The Phoenix Holdings Ltd.

Investor Presentation • Nov 29, 2023

1. Highlights

• 1. Strategy & Targets
• 1. Financial Results
• 1. Segment Breakdown
• Appendix
• Glossary
• Disclaimer

financials group	426 NISb 1 AUM	TA-35 Leading index
Distinctive performance	20% AUM CAGR 5-years 2	15% ROE 5-year average 2
Strong capital position	205% Solvency II Ratio 3	10.0 NISb Shareholders' Equity
Recognized stability	AA / AAA Israel ratings 4 Holding / Insurance	A2 / A International ratings 4 Insurance
Proven experience	Leading investment team	70+ Years

Highlights Group Activities

426 NISb 1 AUM	TA-35 Leading index		Insurance	Asset Management	Distribution	Credit
20% AUM CAGR 5-years 2	15% ROE 5-year average 2		P&C Health Life	Retirement Funds/ETFs Portfolios Alternatives	Agencies Brokers	SME (Gama) Real Estate Brokerage
			Core Comprehensive Income
		12M/22	790 NISm	200 NISm	156 NISm	33 NISm
		9M/23	617 NISm	178 NISm	116 NISm	44 NISm
AA / AAA 4	A2 / A 4
Holding / Insurance	Insurance	9M/23	13.4 NISb	426 NISb	622 NISm	5.5 NISb Portfolio 1
			Contributions
Leading	70+				EBITDA
	205% Solvency II Ratio 3 Israel ratings	10.0 NISb Shareholders' Equity International ratings		Premiums &	AUM 1	Key Figures Revenues 259 NISm

¹Includes insurance activities

² Five-year period (2018-2022), acquisitions included

³Solvency with transitional measures as of June 30, 2023, including 300 NISm RT1 issue in October 2023; without transitional measures 153%

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 under criteria observation (UCO)

EVENTS AFTER END OF REPORTING PERIOD UPDATED NOVEMBER 26, 2023

Conflict – Economic Impact

• Since October 7, Gaza conflict has impacted Israel's security, economy, and society • To date, Israel economy is facing several near-term challenges including increased uncertainty, direct and indirect costs, broad army reserve call-up (5-8% of workforce¹ ), relocation of families from border areas (2-4% of population² ), unpaid leave, & reduced consumer demand The conflict is impacting Israel… …but the economy is strong… …and already shows resilience • Strong macro trends include longterm GDP growth (4%+ 10-year average³ ), low unemployment (<4%), moderate inflation compared to OECD • Long-term structural trends include wealth accumulation, rising GDP/capita (\$55k non-PPP), and

• Initial impact on TA-35 index, bond spreads & currency
• Expected impact on GDP, budget, and demand trends in 2024
• Rating agencies put Israel's sovereign rating on "review for downgrade"
• Continued uncertainty regarding development of conflict and economic impact
• increasing labor productivity
• Significant resources include low debt (61% of GDP⁴ ) and high FX reserves (40% of GDP⁵ )
• Resilient culture of innovation and adaptation through change and uncertainty
• Return to daily activities including work
• Stabilization of key metrics including credit card turnover and risk premium
• Only 14% of large businesses report significant revenue impact⁶
• Rebound of TA-35 index (-13% to -3%) & currency (with Bank of Israel sale of \$8b)
• Liquid and resilient bond market
• Expected GDP growth of 2.3% and 2.8% in 2023 and 2024, respectively⁷
• Strong post crisis recoveries after past events including median 32% equity market rebound within 12 months⁸

Business Continuity

• Fully operational immediately
• Initial remote work transitioned back to offices within 3 weeks
• Continuous support for clients, channels, and partners, with addition of special call centers to solve problems

Active Management

• Active management and adjustment of businesses and investment activities, including daily and weekly KPIs
• Immediate and ongoing assessment of risks and exposures for transparency & active mitigation
• Focus on cultural resilience, with intensive internal and external communications, leadership by principles, flexibility, and empathy
• Planning for 2024
• Raised 350 NISm notes for liquidity, future opportunities and growth

Commitment to People & Society

• Partnering with Barzilai Medical Center in South of Israel to facilitate resources for immediate medical needs, including direct funding and support from international donors, and ongoing support going forward
• Supporting additional initiatives including for displaced families
• Supporting clients and agents with fund for claims that do not have coverage and call center for immediate support
• Supporting staff as needed

EVENTS AFTER END OF REPORTING PERIOD FIGURES AS OF PUBLICATION DATE

Capital

• Strong solvency position of 205% (153% without transitional measures) as of June 30, 2023; expected to remain above 130% without transitional measures, with additional possible mitigation from interest rates
• Moody's confirmed A2 international rating, updating outlook to "negative"; S&P rating remains at A- with stable outlook, and under criteria observation (UCO)
• Raised 350 NISm in expanded bond series in October to ensure liquidity and capital for possible opportunities

Strong capital position… …and limited impact on income

(covered by State), and special coverage backed by reinsurance; some

decreased motor claim

positive effect of

frequency

Core Insurance Income		Core Services Income			Non-Operating Income
•	Life and disability exposure not significant	•	Asset management with stable AUMs	•	No material impact as of publication date
	due to reinsurance mitigation	•	Agencies income not expected to be	•	Initial capital market losses reversed with
•	Health insurance impact		significantly impacted		gains in recent weeks
	not material	•	No material credit
•	P&C policies typically do not include war coverage		losses expected

structural trends (e.g., wealth accumulation, vibrant tech sector)¹

Relative resilience to inflation, impacting less than OECD peers

However, continued capital market volatility, with Israeli market under-performance in 2023

Impact of conflict during Q4 including on GDP growth, yields, & unemployment / unpaid leaves

Long-Term Yields (10Y) ⁶

1.3

Percent

1.0 0.9

Unemployment ⁷ Percent 3.6 4.0 2019 2020 2021 2022 9.23 2019 3.6% 2020 2021 2024 2022 9.23 4.8% 4.1% 4.3%

Note: Figures are as of November 26, 2023 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 2022, current USD, as of April 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

Forcast

4.0%

3.2%

Continued growth in Core Income to 305 NISm in Q3 and 955 NISm in 9M, with 12.7% and 12.6% Core ROE respectively

AUM growth ahead of expectations including completed acquisitions (Epsilon, Psagot)

However, negative impact from Non-Operating Income due to investment performance

Strong financial position with stable Solvency II ratio

¹Solvency with transitional measures as of June 30, 2023, including 300 NISm RT1 issue in October 2023; without transitional measures 153%

Comprehensive Income ROE

NISm, after tax

* Investment income of unit linked model portfolio returns was reclassified from Core Income to Non-Operating Income (22 NISm / -11 NISm in 9M/22 / Q3/22 respectively)

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 in insurance and services is used, while the difference between the actual tax and the statutory tax is recorded in Special Items. See Slides 21-22 for breakdowns & Glossary for definitions.

Investment Core Capabilities

Returns - Insurance Nostro / Corporate Account

Percent (nominal)

Investment performance & track record

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, 2023)

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

Equity Generation and Dividend Distribution

120 NISm semi-annual dividend distributed in September representing a total of 297 NISm dividends year-to-date (together with 177 NISm dividend distributed April 2023)

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

38 NISm share buybacks executed through publication date out of 100 NISm 2023 buyback program

Building Track-Record Shareholders' Equity NISm

Comprehensive Income	512	664	1,353	2,316	1,124	515
from subsequent calendar Dividends annual income (including year) in	120	480	380	621	337	120	Building
Dividends distributed calendar year) (during	120	480	-	580	581	297	dividend track
Dividends per share (during calendar year)	1.0	1.9	-	2.3	2.3	1.2	record
Buybacks executed			26	74	56	38**

* Shareholder's Equity impacted also by restructuring transactions / minority acquisitions

** Executed through publication date

2. Strategy & Targets

-

-

Value Creation Strategy & Catalysts

Group Targets

Core Services Income Without special items, after tax, NISm

Shifting group mix to 50% stable, feebased income

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

* Annualized (9M return was 3.1% nominal and (0.1%) real)

** Average real yield over five years (2018-22) was 3.86%

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

1. Insurance ^| Continued Growth

1. Insurance ^| Targets

P&C

Premiums, including Smart direct, NISb

Solvency1

Ratio

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;

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

Expense Ratios2

	P&C of %	Health premiums	Life of AUM %
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%
9M/22	3.54%	4.97%	0.40%
9M/23	3.54%	5.24%	0.41%
Mid-term target (2025)	3.4-3.7%	5.4-5.8%	0.27-0.30%

Core Income

NISm, 3% real returns, without special items, after tax

1. Asset Management ^| AUM Growth

Continued inorganic growth Investment Services includes acquisitions of Epsilon (5 NISb) & Psagot activities (16 NISb)

2. Asset Management ^| Targets

Group AUMs NISb

Pension & Provident Contributions NISb

Market leadership with full offering Focus on investment performance & record, branding, & distribution

Marketing & distribution Track record & service Economies of scale

Expense Ratio: Pension & Provident % of AUM

2019 0.24%

502	666	485	560	750
		021 2022 9M/22 9M/23 mid-		term target (2025)	D

2020 0.16% 2021 0.13% 2022 0.12% 9M/22 0.14% 9M/23 0.13% Mid-term target (2025) 0.11%

Includes Phoenix Investment House & alternatives platform

Growth and value creation across activities Consolidated operations Digitization & service (for clients & agents)

3. Distribution (Agencies) ^| Stand-Alone Value

Restructuring in December 2022 to accelerate value creation

Focused on stand-alone value creation: cashgenerative & capital-light business model, market leader with only 6% market share & room to grow

Aggregator platform with scale & infrastructure to support small agents

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

Independent IT infrastructure & efficient digital platforms

Client-focused activities include employee benefits & retirement planning, life, health, P&C, and specialties

Assessing interest from international investors to unlock & create value

Possible regulatory changes may impact business

sales2 Share of group
Pension Provident &	30%
Life	21%
Individual Health	14%
P&C	10%

Continued growth & scale economies Investment in digital platforms & client service Unlocking value Growth of financial & investment products

Agency Revenues

¹ Israel Ministry of Finance, share of commissions 2021

² Share of Phoenix group insurance premiums or pension / provident fund contributions that are distributed by Phoenix Agencies, 2022 Note: Mid-term Targets based on 5-year plan 2020-25 and assuming 3% return on investments

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

Resilience, Growth & Value Creation

Actively managing group activities and exposures during period of conflict and uncertainty Well positioned with strong balance sheet & liquidity

Assessing strategic opportunities

Ongoing strategic execution, efficiency & unlocking of value

Investment in capabilities, including digital & data, clientfocus, leadership & culture

Expansion of sustainability strategy & reporting

-

Comprehensive income Q3 2023, NISm

PBT Breakdown

Q3 2023, NISm

	Q3/2023	Q3/2022	Difference
P&C	83	42	41
Health	49	71	(22)
& Savings Life	101	76	25
Other Equity Returns	95	91	4
Insurance Core	328	280	48
Pension & Provident	28	24	4
Investment Services	71	41	30
Agencies	79	65	14
Credit	29	24	5
Other	2	(6)	8
Services Core	209	148	61
Investment Income ( )	(431)	(554)	123
P&C	(36)	(128)	92
Health	7	(16)	23
Life	(123)	(106)	(17)
Equity Other Returns	(282)	(293)	11
Pension Provident &	(4)	(10)	6
Agencies	7	(1)	8
Interest	278	269	9
P&C	40	136	(96)
Health	157	40	117
Life	81	93	(12)
Special Items	(43)	(41)	(2)
Health	9	10	(1)
Life	(13)	(45)	32
Equity Other Returns	(6)	0	(6)
Pension Provident &	(20)	0	(20)
Investment Services	(6)	(6)	0
Credit	(7)	0	(7)
Non-operating income	(196)	(326)	130

Comprehensive income

9M 2023, NISm

PBT Breakdown

9M 2023, NISm

	9M/2023	9M/2022	Difference
P&C	301	119	182
Health	144	227	(83)
Life & Savings	167	182	(15)
Other Equity Returns	299	324	(25)
Core Insurance	911	852	59
Pension & Provident	70	79	(9)
Investment Services	191	113	78
Agencies	221	207	14
Credit	84	48	36
Other	(11)	5	(16)
Services Core	555	452	103
Investment Income (*)	(995)	(2,076)	1,081
P&C	(76)	(507)	431
Health	10	(54)	64
Life	(293)	(215)	(78)
Equity Other Returns	(654)	(1,282)	628
Pension Provident &	(2)	(20)	18
Agencies	20	2	18
Interest	175	1,389	(1,214)
P&C	35	204	(169)
Health	76	695	(619)
Life	64	490	(426)
Special Items	61	224	(163)
Health	65	80	(15)
Life	25	39	(14)
Equity Other Returns	(19)	0	(19)
Pension & Provident	(4)	14	(18)
Investment Services	(15)	69	(84)
Agencies	0	22	(22)
Credit	(7)	0	(7)
Other	16	0	16
Non-operating Income	(759)	(463)	(296)

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

9M 2023 Income by Segment

Phoenix Holdings NISm	31/12/2022	30/09/2022	30/09/2023	Difference
Cash	3,282	2,343	2,464	-818
Assets Intangible	2,992	2,927	3,548	556
acquisition costs Deferred	2,453	2,451	2,723	270
associates Investments in	1,594	1,562	1,687	93
Investment property other -	1,148	1,050	1,207	59
for purchase of securities Credit	3,443	3,357	3,486	43
Assets Other	6,822	6,780	7,858	1,036
Other Financial Investments	29,526	31,470	30,557	1,031
Assets for yield-dependent contracts	96,056	95,741	103,358	7,302
Total Assets	147,316	147,682	156,887	9,571
Financial liabilities	13,104	15,679	15,305	2,201
of Liabilities respect non-yield-dependent in
insurance contracts investments and contracts Liabilities respect of yield-dependent in	25,458	24,359	25,558	100
contracts insurance and investments
contracts	94,042	93,790	101,247	7,205
Other Liabilities	4,179	3,831	4,466	287
equity Total	10,533	10,024	10,311	-222
equity liabilities Total and	147,316	147,682	156,887	9,571

			Bonds and	Loans
			30/09/2023		31/12/2022
	CPI linked	Floating interest	Fixed interest	Total	Total
Holdings Solo*	829	397	325	1,551	1,531
Insurance
Tier 1 capital	217	-	-	217	211
Tier capital 2	447	492	2,347	3,286	3,676
Tier capital 3	-	-	399	399	398
Insurance Total	664	492	2,745	3,902	4,285
Credit (Gama)	-	1,187	215	1,402	1,415
Agencies	-	-	2	2	27
Investment Services (AM)	-	233	-	233	574
Services Total	-	1,420	217	1,637	2,016
Total bonds and loans	1,493	2,308	3,288	7,089	7,832
Exposure Ratio	21%	33%	46%	100%	100%
Other Derivatives, Repo &	(Nostro)**			3,437	2,277
Other Derivatives, Repo &	(Unit linked)			3,242	1,423
Credit cards (Gama) liabilities				1,536	1,572
Total				15,3052	13,104

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

Active Solvency & Capital Management

Economic Capital & Solvency (Insurance Company, NISb) Solvency II implementation

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

• 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

• ^&gt; 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

• ^&gt; 205% with transitional measures as of June 2023 (Including RT1 issue of 300 NISm in October 2023)

• 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)

• ^&gt; Insurance dividend 30-50% of comprehensive income, in line with solvency target range
• ^&gt; Services generate significant cash from fee-based income (e.g., asset management, agencies)
• ^&gt; Strong liquidity at holding level including Phoenix Insurance Tier ¹ capital notes of ¹ NISb (trading started May 2023) & financial debt of ¹ NISb
• ^&gt; Insurance Company with international ratings (Moody's A2, S&P A- UCO)
• ^&gt; Raised 350 NISm in October 2023 with expansion of bond series

Accounting Profit

• ^&gt; IFRS-17 implementation in 2024, expected to reduce volatility
• ^&gt; Dynamic management of exposures

¹ Including dividend distribution from Phoenix Insurance to Phoenix Holdings announced March 22, 2023

-

4. Segment Breakdown

-

20% growth in premiums 9M YOY

Improved performance overall and in motor (compulsory + property) in 9M, despite challenging environment including high rates of vehicle theft

Doubling underwriting profit compared to 9M/22 despite quarterly differences

Negative impact of capital market returns and interest rates

Underwriting Profit	9M/22	Q1	Q2	Q3	9M/23
Compulsory Motor	70	31	62	25	118
Motor Property	(128)	(6)	(17)	(1)	(24)
Loss Ratio (MP)	86%	84%	88%	84%	85%
Property & Other	103	26	28	24	78
Liability	74	61	33	35	129
Total	119	112	106	83	301

Comprehensive Income Before Tax

NISm

Lower underwriting profit

compared to 2022 mainly due to increase in claims

Income from release of LAT reserves in Q3, with 213 NISm LAT reserves remaining as of September 2023

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

Starting 2024, an HMO collective LTC agreement will not include insurance risk, which may reduce premiums

Updated medical pricing not yet approved by regulator

Comprehensive Income Before Tax

NISm

Note: The underwriting profit assumes a real rate of return of 3%, investment income includes income from own (Nostro) investments above or below a 3% real return. LAT interest - Including all changes in interest rate and excess non-marketable assets in LAT only

Lower underwriting profit

mainly due to expenses & take-up rates in 2022

Negative capital market

impact including variable management fee deficit of 590 NISm as of report publication date

Lower interest rate mitigation compared to 9M/22

Slower inflows of savings policies due to capital market volatility

Comprehensive Income Before Tax

Comprehensive Income Before Tax NISm Financial Margin Investments above 3% Special Items 9M/23 9M/22 324 (1,282) - (958) Difference (25) 628 (19) 584 299 (654) (19) (374)

Q3/23	95	(282)	(6)	(193)
Q3/22	91	(293)	-	(202)
Difference	4	11	(6)	9

Asset Management ^| Pension & Provident

Comprehensive Income Before Tax

NISm

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 Q3 and gain of control in "Phoenix Private" during 9M/23 Underwriting

Asset Management ^| Investment Services

Performance improvement from strategic execution

Higher brokerage contribution due to growth & margin credit rates

Completed acquisitions of Epsilon Investment House & assets from Psagot Investment House (including portfolio management and funds)

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 platform focused on private client alternative investment management & distribution

Comprehensive Income Before Tax NISm

Stable income with organic growth in business, however growth rate impacted by slower pace of hiring in the market

Increase in EBITDA to 259 NISm in 9M/23 compared to 235 NISm in 9M/22

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

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

Comprehensive Income Before Tax

9M/22	207	2	22	231
Difference	14	18	(22)	10
Q3/23	79	7	-	86
Q3/22	65	(1)	-	64
Difference	14	8	-	22

Full ownership of Gama

following successful take-private tender offer in Q3

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

Strong balance sheet with 22% Equity-to-Assets ratio*

Gama includes SME financing platform with credit solutions & related activities

Credit Portfolio

NISm, without credit card activity

Comprehensive Income Before Tax NISm

		(7)
	84		77
	Profit from Operations	Special items	9M/23
9M/22	48	-	48
Difference	36	(7)	29
Q3/23	29	(7)	22
Q3/22	24	-	24
Difference	5	(7)	(2)

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

Comprehensive Income Before Tax

NISm

-

-

Appendix

Phoenix Holdings – Highlights

1

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

Strong 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 diversified financial services group with over \$100b AUM (including multi-line insurance, asset management, distribution, & credit), delivering best-in-class average 15% ROE and 20% AUM CAGR over the past 5 years

3

4

5

6

Creating and unlocking value driven by diversified activities with untapped potential

Significant share of income generated by recurring fee-based financial services businesses (cash-generative, capitallight), with plan to unlock value of assets currently held at book value

Proven strategic plan 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, & focused capital management / deployment

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

Consistent growth in shareholder equity with a Solvency ratio of 205% (with transitional measures), at least 30% dividend distribution policy, and international insurance rating

Experienced leadership team backed by strong governance

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

Sustainability ^| 2022 Report Highlights & Examples

Group	Products Services &	Investments
20% footprint decrease carbon (2019 in base)	EV insurer #1 insurer for preferred Tesla	6.5 NISb of green investments
0.5% of donations fixed rate from net profit Encouraging young artists year of second supporting "Fresh Paint" fair the 40% of senior managers above) (VP & are women, increase since 9% 2021	service #1 in among the five largest insurance of companies out Israel in in 5 12 product categories 10+ sustainable accessible products and & services	>0.5m of online views our capital market for courses & videos the general public Independent voting policy transparent the public includes to and considerations boards DEI in
Committee with group BOD ESG Chairman participation, convenes once for quarter workplan oversight a ESG leaders the only insurance group Israeli to actively engage with global rating a	100% of OPM Investment Committee members independent are	39 assembly that General votes directly contributed improved corporate to of governance investee companies 100% of portfolio managed Phoenix by

Comprehensive Income NISm, attributed to shareholders

Shareholders' Equity NISb, 2022

%GWP, all sub-segments, 2022

Investment Returns – Explanation

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

	9M/23	9M/22	2022
P&L Items from Financial Statements
Investment income	6,748	(6,848)	(5,555)
of Share profits equity-accouted investees in	60	49	-
of Total components net other comprehensive income	401	(424)	(231)
Tax effect	190	(229)	(133)
Subtotal	7,400	(7,452)	(5,919)
Less:
Investment gains (losses) relating to yield-dependent policies	6,130	(7,615)	(6,618)
Investment gains (losses) relating investment services & credit to	259	60	103
Subtotal	6,389	(7,555)	(6,514)
Corporate account total (Nostro) investment income	1,011	103	595
Corporate account investment assuming (Nostro) income 3% real returns	2,006	2,179	2,661
Corporate account investment above real returns (Nostro) income (below) 3%	(995)	(2,076)	(2,066)

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

Appendix

Glossary

Disclaimer

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

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 for the years 2022-25 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 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.