The Phoenix Holdings Ltd.

Earnings Release • Aug 22, 2024

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Agenda Highlights

Strategy & Targets

Financial Results

Segment Breakdown

Appendix

Glossary

Leading Israeli	480 NISb	TA-35
financials group	AUM1	Leading index
Distinctive performance	19% AUM CAGR 5-years2	15% ROE 5-year average2
Shareholder	At least 40%	200 NISm
payout	Dividend	2024 Buyback Program
Strong capital	191%	10.8 NISb
position	Solvency II Ratio3	Shareholders' equity1
Recognized resilience	AA / AAA Israel ratings4 Holding / Insurance	A2 / A International ratings4 Insurance

¹Includes all activities including insurance as of June 30, 2024

2 Five-year period (EOY 2018-23), acquisitions included

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³Solvency with transitional measures estimated as of March 31, 2024, after 250 NISm dividend from Phoenix Insurance to Phoenix Financial

⁴Israeli ratings: ilAA for Phoenix Financial & ilAAA for Phoenix Insurance by S&P Maalot, Aa2.il for Phoenix Financial & Aaa.il for Phoenix Insurance by Midroog; international ratings include Moody's A2 with negative outlook and S&P A- with a stable outlook

5 Adjusted EBITDA - calculated as income before finance expense, taxes, depreciation and amortization in the relevant areas of activity, see Glossary for definitions; 763 NISm without minority interest

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

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Resilience in face of 2023-24 headwinds (war, political uncertainty, inflation, rates)

Continued uncertainty impacting markets

GDP Growth ² Percent

Long-Term Savings AUM ⁴ NIS Trillion 1.6 1.9 2.0 2.4 2.3 2.4 2018 2019 2020 2021 2022 2023

Unemployment⁷ Percent

Note: Figures are updated as needed to reflect changes in assessments & methodologies

¹Israel Securities Authority

4

²Israel Central Bureau of Statistics, H1/24 is not annualized; forecast from Bank of Israel (real GDP growth, seasonally adjusted annual rate)

³Current USD, as of 2023, not PPP adjusted

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

5 Israel Central Bureau of Statistics, annual inflation, last twelve months; forecast from Bloomberg

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

⁷Bloomberg, IMF; end of period unemployment

H1/24

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12.8% 667NISm

2.65NIS

Income per Share

1.07NIS

ROE Comprehensive Income

191% Solvency¹

270NISm Dividend Announced Dividend per Share²

Shareholders Equity AUM

10.8NISb 480NISb

Q2/24 15.1% 383NISm ROE Comprehensive Income 1.52NIS Income per Share Continued growth in core income with strong performance

Resilience in face of continued uncertainty, maintaining strong Solvency position and ratings

Negative impact of non-operating activities including Life & Savings mortality tables, while positive impact of interest rates offset by market performance

Announced 270 NISm dividend (1.07 NIS per share), in line with updated policy of at least 40% payout of annual comprehensive income, in addition to 116 NISm buybacks executed (out of 200 NISm 2024 program) - together representing 58% of H1 income

Reaching and surpassing 2025 targets, with updated medium-term growth targets to be published on September 9, 2024

After end of quarter, leading investors acquired company shares from control shareholders, with company transitioning to dispersed ownership

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Notes: Core Income and Core ROE do not include Non-Operating Income: investment yields and variable management fees above or below 3% real yields, interest rate effects, and special items. Services income includes Asset Management (Pension & Provident, Investment Services), Distribution (Agencies), and Credit (Gama). For the convenience of the presentation, the statutory tax rate for taxable income for each activity is used, while the difference between the actual tax and the statutory tax is recorded in Special Items; see Glossary for definitions

Returns - Insurance Nostro / Corporate Account

Percent (nominal)

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Asset Allocation - Corporate Account (Nostro)

Percent (june 30, 2024)

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

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

2.3 NISb dividends + buybacks since 2020 while growing shareholders equity

Building on Track-Record

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270 NISm dividend (1.07 per share) from H1 earnings announced, in line with policy of at least 40% from annual income - facilitated by diverse cash flows & strong financial position including Solvency II, ratings, liquidity

116 NISm buybacks executed in 2024 to date out of 200 NISm program

Dividend & buyback together represent 58% of H1 income

Comprehensive Income	512	664	1,353	2,316	1,124	1,093	667
Dividends from annual income (including in subsequent calendar year)	120	480	380	621	337	385	270	Dividend
Dividends distributed (during calendar year)	120	480	-	580	581	297	535	track
Dividends per share (during calendar year)	1.0	1.9	-	2.3	2.3	1.2	2.13	record
Buybacks executed			26	74	56	38	116

Shareholders' Equity

NISm

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Agenda Highlights

Strategy & Targets

Financial Results

Segment Breakdown

Appendix

Glossary

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Group: Core Income Achieving & Surpassing Targets

Updated targets to be published September 9

Core Income NISm, before non-operating effects

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| ¹¹

On track to meet target

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Core ROE **	8.7%	10.7%	11.9%	12.6%	16.7%	12%-15%
Nominal Real	4.8% 5.4%	10.6% 8.0%	1.9% (3.2%)	4.5% 1.2%	4.2% 0.4%	3-5%*
	Nostro yields

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 (2019-23) was 3.9%

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

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Updated targets to be published September 9

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Including Smart direct, NISb Ratio

	P&C	Health % of premiums % of AUM	Life
2019	4.10%	5.57%	0.50%
2020	5.08%	5.82%	.049%
2021	4.40%	5.50%	0.41%
2022	3.53%	5.00%	0.40%
2023	.346%	.513%	0.39%
H1-24	2.89%	.655%3	0.39%
	3.4-3.7% 5.4-5.8% 0.27-0.30%
	Mid-term target
	(2025)

Target Range 3.24 191% 2020 2021 2022 2023 150-170% 194% 211% 192% 190% 116% 117% 149% 152%

Without transitionals

Insurance priorities

Focused growth in capital-efficient, high-margin activities

Advanced differentiating capabilities

Efficiency & digitization

Reduced income volatility (mix, IFRS-17, investments)

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

3 Health expense ratio increase due to reduced premiums from ending of LTC collective HMO agreement & product / regulatory transition, however mid-term targets remain unchanged

Growth engines Asset

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Management, Agencies & Credit producing significant EBITDA from non-insurance businesses

• Mostly fee-based income
• Spread income in Credit (adjusted EBITDA includes finance expense & provisions)

Strategy focused on accelerated growth, with

strong organic capabilities & proactive acquisitions – doubling EBITDA in 3 years

473 NISm adjusted EBITDA not including minority interest in H1 2024

Adjusted EBITDA – Asset Management, Agencies & Credit

NISm, consolidated including minorities

Investment House includes acquisition of 22 NISb Psagot funds

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Updated targets to be published September 9

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0.13% 0.12% 0.11% 2021 2022 G&A Expense Ratio Percent of AUMs 0.12% 2020 2023 0.16% H1-24 0.12% Investment House & Wealth Revenues NISm H1/24 2025 target 2020 2021 2022 2023 666 750 454 763 ^{502 463}

Approaching targets Achieving targets

; value creation through growth, scale,

AM&C: Distribution / Agencies

Aggregator platform with scale & infrastructure to support small agents; independent IT infrastructure & efficient digital platforms

Focused on stand-alone value creation: cash-generative & capital-light business model, market leader but still low 6% market

Independent agencies with experienced management (aligned with equity), providing

innovation, and diversification

share¹

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Assessing interest from international investors to unlock & create value

Share of group sales2
Pension & Provident	33%
Life	22%
Individual Health	14%
P&C	11%

Approaching targets

Updated targets to be published September 9

Phoenix Financial (formerly Phoenix Holdings) has several credit activities - 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

Phoenix-Gama

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100% ownership following tender offer in 2023 (continues to report with publicly traded bonds); building platform for growth (e.g., balance sheet, governance, infrastructure, capabilities); based on Gama's broad SME relationships Israel rating updated to Aa3.il with positive outlook, supporting efficient financing

Phoenix Construction Finance

Merged into Phoenix-Gama in January 2024, creating synergies, economies of scale & expertise to be realized in 2024-25

Phoenix Consumer Credit

Built 2022-23, launching in 2024

AM&C: Private Credit (Business and Consumer)

Updated targets to be published September 9

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• 1. Highlights
• 1. Strategy & Targets

3. Financial Results

• 1. Segment Breakdown
• Appendix

Glossary

Disclaimer

Highlights

Appendix

Glossary

Financial Results

Segment Breakdown

Strategy & Targets

Core Income Breakdown Before Tax (Comprehensive)

H1 2024, NISm

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Breakdown Before Tax – By Segment

Equity Returns

P&C Health Life Other AM Agencies Credit Other

Pension and provident

NISm

	H1/24	H1/23	Difference
2&C	437	224	213
Health	198	95	103
ife & Savings	107	દિક	41
Other Equity Returns	150	204	(54)
Core Insurance	892	589	303
Retirement (Pension & Provident)	રેક	44	12
nvestment House & Wealth	159	120	39
Distribution (Agencies)	156	142	14
Credit	76	55	21
Other	(1)	(13)	12
Core Asset Management & Credit	446	348	ರಿ8
nvestment Income (*)	(556)	(566)	10
P&C	(26)	(40)	14
Health	2	3	(1)
Life	(241)	(170)	(71)
Other Equity Returns	(281)	(372)	91
Retirement (Pension & Provident)	(a)	O	(9)
Distribution (Agencies)	(1)	13	(14)
nterest	485	(103)	588
P&C	102	(5)	107
Health	79	(81)	160
Life	304	(17)	321
Special Items	(241)	ਰੇ8	(339)
P&C	(6)	(6)	O
Health	(20)	રેર	(76)
Life	(212)	38	(250)
Other Equity Returns	10	(13)	23
Retirement (Pension & Provident)	0	16	(16)
Investment House & Wealth	(8)	(છ)	1
Distribution (Agencies)	O	O	0
Credit	(5)	O	(5)
Other	0	16	(16)
on-operating Income	(312)	(571)	259

Core Income Breakdown Before Tax (Comprehensive) Q2 2024, NISm

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Other Equity Returns

NISm

P&C Health Life AM Agencies Credit Other

Pension and provident

Segment Income Breakdown Before Tax (Comprehensive)

H1 2024, NISm

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Segment Income Breakdown Before Tax (Comprehensive)

Q2 2024, NISm

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Phoenix Holdings NISm	31/12/2023	30/06/2023	30/06/2024	Difference
Cash	3.053	2,713	2,660	-393
Intangible Assets	3,598	3.326	3,840	242
Deferred acquisition costs	2,686	2.655	2,774	87
Investments in associates	1.652	1,641	1,997	345
Investment property - other	1,239	1.186	1,268	29
Credit for purchase of securities	3,700	3,489	4,445	745
Other Assets	8,326	7,886	8,462	136
Other Financial Investments	30.771	30.954	30,319	-453
Assets for yield-dependent contracts	104,770	101,744	104,901	132
Total Assets	159,795	155,593	160,666	871
Financial liabilities	15,576	14.413	( 14,942 );	-634
Liabilities in respect of non-yield-dependent
insurance contracts and investments
contracts	25,597	25,523	26.074	477
Liabilities in respect of yield-dependent
insurance contracts and investments
contracts	102,973	100,075	103,512	539
Other Liabilities	4.753	5,079	4,940	186
Total equity	10,895	10,503	11,198	303
Total equity and liabilities	159,795	155,593	160,666	871

Financial Liabilities (NISm)
	Bonds and Loans
		30/06/2024
	CPI	Fixed Floating
	linked	interest	interest	Total	Total
Holdings Solo	934	397	546	1,877	1,896
Insurance
Tier 1 capital	367			367	218
Tier 2 capital	763	492	2,845	4,101	4,067
Tier 3 capital					399
Insurance Total	1,130	4992	2,845	4,468	4,684
Retirement		475		475
Credit		1.560	215	1,775	1,438
Agencies		366		366	379
Investment House & Wealth		599		599	263
AM&C Total		2,999	215	3,214	2,080
Total bonds and loans	2,064	3,889	3,606	9.559	8,661
Exposure Ratio	22%	41%	38%	100%	100%
	Derivatives, Repo & Other (Nostro)"				2,921
Derivatives, Repo & Other (Unit linked)				337	2,240
Credit cards liabilities (Gama)				1,799	1,755
Total				( 14,942	15,576

Net financial debt exposure includes financial assets & only some of the financial liabilities (see 2024 H1 Financial Statements Section – Section 5.7.2 in the BOD Report) 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

Economic Capital & Solvency (Insurance Company, NISb)

Solvency ratio¹

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With transitionals	211%	205%	194%	191%
Without transitionals	149%	153%	152%
BOD dividend threshold	111%	115%	115%	118%
	14.7	14.7	14.8
Surplus	7.8	7.5	7.2
SCR	6.9	7.2	7.6
	12.22	6.23	12.23	3.24

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 Financial (formerly Phoenix Holdings)

Quarterly publication of Solvency ratio with one quarter delay; full breakdown for Q2 and Q4, with only transitional headline figure for Q1 and Q3

Changes in Solvency Ratio

191% with transitional measures estimated for March 31, 2024 (after dividend distribution of 250 NISm to Phoenix Financial in August 2024)

Insurance Company BOD dividend threshold raised to 118% without transitionals as of June 30, 2024

Cashflow and Liquidity (Holding Company)

Insurance subsidiary dividend payout updated to 40-60% of comprehensive income, in line with solvency target range

AM&C 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 1.1 NISb (trading on Tel-Bond 40 index).

Insurance Company with international ratings (Moody's A2, S&P A-)

Moved 300 NISm Construction Finance, optimizing capital from Insurance to Credit

Accounting Income

IFRS 17 & IFRS 9 implementation in 2025, expected to reduce volatility

Dynamic management of market exposures

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

4. Segment Breakdown

• Appendix
• Glossary
• Disclaimer

Highlights

Appendix

Glossary

Financial Results

Segment Breakdown

Strategy & Targets

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507

437 102 Interest (6) Core Income (Underwriting) (26) Investments Special items H1/24 Non-Operating

Continued growth and profitability despite challenging environment & high theft frequency

Optimized use of machine learning for motor underwriting

Positive secondary impact of interest rates

Core Income (Before Tax, Underwriting)	H1/23	H1/24	Q2/23	Q2/24
Compulsory Motor	95	80	65	65
Motor Property	(22)	143	(16)	58
Loss Ratio (MP)	86%	68%	88%	71%
Property & Other	57	99	31	37
Liability	94	115	33	103
Total	224	437	113	263

Increase in underwriting profit

reserves mainly due to increase in interest rates (no LAT reserve

Positive impact from LAT

Maccabi HMO collective LTC agreement ended December 2023

Starting implementation of health

remaining at end of Q2)

sector reform during 2024

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Comprehensive Income Before Tax

NISm

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Underwriting profit improvement

Negative non-operating effects

mainly due to update of mortality tables (special items) and investment profit above 3%, partially offset by interest rate effects (K factor)

Variable management fee deficit of 228 NISm as of publication date

Continued inflows from investment policies

Comprehensive Income Before Tax

NISm

	Non-Operating

150 NISm financial margin, 54 NISm decrease due to changes in CPI compared to H1 2023

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Negative capital market effects (below 3% real yields) of 281 NISm

Comprehensive Income Before Tax NISm

Continued organic growth

Focus on profitability

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including higher margin / efficient activities

Comprehensive Income Before Tax

NISm

H1/23	44		16	60
Difference	12	(12)	(13)	(13)
Q2/24	26	(10)		16
Q2/23	20	-	19	40
Difference	ഗ	(1)	(19)	(24)

P&C Health Retirement Distribution Credit Investment House & Wealth (Financial Services)

Performance improvement from strategic execution

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Growth in brokerage business

due to continued new client acquisition, average revenues & higher spreads in margin credit

Full synergies from acquisitions completed in 2023-24 to be

achieved in 2024, including Epsilon Investment House & assets from Psagot Investment House (including portfolio management and funds)

Continued growth in alternative / wealth business, including structural changes to optimize platform and strengthen for future scale

Comprehensive Income Before Tax

NISm

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 wealth platform focused on private client distribution of best-in-class managers

Continued organic growth,

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however growth rate impacted by slower pace of hiring in the market (including in tech sector)

Accelerated value creation under reorganized structure with synergies

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

Comprehensive Income Before Tax

NISm

H1/23	142	13	155
Difference	14	(14)
Q2/24	82	1	83
Q2/23	76	ഗ	82
Difference	ഗ	(5)	1

Synergetic merger of Phoenix Construction

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Finance in January 2024, following successful takeprivate tender offer for Gama in 2023

Limited growth in credit portfolio due to market conditions

Continued improvement in pre-tax income

Strong balance sheet with 31% Equity-to-Assets ratio*

Consumer credit activity

launch in 2024, will be merged into Gama, included in Credit Segment results

Credit Portfolio

NISm, without credit card activity

Comprehensive Income Before Tax NISm

H1/23	55		55
Difference	21	(5)	16
Q2/24	40		40
Q2/23	27		27

* Not including credit card & short-term transactions; 18% Equity-to-Assets including these transactions

** Construction Finance merger on January 1, 2024

Note: Segment income includes Gama, Consumer Credit, and related amortization

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

Comprehensive Income Before Tax

NISm

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

Appendix

Glossary

Disclaimer

Highlights

Appendix

Glossary

Financial Results

Segment Breakdown

Strategy & Targets

Phoenix Financial – Highlights

1

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Unique opportunity in a growing, underpenetrated market with barriers to entry

Strong long-term demographic & wealth trends with high compulsory savings rates, potential for greater penetration, and macro resilience

Strong market position with distinctive growth & performance through the cycle

Leading financial services group with over \$120b AUM (including multi-line insurance, asset management, distribution, & credit), delivering best-in-class average 15% ROE and 19% AUM CAGR over the past 5 years

4

5

Creating and unlocking value driven by diversified activities with untapped potential

Significant share of income generated by Asset Management and Credit activities (recurring fee-based financial services businesses, cash-generative, capital-light), with plan to unlock value of assets currently held at book value

Proven value creation strategy with focus on growth & competitive advantage

Focus on accelerating growth in high ROE businesses, innovation and technology for competitive advantage and efficiency, active management of businesses to unlock & create value, & disciplined capital management and deployment

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

Consistent growth in shareholder equity with a Solvency ratio of 209% (with transitional measures), at least 30% dividend distribution policy, and international insurance rating

6

Experienced & aligned leadership team backed by strong governance

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

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

	H1-24	H1-23	2023
P&L Items from Financial Statements
Investment income	7,591	5,289	9,910
Share in profits of equity-accouted investees	40	43	42
Total components of net other comprehensive income	31	297	306
Tax effect	28	141	147
Subtotal	7,690	5,770	10,404
Less:
Investment gains (losses) relating to yield-dependent policies	6,796	4,803	8,531
Investment gains (losses) relating to investment services & credit	226	168	349
Subtotal	7,021	4,971	8,881
Corporate account (Nostro) total investment income	લિક ન	799	1,526
Corporate account (Nostro) investment income assuming 3% real returns	1,225	1,365	2,291
Corporate account (Nostro) investment income above (below) 3% real returns	(256)	(566)	(765)

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

Appendix

Glossary

Disclaimer

Highlights

Appendix

Glossary

Financial Results

Segment Breakdown

Strategy & Targets

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Adjusted EBITDA	Adjusted EBITDA - calculated as income before finance, taxes, depreciation and amortization in the relevant areas of activity; adjustments as detailed below: Investment House - IFRS 16 adjustment and special items Retirement (Pension and Provident) - IFRS 16 adjustment and amortization of DAC and special items Distribution (Agencies) - IFRS 16 adjustment and special items
	Credit - IFRS 16 adjustment, financing expenses, credit provisions, and special items
AM	Asset Management
AUM	Assets Under Management; the total market value of all the investments that are managed by the Group
Bps	Basis Points; 1 basis points is .01%
CGU	Cost Generating Unit
CI	Comprehensive Income
CLR	Combined Loss Ratio
CO	Corporate, Other and Consolidation
Core Income	Income from operations not including investment yields & variable fees above/below 3% real yields, interest rate effects, and special items
Core ROE	Core income as a percent of total equity
CPI	Consumer Price Index; measures the average change of prices in an agreed upon basket of consumer goods and services over time
CSM	Contractual Service Margin
D&O	Directors and Officers Liability Insurance
DAC	Deferred Acquisition Cost
ESOP	Employee Stock Ownership Plan; workplace benefit program, that provides the employees with ownership interest in the company.
ETF	Exchange Traded Fund; an open end, tradable basket of securities that tracks an underling index, sector, or security type
Fixed-Rate Gov Bonds	A government issued bond for which the interest income payment is agreed upon and does not change
FX	Foreign Exchange Currency
Gama	Financial services and credit company owned by the Phoenix Group
Halman corporate funds	Israeli Electric Company (IEC)
Illiquidity Premium	Or Liquidity Premium; premium demanded by investors when any given security cannot be easily converted into cash for its fair market value.
IMF	International Monetary Fund
Insurance Core Income	Core Income from insurance activities
Index Linked Gov Bonds	A government issued bond for which the interest income payment is related (or linked) to the CPI
LAT	Liability Adequacy Test
Liquidity Premium	See Illiquidity Premium
LOB	Line of Business
LTC	Long Term Care insurance; typically helps pay for costs associated with long term care

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LTS	Long Term Services; including but not limited to Life, Provident and Pension funds
Marketable Securities	Liquid financial assets that can be quickly converted into cash; most are trading assets
MF	Management Fees; wages charged by a financial manager
Moody's	A credit risk rating agency
MSCI	Morgan Stanley Capital International Emerging Markets Index; measures the performance in equity markets, specifically in global emerging markets
Mutual Fund	Open end, non-tradable basket of securities that tracks the performance of an undelaying index, sector, or security type
Net Inflows	The net amount of new cash, excluding the impact of investment market value; calculated by subtracting withdrawals from new deposits
NIS	New Israeli Shekel
Non-Marketable Securities	Asset group that is considered to be difficult to buy or sell due to the fact they are not traded on any major exchange; could include government issued debt securities, limited partnerships, real estate investments and more
Non-Operating Income	Impact on income of investment yields & variable fees above/below 3% real yields, interest rate effects, and special items
Nostro	The account in which a financial institution manages its own funds
OPEX	Operational Expenses
P&C	Property and Casualty insurance
PH	Phoenix holdings
PHI	Permanent Health Insurance
PI	Phoenix insurance
PLI	Professional Liability insurance
Reinsurance	A balancing risk strategy; one or more insurers that share the liability
Revenue	All encompassing streams of income; including, but not limited to: premium, management fees, benefit contributions
RFR	Risk Free Rates
ROE	Return On Equity; calculated by dividing net income over total equity
Services Core Income	Core Income from Services activities including asset management, distribution, and credit
SME60	"The Rest Index"; tracks the performance of the 60 largest market value companies that are excluded from the Tel Aviv Stock Exchange
Special Items	Changes in profit or loss that are not part of the usual business of the Company, including changes in actuarial research, actuarial model changes, other structural changes and strategic acquisition costs in AM segment
Tel Bond 20	Index that tracks the performance of the 20 largest Index Linked Corporate Bonds in terms of market value
Tel Bond 40	Index that tracks the performance of the 40 largest Index Linked Corporate Bonds in terms of market value
Tel Bond 60	Index that tracks the performance of the 60 largest Index linked Corporate Bonds in terms of market value
TLV 125	An index that tracks the performance of the 125 largest market value companies in the Tel-Aviv Stock Exchange
TLV 35	An index that tracks the performance of the 35 largest market value companies in the TLV Stock Exchange
TLV 90	An index that tracks the performance of the 90 largest market value companies in the TLV stock Exchange
TMTP	Transitional Measures on Technical Provisions
Workers' Compensation Insurance	Insurance coverage for employees' injuries or sickness
Yield Curve	A line that plots interest rates of bonds with equal credit risk with different maturity dates in the future

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

Glossary

Disclaimer

Highlights

Appendix

Glossary

Financial Results

Segment Breakdown

Strategy & Targets

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This presentation does not constitute an offer to purchase the Company's securities or solicitation to receive such offers and is designed solely to offer information as part of the Company's explanations regarding its Financial Statements.

This presentation includes information regarding the Company's strategic plan 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 the 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.