Company: PGYWW
Filing Date: 2025-12-05
Form Type: S-3ASR
Source: 0000950103-25-015781
Chunk: 66

Company: Pagaya Technologies Ltd.
Filing Date: 2025-12-05
Form: S-3ASR
Chunk 66
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 U.S. Holders should consult their tax advisors regarding their reporting obligations with respect to Pagaya’s Class A Ordinary
Shares.

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CERTAIN MATERIAL
ISRAELI TAX CONSIDERATIONS</div>

The following description is not intended to constitute a complete analysis of all tax consequences relating to the acquisition, ownership and disposition of the Class A Ordinary Shares. You should consult your own tax advisor concerning the tax consequences of your particular situation, as well as any tax consequences that may arise under the laws of any state, local, foreign or other taxing jurisdiction.

Israeli tax considerations

The following is a brief summary of certain material
Israeli income tax laws applicable to Pagaya, and certain Israeli Government programs that may benefit Pagaya. This section also contains
a discussion of certain material Israeli tax consequences concerning the ownership and disposition of Class A Ordinary Shares purchased
by investors. This summary does not discuss all the aspects of Israeli tax law that may be relevant to a particular investor in light
of his or her personal investment circumstances or to some types of investors subject to special treatment under Israeli law. Examples
of such investors include residents of Israel, trusts or traders in securities who are subject to special tax regimes not covered in this
discussion. To the extent that the discussion is based on new tax legislation that has not yet been subject to judicial or administrative
interpretation, Pagaya cannot assure you that the appropriate tax authorities or the courts will accept the views expressed in this discussion.
The discussion below is not intended, and should not be construed, as legal or professional tax advice and is not exhaustive of all possible
tax considerations. The discussion is subject to change, including due to amendments under Israeli law or changes to the applicable judicial
or administrative interpretations of Israeli law, which amendments or changes could affect the tax consequences described below.

SHAREHOLDERS ARE URGED TO CONSULT THEIR OWN TAX
ADVISORS AS TO THE ISRAELI OR OTHER TAX CONSEQUENCES OF THE PURCHASE, OWNERSHIP AND DISPOSITION OF CLASS A ORDINARY SHARES, INCLUDING,
IN PARTICULAR, THE EFFECT OF ANY NON-U.S., STATE OR LOCAL TAXES.

General corporate tax structure in Israel

Israeli companies are generally subject to corporate
tax on their taxable income. The corporate tax rate is currently 23%, which has been the rate since 2018. However, the effective tax rate
payable by a company that derives income from a Preferred Enterprise or a Technological Enterprise (as discussed below) may be considerably