The Phoenix Holdings Ltd.

Legal Proceedings Report • Jan 27, 2022

-Convenience Translation Only The Hebrew immediate report is the binding report-

27.1.2022

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: Immediate Report

On January 24, 2022, the Jerusalem District Court rendered a decision approving the motion to certify the claim as a class action (hereinafter: "The Approval Decision"), which was filed against a subsidiary of the Company, The Phoenix Insurance Company Ltd. (hereinafter: "The Phoenix Insurance") as well as against another insurance company (hereinafter collectively: "The Defendants"), and which is concerned, according to the Plaintiff, with the Defendants' refusal to recognize a surgery which requires medical intervention, as an insurance event, according to the health policies issued by them, on the grounds that it is a "preventive surgery" (See more details in the Immediate Report dated June 19, 2018 (Reference No. 2018-01- 059287) and in Note 7A(26) to the Company's financial statements as of September 30, 2021, which were published on November 30, 2021 (Reference No. 2021-01- 173703)).

As part of the Approval Decision, it was determined, that the group for whom the class action will be conducted is any person who has entered into a health insurance contract with the Defendants, which included insurance coverage for surgeries, and their claim for surgery was denied on the ground it was a "preventive" surgery not covered by the policy (even if the ground was presented differently in the rejection letter), and the common questions for the group members are, whether the Defendants violated the insurance contracts by rejecting claims for insurance coverage for surgery, claiming that this is a "preventive" surgery, and what are the remedies to which the members of the group are entitled in respect thereof.

The Phoenix Insurance is studying the Approval Decision and considering its further steps.

Respectfully, The Phoenix Holdings Ltd. c/o Adv. Meni Neeman, Chief Legal Counsel and Secretary of the Company