Re: The Phoenix Insurance Company Ltd. - exercise of an option to purchase 19.9% El Al Frequent Flyer Ltd shares.Following the Immediate Report dated June 23, 2022 (Reference No.: 2022-01-077968, the information of which is provided here by way of reference), the Company is hereby announcing that a notice was given by The Phoenix Insurance Company Ltd., the Company's subsidiary ("The Phoenix Insurance") regarding the exercise of an option to purchase 19.9% of the shares of El Al Frequent Flyer Ltd. ("The Frequent Flyer") (Thus, after the exercise an option to purchase 5.1% of the Frequent Flyer's shares will remain) by way of purchasing the shares and not by converting part of the loan placed by The Phoenix Insurance and against payment of consideration in the amount of approximately USD 14 million. false

הפניקס אחזקות בע"מ	1 818
THE PHOENIX HOLDINGS LTD
Corporation no: 520017450	10820

	Israel Securities Authority			Tel Aviv Stock Exchange		ת150 ( Public )		Reported via MAGNA:	14/09/2022
	www.isa.gov.il			www.tase.co.il				Reference:	2022-01-117184	Time of broadcast: 09:29 09:29

English language report to Israeli corporate

This 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: The Phoenix Insurance Company Ltd. - exercise of an option to purchase 19.9% El Al Frequent Flyer Ltd shares. Following the Immediate Report dated June 23, 2022 (Reference No.: 2022-01-077968, the information of which is provided here by way of reference), the Company is hereby announcing that a notice was given by The Phoenix Insurance Company Ltd., the Company's subsidiary ("The Phoenix Insurance") regarding the exercise of an option to purchase 19.9% of the shares of El Al Frequent Flyer Ltd. ("The Frequent Flyer") (Thus, after the exercise an option to purchase 5.1% of the Frequent Flyer's shares will remain) by way of purchasing the shares and not by converting part of the loan placed by The Phoenix Insurance and against payment of consideration in the amount of approximately USD 14 million.

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	Reference to parallel Hebrew report:	2022-01-094686
	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 .

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note that above report is a convenience translation only and the parallel Hebrew immediate report which was published on 13 September 2022 is the binding report.
References of previous documents relating to this matter(the reference does not constitute incorporation by reference):
Stock Exchange/Market: הפניקס	Date of revision of form structure: 13/09/2022
Address: דרך השלום 53 , גבעתיים 53454   , Tel: 03-7332997 , 03-7338174 Fax: 03-7238855
E-mail address: menin@fnx.co.il
Previous names of reporting entity: הפניקס הישראלי חברה לבטוח בע"מ
Name of the Signatory: נאמן מנחם Position of Signatory in the reporting corporation: Name of Employer Company:
Address: דרך השלום 53 , גבעתיים 53454 Telephone: 03-7332997 Facsimile: 03-7238831 E-mail: menin@fnx.co.il 1