The Phoenix Holdings Ltd.

Legal Proceedings Report • Oct 28, 2025

Immediate Report � Approval of a Class Action Lawsuit Against Phoenix Pension and Provident (Subsidiary) Regarding the Transfer of Provident Fund Members Between Investment Tracks Without Obtaining Their Consent � Continue false

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PHOENIX FINANCIAL LTD
Corporation no: 520017450	14969
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	Israel Securities Authority			Tel Aviv Stock Exchange		�150 ( Public )		Reported via MAGNA:	28/10/2025
	www.isa.gov.il			www.tase.co.il				Reference:	2025-01-081133	Time of broadcast: 21:12 21:12

Amended report for distorted report sent on date 27/10/2025 Whose reference number was: 2025-01-080234

The distortion:	a mistake in the disclosure
The distortion cause:	technical error
The main amendment:	see below the correct disclosure

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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:   _________   _________   _________

0 Immediate Report � Certification of a Class Action Lawsuit Against Phoenix Pension and Provident (Subsidiary) Regarding the Transfer of Provident Fund Members Between Investment Tracks Without Obtaining Their Consent � Continue On October 22, 2025, the Tel Aviv Regional Labor Court ("Court") issued a decision approving a motion to certify a class action (�Certification Decision�) filed against a subsidiary of the Company, The Phoenix Pension and Provident Ltd. (�Phoenix Pension and Provident�), concerning allegations that Phoenix Pension and Provident acted unlawfully and in breach of agreement when it transferred members of the provident fund who had joined the general investment track to the short-term investment track without obtaining their explicit written consent for this change. (For further details, see the immediate report dated February 18, 2024 (reference number 2024-01-016938)). As part of the Certification Decision, the Court determined that the group on whose behalf the class action will be conducted includes all members of Excellence Provident Fund (the former name of Phoenix Pension and Provident) who joined the general investment track prior to January 1, 2018, and were transferred at any time thereafter to the short-term investment track without having provided explicit written consent for such change. The cCurt further determined that the common questions for the group members include: whether Phoenix Pension and Provident acted in violation of the law, the fund�s bylaws, and the agreement when transferring members between investment tracks; whether Phoenix Pension and Provident was required to obtain explicit written consent from each member for the change in investment track; and whether the members suffered damages as a result of this action, and if so, what is the extent of such damages. Phoenix Pension and Provident believes that the Certification Decision is fundamentally flawed, is considering its next steps, and is expected to file a motion for leave to appeal. This is due, among other reasons, to the fact that the change in investment policy was carried out in accordance with the provisions of the law and the bylaws, including prior notice to members and real-time approval from the Capital Market, Insurance and Savings Authority (which was reaffirmed during the legal proceedings through its submitted position stating that the investment policy change was executed in accordance with the law and the bylaws).

Attached hereto is a report on	Immediate Report � Approval of a Class Action Lawsuit Against Phoenix Pension and Provident (Subsidiary) Regarding the Transfer of Provident Fund Members Between Investment Tracks Without Obtaining Their Consent � Continue

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	Reference to parallel Hebrew report:	2025-01-079582
	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 October 23, 2025 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 , ������� 5345433 Telephone: 074-7315656 Facsimile: 03-7238855 E-mail: Elads1@fnx.co.il 1