Investor Presentation2017

Investments Ltd

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 132 billion.

A1

125

NIS Million

NIS MillionAs at 31.12.17

BondRating

In theTA-125Index

ShareholdersEquity

MarketValue

Total AssetsUnderManagement

DividendDistributionPolicy

802As at 31/12/17

832

NIS Billion

At least of net profit

132

50%As at 31/12/17

BRM28.18%

Zvi Stepak27.15%

Shares heldby the public38.04%

As at 31/12/17

Shareholders

3

Range of Products and Services

Asset Management ActivitiesAUM as at 31/12/17 in NIS Billion

28.4ETNs

Provident Funds, Study Fundsand Pension Funds

29.5 50.817.7

Mutual Funds

Portfolio Management

OtherActivities Meitav Dash Capital Markets College

Meitav Dash TradeMeitav Dash BrokerageMeitav Dash Global Markets

Peninsula - SME Credit Meitav Dash LoansInsurance Agencies

4

As at 31/12/17

Other = Mutual funds under hosting and distribution arrangements

132TotalAUM

NIS Billion

5

AUM (in NIS Billion)

Provident Funds, Study Funds and Pension Funds,

50.8

ETNs, 28.4

Mutual Funds, 29.5

Portfolio Management,

17.7

Other, 5.6

Revenue in 2017

Other = Insurance Agencies, College, Global Markets, Meitav Dash Loans and other activities.

874TotalRevenue

NIS Million

6

Non-Bank Loans-

Peninsula, NIS 56

Million, 6%

Provident Funds,Study Funds

and Pension Funds,NIS 338 Million, 39%

Mutual Funds & Portfolio

Management, NIS 218 Million, 25%

ETNs, NIS 113 Million, 13%

Trade & Brokerage, NIS 77 Million, 9%

Other, NIS 72 Million,

8%

243NormalizedEBITDA*

NIS Billion

Normalized EBITDA divided into segments 2017

7

Other = Insurance Agencies, College, Global Markets, Meitav Dash Loans and other activities.

Mainly excluding profit from change in Tel – Aviv Stock Exchange equity rights

Non-Bank Loans-Peninsula

10%

Provident Funds,Study Funds

and Pension Funds

22%

Mutual Funds& Portfolio

Management

29%

ETNs19%

Trade & Brokerage

8%

Other12%

Selected Financial Data

1. Assets Managements activities: mutual funds, provident funds, study funds and pension funds, ETNs and portfolio management

8

2016Q1 2017Q2 2017Q3 2017Q4 20172017NIS million

115,691122,140122,373123,747126,313126,3131AUM

775223221209221874Revenue

592168165164170667Expenses

20763637359258EBITDA

20861655661243Normalized EBITDA

13442443734157FFO

8826213425106Profit for the period

802419312195Profit attributed to

the shareholders

EBITDA

170Profit before tax

58Depreciation and

amortization

30Financing expenses, net

258EBITDA

FFO

106Profit for the period

58Depreciation and

amortization

(22)Change in TASE equity

rights

11Deferred taxes

(2)Revaluation of debentures

6Other

157FFO

9

Dividend distribution (in NIS Millions)

10 10 10 1010 10 10 10

0

10 10

1516

15 1514

37

45 4549

0

10

20

30

40

50

60

2014 2015 2016 2017

Q1 Q2 Q3 Q4 annual

10

Acquisition of the brokerage activity of the Bank of Jerusalem

100%Acquisition of the activity of

retail and institutional

clients in securities

trading services

*21NIS Millions

additional revenue

*9NIS Millions

additional EBITDA

The data are in representative year terms. The transaction was completed after the balance sheet date

11

MEITAV DASH Long Term Vision - Decreasing Dependence

on the Capital Markets

Revenue from asset management activitiesRevenue from non – bank loans, insurance, trade, brokerage and others

77%

23%

2017

60%

40%

2020-2022

86%

14%

2015

Segments Analysis

Provident Funds, Study Funds & Pension Funds

AUMProvident FundsNIS 20.9 billionStudy FundsNIS 22.0 billionPension FundsNIS 7.9 billion

50.8 9.4%AUM in NIS Billion Market share

• More than 1 million customers including 70,000 new savers since elected by the MOF as managers of the default pension fund.• The largest pension fund among investment houses, with assets of NIS 7.9 billion and annual deposits of NIS 1.5 billion.• Full digital platform for joining the investment provident fund.• The merger of Ayalon Pension and Provident Funds was completed on January 1, 2017.

As at 31/12/1713

2016Q1 2017Q2 2017Q3 2017Q4 20172017NIS million

41,45248,63248,93049,62050,77050,770AUM

28083848388338Revenue

0.68%0.68%0.69%0.67%0.70%0.68%Annualized Management Fees

441012121448Operating Profit

ETNs

28.4AUM in NIS Billion

29.2%Market share

• Largest ETN management company in Israel in terms of AUM

• Wide range of products, professionalism and high trading capabilities

As at 31/12/17

14

2016Q1 2017Q2 2017Q3 2017Q4 20172017NIS million

28,13627,23926,93127,74128,36128,361AUM

12431332326113Revenue

0.42%0.45%0.49%0.34%0.37%0.41%Annualized Management Fees

59141661046Operating Profit

Mutual Funds & Portfolio Management

29.5NIS Billion

12.1%Market share

17.7NIS Billion

AUM Mutual FundsTraditional FundsNIS 21.0 billionMoney Market FundsNIS 4.6 billionTracking FundsNIS 3.9 billion

*Excluding tracking fundsAs at 31/12/17

Portfolio Management

15

2016Q1 2017Q2 2017Q3 2017Q4 20172017NIS million

27,48527,92128,18528,85229,49229,492AUM Mutual Funds

18,61818,34818,32717,53417,69017,690AUM Portfolio Management

21155545455218Revenue

0.89%0.90%0.90%0.89%0.87%0.89%Annualized Management Fees from

Traditional Funds*

0.17%0.16%0.15%0.15%0.15%0.15%Annualized Management Fees from

Money Market Funds

0.34%0.32%0.33%0.33%0.34%0.33%Annualized Management Fees from

Portfolio Management

752021192080Operating Profit

• Alternative product development - Consumer Credit Funds (Pagaya), Real Estate Funds

Trade & Brokerage

• The leading stock exchange member and the largest among the investment houses in Israel.

• Continuous and increasing organic growth.

• Growing through mergers and acquisitions:

The A-Broker transaction in 2016

The Bank of Jerusalem transaction was completed in the first quarter of 2018

As at 31/12/17

16

2016Q1 2017Q2 2017Q3 2017Q4 20172017NIS million

691917192277Revenue

15545721Operating Profit

Financial Statements

Balance Sheet (In NIS millions)

18

As at 31/12/17

As at December

31 ,2016

As at

December 30,

2017

NIS million

449492Cash and short-term investments

28,60828,981Current investments to cover ETNs

576664Other current assets

29,63330,137Total current assets

128163Long term investments

1,1081,190Fixed assets and intangible assets

2210Deferred taxes

30,89131,500Total assets

Debt to

EBITDA

excluding

Peninsula

Debt

excluding

Peninsula

Debt to

EBITDADebt

1.33402.9745Net

As at

December 31 ,

2016

As at

December 30,

2017

NIS million

507416Credit from banks and others

28,10428,329ETNs, liabilities and deposit

472621

Current liabilities of special

purpose subsidiaries to cover

ETNs, liabilities and deposit

5329Liabilities for short sale of

securities

165204Trade and other payables

29,30129,599Total current liabilities

117106Loans from banks

495683Debentures

211184Other long term liabilities

699802Equity

68126Non-controlling interests

30,89131,500Total liabilities and equity

Amounts in respect of ETNs

Profit and Loss (in NIS millions)

19

2016Q1 2017Q2 2017Q3 2017Q4 20172017NIS million

749210207195206818Revenue from management fees, commissions, ETN and

other

261314141556Revenue from Peninsula

775223221209221874Total Revenue

592168165164170667General and administrative expenses, marketing, sales,

and financing expenses from Peninsula.

18355564551207Operating income

(1)1-124Profit (loss) from securities held for investment

purposes in nostro portfolio, net

(31)(6)(13)(3)(8)(30)Financing expenses, net

(24)(8)(8)9(9)(16)Other income (expenses), net

6113-5Company's share in earnings in equity accounted

investees

13343365536170Profit before taxes on income

451715211164Taxes on income

8826213425106Profit for the period

802419312195Profit attributed to the shareholders

This presentation was prepared by Meitav Dash Investments Ltd (hereinafter: the “Company” or “Meitav Dash”) and isintended for institutional investors only. This presentation does not comprise an opinion, suggestion, recommendation, oradvice / marketing for purchase and / or holding and /or sale of securities and / or financial assets (including securities of theCompany and / or financial assets issued by Companies in the Meitav Dash Group). The presentation is not a substitute foradvice / investment marketing or counseling / pension marketing that takes into consideration the special needs of eachperson.

This presentation is intended only for delivery and presentation of information provided and its presentation does not replacethe need to review reports published by the Company to the public. That shown is the opinion of the authors alone andreflects their understanding at the date of the presentation. The data, information, and analysis set forth, including the viewsexpressed, in this presentation, may change without notice.

Certain matters discussed in this presentation, including projections, objectives, assumptions, estimates and other informationrelating to future events and / or future matters whose occurrence is uncertain and is not controlled by the Company.Information in connection with a forecast of revenues and profitability, are all forward-looking statements as defined in theSecurities Law, 1968, that is based on the subjective assessments of the Company’s management based on data andinformation held by the Company at the date of preparation of the presentation. Realization or non-realization of forward-looking statements will be affected by, among other things, risk factors characterizing the activity of the Company and,developments in the general environment and external factors affecting the activity of the Company, which cannot beestimated in advance and are not under the control of the Company. The Company’s operating results may differ materiallyfrom estimated or implicit results stated in the presentation.

20

Thank you

www.meitavdash.co.ilChampionTower, 30 DerekhSheshetHayamin, Bnei Brak

Phone: 972-3-7903000 Fax: 972-3-7778001