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Accelerated Growth Israel Discount Bank at a Glance

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Accelerated Growth Israel Discount Bank at a Glance COMPANY OVERVIEW FOR 2007 Accelerated Growth ISRAEL DISCOUNT BANK At a Glance Israel Discount Bank (“Discount Bank” or the “Bank”) standards and client satisfaction, while strengthening the is the third largest bank and a leading financial group bank’s franchise in both the corporate and middle-market in Israel. With nation-wide coverage and a strong and sectors. growing domestic franchise, Discount Bank provides a full spectrum of corporate and retail financial products Abroad, the bank operates through a network of and services to its clients, both in Israel and in key financial subsidiaries, branches and representative offices in North centers around the world. America, Europe and Latin America, with a focus primarily on private banking and commercial finance. Israel Discount Domestically, the Group is comprised of commercial Bank New York (IDBNY) is the largest Israeli-owned bank banks and financial services companies active in credit operating outside of Israel. cards, investment banking, portfolio management, trustee services and leasing. In addition to its traditional branch In terms of corporate social responsibility, Discount system, Discount Bank is leading the retail market with is recognized for its particularly active community new and innovative concept branches, internet and call- involvement – bank employees volunteer extensively within center based banking, and is the only local bank currently the communities in which the bank operates. offering extended evening branch hours. The bank is a member of the Tel-Aviv Stock Exchange As part of its long-term strategy, Discount Bank intends to (TASE:DSCT) and acts as a domestic securities dealer lead the domestic retail sector in terms of improved service and broker. This document has been prepared by Israel Discount Bank solely for use of the company’s presentation and strategic update at various investor forums. The information contained herein is partial and may include information that has not been independently verified by any outside entity. It is further emphasized that this presentation does not constitute an offer or invitation to purchase any securities and/or investments whatsoever. This presentation should not be relied upon in connection with any transaction, contract, commitment or investment. For full and complete overview of the Bank’s financial position and results of operations please view the Bank’s annual report for 2007. Neither the Bank nor any of its employees or representatives shall have any liability whatsoever for any loss and/or damages howsoever arising, directly or indirectly, from any use of this presentation. It is hereby emphasized that no representation or warranty whatsoever is given as to the achievement or fulfillment of any forecasts about the future prospects of the Bank and the actual results of the Bank may differ materially from those contemplated taking into account the various risk factors, changing economic conditions and uncertainties which exist regarding the Bank’s business and the result of various operations. For further details see “Forward Looking Information” section in the Bank’s financial statements. Evolution of Net Income Evolution of Net Income Interest Income and Margin, and ROE and ROE (Adjusted) Before Loan Provisions NIS millions NIS millions NIS millions 1.81 10.9 10.7 14.7 9.4 1.77 1.71 11.7 924 1,265 4,225 3,697 3,790 7.2 693 672 836 458 ‘05 ‘06 ‘07 ‘05 ‘06 ‘07 ‘05 ‘06 ‘07 Net Income ROE Net Income (adj.) ROE Interest Income Net Interest Margin 2007 FINANCIAL HIGHLIGHTS A Year of Financial Growth million NIS 2007 2006 2005 Interest Income, before loan provisions 4,225 3,790 3,697 Loan Provisions 447 570 691 Interest Income, net of loan provisions 3,778 3,220 3,006 Operating & Other Income 2,572 2,359 2,406 Commissions 2,216 1,911 1,863 Operating & Other Expenses 5,066 5,020 4,729 Total Income, before tax 1,284 559 683 Net Income 1,265 836 458 Net Income (adj.) 924 672 693 ROE 14.7% 11.7% 6.8% ROE (adj.) 10.7% 9.4% 10.3% Key Ratios 2007 2006 2005 Capital Adequacy Ratio 10.9 10.5 9.38 Loans/ Total Assets 0.60 0.55 0.55 Loans/ Customer Deposits 0.75 0.69 0.67 Customer Deposits/ Total Assets 0.81 0.80 0.82 Operating Income/ Operating Expenses 0.51 0.47 0.51 Non-Financing Expenses/ Total Income 0.75 0.82 0.77 1 Shareholding Breakdown as at December 31, 2007 26% 49% 25% Bronfman/Schron Purchaser Group* State of Israel Public * Purchaser Group has a three year option ending December 31, 2008 to purchase from the State of Israel its 25% holdings. Letter from the Chairman Dear Shareholders, At the beginning of 2007, the Board of Directors approved The 2007 annual report represents the Bank’s first full year a long term strategic plan for “Accelerated Growth”, of activity post privatization. During the year we continued which included setting an ROE target of at least 13% by to implement many measures, initiated at the time of 2010, double digit growth in annualized net income and privatization, clearly positioning the Bank as one of Israel’s positioning the Bank as a retail banking leader. We are leading and influential players, generating considerable already seeing the fruit of our labor in our growth rates shareholder value. across the board. A Year of Building a Leading, Competitive, A Year of Rapid Economic Growth Privatized Company The stable macro-economic environment and rapidly During 2007, we successfully reorganized the Group’s growing Israeli economy, as well as the strong fiscal structure including nominating key managers in Israel and discipline, tax reductions, lower public debt, and abroad, making the Bank think and operate as a Group. unemployment decrease - have all contributed to an upgrade in the State of Israel’s external and internal credit During this period, we maintained a mutual understanding rating by both Fitch Ratings and Standard & Poor’s. This, in with our labor unions, signing new compensation turn, positively impacted the Israeli banking sector’s results agreements, creating a clearer relationship between - and Discount Bank in particular. performance and compensation. Looking ahead on this front, we will work together to formulate future long term During the second half of 2007, we witnessed a credit plans permitting higher managerial flexibility, paired with crisis in overseas markets, particularly in the United States, suitable compensation for each employee. and its subsequent far-reaching effects on the financial sector. The direct exposure of the Israeli banking system to We are especially pleased this year with the steady the sub-prime mortgage market is not significant (Discount increase in the Bank’s capital structure. This, in effect, had no exposure at all to sub-prime mortgages) and, from has opened a “bottleneck”, enabling us to expand our that aspect, the direct damage to the economy is expected banking activity, while increasing our involvement in large to be relatively mild. corporate financing transactions. Furthermore, given the recent challenges in the financial markets, we place great Although, at the beginning of 2008, we are still in the importance on strengthening our capital, and have set the midst of this crisis, to date, the domestic market exposure target of achieving a 12% capital adequacy ratio by the end has not been significant, mainly as we are less exposed of 2009. on the investment banking front, and, to a large degree, 2 Discount Bank Share Price Vs. TA Banking Index Earnings per Share NIS 20% 15% 10% 5% 1.29 0% -5% 0.85 -10% -15% Discount Bank 0.47 -20% TA Banking Index -25% ‘05 ‘06 ‘07 01/06 02/06 03/06 04/06 05/06 06/06 07/06 08/06 09/06 10/06 11/06 12/06 01/07 02/07 03/07 04/07 05/07 06/07 07/07 08/07 09/07 10/07 11/07 12/07 have maintained adequate levels of liquidity. This further its shareholding in Israel Credit Cards to 72% in 2007. attests to the need to maintain a strong domestic banking We believe that the true value of Discount Group lies in the system, serving as security for Israel’s economic strength. Bank’s diversified franchise with a number of subsidiaries However, these macro events, together with domestic operating in various financing fields. changes in exchange rates, are expected to adversely Our geographic mix – in the main financial centers in the impact the continued growth of the Israeli economy, as well US, Europe and South America – enable us to provide as its ability to withstand the forces of a currently growing accessible, professional and high quality services in those recession. countries, while serving as a strong global platform. Strategically, we intend to further expand on the existing A Year of Structural Reforms in the Local platform in these countries. Banking Sector 2007 was a year of continued change in classical bank Furthermore, throughout the year, our focus on our Israeli brokerage in Israel. Firstly, due to the Bachar reform, a subsidiaries continued to draw a higher contribution, growing portion of assets under management have been particularly in the retail sector. diverted to the capital markets, away from the Banks. During 2007, we completed the sale of all our financial In Summary - A Year of Achievements assets – mutual and provident funds - allowing for our entry Our achievements in 2007 serve as the basis for continuing into pension advisory services in 2008. to realize the Discount vision in the coming years. We intend to continue implementing our strategic plan calling Secondly, bank sector credit grew by only 7%, as opposed for accelerated growth in the local market, while expanding to the continuing growth in non-bank credit - primarily our existing platform abroad.
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