The Phoenix Holdings Ltd.

Capital/Financing Update • Jul 3, 2022

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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:	03/07/2022
	www.isa.gov.il			www.tase.co.il				Reference:	2022-01-069318	Time of broadcast: 13:22 13:22

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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: Immediate Report - Revision of Demographic Assumptions Underlying Life Insurance and their Effects on the Company The Company is hereby reporting that on June 30, 2022, the Capital Market, Insurance and Savings Authority issued a circular amending the provisions of the previously issued consolidated circular regarding updating the demographic assumption system and a mortality improvement model for insurance companies and pension funds (hereinafter the "Circular"). In addition, and as stated in the Company's financial statements as of March 31, 2022 which were published on 31 May, 2022 (Reference no. 2022-01-055212), in the Report of the Board of Directors, Section 5.5.3.2, The Phoenix Insurance Company Ltd. ", a wholly owned subsidiary of the Company (hereinafter �Phoenix Insurance) is finalizing a study on retirement age and pension uptake rates (hereinafter the �Study"). The provisions of the Circular and the Study revise the assumptions underlying the calculations of liabilities and coefficients relating to life insurance policies and have opposite and offsetting impact, such that the Circular has a negative effect on the financial results and the solvency ratio, and the Study has a positive effect. Following the publication of the Circular and towards the end of the Study, Phoenix Insurance made an initial estimate of the expected direct effects on the financial results and solvency ratio of Phoenix Insurance, as follows: - Expected positive net impact on the Company�s comprehensive income after tax in the range of NIS 70 to 90 million for the six and three month periods ending June 30, 2022, of which the expected effect of the Circular is a decrease in income after tax of approximately NIS 250 million. - Expected increase net impact between 12% and 18% on the solvency ratio with transitional measures, based on the solvency ratio of December 31, 2021 (published on May 31, 2022, Immediate Report 2022-01-067543), of which the expected effect of the Circular is a decrease of between 7% and 13% of the solvency ratio with transitional measures. It is hereby clarified that the aforementioned Company estimates have not yet been approved by the Company's authorized bodies and have not yet been reviewed by the Company's accountant and are therefore subject to change. In addition, these estimates are not indications regarding the Company's financial results and the Phoenix Insurance's solvency ratio as of June 30, 2022, as these are affected by several other significant factors, including the Company�s business results, the status of financial markets, changes in interest rate curves, possible effects of the transitional measures, and so forth. Therefore, the aforesaid does not constitute an assessment regarding all of the Company's expected financial results for the six and three month periods ending June 30, 2022 and the solvency ratio of Phoenix Insurance as of June 30, 2022.

Attached hereto is a report on

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	Reference to parallel Hebrew report:	2022-01-069297
	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 above 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: 07/06/2022
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