The Phoenix Holdings Ltd.

Investor Presentation • Aug 24, 2023

1. Highlights

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

Group Activities Highlights

	Insurance	Asset Management	Distribution	Credit	Leading Israeli financials group
	P&C Health Life	Pensions Mutual Funds ETFs Portfolios Alternatives	Agencies Brokers	SME (Gama) Real Estate Brokerage	Distinctive performance
			Core Comprehensive Income		Strong capital
2022 annual	790 NISm	200 NISm	156 NISm	33 NISm	position
H1/23	435 NISm	109 NISm	80 NISm	26 NISm
	Recognized
H1/23	8.8 NISb Premiums &	417 NISb AUM 6	407 NISm Revenues	5.3 NISb Portfolio 6	stability
	Contributions		167 NISm EBITDA		Proven

financials group	TA-35 Leading index	9.6 NISb Market cap 1
Distinctive performance	20% AUM CAGR 5-years 2	15% ROE 5-year average 2
Strong capital position	208% Solvency II Ratio 3	10.1 NISb Shareholders' Equity
Recognized stability	AA / AAA 4 Israel ratings Holding / Insurance	A2 International rating Insurance
Proven experience	Top Ranked Leaderboard 5	70+ Years

¹As of August 21, 2023

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

³Solvency estimation with transitional measures as of March 31, 2023, after 350 NISm dividend from Phoenix Insurance to Phoenix Holdings

⁴Israeli ratings: ilAA for Phoenix Holdings & ilAAA for Phoenix Insurance by S&P Maalot, Aa2.il for Phoenix Holding & Aa1.il for Phoenix Insurance by Midroog

⁵Based on average yields over h 31, 2023, 3 years ended June 30.2023 in the general plans: #1 out of 5 in Policies (1991-2003), #1 out of 5 in Pension, & #4 out of 10 in Provident Funds

⁶Includes insurance activities as of June 30, 2023

Continued capital market volatility, with Israeli market underperformance in H1

Relative resilience to inflation, impacting less than OECD peers

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

Possible impact of macro trends & proposed judicial changes

Long-Term Yields (10Y) ⁶ Percent 1.0 0.9 1.3 3.6 3.7 2019 2020 2021 2022 6.23 2022

Unemployment ⁷ Percent

Note: Figures are 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

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

Strong performance in asset management, agencies, & P&C

Growth to 417 NISb managed assets ahead of expectations, including completed acquisitions (Epsilon, Psagot)

However, negative impact from Non-Operating Income due to investment performance & interest rate impact (lower illiquidity premium)

Continued growth in Core Income (without Non-Operating Income) to 357 NISm in Q2 and 650 NISm in H1, with 15% and 13% Core ROE respectively

Strong financial position, with stable Solvency II ratio and ratings of ilAAA (Israel) and A2 (international) assigned to Phoenix Insurance (after end of quarter)

Insurance	Services	Non
Core	Core	operating
Income	Income	income

* Investment income of unit linked model portfolio returns was reclassified from Core Income to Non-Operating Income (33 NISm / 38 NISm in H1/22 / Q2/22 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.

Returns - Insurance Nostro / Corporate Account

Percent (nominal)

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

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

Investing in capabilities including international investments and technology platforms

Asset Allocation - Corporate Account (Nostro)

Percent (June 30, 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

Equity Generation and Dividend Distribution

Building Track-Record

120 NISm semi-annual dividend announced* 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

12 NISm executed in H1/23 out of 100 NISm 2023 buyback program

Comprehensive Income	512	664	1,353	2,316	1,124	298
Dividends from annual income (including in subsequent calendar year)	120	480	380	621	337	120*		Building
Dividends distributed (during calendar year)	120	480	-	580	581	297	track	dividend
Dividends per share (during calendar year)	1.0	1.9	-	2.3	2.3	1.2	record
Buybacks executed			26	74	56	12

1. Highlights

2. Strategy & Targets

• 1. Financial Results
• 1. Segment Breakdown Appendix
• Glossary
• Disclaimer

Value Creation Strategy & Catalysts

Group Targets

Services Core Income

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 (H1 return was 3.1% nominal and 0.6% real)
• ** Average real yield over five years (2018-22) was 3.86%

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

Insurance Asset Management Distribution Credit 1. Insurance | Continued Growth

Insurance Asset Management Distribution Credit 1. Insurance | Targets

P&C

Premiums, including Smart direct, NISb

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 estimation with transitional measures as of March 31, 2023, after 350 NISm dividend from Phoenix Insurance to Phoenix Holdings

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

Expense Ratios²

	P&C	Health % of 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%
H1/22	3.85%	5.39%	0.39%
H1/23	3.77%	5.41%	0.41%	Focus on efficiency
Mid-term target (2025)	3.4-3.7%	5.4-5.8%	0.27-0.30%

Solvency Core Income ¹

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

| ¹³

Assets Under Management

NISb

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

Insurance Asset Management Distribution Credit 2. Asset Management | Targets

NISb Group AUMs

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%
2020	0.16%
2021	0.13%
2022	0.12%
H1/22	0.14%
H1/23	0.12%
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

& create value

Possible regulatory changes may impact business

Share of group sales2
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

| ¹⁶

¹Israel Ministry of Finance, share of commissions 2021

²Share 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 - publicly traded 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

Sustainability | 2022 Report Highlights & Examples

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

Resilience, Growth & Value Creation

Well positioned for continued volatility and uncertainty, with strong balance sheet & liquidity

Ongoing strategic execution & unlocking of value

Assessing strategic opportunities

Investment in capabilities, including digital transformation / data & analytics, client-focus, leadership, & culture

Efficiency focus across activities

Expansion of sustainability strategy & reporting

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

Comprehensive income Q2 2023, NISm

Q2 2023, NISm

	Q2/2023	Q2/2022	Difference
P&C	106	73	33
Health	59	89	(30)
Life & Savings	33	61	(28)
Other Equity Returns	95	140	(45)
Core Insurance	293	363	(70)
Pension & Provident	23	31	(8)
Investment Services	63	44	19
Agencies	76	71	5
Credit	27	12	15
Other	(7)	8	(15)
Core Services	182	166	16
Investment Income	(116)	(846)	730
P&C	14	(235)	249
Health	(12)	(19)	7
Life	(45)	31	(76)
Other Equity Returns	(80)	(618)	538
Pension & Provident	1	(7)	8
Agencies	6	2	4
Interest	(253)	323	(576)
P&C	(23)	70	(93)
Health	(187)	134	(321)
Life	(43)	119	(162)
Special Items	128	203	(75)
Health	63	(16)	79
Life	49	103	(54)
Other Equity Returns	(13)	0	(13)
Pension & Provident	16	14	2
Investment Services	(3)	80	(83)
Agencies	0	22	(22)
Other	16	0	16
Non-operating income	(241)	(320)	79

Comprehensive income H1 2023, NISm

H1 2023, NISm

	H1/2023	H1/2022	Difference
P&C	218	77	141
Health	95	156	(61)
Life & Savings	66	106	(40)
Other Equity Returns	204	233	(29)
Core Insurance	583	572	11
Pension & Provident	44	53	(9)
Investment Services	120	72	48
Agencies	142	142	0
Credit	55	24	31
Other	(13)	11	(24)
Core Services	348	302	46
Investment Income	(566)	(1,520)	954
P&C	(40)	(379)	339
Health	3	(38)	41
Life	(170)	(109)	(61)
Other Equity Returns	(372)	(989)	617
Pension & Provident	0	(8)	8
Agencies	13	3	10
Interest	(103)	1,120	(1,223)
P&C	(5)	68	(73)
Health	(81)	655	(736)
Life	(17)	397	(414)
Special Items	104	265	(161)
Health	56	70	(14)
Life	38	84	(46)
Other Equity Returns	(13)	0	(13)
Pension & Provident	16	14	2
Investment Services	(9)	75	(84)
Agencies	0	22	(22)
Other	16	0	16
Non-operating Income	(565)	(135)	(430)

| ²²

Comprehensive income before tax Q2 2023, NISm

97 217 40 60 82 27 Other Equity Returns P&C (77) Health 2 (29) )6( Life Pension and Provident Investment Services Agencies Credit 9 Other Miniority 12 Tax Q2/23 Q2/22 (92) 188 314 (478) 38 124 95 12 8 2 (27) 184 Difference 189 (265) (320) 480 2 (64) (13) 15 1 10 (2) 33 Income contribution from services 16 Insurance 100 Asset Management 118 Additional Core Businesses

Phoenix Holdings NISm	31/12/2022	30/06/2022	30/06/2023	Difference
Cash	3,282	2,459	2,713	-569
Intangible Assets	2,992	2,919	3,326	334
Deferred acquisition costs	2,453	2,281	2,655	202
Investments in associates	1,594	1,474	1,641	47
Investment property - other	1,148	1,038	1,186	38
Credit for purchase of securities	3,443	3,208	3,489	46
Other Assets	6,822	6,933	7,884	1,062
Other Financial Investments	29,526	30,580	30,923	1,397
Assets for yield-dependent contracts	96,056	95,217	101,744	5,688
Total Assets	147,316	146,109	155,560	8,244
Financial liabilities	13,104	13,432	14,411	1,307
Liabilities in respect of non-yield-dependent
insurance contracts and investments
contracts	25,458	25,316	27,250	1,792
Liabilities in respect of yield-dependent insurance contracts and investments
contracts	94,042	93,115	98,348	4,306
Other Liabilities	4,179	4,185	5,048	869
	-	-	-	-
Total equity	10,533	10,062	10,503	-30
Total equity and liabilities	147,316	146,109	155,560	8,244

Financial Liabilities (NISm)
	Bonds and Loans
			30/06/2023		31/12/2022
	CPI	Floating	Fixed
	linked	interest	interest	Total	Total
* Holdings Solo	822	397	324	1,543	1,531
Insurance
Tier 1 capital	215	-	-	215	211
Tier 2 capital	443	492	2,346	3,281	3,676
Tier 3 capital	-	-	399	399	398
Insurance Total	658	492	2,744	3,894	4,285
Credit (Gama)	-	1,170	215	1,385	1,415
Agencies	-	-	8	8	27
Investment Services (AM)	-	484	-	484	574
Services Total	-	1,654	223	1,878	2,016
Total bonds and loans	1,480	2,543	3,292	7,315	7,832
Exposure Ratio	20%	35%	45%	100%	100%
(Nostro)** Derivatives, Repo & Other			3,101	2,277
& Other Derivatives, Repo	linked)** (Unit			2,358	1,423
Credit cards liabilities (Gama)				1,637	1,572
Total				14,411	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)

Solvency ratio ¹

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

Changes in Solvency Ratio

• 208% with transitional measures estimated for Q1/23 (after dividend distribution of 350 NISm to Phoenix Holdings in August 2023); quarterly publication of Solvency ratio starting 2023 with a quarter delay; full breakdown for Q2 and Q4, with only transitional headline figure for Q1 and Q3

• During 2022, the Solvency II ratio increase from 190% to 211% (with transitional measures), above the target range of 150-170%, due to interest rates and actuarial study (take-up rates) and regulation ("Green Light" rates adjustment), partially offsetting mortality tables

• Insurance Company BOD dividend threshold raised to 115% without transitionals, while excess capital above 115% was 2.8 NISb (as of December 2022)

Cashflow and Liquidity (Holding Company)

• Phoenix Insurance dividend policy of 30-50% of comprehensive income, in line with solvency target range

• Additional core activities 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 NISb, began trading on May 4, 2023 & financial debt of 1 NISb

• Insurance Company received A2 international rating from Moody's in May, 2022

Accounting Profit

• IFRS-17 implementation in 2024, expected to reduce volatility

• Dynamic management of exposures

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

4. Segment Breakdown

Appendix

Glossary

Disclaimer

21% growth in premiums

Improved performance overall and in motor (compulsory + property) in H1,

despite challenging environment including high rates of vehicle theft

Negative impact of capital market returns and interest rates

Underwriting Profit	H1/22	Q1	Q2	H1/23
Compulsory Motor	10	31	62	93
Motor Property	(64)	(6)	(17)	(23)
Loss Ratio (MP)	86%	84%	88%	86%
Property & Other	37	26	28	54
Liability	19 61		33	94
Total	2	112	106	218

Comprehensive Income Before Tax

NISm

Lower underwriting profit, mainly due to increase in claims

Income decrease from LAT

reserves due primarily to interest rates (illiquidity premium); 358 NISm LAT reserves remaining as of June 2023

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

Regulatory changes expected to impact medical insurance products

Comprehensive Income Before Tax

NISm

Lower underwriting profit

mainly due to expenses & take-up rates in 2022

Negative capital market

impact including variable management fee deficit of 529 NISm as of report publication date

Lower interest rate mitigation compared to H1/22

Slower inflows of savings policies due to capital market volatility

Comprehensive Income Before Tax

NISm

H1/22	106	(109)	397	84	478
Difference	(40)	(61)	(414)	(46)	(561)
Q2/23	33	(45)	(43)	49	(6)
Q2/22	61	31	119	103	314
Difference	(28)	(76)	(162)	(54)	(320)

Comprehensive Income Before Tax NISm

Difference (45) 538 (13) 480

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 gain of control in "Phoenix Private"

Difference	(9)	8	2	1
Q2/23	23	1	16	40
Q2/22	31	(7)	14	38
Difference	(8)	8	2	2

Performance improvement from strategic execution

Higher brokerage contribution due to growth & margin credit rates

Completed acquisitions of Epsilon Investment House & asset 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 167 NISm in H1 compared to 161 NISm in H1/22

Implementation of holding and management restructuring in H1/23 for accelerated value creation

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

Comprehensive Income Before Tax

NISm

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, with continued growth in net income over past year since June 2022, reaching 20% ROE in Q2/23

Implementing 30% annual dividend policy, with quarterly distributions

Strong balance sheet with 21% Equity-to-Assets ratio*

Gama tender offer published in August 2023

Gama (publicly traded) includes SME financing platform with credit solutions & related activities

Credit Portfolio

NISm, without credit card activity

	1,428	2,070 631	2,017 460	Other Guarantees Check clearing		55		55
893		308	363	Business loans		Profit from Operations	Special items	H1/23
					H1/22	24	-	24
		994	1,005	Real estate finance	Difference	31	-	31
					Q2/23	27	-	27
2020	2021	2022	H1/23		Q2/22	12	-	12
					Difference	15	-	15

Comprehensive Income Before Tax

NISm

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

Comprehensive Income Before Tax

NISm

| ³⁶

• 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 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

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

4

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

5

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

Consistent growth in shareholder equity with a Solvency ratio of 208% (with transitional measures), at least 30% dividend distribution policy, and A2 international insurance rating

6

Experienced leadership team backed by strong governance

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

Comprehensive Income

NISm, attributed to shareholders

AUM NISb, 2022

Phoenix		371
Migdal		368
Harel		363
Clal	295
Menora	277

Shareholders' Equity NISb, 2022

P&C Market Share %GWP, all sub-segments, 2022

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

	H1/23	H1/22	2022
P&L Items from Financial Statements
Investment income	5,289	(5,435)	(5,555)
Share in profits of equity-accouted investees	43	30	62
Total components of net other comprehensive income	297	(324)	(231)
Tax effect	141	(177)	(133)
Subtotal	5,770	(5,906)	(5,858)
Less:
Investment gains (losses) relating to yield-dependent policies	4,803	(5,903)	(6,618)
Investment gains (losses) relating to investment services & credit	168	34	103
Subtotal	4,971	(5,869)	(6,514)
Corporate account (Nostro) total investment income	799	(37)	657
Corporate account (Nostro) investment income assuming 3% real returns	1,365	1,483	2,661
Corporate account (Nostro) investment income above (below) 3% real returns	(566)	(1,520)	(2,004)

• 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.