The Phoenix Holdings Ltd.

Capital/Financing Update • Jan 24, 2023

Re: Immediate report - Results of Institutional Investors Stage - Public Offering of Bonds 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:	23/01/2023
	www.isa.gov.il			www.tase.co.il				Reference:	2023-01-010839	Time of broadcast: 22:50 22:50

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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 - Results of Institutional Investors Stage - Public Offering of Bonds Following the Company's Immediate Reports regarding the possibility of publishing a shelf offering report, according to which additional Bonds (Series 6) of the Company will be offered to the public, in a uniform offer, by way of series expansion ("Bonds"), and following to the rating reports the Company received from S&P Global Ratings Maalot Ltd., and from Midroog Ltd., the Company is hereby announcing, as follows: 1. On January 22, 2023, a tender was held for Institutional investors to purchase the non-convertible Bonds, which will be registered for trading on the TASE ("TASE") by virtue of the shelf prospectus, which ended on January 23, 2023, in order to receive early commitments from Institutional investors in preparation for the issuance of the Bonds (insofar as it is carried out) ("Tender"). 2. The Bonds were offered to the Institutional investors by way of a unit price Tender (each unit includes NIS 1,000 nominal value of the Bonds). 3. The Bonds are not linked to any linkage-base. 4. As part of the Tender, bids were submitted for the purchase of NIS 356,616 thousand nominal value Bonds, of which, the Company received early commitments from Institutional investors to purchase NIS 172,612 thousand nominal value Bonds (as will be detailed in the shelf offering report, insofar as it is published) at a unit price of NIS 869, which will constitute the minimum price per unit as part of the public tender (insofar as it is carried out). It is hereby clarified that the final unit price will be determined as part of the public Tender (insofar as it is carried out). 5. The public offering of the Bonds (insofar as it is carried out) will be executed as part of a shelf offering report. It is hereby clarified that as of the date of this Immediate Report, there is no certainty that the public offering of the Bonds will indeed be carried out (including the scope of the raising, its structure and timing), and it is subject to obtaining the approvals and permits required by law, including the approval of the TASE to publish the shelf offering report and to register the Bonds for trading, as well as the approvals required by the Company's organs. It is further clarified that the aforementioned in this Immediate Report does not impose any commitment on the part of the Company to carry out a bid and/or issuance of the aforementioned Bonds, and nothing in this Immediate Report shall constitute a public offering or an invitation to purchase the Company's securities.

Attached hereto is a report on	Re: Immediate report - Results of Institutional Investors Stage - Public Offering of Bonds

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	Reference to parallel Hebrew report:	2023-01-008980
	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: 29/12/2022
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