The Phoenix Holdings Ltd.

Investor Presentation • Dec 3, 2020

Looking Ahead

December 2020

Disclaimer

This presentation includes the main points of the Company's strategic plan for the years 2020-2024 as formulated by it in recent months. Accordingly, the presentation includes Forward-looking information as defined in section 32A of the Securities Law 5728-1968.

Such information includes, inter alia, various forecasts, objectives, assessments and estimates, including information provided by way of illustrations and / or graphs and/or tables relating to future events or matters, revenue and profitability from new initiatives and from the implementation of various plans, EBIDTA forecast and other future financial data that the realization of those is uncertain and are not under the control of the Phoenix Group.

In recent months, the management of the Company has carried out a process accompanied by an international strategy consulting company (hereinafter: "the consulting company"), based on the Company's data, market data, raw or processed inside information collected by the consulting company and comparative data while working with the consulting company financials models and based on certain working assumptions regarding the Company's operations and relevant markets.

This information is based on the subjective assessment of the Company and its consultants, and among other things, relies on past experience, professional knowledge gained by the Company, research knowledge and tests and analyzes performed by the consulting company, existing information and current expectations and assessments, including future developments as known to the Company today. Forecasts assume 3% yield on investments.

The realization and / or non-realization of the forward-looking information will be affected by risk factors that characterize the Company's and companies' activities in the Phoenix Group, as detailed in the Company's periodic reports, including economic situation, capital market situation in Israel and the world, the development of competition in the markets relevant to the group's activities, regulatory changes, changes in consumer preferences and consumption habits, a change in the data of work assumptions or in the economic models assumptions used by the consulting company – that can not be estimated in advance and are not 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.

The business strategy presented in this presentation is correct as of the date of the presentation and may change in the future, among other things, taking into account the risk factors listed above and the decisions of the Company's Board of Directors and the Group companies.

The presentation should not be construed as an offer to purchase or sell the Company's securities, or an invitation to receive such offers. The presentation was made for convenience and outline presentation only and does not exhaust or purport to encompass the full data about the Company and its activities and/or any relevant information which may be relevant in order to make any decision regarding the investment in the Company's securities and in general. In any case of discrepancy and/or inadequacy between the information presented in this presentation and the information in the Company's financial statements and/or public reports, the aforesaid financial statements and such reports shall prevail. The presentation also includes information which been collected from third parties in regard of which the Company has not checked the data itself. For the avoidance of doubt, the Company does not undertake to update or change the information contained in this presentation.

2020-2025 | Looking Ahead

2025

Board of Directors with Broad Israeli and International Experience

Israel Insurance, Finance, Investments Fmr. Partner, E&Y; Milliman; Consulting; co-CEO of Universal Motors Benny Gabbay Chairman, Holdings & Insurance Holdings & Insurance Holdings & Insurance Insurance Insurance Holdings Holdings

Zohar Tal Israel Finance, Investments CEO of finance consulting firm; External Director, Adika Style. Holdings & Insurance Holdings & Insurance Insurance Insurance Holdings Holdings Insurance

Israel Insurance, Finance, Investments, Strategy, Risk Fmr. CEO of Mizrahi Tefahot Bank, Hapoalim, and Bank Clali; Accountant General State of Israel

Israel Finance, Risk Management Fmr. Head of Corporate Division, Discount Bank; Director at IDB NY Bank

Eliezer Yones Zhak Cohen Orit Alster Dr. Rivy Cohen

Israel

Insurance, Risk Management Kiryat Ono Academic College, Vice President. Fmr. IDI Direct Insurance, External Director

UK

Finance, Investments Senior Managing Director, Centerbridge; Director at Banca Farmafactoring, Resort Finance America, Auxmoney, Canopius

Dr. Ehud Shapira

Israel Insurance, Risk Management, Finance Fmr. Chairman, Psagot Investment House; Chairman,

Phoenix Holdings; Head of Corporate Division, Bank Leumi

Israel

Israel Insurance, Risk Management, Finance Fmr. Deputy CEO & Chief Risk Officer, Clal Insurance; Credit Control, Bank of

US Insurance, Risk Management, Finance, Investments Managing Director, Gallatin Point; Director, Bowhead Insurance

Marilyn Victoria Hirsch Hila Confronti

US Insurance, Risk Management, Finance, Investments and IT Senior VP – Corporate Development & Capital Deployment, Allstate; Fmr. Head of Strategy, AIG

UK Insurance, Risk Management, Finance, Investments Principal, Centerbridge; and Fortuna

Director Belenus Lux, Sand Lux,

Israel

Fmr. Member of Board of Management and Head of HR, Logistics & Administration Division, Mizrahi Tefahot Bank

Roger Abravanel Marc Vonk Rita Rubinstein Rachel Lavine

Italy Insurance, Finance,

Investment, Strategy Director, Caesar Stone. Fmr. Senior Director, McKinsey; Director of public companies including Admiral Insurance and Teva

Israel Properties

Israel Insurance, Real Estate, Finance, Investments Fmr. Director and CEO of public companies including Elscint, Plaza Centers, Atrium, Gazit-Globe; Director of Africa

Strong Record of Leadership and Profitability

** Annualized based on 9 months

Leading Investment Management

Leadership among 5 large insurance groups

• Strong, leading organization
• Proactive, dynamic and specialized teams
• Effective governance processes
• Advanced systems and infrastructure for investment and risk management

	Insurance Participating Policies (General, since 2004)			Pension Comprehensive (aged 50 and under)		Provident Fund (aged 50 and under)		Training Fund (General)
Company	12 Months 3 years		5 years	Standard Deviation	12	Months 3 years	12 months	3 years	12 months		3 years 5 years	Standard Deviation
Phoenix	0.88%	4.30%	4.91%	6.34%	0.72%	4.58%	2.06%	4.36%	0.35%	3.71%	4.35%	6.28%
Harel	-0.28%	3.21%	4.11%	5.99%	0.85%	3.81%	-1.33%	2.49%	-0.50%	2.88%	3.58%	5.80%
Clal	-0.71%	3.59%	3.72%	6.17%	-0.10%	4.01%	-1.23%	3.27%	-0.33%	3.56%	3.50%	5.98%
Migdal	0.48%	3.59%	3.91%	6.06%	1.21%	3.92%	0. 57%	3.35%	0.42%	3.25%	3.53%	5.77%
Menora	-1.64%	2.99%	3.53%	6.44%	-0.42%	4.10%	-2.06%	2.68%	-2.21%	2.49%	3.15%	6.56%

The presented published periods: last 12 months: (11/19-10/20), last 3 years (11/17-10/20), last 5 years (11/15-10/20), standard deviation in yearly terms – last 5 years: (11/15-10/20). The presented yield returns are average gross nominal depending on the selected period, before deducting administration fees. There is no information about the rank and returns achieved in the past to indicate the rating and returns that will be achieved in the future or commitment to any yield. For additional legal remarks regarding the presented information in this slide and details regarding the investment tracks which were the basis for comparison, see Annex A to the presentation. Annex A is an integral part of this presentation.

Accelerated Growth in High-ROE Activities

Pension / Provident Deposits (NISb)

Insurance Agency Revenues (NISm)

Accelerated Growth in "Excellence" Asset Management

300 NISm Annual Savings While Improving Service

Implementing digital tools to improve service and cut costs

* Data as of 30.9.2020

** 49% owned

*** Insurance equity includes Ad 120, Phoenix Holdings, and others

Active Portfolio Management to Unlock & Create Value

	Value drivers	Holdings	Comprehensive Profit 2019 NISm	Comprehensive Profit 30.9.20 YTD NISm	Equity of Phoenix Holdings 30.9.20 NISm
Insurance*	Growth Profitability	100%	415	309	5,467
Agencies	Organic Growth Acquisitions	100% 50-100% (sub.)	114	77	562
Excellence	Funds & Brokerage	100% 84%-100% (sub.)	114	94	996
Gama	Cash to Credit New Products	49%	21	14	103
Total			664	494	7,128
Portfolio Contribution			249	185	1,661
Percent of total		38%	37%	23%

Focus on unlocking appropriate valuation metrics for non-balance sheet businesses

Reduce Volatility and Build Capital and Solvency Ratios

* Impact on comprehensive profit of an increase / decrease of 1% in the interest rate

** As of December 31, 2019

Increase ROE and Distribute Dividends

3.6 3.8 4.1 4.8 5.7 6.4 6.6 2013 2014 2015 2016 2017 2018 2019 Target 10.2% 8.3% 16.5% 15.5% 8.1% 22.2% 12.0% Dividend (NISm) 325 200 - - 120 480** 12-15%* 9 ROE As of 30.9.20: 7.1 NISb ROE 30.9.20 YTD annualized: 9.7% Shareholder Equity (NISm) • Dividend distribution policy – 30% of profits • Annual dividend forecasted in 2020*** • Share repurchase plan

* Targets based on 5-year plan and assuming 3% return on investments. ROE target range assumes 3% to 4.8% return on Nostro investments (4.8% based on average actual annual return during 1.10.15-30.9.20).

** Includes approximately 230 NISm of Mehadrin shares as a dividend in kind

*** Including 2020 share buy-back program and an additional dividend for 2020 to be distributed in 2021

Targets based on 5-year plan and assuming 3% return on investments. ROE target range assumes 3% to 4.8% return on Nostro investments (4.8% based on average actual annual return during 1.10.15-30.9.20). Actual performance will depend on financial markets, macroeconomic growth, industry trends, company performance and other variables.

Selected Targets

For further information please contact us at ir@fnx.co.il and see https://investor -relations.fnx.co.il/

Appendix

Strong and Experienced Management Team

Eyal Ben Simon CEO

• Phoenix since 2003
• Experience in insurance and management
• Israel Ministry of Finance

Moti Mor P&C

• Phoenix since 2003
• Experience in P&C

Daniel Cohen Long-term Savings & Life

• Phoenix since 2018 • Experience in life insurance, health, and long-term savings

Daphna Shapira Health

• Phoenix since 1996 • Experience in health insurance

Raanan Saad SMART Direct

• Phoenix since 2019
• Experience in direct insurance, marketing and business development

Hanna Hollander Excellence

• Phoenix since 2012
• Investment experience, banking, risk management and raising capital

Haggai Schreiber Investments

• Phoenix since 2014
• Investment management experience

Eli Schwartz CFO

• Phoenix since 2002
• Experience in finance and subsidiaries' finance functions

Menachem Neeman Legal

• Phoenix since 2015 • Former Partner in HFN

Keren Granite Service Operations Claims

• Phoenix since 2000 • Experience in claims and operations

Ron Shvili Innovation and Technology

• Phoenix since 2020
• Experience in technology
• Previous experience at IDF and Cellcom

The Israeli economy has a unique profile, combining the emerging market growth with developed market stability. These characteristics support the development of strong domestic insurance and asset management sectors.

3.3%	0.1%	5.1%	A1 (Stable) / AA- (Stable) / A+ (Stable)	59.9%
Average Real GDP growth (2015-2019)1	Average Inflation Rate (2015-2019)	Unemployment (Jul-2020) 2	Ratings/Outlook (Moody's/S&P/Fitch)	Public Debt/GDP3
22,072 km	c. 9.3m	New Israeli Shekel (NIS)	395 USDb	41,624 USD
Area	Population (Sep-2020)	Currency	GDP (2019)	GDP per Capita (2019)

Sources: Bank of Israel (BOI); Central Bureau of Statistics (CBS); OECD; Ministry of Finance (MOF)

1 Real GDP growth according to BoI. Israel forecast based on BoI's upside case as of Aug-2020. BoI's downside case forecast for 2020E is -7%.

2 COVID-normalized unemployment rate. Unemployment rate including COVID impact – 12.3%.

3 The public debt in the preceding December divided by GDP during the previous 4 quarters.

Phoenix's Strengths

Strong Growth	Unlike European peers, Phoenix is a leader in a rapidly growing market: ~2x GDP growth relative to Western Europe with strong demographic and wealth trends. Compulsory, high savings rates contribute to the growth in asset management and long-term savings products.
High Barriers to Entry	Israel's insurance market is led by five multiline insurers with years of experience (~80% of GWP over past 5 years), brand loyalty and stable market shares. Due to the importance of these companies to the public, regulators apply a high bar for new entrants / control shareholders.
Market Leader Status	Phoenix has historically been a top performing insurance company in its market with strong ROEs over the past five years and through the cycle.
Diversified income driven by P&C and asset management	Phoenix enjoys the significant covariance benefits derived from being a multiline insurer, but only 22% of its income is attributable to its life/health segment, compared with 40% from P&C and 24% from asset management, distribution, and other fee-based businesses.
Focus on Data & Technology	Among the large insurers in Israel, Phoenix stands out for its focus on data and technology. For example, its Phoenix SMART platform is the quickest growing direct to customer with telematics.
Untapped Portfolio Potential	Phoenix Holdings' market cap today suggests a material portfolio discount – benchmarking the market value of non-balance sheet businesses suggest additional upside. Its control shareholders and board are experienced in and focused on properly highlighting these assets.
Solid Solvency Ratio w/ Upside Potential	Solvency ratio of 165% as of December 31, 2019 based on recently passed transitional measures that will extend until 2032 (105% without transitional measures). The measurement is based on standard models and there is potential upside if the market (like Europe and the U.S.) comes to use internal models over time. Even with standard models, company has long, sustainable runway for regular dividend distribution.
Reduced Interest Rate Exposure	Phoenix has achieved strong ROE over the past five years in a historically low rates environment. On the liabilities side, the company has focused on ALM and other features to reduce exposure to interest rates - a 1% decrease in rates today would represent a loss less than 100 NISm.
Limited Cat Risk Exposure	Insuring in Israel-only, Phoenix has limited exposure to natural catastrophe risks such as hurricane or typhoons. Its exposure to earthquake risk is substantially reinsured.
Experienced management, board and control shareholders	The company's senior management has longstanding experience in the industry and with the Phoenix, and has been bolstered by best-in-class board of directors and sophisticated international control shareholders.

Phoenix's risk-return profile is that of a best-in-market, low-cat exposed P&C insurer and asset manager with greater technological capabilities and demographic growth than most U.S. and European peers

Annex A

Legal remarks and details regarding the investment tracks which were the basis for the comparison in Slide 6.

The presented published periods: last 12 months: (11/19-10/20), last 3 years (11/17-10/20), last 5 years (11/15-10/20), standard deviation in yearly terms – last 5 years: (11/15-10/20) The presented yield returns are average gross nominal depending on the selected period, before deducting administration fees. There is no information about the ranks and returns achieved in the past to indicate the rating and returns that will be achieved in the future or commitment to any yield. Data sources: Nat Insurance Website, Provident Net and Pension Net.

Comprehensive Pension Fund: The Phoenix - Track 9974, Harel -Track 9823, Clal – Track 9654, Migdal - Track 8801 & Menorah Mivtachim – Average weighted spanning tracks 2040-2060.

Last 12 months (11/19-10/20): *Menorah Mivtachim – below are the subject tracks yields which were the basis for the weighted average: retirement target track 2050 track 2015 – 0.08%, retirement target track 2045 track 2016 – -0.56%, retirement target track 2050 track 2183 – -0.59%, retirement target track 2055 track 2184 – -0.72% and retirement target track 2060 track 8812 – -0.48%.

Last 3 years (11/17-10/20): *Menorah Mivtachim - below are the subject track yields which were the basis for the weighted average: retirement target track 2050 track 2015 – 4.34%, retirement target track 2045 track 2016 – 4.08%, retirement target track 2050 track 2183 – 4.03%, retirement target track 2055 track 2184 – 3.93% and retirement target track 2060 track 8812 – 3.94%. The yields returns are on investments and do not include demographic or actuarial surplus (deficit) yields.

Study Fund: The Phoenix - Track 964, Harel -Track 154, Clal – Track 456, Migdal - Track 579 & Menorah Mivtachim – Track 828.

Provident Fund: The Phoenix - Track 9916, Harel -Track 9774, Clal – Track 9651, Migdal - Track 9779 & Menorah Mivtachim – Track 9793. The Pension Fund, Study Fund & Provident Fund of the Phoenix are managed by The Phoenix Excellence Pension & Provident Fund Ltd. The comparison between the tracks is between companies that manage pension funds, provident funds and study funds in the five major insurance groups.

Insurance: general investment track in unit linked policies that have been produced since 2004 and on and that from 2016 is opened for new costumers in individual programs only. The Phoenix - Track until 50, Harel -Track 88, Clal – Track 99, Migdal - Track 17013 & Menorah Mivtachim – Track 18013. The Phoenix insurance policies are managed by The Phoenix Insurance Company Ltd.

The comparison is between the five major insurance companies.

The aforementioned does not constitute advice and/or recommendation and/or opinion for the purchase of a pension product and/or Insurance product.