The Phoenix Holdings Ltd.

Legal Proceedings Report • Jan 3, 2022

Re: The Attorney General opinion on the request to appeal submitted by several insurance companies in regard of investment management expenses on savings policy.Following the Attorney General's opinion filed on 13 August, 2020, as part of request to appeal filed by The Phoenix Insurance Company Ltd., a subsidiary of the Company (hereinafter: "The Phoenix Insurance") and three other insurance companies, to the Supreme Court on the District Court decision of May 2019 to approve the claim and the request for approval it as a class action, concerning a claim in relation to The Phoenix Insurance that it charges investment management expenses on a savings policy for Excellence Invest, in the absence of an explicit provision in the policy that allows it to do so (for details, see the Immediate Report dated 16 August 2020 (reference no. 2020-01-088854) and, as stated in Note 7A(12) to the Company's financial statements as of 30 September, 2021 that were published on 30 November, 2021 (reference no2021-01-173703), the Company notifies the following: On 2 January, 2022, the Attorney General submitted his opinion on the proceedings following a report by the Advisory Committee to the Commissioner of the Capital Market, Insurance and Savings Authority on the examination of direct expenses that was published on 24 November, 2021 (hereinafter: "the Report"), stating that he stands by his opinion that was submitted in the proceedings, according to which the request to appeal and the appeal as it is must be accepted, and in this respect, the requests for approval of the claims as a class action must be rejected, and that there is nothing in the Report that affects the decision made in the proceeding and it may even strengthen his standpoint.The Phoenix Insurance is studying the opinion and its arguments. false

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

	Israel Securities Authority			Tel Aviv Stock Exchange		�150 ( Public )		Reported via MAGNA:	03/01/2022
	www.isa.gov.il			www.tase.co.il				Reference:	2022-01-001749	Time of broadcast: 22:31 22:31

---

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:   _________   _________   _________

Attached hereto is a report on

Re: The Attorney General opinion on the request to appeal submitted by several insurance companies in regard of investment management expenses on savings policy. Following the Attorney General's opinion filed on 13 August, 2020, as part of request to appeal filed by The Phoenix Insurance Company Ltd., a subsidiary of the Company (hereinafter: "The Phoenix Insurance") and three other insurance companies, to the Supreme Court on the District Court decision of May 2019 to approve the claim and the request for approval it as a class action, concerning a claim in relation to The Phoenix Insurance that it charges investment management expenses on a savings policy for Excellence Invest, in the absence of an explicit provision in the policy that allows it to do so (for details, see the Immediate Report dated 16 August 2020 (reference no. 2020-01-088854) and, as stated in Note 7A(12) to the Company's financial statements as of 30 September, 2021 that were published on 30 November, 2021 (reference no2021-01-173703), the Company notifies the following: On 2 January, 2022, the Attorney General submitted his opinion on the proceedings following a report by the Advisory Committee to the Commissioner of the Capital Market, Insurance and Savings Authority on the examination of direct expenses that was published on 24 November, 2021 (hereinafter: "the Report"), stating that he stands by his opinion that was submitted in the proceedings, according to which the request to appeal and the appeal as it is must be accepted, and in this respect, the requests for approval of the claims as a class action must be rejected, and that there is nothing in the Report that affects the decision made in the proceeding and it may even strengthen his standpoint. The Phoenix Insurance is studying the opinion and its arguments.

pinion_on_Committee_Report_212022_isa.pdf

	Reference to parallel Hebrew report:	2022-01-001383
	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 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: 30/12/2021
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