The Phoenix Holdings Ltd.

Capital/Financing Update • Aug 22, 2024

Re: Midroog upgrades the IFS rating of The Phoenix Insurance Company Ltd. (Subsidiary) ("Phoenix" or the "Company") from Aa1 to Aaa.il, and it also upgrades the rating of the deferred notes (hybrid Tier 2 and Tier 2 capital instruments) issued through the subsidiary The Phoenix Capital Raising (2009) Ltd., from Aa3.il(hyb) to Aa2.il(hyb). The rating has been upgraded in view of a favorable capital adequacy ratio relative to the sector, along with improved diversification of revenues and profitability that compares positively with the peer group, as well as a risk profile that remains appropriate for the rating. The outlook has been changed from positive to stable.Attached to this Immediate Report is the translated Rating Report which was published by Midoog on August 19, 2024. false

������ ������� ��"�	1 818
PHOENIX FINANCIAL LTD
Corporation no: 520017450	14969
- - -

	Israel Securities Authority			Tel Aviv Stock Exchange		�150 ( Public )		Reported via MAGNA:	21/08/2024
	www.isa.gov.il			www.tase.co.il				Reference:	2024-01-086574	Time of broadcast: 23:21 23:21

---

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: Midroog upgrades the IFS rating of The Phoenix Insurance Company Ltd. (Subsidiary) ("Phoenix" or the "Company") from Aa1 to Aaa.il, and it also upgrades the rating of the deferred notes (hybrid Tier 2 and Tier 2 capital instruments) issued through the subsidiary The Phoenix Capital Raising (2009) Ltd., from Aa3.il(hyb) to Aa2.il(hyb). The rating has been upgraded in view of a favorable capital adequacy ratio relative to the sector, along with improved diversification of revenues and profitability that compares positively with the peer group, as well as a risk profile that remains appropriate for the rating. T he outlook has been changed from positive to stable. Attached to this Immediate Report is the translated Rating Report which was published by Midoog on August 19, 2024.

Monitoring_Report_-_Phoenix_Insurance_LTD-PDFUA_isa.pdf

	Reference to parallel Hebrew report:	2024-01-084975
	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	Elad Sirkis	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 19 August, 2024 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: 06/08/2024
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 , ������� 5345433 Telephone: 074-7315656 Facsimile: 03-7238855 E-mail: Elads1@fnx.co.il 1