The Phoenix Holdings Ltd.

Investor Presentation • May 29, 2024

Agenda Highlights

Strategy & Targets

Financial Results

Segment Breakdown

Appendix

Glossary

Leading Israeli financials group	472 NISb AUM1	TA-35 Leading index
Distinctive performance	19% AUM CAGR 5-years2	15% ROE 5-year average2
Strong capital position	194% Solvency II Ratio3	At least 40% Dividend payout
Recognized stability	AA / AAA Israel ratings4 Holding / Insurance	A2 / A International ratings4 Insurance
Market Leadership	Insurance Motor, Investment Policies	Asset Management AUMs, Distribution, ETFs

¹Includes all activities including insurance as of March 31,2024

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

³Solvency with transitional measures as of December 31, 2023

⁴Israeli ratings: ilAA for Phoenix Holdings & ilAAA for Phoenix Insurance by S&P Maalot, Aa2.il for Phoenix Holdings & Aa1.il for Phoenix Insurance by Midroog; international ratings include Moody's A2 with negative outlook and S&P A- with a stable outlook

⁵ 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); 763 NISm without minority interest

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

Continued uncertainty in 2024 impacting markets

GDP per Capita ³ USD '000 56 53 52 49 38 Germany Sweden UK Israel Italy

Long-Term Yields (10Y) ⁶ Percent 1.0 0.9 1.3 3.6 3.9 4.5

Unemployment ⁷ Percent

Note: Figures are updated as needed to reflect changes in assessments & methodologies

¹Israel Securities Authority

²Israel Central Bureau of Statistics, forecast from Bank of Israel (real GDP growth, seasonally adjusted annual rate)

3 IMF for 2023, current 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

Comprehensive Income ROE AUM

Shareholder Equity

Solvency*

Strong growth in Asset Management & Credit activities, including continued growth in income / EBITDA as well as organic & inorganic AUM growth

Insurance core income stability with growth in P&C but lower financial margin from equity

Resilience in face of continued uncertainty

Update of dividend policy to at least 40% payout

of annual comprehensive income, facilitated by diverse cash flows & strong financial position including Solvency II, ratings, liquidity (insurance subsidiary policy increased to 40-60% payout)

Reaching 2025 targets with updated medium-term growth targets to be published

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. Services income includes Asset Management (Pension & Provident, Investment Services), Distribution (Agencies), and Credit (Gama). 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

Returns - Insurance Nostro / Corporate Account

Percent (nominal)

Asset Allocation - Corporate Account (Nostro)

Percent (March 31, 2024)

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

Investment performance & track record Responsible allocation & risk management

Proactive and proprietary dealflow and sourcing

Balanced asset allocation

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

Responsible asset and liability management

* Five-year period (2019-23), based on known CPI LTM change as of end of period

Building Track-Record

265 NISm dividend from 2023 earnings distributed in April

Update of dividend policy to at least 40% payout (previously at least 30%) facilitated by diverse cash flows & strong financial position including Solvency II, ratings, liquidity; update of insurance subsidiary policy to 40-60% payout ratio (previously 30-50%)

54 NISm buybacks executed in 2024 to date

Comprehensive Income	512	664	1,353	2,316	1,124	1,093	284
Dividends from annual income (including in subsequent calendar year)	120	480	380	621	337	385	-	Dividend
Dividends distributed (during calendar year)	120	480	-	580	581	297	265	track
Dividends per share (during calendar year)	1.0	1.9	-	2.3	2.3	1.2	1.05	record
Buybacks executed			26	74	56	38	54

Shareholders' Equity NISm

Agenda Highlights

Strategy & Targets

Financial Results

Segment Breakdown

Appendix

Glossary

Group: Core Income Achieving & Surpassing Targets

Core Income

NISm, before non-operating effects Insurance Asset Management & Credit Phoenix Holdings Core income without non-operating effects (capital markets, interest rates, & special items) Core income already above target – targets to be updated On track to meet target, with growth expected from Investment House & Wealth, Distribution (Agencies), and Credit 2021 2022 2025 target Q1-24 1,300-1,500 2020 2023 322 1,322 1,180 866 601 2025 target 2021 Q1-24 193 2020 2022 2023 760 ^{872 790} 552 330 129 2021 2025 target 2020 2022 2023 Q1-24 314 670 ^{450 390} 271

Updated growth targets and

roadmap to be published

Grow core income

Increase performance stability and liquidity (mix, IFRS-17, investments)

Shift mix to stable, high-margin activities (fee-based, high growth, high multiples)

Note: Mid-term Targets based on 5-year plan 2020-25 and assuming 3% return on investments. ROE target range assumes 3-5% real return on Nostro investments. Actual performance will depend on financial markets, macroeconomic growth, industry trends, company performance and other variables

* Average real yield over five years (2019-23) was 3.9%

Group priorities

** Based on 3% real return on investments without non-operating income

Including Smart direct, NISb Ratio

Solvency P&C Premiums ¹ G&A Expense Ratios²

	P&C	Health
		% of premiums
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%
Q1-24	2.98%	6.74%3	0.37%
	3.4-3.7%	5.4-5.8%	0.27-0.30%
	Mid-term target (2025)

Without transitionals

Insurance

priorities

Efficiency & digitization

Reduced income volatility (mix, IFRS-17, investments)

Focused growth in capital-efficient, high-margin activities

Advanced capabilities

¹ Solvency ratio with transitional measures; target range based on reduced transitional measures over time

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

Note: Mid-term Targets based on 5-year plan 2020-25 and assuming 3% real return on investments

³ Health expense ratio increase due to reduced premiums from ending of LTC collective HMO agreement & product / regulatory transition, however mid-term targets remain unchanged

Inorganic growth in Q1-24:

Investment House includes acquisitions of Psagot active & money market funds

Asset Management & Credit (AM&C): Growing EBITDA

Continued growth of Asset Management & Credit activities

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

236 NISm adjusted EBITDA not including minority interest in Q1 2024; 763 NISm in 2023 (full year)

8 NISm from above average brokerage margin spreads in Q1 2024

Adjusted EBITDA – Asset Management & Credit

NISm, consolidated including minorities

Note: 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)

Targets to be updated

750

2022

2020 2021 2023 Q1-24

Retirement (Pension & Provident)

Investment House & Wealth Revenues NISm 763 666 ^{502 463}

Approaching targets Achieving targets

target

Focused on stand-alone value creation:

cash-generative & capital-light business model, market leader but still low 6% 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

Assessing interest from international investors to unlock & create value

Distribution Revenues NISm 217 2025 target 2020 2021 2022 2023 Q1-24 770 950 819 635 480

Approaching targets

AM&C: Private Credit (Business and Consumer)

Phoenix-Gama

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 Israel rating updated to Aa3.il with positive outlook

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, launching in 2024

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

• 1. Highlights
• 1. Strategy & Targets

3. Financial Results

• 1. Segment Breakdown
• Appendix
• Glossary
• Disclaimer

Core Income Breakdown Before Tax (Comprehensive)

Q1 2024, NISm

Breakdown Before Tax – By Segment

NISm

	Q1/24	Q1/23	Difference
P&C	174	112	62
Health	35	36	(1)
Life Savings &	59	47	12
Other Equity Returns	23	109	(86)
Core Insurance	291	304	(13)
(Pension Provident) Retirement &	30	24	6
Investment House & Wealth	78	57	21
Distribution (Agencies)	74	66	8
Credit	36	28	8
Other	0	(6)	6
Core Asset Management & Credit	218	169	49
Income (*) Investment	104	(467)	571
P&C	37	(54)	91
Health	32	15	17
Life	(72)	(139)	67
Other Equity Returns	108	(292)	400
(Pension Provident) Retirement &	1	(4)	5
Distribution (Agencies)	(2)	7	(9)
Interest	(111)	150	(261)
P&C	42	18	24
Health	(117)	106	(223)
Life	(36)	26	(62)
Special Items	(49)	(24)	(25)
P&C	(2)	0	(2)
Health	(12)	(7)	(5)
Life	(34)	(11)	(23)
Other Equity Returns	10	0	10
Retirement (Pension & Provident)	0	0	0
Investment House & Wealth	(6)	(6)	0
Distribution (Agencies)	0	0	0
Credit	(5)	0	(5)
Other	0	0	0
Non-operating Income	(56)	(341)	285

* Investment income and variable management fees above 3% annual return and after offsetting guaranteed yields (where relevant)

** Negative impact of interest rates mainly due to decrease in the illiquidity premium

Segment Income Breakdown Before Tax (Comprehensive)

Q1 2024, NISm

Phoenix Holdings NISm	31/12/2023	31/03/2023	31/03/2024	Difference	Financial Liabilities (NISm)
						Bonds and Loans
Cash	3,053	2,268	2,729	-324		31/03/2024			31/12/2023
Intangible Assets	3,598	3,061	3,740	142		CPI	Floating	Fixed
Deferred acquisition costs	2,686	2,594	2,752	66		linked	interest	interest	Total	Total
Investments in associates	1,652	1,618	1,918	267
Investment - other property	1,239	1,148	1,298	59	Solo* Holdings	962	397	543	1,902	1,896
Credit for purchase of securities	3,700	3,439	4,255	555	Insurance
Other Assets	8,326	7,619	8,425	99	Tier capital 1	219	-	-	219	218
Other Financial Investments	30,771	30,901	29,964	-807	Tier capital 2	750	492	2,844	4,086	4,067
Assets for yield-dependent contracts	104,770	97,696	103,027	-1,742	Insurance Total	969	492	2,844	4,305	4,684
Total Assets	159,795	150,343	158,109	-1,685
Financial liabilities					Retirement	-	477	-	477	-
Liabilities in of non-yield-dependent respect	15,576	14,779	13,941	-1,635	Credit	-	1,144	215	1,359	1,438
insurance and investments contracts					Distribution	-	372	-	372	300
contracts	25,597	24,691	27,601	2,003	Investment House & Wealth	-	581	-	581	263
Liabilities in of yield-dependent respect					AM&C Total	-	2,574	215	2,789	2,001
insurance and investments contracts					Total bonds and loans
contracts	102,973	96,025	100,652	-2,321		1,930	3,463	3,602	8,996	8,582
Other Liabilities	4,753	4,431	5,023	269	Exposure Ratio	21%	39%	40%	100%	100%
				-	Other Derivatives Repo &	(Nostro)**			2,477	2,921
Total equity	10,895 10,416	10,893	-2	, Other Derivatives Repo &	linked)** (Unit			752	2,240
				-	, Credit (Gama) cards liabilities				1,716	1,755
Total equity and liabilities	159,795	150,343	158,109	-1,685	Total				13,941	15,497

Net financial debt exposure includes financial assets & only some of the financial liabilities (see 2024 Q1 Financial Statements Section – Section 5.7.2 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

Economic Capital & Solvency (Insurance Company, NISb)

Solvency ratio¹

With transitionals	211%	205%	194%
Without transitional	149%	153%	152%
BOD dividend threshold	111%	115%	115%
	14.7	14.7	14.8
Surplus	7.8	7.5	7.2
SCR	6.9	7.2	7.6
	12.22	6.23	12.23

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 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

194% with transitional measures as of December 2023

Insurance Company BOD dividend threshold 115% without transitionals, while excess capital above 115% was 3.1 NISb (as of December 2023)

December 2023 transitional figures include 5% decrease due to update of transition numbers

Cashflow and Liquidity (Holding Company)

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

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

Strong liquidity at holding level including Phoenix Insurance Tier 1 capital notes of 1.3 NISb (trading on Tel-Bond 40 index); sale of 140 NISm capital notes after reporting period

Insurance Company with international ratings (Moody's A2, S&P A-)

Moved 300 NISm Construction Finance, optimizing capital

Accounting Income

IFRS 17 & IFRS 9 implementation in 2025, expected to reduce volatility

Dynamic management of market exposures

• 1. Highlights
• 1. Strategy & Targets
• 1. Financial Results

4. Segment Breakdown

• Appendix
• Glossary
• Disclaimer

20% growth in earned premiums YOY

Improved performance including in motor despite challenging environment & high rates of theft

Mature implementation of machine learning for motor underwriting

Positive secondary impact of interest rates

Comprehensive Income Before Tax

NISm

Note: Core income assume a real rate of return of 3%, investment income includes income from corporate account (Nostro) above or below a 3% real return; Q4 Core Income from underwriting of 328 NISm was based on 114 NISm from Compulsory Motor, 51 NISm from Motor Property, 33 NISm from Property & Other, and 130 NISm from Liability

Stable underwriting profit

Investment margin improvement

Negative interest rate impact on

LAT reserves mainly due to decrease in illiquidity premium; 228 NISm LAT reserves remaining as of March 2024

Maccabi HMO collective LTC agreement ended December 2023

Comprehensive Income Before Tax

NISm

Underwriting profit improvement

Negative non-operating effects

mainly due to interest rates

Variable management fee deficit of 302 NISm as of report publication date

Continued inflows of investment

policies, however at slower rate due to capital market volatility

Comprehensive Income Before Tax

NISm

23 NISm financial margin, 86 NISm decrease due to changes in CPI

400 NISm increase in investment profit above 3% compare to Q1-2023

Continued organic growth

Focus on profitability

including higher margin / efficient activities

Comprehensive Income Before Tax

NISm

P&C Health Retirement DistributionCredit Investment House & Wealth (Financial Services)

Performance improvement from strategic execution

Higher brokerage contribution due to continued client acquisition, average revenues & higher spreads in margin credit

Full synergies from acquisitions completed in 2023-24 to be achieved

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

Comprehensive Income Before Tax NISm

Includes (1) Phoenix Investment House (formerly "Excellence") – active & passive mutual funds, ETFs, discretionary portfolios, private & institutional brokerage, & employee stock option administration; and (2) Phoenix Advanced Investments – alternative investment wealth platform focused on private client distribution of best-in-class managers

1-3/23

Organic growth in business,

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

Comprehensive Income Before Tax

-

Full ownership of Gama following successful take-private tender offer in 2023, followed by merger of Phoenix Construction Finance in January 2024

Stability in most credit categories despite market conditions

Improved profit from operations and pre-tax income

Strong balance sheet with 32% Equity-to-Assets ratio*

Consumer credit to be launched in 2024

Credit Portfolio

NISm, without credit card activity

Comprehensive Income Before Tax NISm

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

Comprehensive Income Before Tax

NISm

• 1. Highlights
• 1. Strategy & Targets
• 1. Financial Results
• 1. Segment Breakdown

Appendix

Glossary

Disclaimer

Phoenix Holdings – Highlights

1

Unique opportunity in a growing, underpenetrated market with barriers to entry

Strong long-term demographic & wealth trends with high compulsory savings rates, potential for greater penetration, and macro resilience

Strong market position with distinctive growth & performance through the cycle

Leading financial services group with over \$120b AUM (including multi-line insurance, asset management, distribution, & credit), delivering best-in-class average 15% ROE and 19% AUM CAGR over the past 5 years

4

5

Creating and unlocking value driven by diversified activities with untapped potential

Significant share of income generated by Asset Management and Credit activities (recurring fee-based financial services businesses, cash-generative, capital-light), with plan to unlock value of assets currently held at book value

Proven value creation strategy with focus on growth & competitive advantage

Focus on accelerating growth in high ROE businesses, innovation and technology for competitive advantage and efficiency, active management of businesses to unlock & create value, & disciplined capital management and deployment

Leading financial performance & organic capital generation, driving strong balance sheet & financial resilience

Consistent growth in shareholder equity with a Solvency ratio of 209% (with transitional measures), at least 30% dividend distribution policy, and international insurance rating

6

Experienced & aligned leadership team backed by strong governance

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

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

	Q1-24	Q1-23	2023
from P&L Items Financial Statements
income Investment	5 769 ,	918	9 910 ,
Share profits of equity-accouted in investees	25	6	42
Total of other comprehensive components net income	66	138	306
effect Tax	51	63	147
Subtotal	5 911 ,	1 125 ,	10 404 ,
Less:
(losses) relating yield-dependent policies Investment gains to	5 276 ,	886	8 531 ,
Investment gains (losses) relating investment services & credit to	122	99	349
Subtotal	5 399 ,	985	8 881 ,
Corporate (Nostro) total investment income account	512	140	1 526 ,
Corporate (Nostro) 3% real account investment income assuming returns	399	593	2 291 ,
(Nostro) investment income above (below) real Corporate 3% account returns	113	(453)	(765)

• 1. Highlights
• 1. Strategy & Targets
• 1. Financial Results
• 1. Segment Breakdown
• Appendix

Glossary

Disclaimer

Adjusted EBITDA	Adjusted EBITDA calculated as earnings before interest, tax, depreciation & amortization; consolidated before minority interests; adjusted for non-operating items and cash items relevant to specific segments (Retirement includes DAC amortization, Investment House & Wealth includes IFRS 16 amortization, Distribution includes IFRS 16 amortization, Credit includes IFRS 16 amortization & finance expense)
AM	Asset Management
AUM	Assets Under Management; the total market value of all the investments that are managed by the Group
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
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

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 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 Non-Marketable Securities 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 PH Phoenix holdings 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 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 Special Items 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

• 1. Highlights
• 1. Strategy & Targets
• 1. Financial Results
• 1. Segment Breakdown
• Appendix

Glossary

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.