Company: PGYWW
Filing Date: 2025-12-05
Form Type: S-3ASR
Source: 0000950103-25-015781
Chunk: 75

Company: Pagaya Technologies Ltd.
Filing Date: 2025-12-05
Form: S-3ASR
Chunk 75
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Surtax

Subject to the provisions of any applicable tax
treaty, individuals who are subject to tax in Israel (whether or not any such individual is an Israeli resident) are also subject to a
surtax at the rate of 3% on annual income (including,

<div align='center'>41</div>

but not limited to, dividends, interest and capital
gains) exceeding NIS 721,560 for 2025, which amount is linked to the annual change in the Israeli consumer price index. According to the
Economic Efficiency Law (Legislative Amendments to Achieve the Budget Targets for the 2025 Budget Year) (Freezing of Tax Updates and Surtax),
5785-2024 (the “Economic Efficiency Law”), during the years 2025-2027, the aforementioned amount will not be adjusted in accordance
with the Israeli consumer price index. In addition, according to the Economic Efficiency Law, an individual whose taxable income from
“Capital Sources” in the tax year exceeds the aforesaid amount shall be subject to an additional tax on the portion of their
taxable income from Capital Sources that exceeds the aforesaid amount at a rate of 2%. For this purpose, Capital Source means any source
of income (including, among other things, capital gain, dividend and interest) other than income from business, employment and personal
exertion.

Estate and Gift Tax

Israeli law presently does not impose estate or
gift taxes.

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LEGAL MATTERS</div>

The validity of our Class A Ordinary Shares offered
in this prospectus and certain other matters of Israeli law will be passed upon for us by Goldfarb Gross Seligman & Co., Tel Aviv,
Israel. Certain matters of U.S. law will be passed upon for us by Davis Polk & Wardwell LLP, New York, NY. Additional legal matters
may be passed upon for us or any underwriters, dealers or agents, by counsel that we will name in the applicable prospectus supplement.

<div align='center'>EXPERTS</div>

The consolidated financial statements of Pagaya
Technologies Ltd. appearing in Pagaya Technologies Ltd’s Annual Report (Form 10-K) for the year ended December 31, 2024, have been
audited by Kost Forer Gabbay & Kasierer (a member of Ernst & Young Global, based in Tel-Aviv, Israel), independent