The Phoenix Holdings Ltd.

Investor Presentation • Mar 23, 2023

2022 Phoenix Holdings Annual Financial Review

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 2022 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 2022 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.

Agenda Highlights

Strategy & Targets

Financial Results

Segment Breakdown

Appendix

Glossary

Insurance	P&C Health Life	19.7 NISb Premiums, Contracts & Contributions
Asset Management	Pension & Provident Investment House (funds, ETFs, portfolios) Alternatives platform	371 NISb AUM 5
Distribution	Agencies / brokers	769 NISm Revenues
Credit	SME (Gama) Real Estate Brokerage	5.1 NISb Portfolio

(1) As of March 20, 2023

(2) Five-year period (2018-22), acquisitions included

(3) As of June 30, 2022, with transitional measures; includes dividend from Phoenix Insurance to Phoenix Holdings announced June 30, 2022

(4) Based on average yields over 3 years ended 12.2022 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

(5) Includes insurance activities

• performance in 2022 despite volatile macro conditions and capital markets
• Relative resilience to inflation, impacting less than OECD peers
• Long-term structural trends (e.g., wealth accumulation, vibrant tech sector) 1
• Possible impact of macro trends & proposed judicial changes in 2023

Long-Term Yields (10Y) ⁶ Percent

Long-Term Savings AUM 4

Unemployment ⁷ Percent

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
• ³ IMF; current USD, as of November 2022
• 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

Income

Comprehensive Income

Special Items:

Comprehensive Income – Q4 NIS millions, after tax

(*) Reclassification, for details see Appendix

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)

• Team of over 100 investment professionals across group, managing corporate account and client assets
• Proactive and proprietary dealflow and sourcing
• Investing in capabilities including international investments and technology platforms
• Group plans based on 3% real returns and stable rates

Investment performance & track record Responsible allocation & risk management

Asset Allocation - Insurance Nostro / Corporate Account Percent (December 31, 2022)

• Balanced asset allocation
• International investments (equity, debt & real estate) with leading partners, co-investments, & direct positions
• Full range of asset classes including fixed income, equities, real estate, and alternatives
• Responsible asset and liability management

Equity Generation and Dividend Distribution

		NISm
•	Dividend announced of 177 NISm				9,653	10,145
•	Represents 30% of 2022 comprehensive income (sum of 337 NISm together with 160 NISm distributed in September 2022), as part of dividend policy of at least 30% of annual	6,446	6,636	7,970
	comprehensive income
•	100 NISm 2023 buyback policy announced (in addition to dividends)
		2018	2019	2020	2021	2022
	Comprehensive Income	512	664	1,353	2,316	1,124
	Dividends from annual income (including in subsequent calendar year)	120	480	380	621	337
	Dividends distributed (during calendar year)	120	480	-	580	581
	Dividends per share (during calendar year)	1.0	1.9	-	2.3	2.3

Buybacks executed 26 74 56

Shareholders' Equity

Building dividend track record

Agenda Highlights

Strategy & Targets

Financial Results

Segment Breakdown

Appendix

Glossary

Value Creation Strategy & Catalysts

Insurance Asset Management Distribution Credit

Income from Non-Insurance Core Businesses 650-700 Without special items, after tax NISm

Shareholders' Equity

| ¹² Note: Mid-term Targets based on 5-year plan 2020-25 and assuming 3% return on investments. ROE target range assumes 3-5% real return on Nostro investments. Actual performance will depend on financial markets, macroeconomic growth, industry trends, company performance and other variables

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

yield

1. Insurance: Targets

	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%
Mid-term target (2025)	3.4-3.7%	5.4-5.8%	0.27-0.30%

Expense Ratios²

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

1 Solvency ratio with transitional measures (2022 figure as of June 30); 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

2. Asset Management: Full Range of Solutions

Brokerage Accounts Private & institutional Investment Services Segment for private and institutional Executive Insurance Retirement & risk solution Provident Funds Lump-sum, range of strategies Alternative Investments Proprietary & external managers Pension Funds Broad solutions Discretionary Portfolios Private & institutional Active Mutual Funds Broad set of strategies / sectors ETFs & Passive Funds Market pioneer and leader Liquid investments Private Savings Policies

clients (usually liquid / short-term) including Phoenix Investment House & Phoenix Advanced Investments

Pension & Provident Segment

synergetic to life insurance business and distribution

Life Insurance Segment offering on-balance sheet solutions

• Client-focused
• Multi-channel
• Investment performance & track record

Insurance Asset Management Distribution Credit

Assets Under Management

• Stable AUMs in 2022 due to continued inflows, offsetting negative yields

• Pro forma AUM of 399 NISb including acquisitions of Epsilon & Psagot assets (subject to regulatory approvals & completion)

2020 mid-

2022

term target (2025)

Expense Ratio: Pension	& Provident
% of AUM
2019	0.24%
2020	0.16%
2021	0.13%
2022	0.12%
Mid-term target (2025)	0.11%

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

2021

• Service
• Economies of scale
• Includes Phoenix Investment House (formerly Excellence) & alternatives platform
• Growth and value creation across activities
• Consolidated operations & backoffice (with Life Insurance)
• Digitization & service (for clients & agents)

3. Distribution (Agencies): Stand-Alone Value

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

• Client-focused activities include employee benefits & retirement planning, life, health, P&C, and specialties
• Independent agencies with experienced management (aligned with equity) and open architecture – providing access to all insurance carriers and long-term savings managers
• Focused on stand-alone value creation: cash-generative & capital-light business model, market leader with only 6% market share1 and room to grow
• Aggregator platform with scale & infrastructure to support small agents
• Independent IT infrastructure & efficient digital platforms
• 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

Agency Revenues

• Unlocking value

NISm

• Growth of financial & investment products

(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

Insurance Asset Management Distribution Credit

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

• Real estate loans & project guarantees
• Under insurance Nostro (corporate account)
• Private client brokerage margin & shareholder loans
• Under Phoenix Investment House
• Accelerating financing activities with 45% portfolio growth in 2022, not including credit card activities
• Based on Gama's broad SME relationships
• Building platform for growth (e.g., balance sheet, governance, infrastructure, capabilities)

Resilience, Growth & Value Creation

• Ongoing value creation from strategic execution and unlocking of value
• Well positioned for continued volatility in 2023, with strong balance sheet & liquidity; assessing strategic opportunities; dynamic investment management for risk-adjusted returns (e.g., inflation, interest rates, capital markets)
• Investment in capabilities, including digital transformation / data & analytics, client-focus, leadership, & culture
• Continued strategic focus through potential control transaction (25% of shares)
• Expansion of ESG strategy & reporting

Agenda Highlights

Strategy & Targets

Financial Results

Segment Breakdown

Appendix

Glossary

Comprehensive income before tax Q4 2022, NISm

Comprehensive income before tax Q4 2022, NISm

2022, NISm

Phoenix Holdings NISm	31/12/2021	31/12/2022	Difference 12/21-12/22
Cash	2,154	3,440	1,286
Intangible Assets	2,775	2,992	217
Deferred acquisition costs	2,011	2,453	442
Investments in associates	1,346	1,594	248
Investment property - other	1,125	1,148	23
Credit for purchase of securities	2,550	3,443	893
Other Assets	5,804	6,865	1,061
Other Financial Investments	28,698	29,526	828
Assets for yield-dependent contracts	97,117	96,056	-1,061
Total Assets	143,580	147,517	3,937
Financial liabilities Liabilities in respect of non-yield-dependent	8,813	13,106	4,293
insurance contracts and investments contracts Liabilities in respect of yield-dependent	25,113	25,458	345
insurance contracts and investments contracts	95,629	94,042	-1,587
Other Liabilities	4,102	4,378	276
Total equity	9,923	10,533	610
Total equity and liabilities	143,580	147,517	3,937

Financial Liabilities (NISm)

Bonds and Loans

	CPI	Floating	Fixed
	linked	interest	interest	Total
Holdings Solo*	837	397	297	1,531
Insurance
Tier 1 capital	211			211
Tier 2 capital	430	491	2,755	3,676
Tier 3 capital			398	398
Insurance Core Business	641	491	3,153	4,285
Credit (Gama)		1,200	215	1,415
Agencies			27	27
Investment Services (AM)		574		574
Additional Core Business	-	1,774	242	2,016
Total bonds and loans	1,478	2,662	3,692	7,832
Exposure Ratio	19%	34%	47%	100%
Derivatives & Other**				3,702
Credit cards liabilities (Gama)				1,572
Total				13,106

• Increase in liabilities primarily due to ongoing use of derivatives opposite relevant financial assets for operational purposes (e.g., Insurance, Investment House) and growth of 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

Agenda Highlights

Strategy & Targets

Financial Results

Segment Breakdown

Appendix

Glossary

Underwriting Profit Q1-Q3 Q4 ²⁰²² Compulsory Motor 70 91 161 Motor Property (128) (54) (182) Property & Other 103 34 137 Liability 74 97 171 Total 119 168 287 287 Investments (522) Underwriting profit Interest 264 - Special items 29 1-12/22 1-12/2021 277 200 8 - 485 Difference 10 (722) 256 - (456) Q4/2022 168 (15) 60 - 213 Q4/2021 51 (26) 1 - 26 Difference 117 11 59 - 187

• 16% growth in premiums overall, driven by agencies and Smart direct business
• Improved underwriting profit in challenging environment; motor property negative impact of inflation, severity, frequency
• Negative impact of capital market returns which was offset by positive interest rate impact and positive UGL interest effect (reclassification of 176 NISm illiquid asset fair value from Health segment to P&C)

• Improvement in underwriting profit, which includes primarily medical & travel insurance as well as long-term care runoff
• Income from release of LAT reserves due to increased interest rates, with 255 NISm LAT reserve remaining as of December 2022
• Offset by capital market effects & negative UGL interest effect (reclassification of 176 NISm illiquid asset fair value from Health segment to P&C)
• Special items include previous year profit from real estate ("Phoeniclass") transfer under the LTC reserve Ad-120

(*) Reclassification, for details see Appendix

• Higher underwriting profit mainly due to increased fees & updated annuity factors; underwriting profit includes primarily life risk policies, savings policies (liquid), diability, and executive insurance/retirement (fixed fees & participating policies, as well as guaranteed policies in runoff)
• Positive impact of increasing interest rates, offset by investment impact (including variable management fee deficit of 643 NISm as of December 2022)
• Special Items include TUR study (462 NISm profit before tax) offset by updated mortality tables (364 NISm loss before tax)

• Continued organic growth
• Improvement in profit from operations due to synergies from Halman-Aldubi acquisition and economies of scale on fixed cost base; profit from operations includes management fees from pension & provident funds
• Special items include sale of IRA activities acquired from Halman-Aldubi

• Phoenix Investment House (formerly Excellence)
  • Performance improvement from strategic execution & improved margins
  • Includes primarily active & passive mutual funds, ETFs, discretionary portfolios, private & institutional brokerage, and employee stock option administration
  • Signed agreements to acquire Epsilon Investment House active funds & portfolios, and selected fund activities from Psagot Investment House (after reporting period)

• Phoenix Advanced Investments

• Grew AUMs & built platform capabilities
• Includes primarily private client alternative investment management & distribution
• Special items include control of Phoenix Capital with one-time profit of 87 NISm

^{278 300} 18 Profit from 1-12/22 Operations 4 Investments Special Items 1-12/2021 231 12 29 272 Difference 47 (8) (11) 28 Q4/2022 71 2 (4) 69 Q4/2021 71 4 24 99 Difference 0 (2) (28) (30)

• Increased profit from operations

driven by continued strategic execution, with strong organic growth and scale economies; profit from operations includes multiple platforms for benefits & retirement planning, P&C, & specialty solutions

• Continued inorganic growth building on platforms
• Special items include profit from obtaining control in mid-sized agency
• Restructuring in December 2022 to accelerate value creation (merger between Phoenix Agencies & Agam Leaderim Holdings)
• Possible regulatory changes may impact business

• Publicly traded Gama includes SME credit as well as SME credit card clearing & financing solutions and related activities
• Significantly improved profit from operations
• Continued growth across activities, including SME credit portfolio alongside responsible policy management
• Gama capital optimization to support future growth, including 119 NISm rights and 500 NISm bonds
• Continued investment in organization & infrastructure to support growth
• Decrease in in overall income compared to 2021 due to special item (control acquisition) last year

Comprehensive Income Before Tax NISm Credit Portfolio NISm, without credit cards 893 1,428 2,070 31.12.20 31.12.21 31.12.22 +132% 73 73 Profit from Special items Operations 1-12/22

1-12/2021	37	(220)	257
Difference	36	220	(184)
Q4/2022	25	-	25
Q4/2021	11	-	11
Difference	14	-	14

Note: Profit from operations includes Gama income proportional to Phoenix holdings (49%) until June 30, 2021, and fully consolidated since July 1, 2021 due to 61% holdings and including amortization of intangible assets

31 6 Financial Subsidiaries Margin (25) Other Special Items 1-12/22 • Segment includes Phoenix Holdings solo profits (including RT1 holding) as well as other items • Financial margin increase mainly due to CPI index changes • Special items include one time profit from early redemption of capital note 1-12/2021 29 (2) (14) 35 48 Difference 2 2 (11) (35) (42) Q4/2022 3 - (2) - 1 Q4/2021 16 - (4) (10) 2 Difference (13) - 2 10 (1)

Agenda Highlights

Strategy & Targets

Financial Results

Segment Breakdown

Appendix

Glossary

Active Solvency & Capital Management

Economic Capital / Solvency (Insurance Company)

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

• During the first 6 month of 2022, the Solvency II ratio increase from 190% to 202% (with transitional measures), above the target range of 150-170%
• The Solvency ratio increase due to interest rates and actuarial study (take-up rates), partially offset by investment returns and mortality tables
• For June 2022, the excess capital above 111% without transitionals (company dividend threshold as set by Phoenix Insurance board of directors) was 2.3 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, with approval for trading) & financial debt of 1 NISb

Accounting Profit

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

Strategy Execution – Examples 2020-22

Phoenix Holdings – Highlights

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

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

Consistent growth in shareholder equity with a Solvency ratio of 202% (with transitional measures) and at least 30% dividend distribution policy

6

1

2

3

4

5

Experienced leadership team backed by strong governance

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

Below is an explanation of reclassifications effecting the Health and P&C segments:

• Health: As of 2022 Q1 financials, the Health segment reclassified earnings within the segment's internal breakdown, primarily between underwriting and investment income due to the use of a 3% real return for the LAT (Liability Adequacy Test) reserve for the individual long-term care activity (consistent with the use of 3% real returns across other activities)
• P&C: As of 2022 Q2 financials, part of the UGL (Unrealized Gains and Losses) component of P&C underwriting profit was categorized as interest rate effects

For consistency, comparative figures were reclassified as well, below is a summary of the impact of the reclassification on 2021 income, showing the figures before and after reclassification:

Comprehensive Income Before Tax NISm	2021
	Before	After
Health
Underwriting	168	250
Investments	123	41
Special Items	(152)	(152)

P&C
Underwriting	285	277
Interest	-	8

Agenda Highlights

Strategy & Targets

Financial Results

Segment Breakdown

Appendix

Glossary

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