The Phoenix Holdings Ltd.

Capital/Financing Update • Aug 9, 2021

9.8.2021

The Phoenix Holdings Ltd. ("the Company")

To To

The Securities Authority The Tel Aviv Stock Exchange Ltd. (hereinafter "TASE")

www.isa.gov.il www.tase.co.il

Re: Results of Issuance of Series 12 Deferred Liabilities Deeds (RT1) in Private Issuance to Classified Investors - The Phoenix Capital Raising (2009) Ltd.

The Company is hereby honored to announce the results of the issuance of Series 12 Deferred Liabilities Deeds (RT1), which were issued as part of a private issuance under a trust deed issued by The Phoenix Capital Raising (2009) Ltd., a second-tier subsidiary of the Company (hereinafter "The Phoenix Capital Raising") on August 2 nd, 2021 (as well as the amendment to the trust deed published on August 3rd, 2021) (hereinafter "Deferred Liability Deeds" and "Trust Deed", respectively).

The Deferred Liability Deeds were recognized by the Commissioner of the Capital Market, Insurance and Savings Authority as an additional Tier 1 capital instrument by The Phoenix Insurance Company Ltd.

In accordance with the results of the tender, The Phoenix Capital Raising will issue units of Deferred Liability Deeds to classified investors with a total nominal value of NIS 200 million and with an annual interest rate of 2.29%. The total gross consideration that The Phoenix Capital Raising will receive in respect of the issued Deferred Liability Deeds as part of the private issuance, amounts to approximately NIS 200 million nominal value.

As specified in section 3.4.2 of the Trust Deed, The Phoenix Capital Raising will issue Deferred Liability Deeds to the Company, instead of Additional Tier 1 capital instruments that The Phoenix Insurance Company Ltd. has previously issued to the Company. In light of the annual interest rate set in the tender and in accordance with the exchange methodology document attached to the Trust Deed, The Phoenix Capital Raising will issue units of Deferred Liability Deeds to the Company at a nominal value of approximately NIS 1,025.9 million.

The Phoenix Capital Raising addressed the TASE in order to register the Deferred Liability Deeds for trading in the TASE institutional list (the "TACT"). After registration for trading in the TACT, the scope of the 12 Deferred Liabilities Deeds will be approximately NIS 1,225.9 million nominal value.

The date on which the Company became aware of the aforesaid is on August 5th, at 21:20 p.m.

Respectfully,

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