The Phoenix Holdings Ltd.

Investor Presentation • Sep 9, 2024

Strategic Targets & Roadmap

Phoenix Financial

September 9 th , 2024

Forward Looking Statements & Disclosures

This presentation outlines the 2027 strategic targets and roadmap of Phoenix Financial Ltd. (the "Company") and its affiliated companies within the Phoenix group. These targets are based on the Company's strategic plan, which is subject to periodic updates. Accordingly, the 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.

Such information includes, among other things, forecasts, goals, assessments, and various estimates, including information presented by way of illustrations and/or graphs and/or tables relating to future events or matters, the realization of which is uncertain and not under the control of the Company or the companies in the Phoenix group, including, among other things, regarding revenues and profitability from new initiatives and the implementation of various plans, profit forecasts, EBITDA, and other future financial data.

The Company's management has carried out a process of updating its strategic goals, based on the Company's data, market data, raw or processed internal information collected, and comparative information, and based on certain working assumptions regarding the Company's activities and relevant markets. Such information is based on the subjective assessment of the Company and its advisors, and among other things, relies on past experience, the professional knowledge accumulated by the Company, existing information, and current expectations and assessments, including future developments as known to the Company today.

The realization and/or non-realization of forward-looking information which is stated in the financial reports and in 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 cannot 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 substantially from those presented in this presentation.

The business strategy and goals presented in this presentation are correct as of the date of the presentation and may change in the future, among other things, considering the risk factors mentioned above and the decisions of the Company's Board of Directors and the companies in the group.

This presentation should not be seen as an offer to purchase or sell the Company's securities, or an invitation to receive such offers. The presentation was prepared for convenient and concise presentation only, and does not purport to cover all the data about the Company and its activities and/or all the information that may be relevant for making any decision regarding investment in the Company's securities in general. In any case of contradiction and/or inconsistency between the information presented in this presentation and the information in the Company's financial reports and/or its public reports, the information in the financial and other reports shall prevail.

This presentation also includes information that the Company has gathered from third parties, where the Company has not independently verified the data. For the avoidance of doubt, the Company does not undertake to update or change the information included in this presentation.

Asset Management, Agencies & Credit

Insurance

Clients, Leadership & Values

Phoenix | 2027 Targets

Strategic Targets

Targets driven by systematic development of growing & profitable activities, generating cashflows and dividends based on existing capital

Phoenix | Proven Strategy

Accelerated Growth

in profitable & capital-efficient activities

Innovation & Efficiency

to increase competitive advantages

Active Management

Capital & Investments Management

of people & structure to maximize performance

Strategic Execution | Early Achievement of 2025 Targets

Equity

Shareholders' Equity, NISb

Capabilities | Infrastructure & Results

Business

Differentiated products & collaborations Advanced customer platforms Hybrid distribution (Smart, Agents, Banks)

Management

Business leaders as partners model Equity & options Succession & development

Technological

Data management ML pricing engine Digitalization, automation, cyber & cloud

Financial

Liquidity, solvency & risk management Investments division Dividend policy & buyback

Demonstrated results:

Business performance incl. growth, profitability, returns

International recognition incl. analysts and investors (over 30%)

Credit ratings Phoenix Financial - AA (Israel) Phoenix Insurance – AAA (Israel) A2/A- (International)

Insurance & Asset Management | Global Trend

Asset managers expand to insurance… …and insurance groups to asset management

High growth, ROE & dividends

Phoenix: From Insurance Company to Financial Group

Continued Growth | Based on Existing Capital

>50% Dividends + Buyback

dividends distribution

Asset Management, Agencies & Credit

Phoenix Financial 2027

Comprehensive Income 2 NISb

Income per Share >8 NIS

ROE 16-18 %

Dividend + Buyback % of income >50 %

Israel Trend | Value Creation in Financial Services

Asset Management Agencies & Credit | Growth Engines

Core Income

Net comprehensive income not incl. minority interests & special effects, NISm

Established, independent platforms with business leaders as equity partners

Low-volatility income

Strong profitability & cashflow

Minimal capital needs for growth

Group synergies

Cashflow | Growth, Profitability & Liquidity

Adjusted EBITDA

1. Asset Management | Growth and Profitability

300-400

Investment House, Wealth & Retirement (Pension & Provident)

Core Income

Net comprehensive income not incl. minority interests & special effects, NISm

Adjusted EBITDA

Kesem MF & ETFs Capitalize on research & investments capabilities to lead market & increase margins

Wealth & Alternatives

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

Trade / Private Brokerage Increase market share, cross-sell, trade volumes, decrease interest impact (credit & deposits)

Pension & Provident

Improve profitability with scale, digitization, automation & distribution efficiency

Core Income - Comprehensive Income assuming 3% real yield, not including minorities, 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 & 2027 target is 23, 61, 65, 80-100 NIS and of EBITDA 57, 127, 122, 180-200 NISm

2. Distribution / Agencies | Strong & Independent Platform

250-350

Core Income

Net comprehensive income not incl. minority interests & special effects, NISm

Adjusted EBITDA

Independent profit center to create & unlock value Business leaders as partners in equity

Open architecture model

Distribute all producers' products to maximize client value

Accelerate growth

Organic, synergistic M&A, expanded offering of investment and financial solutions

Improve profitability Technology based differentiation and efficiency

~7% Market Share

Core Income - Comprehensive Income assuming 3% real yield, not including minorities, 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, and cash items relevant to specific segments (Retirement includes DAC amortization, Credit includes finance expense & provisions); market share based on Ministry of Finance share of 2022 total commissions.

3. Credit | Growth & Profitability Based on Banking Capabilities

150-200

Established credit engine with diversified products and new value offerings

Core Income

Net comprehensive income not including minority interests & special effects, NISm

Adjusted EBITDA

Not including special effects, NISm

SME lending

Grow portfolio by cross-sell, increase mid-market market share

Construction finance

Grow & optimize portfolio (diversification and distribution), collaboration with insurance (credit, guarantees)

Data-based consumer credit

Launch and grow based on unique platform, personalization, advanced underwriting & direct distribution (Smart) capabilities

Credit card payments & clearing

Increase market share in profitable, capital light, liquidity-generating activities

Core Income - Comprehensive Income assuming 3% real yield, not including minorities, 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, and cash items relevant to specific segments (Retirement includes DAC amortization, Credit includes finance expense & provisions).

AUM | Profitable Growth

Assets Under Management

NISb

Focus on profit over size

Accelerated growth in high-margin activities 2023-27 AUM CAGR

Investment Policies 15% Investment House & Wealth 13%

Pension & Provident 7%

Phoenix Financial 2027

Comprehensive Income 2 NISb

Income per Share >8 NIS

ROE 16-18 %

Dividend + Buyback % of income >50 %

Israeli Insurance Market | Opportunities

Total Market Premiums¹ NISb

Solvency and IFRS-17 accelerate changes, emphasize value creation, create transparency & market attractiveness

Opportunities for differentiation

Accurate pricings via AI/ML models Hybrid distribution Data

Opportunities for optimization

Shift to capital-efficient products Efficiency in operations, service & claims via digitization & automation

Phoenix Insurance | Competitive Advantages & Optimization

Core Income

Net comprehensive income not incl. minority interests & special effects, NISm

Deepen competitive advantages Advanced pricing models Hybrid distribution Capital management, ratings & solvency

Broaden optimization Continued shift in business mix Financial & operational efficiency Reduced volatility

Competitive Advantages | P&C Example

Leadership in growth and profitability with ML/AI capabilities

Competitive Advantages | Capabilities Across Value Chain

Estimated business impact & income contribution

Differentiation 100-200 NISm

Optimization 200-250 NISm

Business Optimization | Shift in Mix to High ROE Businesses

Insurance Premiums

w/o Executives Insurance and Investment Policies, NISb

Growth in P&C

Based on ML underwriting models & hybrid distribution

Growth in Investment Policies

Based on distinctive products & international collaborations

Operational Optimization | Efficiency

Digital Self-Service

% of service interactions

G&A Expense Ratios

Self service channels include website, app, messaging bot, self directed IVR; tracking methods may vary insignificantly between agents and direct service centers; direct includes motor, agents include Health, Life, & Retirement. 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 expense ratio increase due to reduced premiums from ending of LTC collective HMO agreement & product / regulatory transition

Financial Optimization | Reducing Volatility

Shift in activity mix

Increase capital efficient activities (P&C, Investment Policies)

1 IFRS-17 implementation

Decrease volatility

Increase transparency and comparability of the segment

3 Capital management

Decrease cost of capital with scale, international ratings, liquidity, backbook efficiency

4

Investments management

Manage exposures (incl. interest)

Provide >3% real yields (3.9% of 5-years average)

Cashflow & Dividends

Phoenix Financial 2027

Comprehensive Income 2 NISb

Income per Share >8 NIS

ROE 16-18 %

Dividend + Buyback % of income >50 %

Capital & Liquidity | Growth Based on Existing Capital

Solvency Ratio

%

High liquidity & low leverage Phoenix Insurance with market leading 4.4 NISb excess capital in 2023 (45% of total market excess capital)

Insurance

High capital and solvency Shift mix to capital-light activities Reduced insurance risk correlation

Asset Management, Agencies & Credit

Low capital needs for growth Credit with capital efficiency and high ROE

Group

Dividends | Track Record of Distributions & Yield

2020-24 2 NISb dividends (5% average yield) 300 NISm buybacks

2024 policy Above 40% dividend payout & annual buyback plan of 200 NISm

2027 target Above 50% of income dividends + buybacks (above 1 NISb / 4 NIS per share)

Clients, Leadership & Values

Phoenix Financial 2027

Comprehensive Income 2 NISb

Income per Share >8 NIS

ROE 16-18 %

Dividend + Buyback % of income >50 %

Active Management | Clients, Agents & Advisors

Digital service for clients & agents

• Digital platforms
• Automatic processes
• Accessible & transparent data

Personalization

• Advanced AI/ML tools
• Smart use of data
• Fit-to-consumer offering

Sales

• Digital interactions
• High LTV
• Increased loyalty

Active Management | Experienced & Committed Leadership

Chairman since 2019

20+ years financial services; Chairman of Israeli Insurance Association

CEO since 2019

20+ years financial services experience & Phoenix management roles

Benny Gabbay

Chairman

Eyal Ben Simon CEO

Committed management

Equity based incentives

Deep experience

Values of Excellence, Agility, Collaboration and Transparency

Execution culture

Comprehensive corporate governance

(Dispersed control, over 30% international shareholders, professional & committed BoD, continuity of business, leadership and strategy)

Active Management | Sustainability

Support for Social Resilience Investment Stewardship Managing Climate Impact

Portfolio of nonprofit ventures Focus on education, health & culture

10 non-profits supported (focus on education & Health)

2,500 boys and girls provided with better starting point for their future

70,000 visitors in Phoenix Israeli art collection exhibition

Dialogue-based & voting influence Value creation & impact

Capture opportunities (focus on EVs) Insurance, credit & investments risks

235 Israeli public companies in portfolio

Of which, in 130 Phoenix is a significant shareholder

52 votes taken in 2023, focus on corporate governance

#1 in electric-vehicle insurance

10 NISb investments and credit with positive climate impact

6 growing "green" insurance products

Summary | 2027 Targets

Targets driven by systematic development of growing & profitable activities, generating cashflows and dividends based on existing capital: Grow comprehensive income to 2 NISb (above 8 NIS per share) with ROE of 16-18% and above 50% payout of dividend & buybacks

37 הפניקס פיננסים השקעות, ביטוח, אשראי, הפצה

Assumptions & Definitions

Core income	Net Comprehensive Income assuming 3% real yield, not including investments performance above/below 3%, interest rate effects & special items
Adjusted EBITDA	Adjusted EBITDA calculated as earnings before interest, tax, depreciation & amortization; consolidated including minority interests; adjusted for non-operating items, without IFRS 16 influence, and cash items relevant to specific segments (Retirement includes DAC amortization, Credit includes finance expense & provisions)
Tax statutory rates	Insurance, Pension & Provident - 34% Distribution, Credit - 23% Investment House and Wealth - 34/23% depending on activity
Solvency Target	Target range based on transitional measures over time
Insurance 2027 plan assumptions	P&C - Increase market share & improve margins with advanced models & diversified channels Life - Accelerate growth in Investment Policies with differentiation, branding & international collaborations Health - Focus on selected products and efficiency
Asset management, distribution & credit 2027 plan assumptions	Investment House & Wealth: Kesem ETFs and mutual funds – market growth Trade / Brokerage – market share growth Wealth & Alternatives – growth in assets Credit: Market share growth in SME credit and construction finance

Israeli Economy | Main Indicators

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)

Continued uncertainty impacting markets

Long-Term Savings AUM ⁴ NIS Trillion 1.6 1.9 2.0 2.4 2.3 2.4 2018 2019 2020 2021 2022 2023

¹Israel Securities Authority; ²Israel Central Bureau of Statistics, H1/24 is not 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 Bloomberg; ⁶Bloomberg; long-term yields based on Israel 10-year government bond (not CPI-linked), for the last month of the period; ⁷Bloomberg, IMF; end of period unemployment

Israeli Economy | Strong Structural Trends

Growing and saving population… …with national & economic resilience

Household savings (of disposable income)²

Inflation (average 2019-23) 4

Debt to GDP⁵

Foreign reserves (% of GDP)⁷

Israel		42.2%
Spain	3.9%
UK	3.6%
Italy	2.2%
Germany	0.8%
USA	0.1%

Israeli Economy | Market Penetration Potential

Insurance

Premiums out of GDP, % 2022

Alternative Investments

Alternative investments out of total investments by Institutional investors, % 2022

Israeli Financial Market | Insurance

Comprehensive Income

P&C, Health, Life & Savings, pretax, 2023

Premiums & Contributions

GWP - P&C, Health, Life & Savings, 2023

P&C Premiums GWP - 2023

First in income, second in market share (16%) with opportunities for growth

Israeli Financial Market | Asset Management

Total AUM

AUM managed by Institutional investors & Mutual funds, 3/2024

Mutual funds & ETFs AUM 6/2024

Pension & Provident AUM 6/2024

#1 in total AUM (16%) with room to grow

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; Pension & Provident data taken from EY BI Insuretool based on financial reports of Q1/2024; Mutual funds & ETF Phoenix analysis of Q1/2024 financial reports

Israeli Financial Market | Credit & Distribution

Small market share with opportunities for growth

Distribution- data taken from Ministry of Finance report, 2022; Consumer credit does not include mortgages and housing credit, institutional loans based on savings collaterals; Data from BOI report 2023; 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 Market | Return on Equity