The Phoenix Holdings Ltd.

Investor Presentation • Nov 27, 2024

2024 Q3 Phoenix Financial

Investor Presentation

Disclaimer

This presentation does not constitute an offer to purchase the Company's securities or solicitation to receive such offers and is designed solely to offer information as part of the Company's explanations regarding its Financial Statements.

This presentation includes information regarding the Company's strategic plan as well as forward-looking information as defined in section 32A of the Securities Law 5728-1968.

The realization and/or non-realization of forward-looking information which is stated in the financial reports and this presentation will be affected by risk factors that characterize the activities of the Company and group companies, as detailed in the Company's periodic reports, including changes in economic conditions, capital market in Israel and globally, the development of competition in the segments relevant to the group's activities, regulatory changes, changes in consumer preferences and consumption habits, changes in working assumptions or in the economic models and assumptions, and changes in implementation or execution – that can not be estimated in advance and may not be controlled by the Company. Hence, there is no certainty that the actual results and achievements of the Company in the future will be in accordance with these views and may differ, also substantially, from those presented in this presentation.

Furthermore, the presentation includes data and assessments based on external sources, the contents of which were not independently tested by the Company and therefore the Company is not responsible for their accuracy.

This presentation was drafted for the sake of convenience and needs to be reviewed along with the Company's public reports, including the Financial Statements, which contain the complete information about the Company, before making any decision to invest in the Company's securities.

This presentation may include information that is presented differently from the way it was presented in the company's official reports, some information may be presented and/or categorized and/or edited and/or segmented differently from the company's official past reports.

For the avoidance of doubt, the Company does not undertake to update or change the information contained in this presentation.

Highlights

Strategy & Targets

Financial Results

Segment Breakdown

Appendix

Glossary

Phoenix Financial | Overview

Leading Israeli	502 NISb	TA-35
financials group	AUM1	Leading index
Distinctive performance	19% AUM CAGR 5-years2	15% ROE 5-year average2
Shareholder	At least 40%	200 NISm
payout	Dividends	2024 Buyback Program
Strong capital	195%	11.1 NISb
position	Solvency II Ratio3	Shareholders' equity1
Recognized resilience	AA / AAA Israel ratings4 Financial / Insurance	A- / Baa1 International ratings4 Insurance

¹Includes all activities including insurance as of September 30, 2024

² Five-year period (EOY 2018-23), acquisitions included

³Solvency with transitional measures estimated as of June 30, 2024, after 250 NISm dividend from Phoenix Insurance to Phoenix Financial

⁴Israeli ratings: ilAA for Phoenix Financial & ilAAA for Phoenix Insurance by S&P Maalot, Aa2.il for Phoenix Financial & Aaa.il for Phoenix Insurance by Midroog; international ratings include S&P A- with

stable outlook & Moody's Baa1 with negative outlook (Moody's standalone credit profile A2 before sovereign constraint)

⁵ Adjusted EBITDA - calculated as income before finance expense, taxes, depreciation and amortization in the relevant areas of activity, see Glossary for definitions; 743 NISm without minority interest

Israel Economy | Main Indicators

GDP Growth ²

Long-term positive structural trends (e.g., wealth accumulation, vibrant tech sector)¹

Resilience in face of 2023-24 headwinds (war, political uncertainty, inflation, rates)

Equity market rebound in 2024

Continued uncertainty

Long-Term Yields (10Y) ⁶ Percent

Long-Term Savings AUM ⁴ NIS Trillion

Unemployment ⁷ Percent

¹Israel Securities Authority; ²Israel Central Bureau of Statistics, average 9M/24 vs 9M/23, annualized; forecast from Bank of Israel (real GDP growth, seasonally adjusted annual rate); ³Current USD, as of 2023, not PPP adjusted; ⁴ Bank of Israel; includes funds managed by institutional investors; 2022 decline due to yields; ⁵ Israel Central Bureau of Statistics, annual inflation, last twelve months; forecast from Bank of Israel; 6Bloomberg; longterm yields based on Israel 10-year government bond (not CPI-linked), for the last month of the period; ⁷Bank of Israel; end of period unemployment

5

2024 9M & Q3 | Highlights

ROE Comprehensive Income

Income per Share

Continued growth in core income with strong

Resilience in face of uncertainty, maintaining strong

Positive impact of non-operating activities including market performance & Life & Savings take-

Investment performance closed gap in deficit of

Leading international investors acquired company shares from control shareholders, with company transitioning to dispersed ownership during Q3

2027 strategic targets & roadmaps published in September

2024 Q3 | Continued Growth in Core Activities

Notes: Core Income and Core ROE do not include Non-Operating Income: investment yields and variable management fees above or below 3% real yields, interest rate effects, and special items. For the convenience of the presentation, the statutory tax rate for taxable income for each activity is used, while the difference between the actual tax and the statutory tax is recorded in Special Items; see Glossary for definitions

Investments | Core Capabilities

Returns – Insurance Nostro / Corporate Account

Percent (nominal)

Mark to market reporting transparency (reporting volatility) Group plans based on 3% real returns and stable rates

Team of over 100 investment professionals managing corporate account and client assets

Investing in capabilities including international investments and technology platforms

Asset Allocation - Corporate Account (Nostro)

Percent (September 30, 2024)

Investment performance & track record Responsible allocation & risk management

Proactive and proprietary dealflow and sourcing

International investments with leading partners, co-investments, & direct positions

Balanced asset allocation

Responsible asset and liability management

Dividend | Track Record

2024 Execution: 176 NISm buybacks executed in 2024 through November (126 NISm through September) out of 200 NISm program; 270 NISm semi-annual dividend (1.07 per share) distributed in September, representing a total of 535 NISm dividends year-to-date (together with 265 NISm dividend distributed April 2024)

Strong Track-Record: over 5% dividend yield with 2.3 NISb dividends & buybacks since 2020

Policy: at least 40% dividends from annual income facilitated by diverse cash flows & strong financial position including Solvency II, ratings, liquidity

2027 target: over 50% combined dividends & buybacks (over 1 NISb / 4 NIS per share)

Dividend & Buyback

From annual income, NISm

Highlights

Strategy & Targets

Financial Results

Segment Breakdown

Appendix

Glossary

Proven Value Creation | Strategy & Catalysts

Group Income | Growth Towards 2027 Targets

Core Income

NISm, before non-operating effects (capital markets, interest rates, & special items)

Phoenix Financial

Insurance Core ROE 5.8% Core ROE 16.5% 13% 11.8% 11.7% 14.3% 909 2020 2022 2027 target 552 2021 2023 9M/24 872 1100-1300 790 330 8.6% 12.0% 13.4% 18.4%

Asset Management, Agencies & Credit

Asset Management, Agencies & Credit on track to achieve previously published 2025 targets of 670 NISm

EBITDA Growth Engines

Growth engines Asset

Management, Agencies & Credit producing significant EBITDA from non-insurance businesses

• Mostly fee-based income
• Spread income in Credit (adjusted EBITDA includes finance expense & provisions)

Strategy focused on accelerated growth, with strong organic capabilities & proactive acquisitions –

doubling EBITDA in 3 years

743 NISm adjusted EBITDA

not including minority interest in 9M 2024

Adjusted EBITDA for Asset Management, Agencies & Credit

Continued Growth in AUMs

Investment House includes acquisition of 22 NISb Psagot funds in Q1

Asset Management

Investment House

MF & ETFs: Focus on growth, lead market & increased margins

Trade / Brokerage: Focus on increased market share, cross-sell, trade volumes, decrease interest impact (credit & deposits)

Wealth

Focus on qualified investors, grow AUMs, proprietary products, trust, global collaborations, distribution, data

Retirement (Pension & Provident)

Focus on improved profitability with scale, digitization, automation & distribution efficiency

403 NISm adjusted EBITDA not including minority interest in 9M 2024

Core Income, net

NISm, before non-operating effects

Adjusted EBITDA

Core Income - Comprehensive Income assuming 3% real yield, not including minorities and tax, investments performance above/below 3%, interest rate effects & special items; adjusted EBITDA calculated as earnings before interest, tax, depreciation & amortization; consolidated before minority interests; adjusted for non-operating items, without IFRS 16 influence, & cash items relevant to specific segments (Retirement includes DAC amortization, Credit includes finance expense & provisions); Retirement (Pension & Provident) share Core income 2021-23, 9M-24 & 2027 target is 23, 61, 65, 55, 80-100 NIS and of EBITDA 57, 127, 122, 108, 180-200 NISm Core income historic numbers were updated from last presentation

15

250-350

Distribution / Agencies

Focused on stand-alone value creation:

cash-generative & capital-light business model, market leader but still low 7% market share¹ ; value creation through growth, scale, innovation, and diversification

Independent agencies with experienced management (aligned with equity), providing access to all carriers / managers

Client-focused activities include benefit administration, retirement planning, & insurance (life, health, P&C, specialties)

Aggregator platform with scale & infrastructure to support small agents; independent IT infrastructure & efficient digital platforms

192 NISm adjusted EBITDA not including minority interest in 9M 2024

Assessing opportunities to unlock & create value

Share of group sales2
Pension & Provident	33%
Life	22%
Individual Health	14%
P&C	11%

Core Income, net

NISm, before non-operating effects

Adjusted EBITDA

Core Income - Comprehensive Income assuming 3% real yield, not including minorities and tax, investments performance above/below 3%, interest rate effects & special items; adjusted EBITDA calculated as earnings before interest, tax, depreciation & amortization; consolidated before minority interests; adjusted for non-operating items, without IFRS 16 influence, & cash items relevant to specific segments

¹Israel Ministry of Finance, share of commissions 2023

²Share of Phoenix group insurance premiums or pension / provident fund contributions that are distributed by Phoenix Agencies, 2023; Core income historic numbers were updated from last presentation

Credit (Phoenix Gama)

SME Credit

100% ownership following tender offer in 2023 (continues to report with publicly traded bonds); building platform for growth (e.g., balance sheet, governance, infrastructure, capabilities); based on Gama's broad SME relationships & credit card clearing platform

Israel rating updated to Aa3.il with positive outlook, supporting efficient financing. SME lending based on credit-card clearing platform

Phoenix Construction Finance

Merged into Phoenix-Gama in January 2024, creating synergies, economies of scale & expertise to be realized in 2024-25

Phoenix Consumer Credit

Built 2022-23, launched in H1/ 2024 and to be merge with Gama activity (subject to Gama board approval)

Phoenix Financial (formerly Phoenix Holdings) has several credit activities - Gama is the primary platform and is included in the Credit Segment, but in addition several other activities provide credit from corporate account (Nostro) funds or invest in fixed income instruments and are not included in the Credit Segment

Adjusted EBITDA

Core Income - Comprehensive Income assuming 3% real yield, not including minorities and tax, investments performance above/below 3%, interest rate effects & special items; adjusted EBITDA calculated as earnings before interest, tax, depreciation & amortization; consolidated before minority interests; adjusted for non-operating items, without IFRS 16 influence, & cash items relevant to specific segments; Core income historic numbers were updated from last presentation

Insurance Optimization | Shifting Mix

18

Insurance Optimization | Operational & Financial

G&A Expense Ratios² Solvency¹

	P&C	Health	Life
2019	4.10%	5.57%	0.50%
2020	5.08%	5.82%	0.49%
2021	4.40%	5.50%	0.41%
2022	3.53%	5.00%	0.40%
2023	3.46%	5.13%	0.39%
9M-24	2.88%	6.35%3	0.38%
2027 target	2.5-2.9%	5.4-5.8%	0.2-0.3%

Ratio

² Expenses as percent of gross earned premiums (P&C and Health) and AUMs (Life); expenses include general and administrative expenses, as well as other expenses; Health mid-term targets without HMO activity

³ Health expense ratio increase due to reduced premiums from ending of LTC collective HMO agreement & regulatory transition

Active Management | Alignment & Commitment

Culture of alignment & performance

Equity compensation creating long-term alignment

• Including shares, restricted share units (RSUs), & options
• Across business units including Insurance, Investment House, Agencies, Gama
• Typically granted annually with average vesting over 3 years
• Relatively high for market, however subject to salary regulation
• Significant variable performance pay
• Culture of execution & performance

Deep experience

Values of Excellence, Agility, Collaboration, & Transparency

• Comprehensive corporate governance
• Professional board of executives with International & Israel experience
• Dispersed control with over 30% international shareholders

Equity Compensation

Total grant value, NISm

Highlights

Strategy & Targets

Financial Results

Segment Breakdown

Appendix

Glossary

Q3 2024 | Income by Source

Core Income Breakdown (Comprehensive)

Q3 2024, NISm

Breakdown Before Tax – By Segment

NISm

	Q3-24	Q3-23	Difference
P&C	194	86	108
Health	99	49	50
Life & Savings	73	101	(28)
Other Equity Returns	100	95	5
Core Insurance	466	331	135
Retirement (Pension & Provident)	31	28	3
Investment House & Wealth	93	71	22
Distribution (Agencies)	89	79	10
Credit	38	29	9
Other	10	2	8
Core Asset Management & Credit	261	209	52
Investment Income (*)	92	(431)	523
P&C	(11)	(36)	25
Health	(25)	7	(32)
Life	(148)	(123)	(25)
Other Equity Returns	294	(282)	576
Retirement (Pension & Provident)	(6)	(4)	(2)
Distribution (Agencies)	(12)	7	(19)
Interest	(44)	278	(322)
P&C	(9)	40	(49)
Health	0	157	(157)
Life	(35)	81	(116)
Special Items	154	(46)	200
P&C	(3)	(3)	0
Health	(10)	9	(19)
Life	174	(13)	187
Other Equity Returns	0	(6)	6
Retirement (Pension & Provident)	0	(20)	20
Investment House & Wealth	(1)	(6)	5
Distribution (Agencies)	(6)	0	(6)
Credit	0	(7)	7
Other	0	0	0
Non-operating income	202	(199)	401

9M 2024 | Income by Source

Core Income Breakdown (Comprehensive)

9M 2024, NISm

Breakdown Before Tax – By Segment

NISm

	9M-24	9M-23	Difference
P&C	631	310	321
Health	297	144	153
Life & Savings	180	167	13
Other Equity Returns	250	299	(49)
Core Insurance	1,358	920	438
Retirement (Pension & Provident)	87	70	17
Investment House & Wealth	252	191	61
Distribution (Agencies)	246	221	25
Credit	114	84	30
Other	9	(11)	20
Core Asset Management & Credit	708	555	153
Income (*) Investment	(464)	(995)	531
P&C	(37)	(76)	39
Health	(23)	10	(33)
Life	(389)	(293)	(96)
Other Equity Returns	13	(654)	667
Retirement (Pension & Provident)	(15)	(2)	(13)
Distribution (Agencies)	(13)	20	(33)
Interest	441	175	266
P&C	93	35	58
Health	79	76	3
Life	269	64	205
Special Items	(87)	52	(139)
P&C	(9)	(9)	0
Health	(30)	65	(95)
Life	(38)	25	(63)
Other Equity Returns	10	(19)	29
Retirement (Pension & Provident)	0	(4)	4
Investment House & Wealth	(9)	(15)	6
(Agencies) Distribution	(6)	0	(6)
Credit	(5)	(7)	2
Other	0	16	(16)
Non-operating Income	(110)	(768)	658

Q3 2024 | Income by Segment

Segment Income Breakdown (Comprehensive)

Q3 2024, NISm

9M 2024 | Income by Segment

Segment Income Breakdown (Comprehensive)

678 1,955 1,284 323 273 243 226 Other Income before Tax & Minority 22 Tax (83) P&C Health Life Miniority 9M-24 9 109 Other Retirement Equity Returns 72 Investment Credit House & Wealth Agencies (588) 1,296 Insurance 659 Asset Management, Agencies & Credit 9M 2024, NISm 9M/23 260 295 (37) (374) 6 4 176 ²⁴¹ 7 7 5 707 (107) (85) 515 Difference 418 2 8 5 9 647 8 6 7 (15) 3 2 4 1,248 (481) 2 769

25

Balance Sheet | Strong & Liquid

Phoenix Holdings NISm	31/12/2023	30/09/2023	30/09/2024	Difference
Cash	3,053	2,464	2,387	-666
Intangible Assets	3,598	3,548	3,838	240
Deferred acquisition costs	2,686	2,723	2,820	134
Investments in associates	1,652	1,687	1,940	288
Investment - other property	1,239	1,207	1,291	53
Credit for purchase of securities	3,700	3,486	4,764	1,063
Other Assets	8,326	7,858	9,162	836
Other Financial Investments	30,771	30,557	31,446	675
Assets for yield-dependent contracts	104,770	103,358	108,924	4,154
Total Assets	159,795	156,887	166,571	6,777
Financial liabilities	15,576	15,305	16,526	950
Liabilities in of non-yield-dependent respect insurance and investments contracts
contracts	25,597	25,558	26,542	945
Liabilities in of yield-dependent respect insurance and investments contracts
contracts	102,973	101,247	107,092	4,119
Other Liabilities	4,754	4,466	4,966	211
Total equity	10,895	10,311	11,446	551
Total equity and liabilities	159,795	156,887	166,571	6,776

Financial Liabilities (NISm)
	Bonds and Loans
	30/09/2024				31/12/2023
	CPI Floating Fixed
	linked	interest	interest	Total	Total
Holdings Solo*	950	397	549	1,896	1,896
Insurance
Tier 1 capital	373	-	-	373	218
Tier 2 capital	776	492	2,846	4,115	4,067
Tier 3 capital	-	-	-	-	399
Insurance Total	1,150	492	2,846	4,488	4,684
Retirement	-	591	-	591	-
Credit	-	2,113	216	2,329	1,438
Agencies	-	359	-	359	379
Investment House & Wealth	-	528	-	528	263
AM&C Total	-	3,591	216	3,807	2,080
Total bonds and loans	2,100	4,481	3,611	10,191	8,661
Exposure Ratio	21%	44%	35%	100%	100%
Derivatives, Repo & Other (Nostro)**				4,175	2,921
Derivatives, Repo & Other (Unit linked)**				382	2,240
Credit cards liabilities (Gama) 1,778				1,755
Total				16,526	15,576

Net financial debt exposure includes financial assets & only some of the financial liabilities (see 2024 9M Financial Statements Section – Section 6.7.2 in the BOD Report) Liabilities include use of derivatives opposite relevant financial assets for operational purposes (e.g., Insurance, Investment House) and Gama financing for credit portfolio and

improved capital structure

Capital Management | Solvency

Solvency ratio (Insurance Company) Solvency II implementation

Solvency II implemented in Israel in line with international standards, with strong regulatory oversight

Transitional measures through 2032, with natural offset from Phoenix backbook runoff (expected to release Solvency capital requirements and risk margin at least as high as transitional measures through 2032, reflecting the difference between Solvency ratio with and without transitional measures)

Standard model used (internal models not allowed)

Phoenix Solvency does not include group equity outside Insurance Company; significant additional group capital resources held under Phoenix Financial (formerly Phoenix Holdings)

Quarterly publication of Solvency ratio with one quarter delay; full breakdown for Q2 and Q4, with only transitional headline figure for Q1 and Q3

Changes in Solvency Ratio

Insurance Company BOD dividend threshold raised to 118% without transitionals as of June 30, 2024

Cashflow and Liquidity (Phoenix Financial Company)

Insurance subsidiary dividend payout updated to 40-60% of comprehensive income, in line with solvency target range

AM&C generate significant cash from fee-based income (e.g., asset management, agencies)

Strong liquidity at Phoenix Financial level including Phoenix Insurance Tier 1 capital notes of 1.1 NISb (trading on Tel-Bond 40 index).

Insurance Company with international ratings (Moody's Baa1, S&P A-)

Moved 300 NISm Construction Finance, optimizing capital from Insurance to Credit

Accounting Income

IFRS 17 & IFRS 9 implementation in 2025, expected to reduce volatility, see IFRS17 road map slide 28

Dynamic management of market exposures

IFRS 17 & 9 | Basics (Forward Looking)

IFRS 17 updates the accounting for insurance contracts to improve transparency and comparability, shifting to an economic view of long-term insurance income instead of P&L focus on premiums and expenses.

Accounting changes impact primarily Life and Health Insurance segments with long-term policies where earnings are expected to become more stable and predictable, and more likely higher in some activities; limited impact on P&C insurance short-term policies, and no impact on Asset Management & Credit.

IFRS 17 introduces concept of CSM (Contractual Service Margin) for the Life and Health segments, a new balance sheet item representing deferred profit that is recognized over the duration of the contract. The initial transition to IFRS 17 creates CSM and reduces Shareholders' Equity. CSM is recognized over a period similar to the duration of each portfolio of liabilities. Profit recognition from CSM release increases income in accordance with the size of CSM and duration of the liabilities. Actuarial research impacts CSM rather than the P&L directly, which spreads the impact over the duration of the liabilities (reducing volatility).

IFRS 9 will reduce earnings volatility by valuing financial assets related to insurance activity at fair value for P&L, more closely matching changes in liabilities (assets that are not related to insurance activity still measured by amortized cost).

P&L Statement

Principles

Insurance Service Result reflects the profitability of underwriting performance and includes CSM release. This result focuses on the performance of the core insurance business excluding finance/investment related impact.

Investment Result includes income from financial assets not directly linked to insurance contracts and is represented together with interest and related effects. To increase transparency, some companies normalize this result in investor presentations to provide a representative indication of long-term performance with reduced volatility.

Non-Operating Results include other effects and special items.

Note: Expectations, assessments and illustrations relating to IFRS 17 & 9 in this presentation are by their nature preliminary and subject to change in the course of the formal implementation of IFRS 17 & 9; this presentation reflects generalizations, Company expectations, and illustrative assessments of the impact of the IFRS 17 & 9 Implementation; CSM impact only where relevant

IFRS 17 & 9 | Roadmap & Guidance (Forward Looking)

Initial guidance regarding IFRS 17 accounting change potential impact (initial assessment)

Limited economic impact	Solvency II 1,2 • • Cash flow • Cash dividend	Not impacted Not impacted Potentially higher
Strong fundamentals	• CSM • Comprehensive income Shareholders' equity 2 • • ROE	Creation of pool of future pre-tax profits of 9.5-10.0 NISb (35-45% to be recognized over next 5 years) Higher & more stable Expected one-time decrease of 0.4-0.8 NISb Higher
Improved disclosure	• Income analysis • Core income normalization • Transparency	Continue to report income analysis & breakdowns based on current format Based on risk-free rate, illiquidity premium, & investment spread (rather than 3% real yields) Additional KPIs & balance sheet items

¹Without transitional measures

²Estimates as of of the transition date (December 31, 2023)

Note: Expectations, assessments and illustrations relating to IFRS 17 & 9 in this presentation are by their nature preliminary and subject to change in the course of the formal implementation of IFRS 17 & 9; this presentation reflects generalizations, Company expectations, and illustrative assessments of the impact of the IFRS 17 & 9 Implementation; CSM impact only where relevant

Highlights

Strategy & Targets

Financial Results

Segment Breakdown

Appendix

Glossary

Continued growth and profitability despite challenging environment & high theft frequency

Optimized use of machine learning for motor underwriting

Positive secondary impact of interest rates

Core Income (Before Tax)	9M/23	Q1/24	Q2/24	Q3/24	9M/24
Compulsory Motor	119	15	65	35	115
Motor Property	(20)	85	58	67	210
Loss Ratio (MP)	85.4%	65%	71%	70.4%	68.7%
Property & Other	81	62	37	55	154
Liability	130	12	103	37	152
Total	310	174	263	194	631

Comprehensive Income Before Tax

Health

Comprehensive Income Before Tax

NISm

32

Life and Savings

Underwriting profit improvement

Negative non-operating effects

mainly due to investment profit below 3%, partially offset by interest rate effects

Variable management fee deficit of 58 NISm as of publication date

Continued inflows from investment policies

Core Income (Before Tax, Underwriting)	9M/23	Q1/24	Q2/24	Q3/24	9M/24
Until 1990	-7	-3	4	21	22
Until 2003	55	24	21	13	58
Since 2004	37	53	6	20	79
Individual	50	-20	6	8	-6
Group	32	5	11	11	27
Total	167	59	48	73	180

Comprehensive Income Before Tax

NISm

Other Equity Returns (Insurance)

Positive capital market effects (above 3% real yields) of 13 NISm compared to negative effects in 9M 2023

Comprehensive Income Before Tax NISm

250 273 Financial Margin Special Items 13 Investments above 3% 10 9M/24

9M/23	299	(654)	(19)	(374)
Difference	(49)	667	29	647
Q3/24	100	294	-	394
Q3/23	95	(282)	(6)	(193)
Difference	5	576	6	587

Investment House & Wealth (Financial Services)

Performance improvement from continued strategic execution

Growth in brokerage business

continued new client acquisition, average revenues & higher spreads in margin credit

Synergies from acquisitions completed in 2023-24 achieved in

2024, including Epsilon Investment House & assets from Psagot Investment House (including portfolio management and funds)

Continued growth in alternative / wealth business, including structural changes to optimize platform and strengthen for future scale

Comprehensive Income Before Tax

NISm

Retirement (Pension & Provident)

Continued organic growth

Focus on profitability

including higher margin / efficient activities

9M/23	70	(2)	(4)	64
Difference	17	(13)	4	8
Q3/24	31	(6)	-	25
Q3/23	28	(4)	(20)	4
Difference	3	(2)	20	21

Distribution (Agencies, Planning, Benefits)

Continued organic growth,

leading to higher core income however growth rate impacted by slower pace of hiring in the market (including in tech sector)

Accelerated value creation under reorganized structure with synergies

Assessing interest from international investors to unlock & create value going forward

Lower investment income due to dividend distribution to Phoenix Financial

Comprehensive Income Before Tax

NISm

9M/23	221	20	-	241
Difference	24	(33)	(6)	(15)
Q3/24	89	(12)	(6)	71
Q3/23	79	7	-	86
Difference	10	(19)	(6)	(15)

893

Credit (Primarily Phoenix Gama)

Synergetic merger of Phoenix Construction Finance in

January 2024, following successful take-private tender offer for Gama in 2023

Limited growth in credit portfolio without construction finance due to market conditions

Continued improvement in pre-tax income

Strong balance sheet with 28% Equity-to-Assets ratio*

Consumer credit activity

launched in H1 2024 included in Credit Segment results (expected to be moved under Gama)

Approved credit lines 1.2 NISb

Credit Portfolio

NISm, without credit card activity

Comprehensive Income Before Tax NISm

Other

Segment includes Phoenix Financial (formerly Phoenix Holdings) solo profits (including RT1 holding) as well as other items

Restructured to improve capital & investments efficiency

Comprehensive Income Before Tax

NISm

-

Highlights

Strategy & Targets

Financial Results

Segment Breakdown

Appendix

Glossary

Growth & Value Drivers

Strong market position with distinctive growth & performance through the cycle

Leading financial services company with over \$130b AUM, delivering 5 year best-in-class 15% average ROE & 19% compounding AUM

Creating and unlocking value in high-multiple activities with untapped potential

Phoenix has grown from an insurance company to a financials group, building strong growth engines in asset management, credit, and distribution (agencies), with recurring fee-based revenues, strong cash flows, capital efficiency & potential to unlock value of assets held at book value

Significant opportunity for value creation in growing, underpenetrated, and fragmented market

Strong long-term demographic & wealth trends with high compulsory savings rates, potential to double penetration, macro resilience, fragmented, & barriers

Proven value creation strategy with focus on growth & competitive advantage

Proven strategy of accelerating growth in high ROE businesses, innovation and technology for competitive advantage & efficiency, active management of businesses to unlock & create value, & disciplined capital and investment management / deployment; target 2 NISb 2027 income

• Asset management, credit, and distribution: Continue to grow based on attractive market opportunities, established platforms, and aligned teams
• Insurance: Deepen competitive advantage & continue to drive optimization across activities

Cashflow generation driving growing & resilient dividend distributions / buybacks

Highly liquid, cashflow generating platforms with minimal capital needs & target 16-18% ROE enable consistent distribution of dividends (5% yield since 2020, at least 40% dividend distribution policy plus annual buyback plans) while continuing to shift from a balance sheet to an earnings business

Experienced & aligned leadership team backed by strong governance

Deep sector and broad functional experience at both board and management levels

Broad Activities | Leading Financials Group

Capital intensive with attractive ROE Shifting mix toward high ROE activities 6.5 NISb book value

Capital light with strong organic potential High multiples & limited capital needs Over 1 NISb EBITDA run-rate

Each activity creates value independently and as part of a group with strong brand, over 3 million clients, synergies, and capital efficiency & liquidity Business model focuses on high growth, ROE, & dividends, with combination of capabilities, resources, and growth engines

Best in Class ROE

Return on Equity

Ideally Positioned to Capture Growth Opportunities

Insurance Penetration

Assets Under Management Institutional investors & Mutual funds, 3/24

SME Credit % of total credit portfolio, 2023

Insurance Premiums 2023

Distribution / Agencies

% of total commissions, 2023

Insurance - Data taken from EY BI Insuretool based on financial reports for 2023; Total AUM – Phoenix analysis of Q1/2024 financial reports, total market incl. AUM managed by Institutional investors & Mutual funds, data from BOI as of 31/3/23; Distribution - Data taken from Ministry of Finance report, 2024; SME credit estimations based on Ministry of Economy reports (2022, and 2023/Q1), SME relates to businesses of up to 100 NISm of revenues; insurance penetration - OECD data 2022; all analyses based on data and estimations

Competitive Landscape | Ecosystem

45

Distribution / Agencies | Value Creation Potential

Revenues Total commissions, NISb

Market Share % of total commissions, 2023

Growing Market… …and highly fragmented… …with limited international presence

WTW acquired specialty firm "Leaderim" in 2022, focusing on commercial lines (D&O, professional liability, M&A, cyber, credit) with ~50 employees

Marsh established local presence in 1998, focusing on commercial P&C; launched benefits platform in 2023

Aon established local presence in 2006, focusing on specialty P&C with ~70 employees

Howden established presence in 2003, focusing on commercial P&C; entered retirement space with mid-sized acquisition

Growth driven by savings rates and insurance penetration

Consolidation driven by technology, compliance, and regulation

International players interested in market but difficult to build significant position

46

Investment Returns | Explanation

Reconciliation of investment returns above / below 3% real returns with financial statements NISm

	9M-24	9M-23	2023
P&L Items from Financial Statements
Investment income	11 992 ,	6 748 ,	9 910 ,
profits of Share in equity-accouted investees	84	60	42
Total of other comprehensive components net income	168	401	306
Tax effect	97	190	147
Subtotal	12,341	7,400	10,404
Less:
Investment gains (losses) relating yield-dependent policies to	10 359 ,	6 130 ,	8 531 ,
(losses) relating credit Investment gains investment services & to	351	259	349
Subtotal	10,710	6,389	8,881
(Nostro) total investment income Corporate account	1,631	1,011	1,526
Corporate (Nostro) 3% real account investment income assuming returns	2 095 ,	2 006 ,	2 291 ,
Corporate (Nostro) investment income above (below) 3% real account returns	(464)	(995)	(765)

Highlights

Strategy & Targets

Financial Results

Segment Breakdown

48

Appendix

Glossary

Adjusted EBITDA	Adjusted EBITDA - calculated as income before finance, taxes, depreciation and amortization in the relevant areas of activity; adjustments as detailed below: Investment House - IFRS 16 adjustment and special items Retirement (Pension and Provident) - IFRS 16 adjustment and amortization of DAC and special items Distribution (Agencies) - IFRS 16 adjustment and special items Credit - IFRS 16 adjustment, financing expenses, credit provisions, and special items
AM	Asset Management
AUM	Assets Under Management; the total market value of all the investments that are managed by the Company
Bps	Basis Points; 1 basis points is .01%
CGU	Cost Generating Unit
CI	Comprehensive Income
CLR	Combined Loss Ratio
CO	Corporate, Other and Consolidation
Core Income	Income from operations not including investment yields & variable fees above/below 3% real yields, interest rate effects, and special items
Core ROE	Core income as a percent of total equity
CPI	Consumer Price Index; measures the average change of prices in an agreed upon basket of consumer goods and services over time
CSM	Contractual Service Margin
D&O	Directors and Officers Liability Insurance
DAC	Deferred Acquisition Cost
ESOP	Employee Stock Ownership Plan; workplace benefit program, that provides the employees with ownership interest in the company.
ETF	Exchange Traded Fund; an open end, tradable basket of securities that tracks an underling index, sector, or security type
Fixed-Rate Gov Bonds	A government issued bond for which the interest income payment is agreed upon and does not change
FX	Foreign Exchange Currency
Gama	Financial services and credit company owned by the Phoenix Group
Halman corporate funds	Israeli Electric Company (IEC)
Illiquidity Premium	Or Liquidity Premium; premium demanded by investors when any given security cannot be easily converted into cash for its fair market value.
IMF	International Monetary Fund
Insurance Core Income	Core Income from insurance activities
Index Linked Gov Bonds	A government issued bond for which the interest income payment is related (or linked) to the CPI
LAT	Liability Adequacy Test
Liquidity Premium	See Illiquidity Premium
LOB	Line of Business
LTC	Long Term Care insurance; typically helps pay for costs associated with long term care

Glossary

LTS	Long Term Services; including but not limited to Life, Provident and Pension funds
Marketable Securities	Liquid financial assets that can be quickly converted into cash; most are trading assets
MF	Management Fees; wages charged by a financial manager
Moody's	A credit risk rating agency
MSCI	Morgan Stanley Capital International Emerging Markets Index; measures the performance in equity markets, specifically in global emerging markets
Mutual Fund	Open end, non-tradable basket of securities that tracks the performance of an undelaying index, sector, or security type
Net Inflows	The net amount of new cash, excluding the impact of investment market value; calculated by subtracting withdrawals from new deposits
NIS	New Israeli Shekel
Non-Marketable Securities	Asset group that is considered to be difficult to buy or sell due to the fact they are not traded on any major exchange; could include government issued debt securities, limited partnerships, real estate investments and more
Non-Operating Income	Impact on income of investment yields & variable fees above/below 3% real yields, interest rate effects, and special items
Nostro	The account in which a financial institution manages its own funds
OPEX	Operational Expenses
P&C	Property and Casualty insurance
PF	Phoenix Financial
PHI	Permanent Health Insurance
PI	Phoenix insurance
PLI	Professional Liability insurance
Reinsurance	A balancing risk strategy; one or more insurers that share the liability
Revenue	All encompassing streams of income; including, but not limited to: premium, management fees, benefit contributions
RFR	Risk Free Rates
ROE	Return On Equity; calculated by dividing net income over total equity
Services Core Income	Core Income from Services activities including asset management, distribution, and credit
SME60	"The Rest Index"; tracks the performance of the 60 largest market value companies that are excluded from the Tel Aviv Stock Exchange
Special Items	Changes in profit or loss that are not part of the usual business of the Company, including changes in actuarial research, actuarial model changes, other structural changes and strategic acquisition costs in AM segment
Tel Bond 20	Index that tracks the performance of the 20 largest Index Linked Corporate Bonds in terms of market value
Tel Bond 40	Index that tracks the performance of the 40 largest Index Linked Corporate Bonds in terms of market value
Tel Bond 60	Index that tracks the performance of the 60 largest Index linked Corporate Bonds in terms of market value
TLV 125	An index that tracks the performance of the 125 largest market value companies in the Tel-Aviv Stock Exchange
TLV 35	An index that tracks the performance of the 35 largest market value companies in the TLV Stock Exchange
TLV 90	An index that tracks the performance of the 90 largest market value companies in the TLV stock Exchange
TMTP	Transitional Measures on Technical Provisions
Workers' Compensation Insurance	Insurance coverage for employees' injuries or sickness
Yield Curve	A line that plots interest rates of bonds with equal credit risk with different maturity dates in the future