The Phoenix Holdings Ltd.

Capital/Financing Update • Jun 23, 2022

Re: Loan Agreement with "EL AL Matmid Frequent Flyer Ltd." - The Phoenix Insurance Company Ltd. The Company is hereby announcing that on June 23, 2022, a binding agreement was signed for the provision of a loan in the amount of $130 million USD ("The Loan"), using Nostro money, by the Company's subsidiary, The Phoenix Insurance Company Ltd. ("The Phoenix") to El Al Matmid Frequent Flyer Ltd. ("The Borrower"). The provision of the Loan will end on June 30, 2028 ("The Loan Period"). The Loan will be secured, inter alia, by a first-degree lien to be provided by El Al Israel Airlines Ltd., the Borrower's parent company, in favor of The Phoenix, on the full borrower shares. In addition, a first-degree floating lien on the full assets of the Borrower will be recorded as well as first-degree fixed lien on additional assets of the Borrower.In addition, under the agreement, The Phoenix was given an option to purchase up to 25% of the Borrower's shares available at any time until the end of the Loan Period, and if additional conditions are met, even one year thereafter. The option can be exercised under certain conditions also by way of offsetting the loan balance, or part therefrom. 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:	23/06/2022
	www.isa.gov.il			www.tase.co.il				Reference:	2022-01-078013	Time of broadcast: 16:27 16:27

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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:   _________   _________   _________

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Attached hereto is a report on

Re: Loan Agreement with "EL AL Matmid Frequent Flyer Ltd." - The Phoenix Insurance Company Ltd. The Company is hereby announcing that on June 23, 2022, a binding agreement was signed for the provision of a loan in the amount of $130 million USD ("The Loan"), using Nostro money, by the Company's subsidiary, The Phoenix Insurance Company Ltd. ("The Phoenix") to El Al Matmid Frequent Flyer Ltd. ("The Borrower"). The provision of the Loan will end on June 30, 2028 ("The Loan Period"). The Loan will be secured, inter alia, by a first-degree lien to be provided by El Al Israel Airlines Ltd., the Borrower's parent company, in favor of The Phoenix, on the full borrower shares. In addition, a first-degree floating lien on the full assets of the Borrower will be recorded as well as first-degree fixed lien on additional assets of the Borrower. In addition, under the agreement, The Phoenix was given an option to purchase up to 25% of the Borrower's shares available at any time until the end of the Loan Period, and if additional conditions are met, even one year thereafter. The option can be exercised under certain conditions also by way of offsetting the loan balance, or part therefrom.

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	Reference to parallel Hebrew report:	2022-01-077968
	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