The Phoenix Holdings Ltd.

Investor Presentation • May 31, 2023

1. Highlights

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

Group Activities Highlights

Insurance P&C Health Life	Asset Management	Distribution	Credit	Leading Israeli financials group
	Pensions Mutual Funds ETFs	Agencies Brokers	SME (Gama) Real Estate Brokerage	Distinctive performance
	Portfolios Alternatives			Strong capital position
19.7 NISb Annual Premiums & 6 Contributions	386 NISb AUM 5	770 NISm Annual 6 Revenues	5.3 NISb	Recognized stability

	financials group	TA-35 Leading index	10.3 NISb Market cap 1
SME (Gama) Real Estate Brokerage	Distinctive performance	20% AUM CAGR 5-year average 2	15% ROE 5-year average 2
	Strong capital position	211% Solvency II Ratio 3	10.0 NISb Shareholders' Equity
5.3 NISb 5 Portfolio	Recognized stability	AA- / AA+ Israel ratings Holding / Insurance	A2 International rating Insurance
	Proven experience	Top Ranked 4 Leaderboard	70+ Years

1 As of May 28, 2023

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

3 As of December 31, 2022, with transitional measures; includes dividend from Phoenix Insurance to Phoenix Holdings

4 Based on average yields over 3 years ended March 31.2023 in the general plans: #1 out of 5 in Policies (1991-2003), #3 out of 5 in Pension, & #4 out of 10 in Provident Funds

5 Includes insurance activities as of March 31, 2023

6 Annual 2022

Continued capital market volatility, with Israeli market Q1 underperformance (improvement in Q2 to date)

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

1.3

Percent

1.0 0.9

Long-Term Yields (10Y) ⁶ Unemployment ⁷ Percent 3.6 3.7 2019 2020 2021 2022 Q1/23 3.6% 2019 2020 2021 2022 4.8% 4.1%

Note: historical figures are updated periodically including changes in initial estimates and methodologies 1 Israel Securities Authority

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

³ IMF; current USD, as of April 2023

⁴ Bank of Israel; includes funds managed by institutional investors; 2022 decline due to yields

⁵ Bloomberg; annual inflation, last twelve months

6 Bloomberg; long-term yields based on Israel 10-year government bond (not CPI-linked), for the last month of the period

7 Bloomberg, IMF; end of period unemployment

2023 Forecast

3.8% 3.9%

4.3%

Q1/23

Notes: Additional Core Businesses includes Asset Management (Pension & Provident, Investment Services), Distribution (Agencies), and Credit (Gama); investments include yields and variable management fees above / below real 3%. For the convenience of the presentation, the statutory tax rate in insurance and the core fee business is used, while the difference between the actual tax and the statutory tax is recorded in Special Items respectively. ROEn is normalized for 3% real yields and special items. See Glossary for definition of Special Items.

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 (March 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

Equity Generation and Dividend Distribution

6,446 6,636 7,970 9,653 10,145 9,967 2018 2019 2020 2021 2022 Q1/23 Comprehensive Income 512 664 1,353 2,316 1,124 81 Dividends from annual income (including in subsequent calendar year) 120 480 380 621 337 - Dividends distributed (during calendar year) 120 480 - 580 581 177 * 177 NISm dividend distributed April 2023, as part of dividend policy of at least 30% of annual comprehensive income 100 NISm 2023 buyback program announced, of which 6 NISm executed in

Dividends per share (during calendar year) 1.0 1.9 - 2.3 2.3 0.7 *

Buybacks executed 26 74 56 6

Shareholders' Equity NISm

* Dividend declaration date March 23, ex-dividend date March 30, & payable date April 7, 2023

Q1 2023

Building dividend track record

After

dividend at end of Q1

| 8

1. Highlights

2. Strategy & Targets

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

Value Creation Strategy & Catalysts

Group Targets

Income from Additional Core Businesses

Without special items, after tax, NISm

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 (quarterly return was 0.5% nominal and (0.6) real)

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

*** Based on 3% real return on investments

Insurance Asset Management Distribution Credit 1. Insurance | Continued Growth

| ¹² * Includes investment contracts for peer comparison, previous versions of this chart showed premiums and benefit contributions only; does not include Pension & Provident contributions, as they are shown as part of asset management

Insurance Asset Management Distribution Credit 1. Insurance | Targets

P&C

Premiums, including Smart direct, NISb

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%
Q1/22	3.85%	5.39%	0.39%
Q1/23	3.83%	5.60%	0.41%
Mid-term target (2025)	3.4-3.7%	5.4-5.8%	0.27-0.30%

Seasonality effects

Ratio

Solvency Comprehensive Income ¹

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

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

2 Expenses as percent of gross earned premiums (P&C and Health) and AUMs (Life); expenses include general and administrative expenses, as well as other expenses; Health mid-term targets without HMO activity Note: Mid-term Targets based on 5-year plan 2020-25 and assuming 3% real return on investments

Assets Under Management

NISb

Investment Services Q1/23 AUM includes 8.1 NISm from acquisitions of Epsilon (5.5 NISm) & Psagot assets (2.6 NISm); additional Psagot asset integration subject to regulatory approvals & completion

Insurance Asset Management Distribution Credit 2. Asset Management | Targets

Group AUMs

Pension & Provident Contributions NISb

Investment Services Revenues NISm

Q1/22 Q1/23 midterm target (2025) 2021 2022 750 2020 ^{166 121} 666 ^{502 463}

Expense Ratio: Pension & Provident % of AUM

2019	0.24%
2020	0.16%
2021	0.13%
2022	0.12%
Q1/23	0.13%
Mid-term target (2025)	0.11%

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

Marketing & distribution Track record & service Economies of scale

Includes Phoenix Investment House & alternatives platform

Growth and value creation across activities

Consolidated operations Digitization & service (for clients & agents)

| ¹⁵

450-550

3. Distribution (Agencies) | Stand-Alone Value

Restructuring in December 2022 to accelerate value creation (subject to completion)

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

Possible regulatory changes may impact business

Agency Revenues

635

770

NISm

midterm target

950

200

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

⁽²⁰²⁵⁾ Continued growth & scale economies Investment in digital platforms & client service Unlocking value Growth of financial & investment products

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

Resilience, Growth & Value Creation

Well positioned for continued volatility in 2023, with strong balance sheet & liquidity

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

Ongoing strategic execution & unlocking of value

Continued strategic focus through potential control transaction

Assessing strategic opportunities

Expansion of ESG strategy & reporting

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

Comprehensive income before tax

Q1 2023, NISm

| ²⁰

| ²¹

Balance Sheet

Phoenix Holdings NISm	31/12/2022	31/03/2022	31/03/2023	Difference
Cash	3,282	3,380	2,426	-856
Intangible Assets	2,992	2,823	3,061	69
Deferred acquisition costs	2,453	2,156	2,594	141
Investments in associates	1,594	1,318	1,618	24
Investment property - other	1,148	1,086	1,148	-0
Credit for purchase of securities	3,443	2,711	3,439	-4
Other Assets	6,822	6,173	7,671	849
Other Financial Investments	29,526	28,415	30,901	1,375
Assets for yield-dependent contracts	96,056	97,385	97,687	1,631
Total Assets	147,316	145,449	150,544	3,228
	-	-	-	-
Financial liabilities	13,104	9,446	14,779	1,675
Liabilities in respect of non-yield-dependent insurance
contracts and investments contracts	25,458	24,973	26,109	651
Liabilities in respect of yield-dependent insurance contracts
and investments contracts	94,042	96,604	94,607	565
Other Liabilities	4,179	4,612	4,632	453
Total equity	10,533	9,814	10,416	-117
Total equity and liabilities	147,316	145,449	150,544	3,228

Financial Liabilities (NISm)
	Bonds and Loans
	31/03/2023				31/12/2022
	CPI linked	Floating interest	Fixed interest	Total	Total
Holdings Solo	847	397	446	1,690	1,531
Insurance
Tier 1 capital	213			213	211
Tier 2 capital	436	492	2,345	3,273	3,676
Tier 3 capital			398	398	398
Insurance Core Business	649	492	2,743	3,884	4,285
Credit (Gama)		1.132	215	1,347	1.415
Agencies			16	16	27
Investment Services (AM)		613		613	574
Additional Core Business		1,745	231	1,975	2,016
Total bonds and loans	1,496	2,633	3,420	7,549	7,832
Exposure Ratio	20%	35%	45%	100%	100%
Derivatives, Repo & Other (Nostro)				3,146	2,279
Derivatives, Repo & Other (Unit linked)				2,456	1,423
Credit cards liabilities (Gama)				1,628	1,572
Total				14,779	13,106

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

Limited leverage and financial debt at Phoenix Holding level (1.5 NISb, primarily fixed rate / not CPI linked), mostly opposite holdings of Tier 1 capital from Phoenix Insurance (began trading on May 4, 2023)

Active Solvency & Capital Management

Economic Capital / Solvency (Insurance Company)

Solvency ratio1

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 starting 2023 (with a quarter delay)

Changes in Solvency Ratio

• During 2022, the Solvency II ratio increase from 190% to 211% (with transitional measures), above the target range of 150- 170%

• The Solvency ratio increase due to interest rates and actuarial study (take-up rates) and regulation ("Green Light" rates adjustment), partially offsetting mortality tables

• For December 2022, the excess capital above 111% without transitionals (company dividend threshold as set by Phoenix Insurance board of directors) was 3.1 NISb

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

20% growth in premiums Improved underwriting profit in challenging environment, with improved performance in motor Negative impact of

capital market returns which was offset by positive interest rate impact

Underwriting Profit	2022	Q1/22	Q1/23	NISm	Comprehensive Income Before Tax
Compulsory Motor	161	9	31
Motor Property	(182)	(61)	(6)
Loss Ratio (MP)	91%	104%	84%
Property & Other	137	37	26		(54)
Liability	171	19	61
Total	287	4	112			18
				112				76
				Underwriting profit	Investments	Interest	Special items	1-3/23
			Q1/2022	4	(144)	(2)	-	(142)
			Difference	108	90	20	-	218

Underwriting

Lower underwriting profit, mainly due to long-term care

Income from release of LAT

reserves due to higher interest rates, however smaller effect compared to Q1/22; 150 NISm LAT reserves remaining as of March 31, 2023

Special items include previous year profit from real estate ("Phoeniclass") transfer under LTC reserve

Regulatory changes expected to impact medical insurance products

Comprehensive Income Before Tax

NISm

Growth in underwriting profit

Negative capital market

impact including variable management fee deficit of 637 NISm as of report publication date, with lower interest rate mitigation compared to Q1/22

Slower inflows of savings policies due to capital market volatility

Comprehensive Income Before Tax

NISm

NISm

Comprehensive Income Before Tax

Q12022	93	(371)	-	(278)
Difference	16	79	-	95

Equity

P&C Health Agencies Credit Asset Management | Pension & Provident

Continued organic growth

Stability in profit from operations,

which includes management fees from pension & provident funds

Comprehensive Income Before Tax

NISm

Comprehensive Income Before Tax NISm

Higher brokerage contribution due to growth and margin Completed acquisitions of Epsilon

Performance improvement from strategic

execution

Investment House & portfolio activities of Psagot Investment House; integration of additional activities from Psagot subject to regulatory approvals & completion

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

P&C Health Agencies Credit Asset Management | Investment Services

13 31 4 6 3

& Portfolios

Funds & ETFs ESOP Other

Q12022 16 11 1 - (6) - 22 Difference (3) 20 4 2 6 0 29

Alternative Funds

Brokerage 1-3/23

51

(6)

Special Items

Stable income with

organic growth in business, lower one-time fees/commissions relating to new policies (due to slower pace of hiring in the market)

Implementation of restructuring for accelerated value creation

Assessing possibility of

attracting international investor to Phoenix Agencies to unlock & help create value going forward

Comprehensive Income Before Tax

NISm

Q12022	70	2	-	72
Difference	(4)	5	-	1

Comprehensive Income Before Tax

Significantly improved profit from operations, with continued growth in net income over past three quarters since June 2022, reaching 22% ROE in Q1/23

Continued growth in most credit categories, including business loans and real estate financing, while proactively reducing specific exposures in check clearing during Q1/23 (6.3% growth during the quarter when normalized for proactive reductions)

Implementing 30% annual dividend policy, with quarterly distributions starting Q1

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

Includes publicly traded Gama SME financing platform with credit solutions &

Credit Portfolio

NISm, without credit card activity

NISm

financing platform with credit solutions &	Q12022	12	-	12
related activities	Difference	16	-	16

Life Other Investment Services Other Equity Pension Provident Other P&C Health Agencies Credit

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 demographic & wealth trends with high compulsory savings rates & potential for greater penetration, macro resilience during 2020-22

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 businesses (cash-generative, capital-light), 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

5

4

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

Consistent growth in shareholder equity with a Solvency ratio of 211% (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

Growth Engines

Insurance

Asset Management

Distribution (Agencies & More)

Credit

• P&C

• Travel

• Savings policies

• Pension & provident

• Investment house

• Alternatives platform buildout

• Strong organic growth across agencies > SMART direct

• SME lending & solutions > Project financing

Efficiency

• Data & machine learning

• Products / apps

• Digital transformation

• Brokerage platform

• Backoffice consolidation

• ESOP

• Digitization (customerfacing, backoffice)

• Digital marketing

• Gama infrastructure > Operations

• Divest control Ad-120

• Option plan

• Acquisitions (Halman, Alumot, Psagot, Epsilon)

• Restructured Investment House

• Acquisitions (small agencies, existing holdings)

• Restructuring

• Gama IPO, control, & governance

• Building consumer business

Active Management Capital Management 1 2 3 4

• Solvency & capital optimization

• Dividends

• Backbook

• Moved pension & provident to Holdco

• Cash flow generation & optimization

• Gama balance sheet

• Insurance co. credit deployment

Insurance Asset Management Distribution Credit

offering on-balance sheet

solutions

2. Asset Management | Full Range of Solutions

Investment Services Segment for private and institutional clients (usually liquid / short-term) including Phoenix Investment House & Phoenix Advanced Investments

Client-focused Multi-channel Investment performance & track record

Pension & Provident Segment

synergetic to life insurance business and distribution

Long-term strategic plan with multi-year workplan

Rating agencies

Engaged global & local ranking and rating agencies such as S&P, Maala & Greeneye to learn about ranking methodology and agencies' expectations

The Phoenix is the first and only Israeli insurance group to actively engage with S&P Global Rating ESG score – 40 (above global insurance sector average)

The Phoenix is one of the ESG leaders in the insurance sector in Israel

• Greeneye 77/100 (Industry leader)

• Maala Platinum / A-85

Sustainability | Highlights & Examples

		Group	Products & Services	Investments
Overall	Integrating ESG & approach	ESG ratings local and global active engagement	10+ sustainable products & services	100% of portfolio covered by ESG responsible investment policy
Environment Define climate change strategy	Enable & support the transition to a low carbon economy	20% decrease in carbon footprint (2019 base)	#1 EV insurer preferred insurer for Tesla, Geely & Aiways	6.5 NISb invested in companies that support transition
Social Enhance commitment & dialogue with stakeholders	Client service & commitment	#1 in Service among leading insurers in 6 of 12 categories (Ministry of Finance, 2021)	35 services in "Smart" direct distribution platform	>0.5m online views of capital market courses & videos
	Diversity & Inclusion	52% senior managers are women		Proxy voting policy includes DEI
Governance Strengthen governance & active ownership of ESG	Governance	Workplan oversight and sharing BOD ESG committee & organizational forum	100% of OPM Investment Committee members are independent	40 active engagements with investee companies

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

Glossary

Disclaimer

AM	Asset Management; i.e. Excellence Nessuah
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
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
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
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
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
  2. Glossary
  3. 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 Q1 2023 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 Q1 2023 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.