The Phoenix Holdings Ltd.

Legal Proceedings Report • Aug 18, 2025

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PHOENIX FINANCIAL LTD
Corporation no: 520017450	10820
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	Israel Securities Authority			Tel Aviv Stock Exchange		�150 ( Public )		Reported via MAGNA:	18/08/2025
	www.isa.gov.il			www.tase.co.il				Reference:	2025-01-061394	Time of broadcast: 17:00 17:00

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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:   _________   _________   _________

Re: Update on Attorney General�s Position Regarding Clarification Request � Class Action Settlement with Phoenix Insurance (Subsidiary) Following the Company�s announcement dated August 18, 2024, regarding the ruling issued by the Central District Court approving the settlement agreement in a class action lawsuit filed against a subsidiary of the Company, The Phoenix Insurance Company Ltd. (hereinafter: the �Ruling,� the �Settlement Agreement,� and �Phoenix Insurance,� respectively), and against six other insurance companies, concerning allegations of unlawful collection of a charge referred to as the �Policy Factor,� which allegedly harmed the savings accumulated for policy holders under life insurance policies (as detailed in the immediate report dated August 18, 2024, reference number 2024-01-083649); And further to Note 9d(1) in the Company�s financial statements as of March 31, 2025, published on May 29, 2025 (reference number 2025-01-038652), which stated that the parties submitted to the court an update regarding the implementation of the Settlement Agreement and a request for clarifications concerning its execution (hereinafter: the �Clarification Request�), the Company hereby provides the following update: On August 14, 2025, the Attorney General submitted its Position regarding the Clarification Request (hereinafter: the �Position�), recommending that the Clarification Request should be rejected in its current form due to several reservations, the most material of which are: Addition of Yield in Cases of Reimbursement after the reduction date According to the Position, yield payments should be added up to the actual date of reimbursement to group members. This differs from the Company�s position in the Clarification Request, which proposed adding yield payments only up to the date of future implementation of the Ruling (i.e., granting a 50% discount on the Policy Factor). Calculation of Reimbursement Rate When an Additional Coverage Was Purchased alongside the basic policy: The Position states that, contrary to the company�s position in the Clarification Request, the proportional cost of savings should not be calculated based on the total cost of all coverages in the basic policy and its riders. Phoenix Insurance is currently reviewing the Attorney General�s Position and its reasoning. A preliminary assessment indicates that, if the Attorney General�s arguments will be accepted, in whole or in part, this is not expected to have a material impact on the company�s financial statements. The company will continue to examine the matter. It should be noted that both the Clarification Request and the Position are subject to the court�s decision.

Attached hereto is a report on	.

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	Reference to parallel Hebrew report:	2025-01-060984
	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 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: 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 , ������� 53454 Telephone: 03-7332997 Facsimile: 03-7238831 E-mail: menin@fnx.co.il 1