1. 1 © כל הזכויות שמורות Summary of Nine-Month Financial Results 2010 Conference Call with Analysts November 28, 2010 The Phoenix © All rights reserved

2. Main Nine-Month Figures 2010 Comprehensive income for nine months 2010 – NIS 348.8 million. Comprehensive income for third quarter – NIS 69.3 million. Income for nine months 2010 – NIS 255 million. Third-quarter income – NIS 70.9 million. Total premiums earned, gross – NIS 4.45 billion. Significant increase in capital surplus. Total assets managed by the Group as of September 30, 2010 – NIS 97.6 billion. Income from investments – moderately positive yields compared to the same period last year.

3. Main Nine-Month Figures 2010 Significant decrease in redemption rates. Significant increase in income from financial services. Complex secondary capital issue of NIS 400 million. Maalot upgrading of the Phoenix rating outlook from negative to stable. First-time Midroog rating of the insurance company and the holding company – both in group Aa.

4. Comprehensive Income and Income for the Period in NIS Millions Comprehensive income Income for the period

5. Comprehensive income for the period Annualized return on equity Management fees deficit

6. (*) Net of effect of amortization of fully amortized original differences. Contribution of Segments to Income from Operating Segments 2009-9/2010 Financial services (*), 8% Life insurance and long- term savings, 29% Health insurance, 22% General insurance, 40%

7. Managed assets as of 31.12.2009 Total NIS 97.6 billion as of 30.9.2010 Phoenix Group: NIS 89 billion Total NIS 84.5 billion as of 30.9.2009 Financial services, 34.0 Provident funds, 17.6 Pension, 3.2 Nostro 13.2 Participating, 16.5 Financial services, 40.1 Provident funds, 19.1 Pension, 4.2 Nostro 14.3 Participating, 19.9 Provident Pension Nostro Participating Financial services fund

8. Capital Surpluses in NIS Millions Existing surplus Investments in investees set against capital surpluses Capital supplement to be completed by 31.12.2011

9. % Increase (Decrease ) Income from life insurance and long-term savings segment Income from health insurance segment Income from general insurance segment Income from financial services segment Total income from operating segments Other – Excluding results of investee Other – Company’s share in net results of investees Income less expenses not attributed to operating segments Total comprehensive income before taxes on income Taxes on income Total comprehensive income for the period

10. Premiums Earned, Gross – in NIS Millions 5.2% 0.3% 17.7% 6.4% 13.7% 9.8% 5.6% 11% Life insurance & long-term savings Health General insurance Total premiums earned

11. General Insurance Segment – Gross Turnover in NIS Millions 33.9% 14.81% 12.14% 12 % Total 1-9/2010:: 1,539 Total 1-9/2009: 1,424 8% Liability Insurance Other Property Ins. Auto Property Ins. Mandatory Auto

12. Mandatory auto Property auto Other property Liability Total Rate of Comprehensive Income in Gross Turnover Retained Loss Ratio Average Loss Ratio in the Industry * The above loss ratio is derived from underwriting year 2007. ** Harel, Clal, Menorah and Migdal

13. (*) Annualized (*) Continuing Improvement in Redemption to Reserve Ratio

14. Tel Aviv 25 Tel Aviv 100 Small Cap “Yeter” Index-Linked Government Bonds Unlinked Government Bonds Tel Bond 20 MSCI Dollar Known CPI

15. SUMMARY Close to NIS 100 billion in managed assets. Substantial strengthening of the company’s capital base. Strong growth in sales, while maintaining adequate underwriting profitability. Decrease in the rate of redemptions. Leader in yields on savings vehicles. Significant narrowing of the “hole” in management fees.

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