The Phoenix Holdings Ltd.

Legal Proceedings Report • Feb 9, 2022

8.2.2022

The Phoenix Holdings Ltd.

("the Company")

To To www.isa.gov.il www.tase.co.il

The Securities Authority The Tel Aviv Stock Exchange Ltd.

Re: The Phoenix Insurance Company Ltd. - Immediate Report

The Company is hereby honored to announce that on February 6, 2022 a judgment was rendered at the Jerusalem District Court, approving a settlement agreement in the motion to certify a claim as a class action, which was filed against a subsidiary of the Company, The Phoenix Insurance Company Ltd. (hereinafter: "The Phoenix Insurance"), as well as against 12 additional companies (hereinafter, collectively: "The Defendants"), which concerns with the claim that the Defendants violate the provisions of Section 5(b) of the Interest and Linkage Law, 5721-1961, by not adding the interest and/or linkage differences to the amounts decided upon by a judicial authority, in cases where they pay such amounts at a later date than the date set for their payment (See details in the Immediate Report dated 11 September 2017 (Reference No. 2017-01-091791) and in Note 7A(22) to the Company's financial statements as of September 30, 2021, which were published on November 30, 2021 (Reference No. 2021-01-173703)).

According to the settlement agreement, The Phoenix Insurance undertook to amend the deeds of waiver, as outlined in the settlement agreement, and to pay compensation to the class action plaintiff, as well as attorney's fee in amounts that are not material to The Phoenix Insurance and to which there is an appropriate provision in the books.

This brings the proceeding to an end.

Respectfully,

The Phoenix Holdings Ltd.

c/o Attorney Meni Neeman, Legal Counsel and Secretary of the Company