which were published on March 23, 2023 (Reference No. 2023-01-038857)). It should be noted that the Claim was based on the similar allegations that arose as part of a motion to certify a derivative claim, which ended on April 24, 2023, with the plaintiff's withdrawal (on the recommendation of the court), and which was also filed against the Defendants (See detailed in the Immediate Report dated April 24, 2023 (Reference Nu. 2023-01-038587)). That brings the proceeding to an end.

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	Reference to parallel Hebrew report:	2023-01-045529
	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 & Company 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 May 18, 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: 02/05/2023
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