The Phoenix Holdings Ltd.

Investor Presentation • Mar 27, 2024

Agenda Highlights

Strategy & Targets

Financial Results

Segment Breakdown

Appendix

Glossary

Leading Israeli financials group	433 NISb AUM 1	TA-35 Leading index
Distinctive performance	19% AUM CAGR 5-years 2	15% ROE 5-year average 2
Strong capital position	209% Solvency II Ratio 3	10.6 NISb Shareholders' Equity
Recognized stability	AA / AAA 4 Israel ratings Holding / Insurance	A2 / A 4 International ratings Insurance
Market Leadership	Insurance Motor, Investment Policies	Asset Management AUMs, Distribution, ETFs

Note: figures as of 2023 unless specified otherwise

¹Includes all activities including insurance; 455 NISb including the Psagot active funds transaction completed in Q1 2024

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

³Solvency estimation with transitional measures as of September 30, 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. For breakdown by segments see slide 17.

Israel economic resilience including rebounding capital markets (TA-35 index +4%), proactive oversight (e.g., Bank of Israel), low debt (<70% debt/GDP), and social solidarity during conflict

Phoenix group resilience driven by:

• strategic execution creating continued growth and income diversification
• full operational & business continuity, with limited impact of war on core activities
• strong capital position (liquidity, Solvency, ratings)

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

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

However, continued capital market volatility, with Israeli market underperforming US indices

Full impact of war still uncertain

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

Long-Term Yields (10Y) ⁶ Percent 1.0 0.9 1.3 3.6 3.9 Unemployment ⁷ Percent

Note: Figures are as of March 03, 2024 and updated periodically including changes in initial estimates and 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 October 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

2023

1.1NISb 10.5% 433NISb Comprehensive Income ROE AUM¹

Solvency²

Resilience in face of 2023 headwinds

Strategic execution driving 12% growth in core income (12.5% core ROE / 10.5% ROE after non-operating effects)

Continued growth in Asset Management & Credit including organic & M&As (acquisitions of Psagot & Epsilon activities; strengthening & growing Gama)

Diverse cash flows support distribution of 265 NISm dividend totaling 385 NISm (35%) from 2023 income; renewed buyback plan

Strong financial position including Solvency II, initiated A2 / A- international ratings, liquidity

Reaching 2025 targets with updated mediumterm growth targets to be published

Comprehensive Income ROE

Core Insurance improved profitability

Core Asset Management & Credit growth in fee income across segments year-on-year

Non-Operating Effects

negative 2023 impact (mitigated by positive Q4) of capital markets (above/below 3% real returns), interest rate effects & special items

12.6% within target range 12-15%

Core ROE

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)

Yield

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 (December 31, 2023)

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

Sources: Diverse & Growing Cash Flows Uses: Capital Allocation

1. Insurance

Well capitalized (high Solvency II), profitable business with 30-50% dividend policy to Phoenix Holdings

Shifting mix to capital-efficient activities and reducing earnings volatility

Investing in innovation (e.g., digitization, machine learning) to increase efficiency and margins

2. Asset Management & Credit

High-growth, capital-efficient businesses including Retirement, Investment House & Wealth, Distribution, and Credit

Strong cash flows from activities with high dividend rates to Phoenix Holdings

Improving profitability with growth & scale

A. Dividends

Policy at least 30% payout, with 35% distributed from 2023 comprehensive income

Track record of attractive dividend yields over last 6 years, totaling over 1.7 NISb since 2020

B. Share buybacks

Annual share buyback programs, continued 100 NISm program in 2024

C. Organic Growth

Capital used to grow proven, capital-efficient businesses (high-multiple, highmargin)

Investments in capabilities, infrastructure, & innovation for efficiency & competitive advantage

D. Disciplined inorganic growth

Proactive M&As focusing on asset management, distribution, & credit activities Targeting highly-synergetic, low-risk acquisitions

Building Track-Record

265 NISm semi-annual dividend announced, together with previous 120 NISm dividend summing to a total 385 NISm representing 35% of 2023 comprehensive income

Consistent with dividend policy of at least 30% of annual comprehensive income, including discretionary mid-year distribution

100 NISm buyback program renewed for 2024

6,446 6,636 7,970 9,653 10,145 10,580 2018 2019 2020 2021 2022 2023 *

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

Shareholders' Equity

NISm

Building dividend

Agenda Highlights

Strategy & Targets

Financial Results

Segment Breakdown

Appendix

Glossary

| ¹²

Group: Core Income Achieving & Surpassing Targets

Updated growth targets and

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

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

* 455 NISb including the Psagot active funds transaction completed in Q1 2024.

Grow core income

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

Group priorities

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

Solvency P&C Premiums ¹ G&A Expense Ratios²

P&C Health Life 4.5 4.5 % of premiums % of AUM 3.7 3.2 5.57% 0.50% 4.10% 2019 5.82% 0.49% 5.08% 2020 5.50% 0.41% 4.40% 2021 5.00% 0.40% 3.53% 2022 3.46% 5.13% 0.39% 2023 2021 2022 2023 2025 target 5.4-5.8% 0.27-0.30% 3.4-3.7% Mid-term target	Including Smart direct, NISb			Ratio
			(2025)

Without transitionals

Insurance

Efficiency & digitization

priorities

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

³ Solvency with transitional measures as of June 30, 2023, including 300 NISm RT1 issue in October 2023;

⁴ Estimation with transitional measures as of September 30, 2023

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

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

Asset Management & Credit

produces significant EBITDA Non-insurance / risk activities

• 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

763 NISm Adjusted EBITDA in 2023 not including minority interest

Adjusted EBITDA – Asset Management & Credit

NISm, consolidated including minorities

Retirement (Pension & Provident) Segment for mass & affluent clients

Pension Funds

Broad solutions

Lump-sum, range of

strategies

Investment House & Wealth Segment

Private & institutional

for private & institutional clients

ETFs & Mutual Funds

Broad set of strategies / sectors

Brokerage Accounts Discretionary Portfolios

Private & institutional

Alternative Investments

Proprietary & external managers

AM&C does not include:

Life Insurance Segment onbalance sheet solutions

Executive Insurance

Investment Policies

Retirement & risk solution

Liquid investments

Distribution Segment

for employers and employees

Insurance Agencies

Market leader

Benefits

Financial advisory

Retirement &

Private Credit (Business & Consumer)

Segment based on Phoenix Gama footprint

To be launched

Consumer Credit SME Financing

Market leader

Construction Finance

Merged from insurance

Inorganic growth in 2023: Investment House includes acquisitions of Epsilon (5 NISb) & Psagot portfolios & passive activities (16 NISb), not yet including Psagot active & money market funds (22 NISb) signed 2023 & completed in March 2024

Retirement (Pension & Provident)

Approaching targets Achieving targets

0.13%

0.16%

0.12%

0.12%

0.11%

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

Approaching targets

AM&C: Private Credit (Business and Consumer)

Phoenix-Gama

100% ownership following tender offer in Q3 (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

Phoenix Construction Finance

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

Phoenix Consumer Credit

Built 2022-23, to be launched 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

Group Credit Activities

Environnent

Addressing risks & opportunities

23% reduction in direct carbon footprint 2019-22 (est.)

32 carbon intensity of assets (tons of CO² equivalent per NISm invested); first in industry to measure Scope 3

69% hybrid & electric cars

12 Tons paper avoided by digitalization (est.)

Social

Enhanced commitment & stakeholder dialogue

0.5% rate of donations from income, plus organizing support from international partners for Barzilai hospital; 4,600 volunteering hours

#1 in Service among leading insurers in 5 out of 12 categories

Promoting Art

Created access to Phoenix's leading Israeli art collection, with 50,000 visitors at subsidized exhibition; led sponsorship of annual "Fresh Paint" fair for emerging artists & designers

Governance

Protection & creation of long-term value

43 active proxy

voting on ESG issues

Compensation

first financials group to integrate ESG targets in 2024- 26 compensation policy

Leading ESG Scores

with active reporting and transparency

• 1. Highlights
• 1. Strategy & Targets

3. Financial Results

• 1. Segment Breakdown
• Appendix
• Glossary
• Disclaimer

Segment Income Breakdown Before Tax (Comprehensive)

Core Income Breakdown Before Tax (Comprehensive)

2023, NISm

Breakdown Before Tax – By Segment

NISm

	2023	2022	Difference
P&C	638	287	351
Health	165	296	(131)
Life & Savings	217	215	2
Other Equity Returns	294	374	(80)
Core Insurance	1,314	1,172	142
Retirement (Pension & Provident)	89	96	(7)
Investment House & Wealth	259	171	88
(Agencies) Distribution	290	278	12
Credit	103	73	30
Other	(10)	6	(16)
Core Asset Management & Credit	731	624	107
Income (*) Investment	(765)	(2,004)	1,239
P&C	(56)	(522)	466
Health	(15)	(68)	53
Life	(303)	(178)	(125)
Other Equity Returns	(406)	(1,219)	813
Retirement (Pension & Provident)	(9)	(21)	12
Distribution (Agencies)	24	4	20
Interest	379	1,645	(1,266)
P&C	143	264	(121)
Health	147	821	(674)
Life	89	560	(471)
Special Items	(46)	181	(227)
P&C	(22)	0	(22)
Health	51	71	(20)
Life	6	14	(8)
Other Equity Returns	(41)	0	(41)
(Pension Provident) Retirement &	(7)	14	(21)
Investment House & Wealth	(18)	64	(82)
Distribution (Agencies)	(7)	18	(25)
Credit	(12)	0	(12)
Other	4	0	4
Non-operating Income	(432)	(178)	(254)

Core Income Breakdown Before Tax (Comprehensive) Q4 2023, NISm

NISm

	Q4/2023	Q4/2022	Difference
P&C	328	168	160
Health	21	69	(48)
Life Savings &	50	33	17
Other Equity Returns	(5)	50	(55)
Core Insurance	394	320	74
(Pension Provident) Retirement &	19	17	2
Investment House & Wealth	68	58	10
Distribution (Agencies)	69	71	(2)
Credit	19	25	(6)
other	1	1	0
Core Asset Management & Credit	176	172	4
(*) Investment Income	230	72	158
P&C	20	(15)	35
Health	(25)	(14)	(11)
Life	(10)	37	(47)
Other Equity Returns	248	63	185
Retirement (Pension & Provident)	(7)	(1)	(6)
Distribution (Agencies)	4	2	2
Interest	204	256	(52)
P&C	108	60	48
Health	71	126	(55)
Life	25	70	(45)
Special Items	(98)	(43)	(55)
P&C	(13)	0	(13)
Health	(14)	(9)	(5)
Life	(19)	(25)	6
Other Equity Returns	(22)	0	(22)
(Pension Provident) Retirement &	(3)	0	(3)
Investment House & Wealth	(3)	(5)	2
Distribution (Agencies)	(7)	(4)	(3)
Credit	(5)	0	(5)
Other	(12)	0	(12)
Non-operating income	336	285	51

Phoenix Holdings NISm	31/12/2022 31/12/2023		Difference 12/23-12/22
Cash	3 440 ,	3 053 ,	)387(
Intangible Assets	2 992 ,	3 598 ,	606
Deferred acquisition costs	2 453 ,	2 686 ,	233
Investments in associates	1 594 ,	1 652 ,	58
Investment - other property	1 148 ,	1 239 ,	91
Credit for of purchase securities	3 443 ,	3 700 ,	257
Other Assets	6 865 ,	8 326 ,	1 461 ,
Other Financial Investments	29 526 ,	30 771 ,	1 245 ,
for Assets yield-dependent contracts	96 056 ,	104 770 ,	8 714 ,
Total Assets	517 147 ,	159 ,795	12 278 ,
Financial liabilities Liabilities in of non-yield-dependent respect insurance and investments contracts	13 106 ,	15 576 ,	2 470 ,
contracts of Liabilities in yield-dependent respect insurance and investments contracts	25 458 ,	25 597 ,	139
contracts	94 042 ,	102 973 ,	8 931 ,
Other Liabilities	4 378 ,	4 753 ,	376
Total equity	10 533 ,	10 895 ,	362
Total equity and liabilities	147 517 ,	159 ,795	12 278 ,

Financial Liabilities (NISm)

31/12/2023 31/12/2022 CPI Floating Fixed linked interest interest Total Total Solo 958 397 541 1,896 1,531 Holdings Insurance Tier 1 capital 218 218 211 - - Tier 2 capital 732 492 2,843 4,067 3,676 Tier 3 capital 399 399 398 - - Insurance Total 950 492 3,242 4,684 4,285 Credit (Gama) 1,223 215 1,438 1,415 - Agencies 379 379 27 - - Services (AM) Investment 263 263 574 - - Services Total 1,865 215 2,080 2,016 - Total bonds and loans 2,754 1,908 3,998 8,661 7,832 Exposure Ratio 22% 32% 46% 100% 100% (Nostro) 2,921 2,277 Derivatives Repo & Other , linked)* 2,240 1,423 Derivatives Repo & Other (Unit , Credit cards liabilities (Gama) 1,755 1,572 Total 15,576 13,104	Bonds and Loans

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

* Mainly offset against Insurance Tier 1 capital ** For more details, see 2023 Financial Reports (Note 27)

Active Solvency & Capital Management

Economic Capital & Solvency (Insurance Company, NISb)

12.22 7.2 14.6 6.9 7.5 6.9 7.3 6.23 7.8 7.2 6.22 9.23 7.7 12.21 Surplus SCR 14.5 14.7 14.7 Solvency ratio¹ With transitionals Without transitional 137% 202% 211% 149% 117% 190% BOD dividend threshold 108% 111% 111% 153% 205% 115% 209%

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

209% with transitional measures estimated as of September 2023 (Including RT1 issue of 300 NISm in October 2023 & distribution of Construction Finance in January 2024)

Insurance Company BOD dividend threshold raised to 115% without transitionals, while excess capital above 115% was 3.2 NISb (as of June 2023)

Cashflow and Liquidity (Holding Company)

Insurance dividend 30-50% 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 started May 2023) & financial debt of 1 NISb

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

Raised 350 NISm in October 2023 with expansion of bond series

Moved 300 NISm Construction Finance, optimizing capital

Accounting Income

IFRS 17 & IFRS 9 implementation in 2024, expected to reduce volatility

Dynamic management of market exposures

IFRS 17 & IFRS 9 Implementation Update

Implementation

IFRS 17 expected to be implemented in Israel starting Q1 2025, including figures for 2024; following EU implementation in 2023

IFRS 9 already implemented in group, to be implemented in insurance & retirement together with IFRS 17

Phoenix currently preparing for full implementation

Principles

Under IFRS 17 total income remains unchanged over lifetime of contract, however timing of recognition will be changed

IFRS 17 introduces concept of Contractual Service Margin (CSM), which defers the recognition of new business gains over lifetime of insurance contract

IFRS 9 classifies financial assets based on two tests: contractual cash flows & business model

Impact

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

IFRS 17 will increase transparency, stability, predictability & comparability of insurance business, facilitating easier understanding of business and growth, as well as comparison between insurers on performance and economic positions

IFRS 17 not expected to impact underlying economics, Solvency II, strategy, dividend distribution restriction, and leverage

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 (debt assets not related to activity still measured by amortized cost); impacting net income, EPS, and PE multiple (not only comprehensive income)

Segment highlights	P&C	Health	Life
Insurance services earnings	• Limited changes	• Earnings more predictable (driven by release of CSM) • Insurance assumption changes impact CSM, reducing volatility of reported income	• Earnings more predictable (driven by release of CSM) • Insurance assumption changes impact CSM, reducing volatility of reported income
Finance / investments (IFRS 17 & IFRS 9)	• Rates impact value of liabilities, with offset by impact on value of assets	• Interest rates impact value of liabilities, with offset by impact on value of assets	• Interest rates impact on liabilities go through CSM in specific savings policies & through P&L for the other products • Fair value changes of assets go through P&L

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

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

4. Segment Breakdown

• Appendix
• Glossary
• Disclaimer

22% growth in premiums YOY

Improved performance especially in motor in 2023, doubling underwriting profit despite challenging environment including high rates of theft

Mature implementation of machine learning for motor underwriting

Positive secondary impact of interest rates

Limited impact of war in Q4 due to state coverage, however reduced traffic led to fewer accidents

Core Income (Before Tax, Underwriting)	2022	2023
Compulsory Motor	161	234
Motor Property	(182)	31
Loss Ratio (MP)	91%	79%
Property & Other	137	114
Liability	171	259
Total	287	638

Comprehensive Income Before Tax

NISm

	638	(56)	143	(22)	703
	Core Income	Investments	Interest	Special items	2023
	(Underwriting)		Non-Operating
2022	287	(522)	264	-	29
Difference	351	466	(121)	(22)	674
Q4/23	328	20	108	(13)	443
Q422	168	(15)	60	-	213
Difference	160	35	48	(13)	230

Lower underwriting profit

compared to 2022 mainly due to increase of LTC claims

Income from release of LAT

reserves in Q4, with 104 NISm LAT reserves remaining as of December 2023

Special items include gain of control in Phoenix Private, offset by actuarial research

Maccabi HMO collective LTC agreement ended December 2023

Comprehensive Income Before Tax

NISm

Stable underwriting profit

Negative capital market

impact including variable management fee deficit of 274 NISm as of report publication date; lower interest rate mitigation compared to 2022

Continued inflows of

investment policies, however at slower rate due to capital market volatility

Limited impact of war due to reinsurance

Comprehensive Income Before Tax

NISm

Comprehensive Income Before Tax NISm

2022	374	(1 219) ,	-	(845)
Difference	(80)	813	(41)	692
Q4/23	(5)	248	(22)	221
Q4/22	50	63	-	113

Continued organic growth

Focus on efficiency

including closing of direct sales activity and focusing on higher margin / efficient activities

Special items include claim provisions in Q4 and gain of control in "Phoenix Private" during 2023

Comprehensive Income Before Tax

NISm

Difference

2

(6) (3) (7)

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

Performance improvement from strategic execution

Higher brokerage contribution due to continued growth & higher spreads in margin credit

Full synergies from completed acquisitions to be achieved in 2024,

including acquisitions of Epsilon Investment House & assets from Psagot Investment House (including portfolio management and funds); active fund acquisition completed in March 2024

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

Comprehensive Income Before Tax NISm

Stable income with organic growth in business, however growth rate impacted by slower pace of hiring in the market (including in tech sector)

Implementation of holding and management restructuring in 2023 for accelerated value creation

Distributed dividend of 675 NISm, following 300 NISm bank financing Assessing interest from international investors to unlock & create value

going forward

Comprehensive Income Before Tax

NISm

Full ownership of Gama following successful take-private tender offer in Q4

Continued growth in most credit categories, including business loans and real estate financing, while proactively reducing specific exposures in check clearing

Significantly improved profit from operations and pre-tax income

Merger of Phoenix Construction Finance into Gama executed December 2023

Strong balance sheet with 22% 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 strategy with focus on growth, innovation, & value creation

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

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

	2023	2022
P&L from Financial Statements Items
Investment income	9 910 ,	(5 555) ,
Share in profits of equity-accouted investees	42	62
Total of other comprehensive components net income	306	(231)
effect Tax	147	(133)
Subtotal	10,407	(5 ,857)
Less:
(losses) relating yield-dependent policies Investment gains to	8 531 ,	(6 618) ,
Investment gains (losses) relating investment services & credit to	349	103
Subtotal	8,881	(6 ,515)
Corporate (Nostro) total investment income account	1,526	657
Corporate (Nostro) 3% real account investment income assuming returns	2 291 ,	2 661 ,
Corporate (Nostro) investment income above (below) 3% real account returns	(765)	(2 ,004)

• 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, without IFRS 16 influence, and cash items relevant to specific segments (Retirement includes DAC amortization, Credit includes finance expense & provisions)
AM&C	Asset Management & Credit, including Retirement, Investment House & Wealth, Distribution / Agencies, & Private Credit
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

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
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
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

• 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.