The Phoenix Holdings Ltd.

Legal Proceedings Report • Apr 27, 2023

Re: Tel Aviv Jaffa District Court -withdrawal from a motion to certify a Claim as derivative action against the Company, The Phoenix Insurance Company & Directors -Immediate ReportNotice is hereby given that on April 24, 2023, the plaintiff's withdrawal from the motion to certify a Claim as derivative action, which was submitted to The Economic Department at the Tel Aviv Jaffa District Court, was approved (on the recommendation of the court and by way of striking out the procedure), (hereinafter: "The Claim"). The Claim was submitted 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 of The Phoenix Insurance, the incumbent board members of the Company and of The Phoenix Insurance, as well as against a senior manager at The Phoenix Insurance.The matter of the Claim is an agreement that was signed over three decades ago (on December 31, 1990) between El Al and The Phoenix Insurance, in the framework of which various issues related to social and pension conditions of El Al employees were settled. The Claim alleged, inter alia, that the members of the Board of Directors and the officers violated their duties towards the Company, allegedly, by allowing the Company to operate for many years in order to help its customers, El Al employees, to enjoy assured yield policies, and this, allegedly, contrary to the directive that prohibits the marketing of these policies as of December 31, 1990 (See detailed in the Immediate Report dated June 17, 2021 (Reference No. 2021-01-040690); in the Immediate Report dated June 22, 2021 (Reference No. 2021-01-042076); and in Note 43.A.3(c) to the Company's financial statements for December 31, 2022, which were published on March 23, 2023 (Reference No. 2023-01-026428)).This brings this proceeding to an end. false

������ ������ ��"�	1 818
THE PHOENIX HOLDINGS LTD
Corporation no: 520017450	10820
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	Israel Securities Authority			Tel Aviv Stock Exchange		�150 ( Public )		Reported via MAGNA:	27/04/2023
	www.isa.gov.il			www.tase.co.il				Reference:	2023-01-038857	Time of broadcast: 08:55 08:55

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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: Tel Aviv Jaffa District Court -withdrawal from a motion to certify a Claim as derivative action against the Company, The Phoenix Insurance Company & Directors -Immediate Report Notice is hereby given that on April 24, 2023, the plaintiff's withdrawal from the motion to certify a Claim as derivative action, which was submitted to The Economic Department at the Tel Aviv Jaffa District Court, was approved (on the recommendation of the court and by way of striking out the procedure), (hereinafter: "The Claim"). The Claim was submitted 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 of The Phoenix Insurance, the incumbent board members of the Company and of The Phoenix Insurance, as well as against a senior manager at The Phoenix Insurance. The matter of the Claim is an agreement that was signed over three decades ago (on December 31, 1990) between El Al and The Phoenix Insurance, in the framework of which various issues related to social and pension conditions of El Al employees were settled. The Claim alleged, inter alia, that the members of the Board of Directors and the officers violated their duties towards the Company, allegedly, by allowing the Company to operate for many years in order to help its customers, El Al employees, to enjoy assured yield policies, and this, allegedly, contrary to the directive that prohibits the marketing of these policies as of December 31, 1990 (See detailed in the Immediate Report dated June 17, 2021 (Reference No. 2021-01-040690); in the Immediate Report dated June 22, 2021 (Reference No. 2021-01-042076); and in Note 43.A.3(c) to the Company's financial statements for December 31, 2022, which were published on March 23, 2023 (Reference No. 2023-01-026428)). This brings this proceeding to an end.

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	Reference to parallel Hebrew report:	2023-01-038587
	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 24 April 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: 21/02/2023
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