Investments Ltd Investor Presentation March 31, 2017 I.D. I.D. - PowerPoint PPT Presentation

Investments Ltd Investor Presentation March 31, 2017

I.D.

I.D. Meitav Dash is a public company with extensive experience and expertise in asset management. Meitav Dash is one of the two leading investment firms in Israel, with total assets under management of NIS 126 billion. Shareholders 126 BRM A1 770 Bond Shareholders Total Assets 28.26% Rating Equity Under Management NIS Billion Zvi Stepak NIS Million As at 31.3.17 27.16% As at 31.3.17 1,042 125 50% In the Dividend Shares held Market TA-125 Distribution by the public Value Index 37.96% Policy NIS Million At least of net profit As at 31.3.17 As at 30.3.17

Range of Products and Services Provident Funds, Study Funds and Pension Funds Mutual Funds 27.9 48.6 Core ETNs Portfolio Management Activities 27.3 18.3 AUM as at 31.3.17 in NIS Billion Other Peninsula - SME Credit Meitav Dash Trade E-Loan - Consumer Credit Meitav Dash Brokerage Insurance Agencies Activities Meitav Dash Global Markets Meitav Dash Capital Markets College

Revenue in Q1 2017 Peninsula NIS 13 Other million Provident Funds, NIS 22 million 6 % Study Funds 10 % and Pension Funds NIS 83 million 223 % 37 Trade & Brokerage Total NIS 19 million 8 % Revenue ETNs NIS Million NIS 31 million 14% Mutual Funds & Portfolio Management NIS 55 million 25 % Other =Insurance Agencies , College, Global Markets, etc.

Selected Financial Data NIS million EBITDA Q1 2017 Q1-2016 Q4-2016 2016 Q1-2017 Profit before tax 43 1 Depreciation and amortization 14 AUM 116,267 115,691 115,691 122,122 Financing expenses, net 6 Revenue 182 197 775 223 EBITDA 63 Total expenses 138 164 592 168 EBITDA 50 40 207 63 FFO Q1 2017 Normalized EBITDA 49 38 208 61 Profit for the period 26 FFO 35 23 134 42 Depreciation and amortization 14 Profit excluding 31 23 112 35 Revaluation of debentures (2) amortization Other 4 Profit for the period 26 16 88 26 FFO 42 1. Core activities: mutual funds, provident funds, study funds and pension funds, ETNs and portfolio management

Growth Engines Insurance Digital Credit • Digital Pension Funds Strategic Partners • Digital Study Funds • Digital Inv. Provident Funds

Acquisition by XIO Share Acquisition Deal- Meitav Dash Investments Ltd. (“ The Company ”) • On 30.11.16, the Company signed a merger agreement with the XIO Fund (“The Fund”), in which the Fund will acquire the entire issued and paid-up share capital of the Company, in way of a reverse triangular merger (“The Acquisition Deal”). Within the deal’s framework, the Company’s shares shall be acquired from the Company’s shareholders, in exchange for payment through one of the following alternatives, at the shareholders’ choosing: (a) “The cash alternative” - a cash payment of 22 NIS per share; or (b) “The other alternative” - a combined payment, totaling 27.4 NIS per share, out of which, 13.7 NIS shall be paid in cash, and the shareholder shall receive one non-tradable debenture, to be issued by a fully owned subsidiary of the Fund, with a principal amount of 13.7 NIS per share. The debenture component of the other alternative shall be paid in three payments within one year, two years and three years, from the closing date of the Acquisition Deal, and shall have an annual interest rate of 2%, that shall be paid in one payment, within three years of the closing date of the Acquisition Deal. Notwithstanding the abovementioned, in certain circumstances, some of t he debenture’s principal payments may be postponed to a period within five years of the closing date of the Acquisition Deal. • According to the Acquisition Deal’s terms, the payment of the cash alternative and the cash component of the other alternativ e, may be adjusted prior to the closing date of the Acquisition Deal, due to a deviation of the Company’s net financial debt goal for the closing date, as was determined in the Acquisition Deal. Furthermore, an amount no larger than 20% of the last principal payment of the debenture component of the other alternative may be setoff from said payment, due to payments that may arise from court procedures that have been mentioned in the Acquisition Deal agreement and as a result of losses that may derive from some of the Company’s hedging transactions . • The Acquisition Deal’s closing and completion is subject to a number of pending warranties, including the approval of the Acq uis ition Deal by the Company’s general shareholders assembly and the acceptance of regulatory confirmations required for the undertaking of the Acquisition Deal, including controlling permits of the Company. It should be clarified, that as of this day, there is no guarantee that all required regulatory approvals shall be received, or that all pending warranties shall be executed, for the closing and completion of the Acquisition Deal. Therefore, there is no certainty that the Acquisition Deal shall be completed. • For details regarding the breach notice the Company submitted to the XIO Fund, due to the lack of submission of all the required requests, in order to receive the regulatory approvals required to complete the transaction, the period in which the XIO Fund may remedy the violations of the merger agreement and the notice given to the Company by the XIO Fund according to which, the XIO Fund is acting towards submitting all said applications, see the Company's immediate reports dated: April 27, 2017, reference no. 2017-01- 043437 and dated March 19, 2017, reference no. 2017-01-025404, respectively. • For further details regarding the Acquisition Deal and the Acquisition Deal’s terms and conditions, please see the Company’s imme diate report from 1.12.16, reference number: 2016-01-135283 (http://maya.tase.co.il). • The XIO Fund is a global private investment fund, situated in London, that manages an approximate capital of 5 billion USD, designated for global investments. The Fund operates in Britain, USA, Germany, Switzerland, Israel, Hong- Kong and China, and it’s managers are veterans of the global investments ind ustry.

Segments Analysis

Provident Funds, Study Funds & Pension Funds 48.6 10 3% AUM Provident Funds NIS 20.2 billion Study Funds NIS 21.8 billion AUM in NIS Billion Market share Pension Funds NIS 6.6 billion • On January 1, 2017, NIS 7.5 billion of Ayalon Provident Funds and Pension Funds assets were merged. Currently the largest pension fund among the investment houses, with assets of more than NIS 6 billion and annual deposits of over NIS 1 billion. • Elected by the MOF in Nov. 2016 as managers of the default pension fund with over 20,000 new savers added since. NIS million Q1-2016 Q4-2016 2016 Q1-2017 AUM 40,587 41,452 41,452 48,630 Revenue 71 69 280 86 Annualized Management Fees 0.70% 0.67% 0.68% 0.68% Operating Profit 14 4 44 10 As at 31.3.17

ETNs 27 3 29 4% AUM in NIS Billion Market share • Largest ETN company in Israel in terms of AUM • Wide range of products, professionalism and high trading capabilities NIS million Q1-2016 Q4-2016 2016 Q1-2017 AUM 29,417 28,136 28,136 27,239 Revenue 30 28 124 31 Annualized Management Fees 0.40% 0.39% 0.42% 0.45% Operating Profit 15 10 59 14 As at 31.3.17

Mutual Funds & Portfolio Management Portfolio Management AUM Mutual Funds 18 3 27 9 12 7% Traditional Funds NIS 20.2 billion Money Market Funds NIS 4.9 billion Tracking Funds NIS Billion NIS Billion Market share NIS 2.8 billion NIS million Q1- Q4- 2016 Q1- 2016 2016 2017 AUM Mutual Funds 27,224 27,485 27,485 27,921 AUM Portfolio Management 19,039 18,618 18,618 18,348 Revenue 52 52 211 55 Annualized management fees from traditional funds* 0.89% 0.87% 0.89% 0.90% Annualized management fees from money market funds 0.17% 0.16% 0.17% 0.16% Annualized management fees from portfolio management 0.34% 0.33% 0.34% 0.32% Operating profit 18 19 75 20 *Excluding tracking funds As at 31.3.17

Financial Statements

Balance Sheet (In NIS millions) As at As at As at As at December March 31, December 31, March 31, 31, 2017 2016 2017 2016 Credit from banks and 507 554 Cash and short-term investments 449 568 others ETNs, liabilities and deposit 28,104 27,208 Current investments to cover ETNs 28,608 27,819 Current liabilities of special 484 589 Other current assets 576 597 purpose Total current assets 29,633 28,984 subsidiaries to cover ETNs, liabilities and Long term investments 128 142 deposit Fixed assets and intangible assets 1,109 1,212 Liabilities for short sale of 41 86 securities Deferred taxes 22 20 Trade and other payables 165 227 Total assets 30,892 30,358 Total current liabilities 29,301 28,664 Loans from banks 117 113 Debt to Debt Debt Debt to Debentures 495 494 EBITDA excluding EBITDA Other long term liabilities 212 202 Peninsula excluding Peninsula Equity 699 770 Net* 679 2.7 286 1.1 Non-controlling interests 68 115 Gross 1,161 4.6 730 2.9 Total liabilities and equity 30,892 30,358 *Including liabilities for short sale of securities.