The Phoenix Holdings Ltd.

Capital/Financing Update • Jul 29, 2021

Subject: Rating Report - The Phoenix Capital Raising (2009) Ltd. � Deferred Liabilities Deed - Series TwelveThe Company is hereby announcing that on, July 27th, 2021, S&P Global Ratings Maalot Ltd. announced a rating of A+ for the issuance of Series 12 Deferred Liabilities Deeds (RT1) (hereinafter "Maalot" and "Liability Deed", respectively), in the total amount of up to NIS 1.5 billion per value, which The Phoenix Insurance Company Ltd. (hereinafter "The Phoenix Insurance"), the company's subsidiary, is examining the possibility of issuing them through The Phoenix Capital Raising (2009) Ltd., a second tier subsidiary of the company (hereinafter "The Phoenix Capital Raising"). Of the above sum, about NIS 400 million will be issued in a private placement to institutional investors and about NIS 1.1 billion will be issued to the Company by way of series replacement.It shall be emphasized that as of the date of this report, the date of the issuance by The Phoenix Capital Raising, if and to the extent that it is carried out, has not yet been finally determined.Furthermore, the issuance is subject to the receipt of all approvals required by law. Therefore, there is no certainty that the issuance of the said Liability Deeds will materialize.Attached to this Immediate Report is the translated Rating Report which was published by Maalot on July 27th, 2021 . false

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THE PHOENIX HOLDINGS LTD
Corporation no: 520017450	10820
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	Israel Securities Authority			Tel Aviv Stock Exchange		�150 ( Public )		Reported via MAGNA:	29/07/2021
	www.isa.gov.il			www.tase.co.il				Reference:	2021-01-059719	Time of broadcast: 20:05 20:05

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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:   _________   _________   _________

The original Hebrew report was published on the 27 of July 2021.

Attached hereto is a report on

Subject: Rating Report - The Phoenix Capital Raising (2009) Ltd. � Deferred Liabilities Deed - Series Twelve The Company is hereby announcing that on, July 27th, 2021, S&P Global Ratings Maalot Ltd. announced a rating of A+ for the issuance of Series 12 Deferred Liabilities Deeds (RT1) (hereinafter "Maalot" and "Liability Deed", respectively), in the total amount of up to NIS 1.5 billion per value, which The Phoenix Insurance Company Ltd. (hereinafter "The Phoenix Insurance"), the company's subsidiary, is examining the possibility of issuing them through The Phoenix Capital Raising (2009) Ltd., a second tier subsidiary of the company (hereinafter "The Phoenix Capital Raising"). Of the above sum, about NIS 400 million will be issued in a private placement to institutional investors and about NIS 1.1 billion will be issued to the Company by way of series replacement. It shall be emphasized that as of the date of this report, the date of the issuance by The Phoenix Capital Raising, if and to the extent that it is carried out, has not yet been finally determined. Furthermore, the issuance is subject to the receipt of all approvals required by law. Therefore, there is no certainty that the issuance of the said Liability Deeds will materialize. Attached to this Immediate Report is the translated Rating Report which was published by Maalot on July 27th, 2021 .

Phoenix_Issuance_July_2021_English_isa.pdf

	Reference to parallel Hebrew report:	2021-01-058330
	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):
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Stock Exchange/Market: ������	Date of revision of form structure: 15/06/2021
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