The Phoenix Holdings Ltd.

Investor Presentation • Nov 30, 2022

Q3 2022 Phoenix Holdings

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 9M 2022 financial reports.

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 side with the Company's public reports, including Q3 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

Financial Results

Segment Breakdown

Appendix

Glossary

| 4

(1) As of November 22, 2022

(2) Based on average yields over 3 years ended 30.09.2022 in the general plans: #1 out of 5 in Policies (1991-2003), #1 out of 7 in Pension, & #6 out of 11 in Provident Funds

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

(4) Five-year period (2017-21 end of year for AUM growth, Q4 2017-Q3 2022 for ROE)

Increased volatility in 2022…

Macro trends: Continued GDP growth at 7.8% (9M growth YOY); increased inflation and interest rates

Capital Markets: volatility with declines in 2022

…but strong long-term trends

Wealth accumulation:

Continued AUM contributions despite market volatility

Innovation: Vibrant tech ecosystem, #1 startups per capital, #1 R&D investment as percent of GDP ¹

GDP Growth ²

Long-Term Yields (10Y) ⁶ Percent

Unemployment ⁶ Percent

¹Israel Securities Authority

²Israel Central Bureau of Statistics

³ World Bank, current USD, as of August 2022

⁴ Bank of Israel including life insurance, pension, and provident funds

⁵ Bloomberg; annual inflation and 30.9.22 last twelve months

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

Comprehensive Income

• 1. Continued income growth from core businesses toward strategic targets
  • Higher income from operations in key segments (P&C, asset management, distribution, and credit)
  • Shifting mix toward fee-based income
  • 8.4% 9M 2022 ROE despite negative market impact (12.2% normalized for 3% real yields & special items)
  • Gama showing profitable growth and resilience
• 2. Distinctive opportunities enabled by financial strength & resilience
  • Continued inorganic growth, including agreement to acquire Epsilon Investment House (after Q3)
  • Solvency increasing to 202% (with transitional measures) as of June 30, 2022
• 3. Systematically unlocking value across group
  • Value unlocked in real estate and alternatives platform
  • Continuing strategic work to value the group's activities
• 4. Income from investment activities
  • Stable and growing AUMs due to net inflows, despite capital market declines
  • Capital market impact partially offset by positive interest rates
  • Dynamic management for risk-adjusted returns

(*) Reclassification, for details see Appendix

Notes: Additional Core Businesses includes Pension & Provident (previously held under the insurance company), Investment Services (formerly Financial Services, primarily Excellence), Agencies, and 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.

| 9

Continued Growth Across Activities

Equity Generation and Dividend Distribution

Shareholders' Equity NISm

• Dividend policy: at least 30% of comprehensive income, distributed semi-annually

• 2022 dividends: 160 NISm in September, in addition to 421 NISm in April (from 2021 income) & buyback program

Dividend policy: NISm	at least 30% of comprehensive income, distributed semi-annually 2022 dividends: 160 NISm in September, in addition to 421 in April (from 2021 income) & buyback program		5,872	6,446	6,636	7,970	9,653	9,611	After dividend of 160 NISm & buyback of 56 NISm during 9M 2022
			2017	2018	2019	2020	2021	9M 2022
		ROE*	16.5%	8.3%	10.2%	18.5%	26.3%	8.4%
Analysis under dividend policy 2020-21	Total cash to annual income	dividends relating	-	120	480	380	621	160
	Plus: Share buyback during calendar year					26	74	56
	Total under dividend policy					406	695	216
As reflected in financial statements	Dividend distributed in cash during calendar year		-	120	480	-	580	581
	Dividend per share		-	0.97	1.87	-	2.31	1.68

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 analyzed for insurance subsidiary only, does not include additional group capital held under Phoenix Holdings outside Phoenix Insurance

Changes in Solvency Ratio

• Solvency II ratio increase from 190% to 202% (with transitional measures), above target range of 150-170%
• Increase due to interest rates and actuarial study (takeup rates), partially offset by investment returns and mortality tables
• Excess capital of 2.3 NISb above 111% insurance company dividend threshold (as set by Phoenix Insurance board of directors)

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 financial debt of 1.5 NISb

Accounting Profit

• IFRS-17 implementation in 2024, expected to reduce volatility
• Positive profit in Q3 and 9M
• Dynamic management of exposures

Value Drivers

Growth Engines

Insurance

Asset Management

Distribution (Agencies & More)

Credit

Accelerated Growth

Accelerating growth while shifting mix to high-ROE, capital-efficient businesses (P&C, asset management, distribution)

1 2 3 4

Innovation & Efficiency

Deepening sustainable competitive advantage with 1 NISb investments in technology (data, digitization, products) during plan

Active Management

Optimizing group portfolio, management, structure, and synergies to unlock and create value

Capital Management

Deploying capital against strategic priorities, reducing volatility and ensuring long-term cashflow generation

Strategy Execution: 9M 2022 Highlights

1 Accelerated growth in high-ROE activities 2 Innovation and efficiency

• P&C: 20% growth in P&C premiums, driven in part by growth in Smart direct car policies (compulsory & property together)
• Asset management: Continued inflows despite negative market performance
• Agencies: 31% growth in revenue in the last year
• Credit: 64% growth in Gama credit portfolio and improvement in results

• Health: travel premiums and results improvement

• Technology: including product innovation (e.g., travel app), digital transformation, and data & analytics (e.g., machine learning for underwriting and pricing)

• Efficiency: consolidation of pension and provident fund operations / back office with life insurance operations; increase in online users and use of digital channels
• Clients: received highest satisfaction scores in 6 of 12 categories among large insurers for 2021
• ESG: published first full report, Platinum rating from "Maala"

3 Active portfolio / group management 4 Capital management & optimization

• Unlocking value: Control and unlocking value at Phoenix Capital alternatives platform, restructuring of real estate assets; continued activity as part of strategic plan
• Agencies: inorganic as well as organic growth
• Excellence: structure optimization and management appointments; acquisition of Epsilon Investment House including active mutual funds and portfolios (signed after Q3)

• Alternative investment offering: restructuring, expansion, and AUM growth focusing on private clients

• Solvency ratio: increase to 202% as of June 2022, with transitional measures; increased minimal dividend threshold from 108% to 111% (without transitional measures); growth in excess capital

• Dividend & buyback: distribution of 160 NISm in September 2022; 56 NISm purchases YTD
• Dynamic investment management for risk-adjusted returns (e.g., inflation, interest rates, capital markets)
• Gama: Organic growth of all activities, focusing on SME credit; strengthened capital structure

• Continued strategic execution toward targets
• Dynamic management of exposures for risk-

* 9-month yield (not annualized)

Note: Mid-term Targets based on 5-year plan 2020-25 and assuming 3% return on investments. ROE target range assumes 3-5% return on Nostro investments. Actual performance will depend on financial | ¹⁵ markets, macroeconomic growth, industry trends, company performance and other variables

yield

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

Additional Core Business Targets

Accelerated growth across segments:

• Asset management (pension & provident, investment services – Excellence & alternatives)
• Distribution
• Credit (Gama)

Managing in Volatile Markets in 2022

Growth, Income, & Resilience: Quality Businesses

• Continued strategic execution driving income growth and stability
• Investing in capabilities
• Assessing strategic opportunities
• Seeking continued unlocking of value
• Dynamic investment management for riskadjusted returns (e.g., inflation, interest rates, capital markets)

Agenda Highlights

Financial Results

Segment Breakdown

Appendix

Glossary

Comprehensive income before tax

9M 2022, NISm

(*) Investment income and variable management fees above/below 3% annual real return and after offsetting the deficit in variable management fees (672NISm as of 30 September, 2022)

Additional core businesses contributed 539 NISm, more than half of 841 NISm total income before tax

in 2021

Diff

Comprehensive income before tax Q3 2022, NISm

• 2.4% ROE, 11.4% ROE normalized
• P&C: underwriting income improvement but negative capital market impact
• Health: positive interest rate impact. Special items include previous year Ad 120
• Life: negative capital market impact partially offset by positive interest rate impact
• Additional core businesses: continued growth providing stability, driving group income for Q3

Additional core businesses contributed 131 NISm, income before tax, driving performance for the quarter

				Difference
Phoenix Holdings NISm	31/12/2021	30/09/2021	30/09/2022	12/21-9/22
Cash	2,154	2,399	2,343	189
Intangible Assets	2,775	2,683	2,927	152
Deferred acquisition costs	2,011	1,938	2,451	440
associates Investments in	1,346	579	1,562	216
property Investment other -	1,125	1,084	1,050	-75
for of securities Credit purchase	2,550	2,134	3,357	807
Other Assets	5,804	7,397	6,781	977
Financial Other Investments	28,698	27,865	31,470	2,772
for yield-dependent contract Assets	97,117	90,809	95,741	-1,376
Total Assets	143,580	136,888	147,682	4,102
Financial liabilities	8,813	8,874	C"15,679^	6,866
respect of non-yield Liabilities in
insurance contracts dependent
and contracts investments	25,113	24,694	25,560	447
respect of yield Liabilities in
dependent insurance contracts
and contracts investments	95,629	89,281	92,588	-3,041
Other Liabilities	4,102	4,680	3,831	-271
equity Total	9,923	9,359	10,024	101
Total equity and liabilities	143,580	136,888	147,682	4,102

	Financial Liabilities (NISm)
		Bonds
		CPI	Float	Fixed
		linked	interest	interest	Total
	Holdings Solo'	829	397	297	1,523
	Insurance
	Tier 1 capital	208			208
	Tier 2 capital	426	490	2,753	3,669
	Tier capital 3			398	398
	Insurance Core Business	634	490	3,151	4,275
	Credit (Gama)		1,117	220	1,337
	(AM) Investment Services		222		222
	Additional Core Business	-	1,339	220	1,559
	Total and loans bonds	1,463	2,226	3,668	7,357
	Exposure Ratio	20%	30%	50%	100%,
	Derivatives & Other				6,727
	cards liabilities Credit (Gama)				1,595
>	Total				15,679

• Increase in liabilities YTD primarily due to ongoing use of derivatives opposite relevant financial assets for operational purposes (e.g., Insurance, Excellence) and growth of Gama financing for credit portfolio and improved capital structure

• Limited leverage and financial debt at Holding Company level (1.5 NISb, primarily fixed rate / not CPI linked), mostly opposite holdings of Tier ¹ capital from Phoenix Insurance

* Mainly offset against Insurance Tier ¹ capital

** For more details see Q3 2022 Financial Reports (Note 5)

Agenda Highlights

Financial Results

Segment Breakdown

Appendix

Glossary

• 20% growth in premiums overall, driven by agencies and Smart direct business
• Motor property negative impact of increased claim frequency and severity
• Positive underwriting profit for Q3 and 9M 2022 driven by improved performance
• Negative contribution of P&C due to impact of capital market returns which was offset by interest rate impact and UGL positive influence (reclassification of 176 NISm fair value of illiquid assets from Health segment during 9M)

Underwriting Profit	H1	Q3	9M 2022
Compulsory Motor	44	26	70
Motor Property	(96)	(32)	(128)
Property & Other	68	35	103
Liability	61	13	74
Total	77	42	119

Liability

Compulsory motor Motor property Property and others

Note: The underwriting profit assume a real rate of return of 3%, investment income includes income from corporate account (Nostro) above or below a 3% real return (*) Reclassification, for details see Appendix

(*)

(*)

• Improvement in underwriting profit
• Income from release of LAT reserves (due to increase in interest rates), offset by capital market effects and excess illiquid asset reclassification of 176 NISm fair value to P&C segment during 9M
• 404 NISm LAT reserve remaining as of Q3 2022
• Special items include previous year profit from real estate ("Phoeniclass") transfer under the LTC reserve Ad-120

(*) Reclassification, for details see Appendix

Note: The underwriting profit assume 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

(*)

(*)

• Higher underwriting profit mainly due to increase in fixed management fees and an improvement in the historical effects as a result of a decrease in annuity
• Positive impact of increasing interest rates, Investment impact include variable management fee deficit of 672 NISm as of 30 September, 2022
• Special Items include TUR study (profit of 462 NISm before tax) and updated mortality tables (364 loss before tax)

	39
	216	(249)	490		496
Underwriting	Special items 1-9/22
1-9/2021	78	592	68	128	866
Diff	138	(841)	422	(89)	(370)
Q3/2022	60	(90)	93	(45)	18
Q3/2021	34	86	84	0	204
Diff	26	(176)	9	(45)	(186)

324 (958) Financial Margin Special Items 1-9/22 (1,282) Investments above 3% • Negative impact of financial markets • Financial margin increase due to CPI index changes compared to 2021 1-9/2021 137 15 (45) 107 Diff 187 (1,297) 45 (1,065) Q3/2022 91 (293) - (202) Q3/2021 47 (14) (45) (12) Diff 44 (279) 45 (190)

• Continued organic growth

• Improvement in profit from operations due to synergies from Halman-Aldubi acquisition and economies of scale on fixed cost base
• Special items include sale of IRA activities acquired from Halman-Aldubi

		(20)	14
	79			73
	Profit from Operations	Investments	Special Items	1-9/22
1-9/2021	50	8	(15)	43
Diff	29	(28)	29	30
Q3/2022	26	(12)	0	14
Q3/2021	23	1	(10)	14
Diff	3	(13)	10	0

• Excellence showing performance improvement
  • Improved margins
  • Signed agreement to acquire Epsilon Investment House with 11 NISb AUM in active funds and portfolios (after reporting period)
• Phoenix Advanced Investments

demonstrating growth in platform capabilities and AUMs of private-client alternative investments; special items include control of Phoenix Capital with one-time profit of 86 NISm

Comprehensive Income Before Tax NISm

• 207 231 22 1-9/22 2 Profit from Operations Investments Special Items 1-9/2021 160 8 5 173 Diff 47 (6) 17 58 Q3/2022 65 (1) 0 64 Q3/2021 53 4 5 62 Diff 12 (5) (5) 2
• Increased profit from operations driven by continued strategic execution, with strong growth and scale economies
• Continued acquisitions
• Special items include profit from obtaining control in midsized agency

Credit Portfolio (without credit cards) NISm

NISm bonds

last year

• Significantly improved profit from operations

growth alongside responsible policy management

• Continued growth in Gama across activities, including SME credit portfolio

• Gama capital optimization to support future growth, including 119 NISm rights and 500

• Decrease in in overall income compared to 2021 due to special item (control acquisition)

• Continued investment in organization and infrastructure to support growth while achieving

Transaction Volume

Comprehensive Income Before Tax NISm

	48					48
		Profit from Operations		Special items			1-9/22
1-9/2021			27 220			247
	Diff		21 (220)			(199)
Q3/2022 Q3/2021			24 11	- -			24 11
Diff			13	-			13

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

| ³³

• 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.

	28			(23)
						5
	Financial Margin		Subsidiaries	Other	Special Items	1-9/22
1-9/2021		13	(2)	(10)	45	46
Diff		15	2	(13)	(45)	(41)
Q3/2022	8		0	(14)	0	(6)
Q3/2021	2		0	(2)	45	45
Diff	6		0	(12)	(45)	(51)

Agenda Highlights

Financial Results

Segment Breakdown

Appendix

Glossary

Returns - Insurance Nostro / Corporate Account Percent (nominal)

• Team of over 100 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 (Q3 2022)

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

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)	9M 2021		Q3 2021		2021
	Before	After	Before	After	Before	After
Health
Underwriting	109	189	32	72	168	250
Investments	65	(15)	19	(22)	123	41
Special Items	63	63	113	114	(152)	(152)
P&C
Underwriting	233	226	53	54	285	277
Interest	-	7	-	(1)	-	8

Phoenix Holdings – Investment 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, credit, & distribution), delivering best-in-class average 14% ROE and 18% 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 non-balance sheet businesses, 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 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

| ³⁸

Agenda Highlights

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

Investor relations email contact: IR@fnx.co.il

Q3 2022 Phoenix Holdings

Financial Review