Condensed consolidated statement of profit and loss Reported amounts (NIS in millions)

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Arron Whitehead
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1 Condensed consolidated statement of profit and loss Interest revenues 1,449 1,356 6,222 Interest expenses ,875 Interest revenues, net 1,081 1,027 4,347 Expenses with respect to credit losses Interest revenues, net after expenses with respect to credit losses ,155 Non-interest revenues Non-interest financing revenues (expenses) 90 (1) 136 Commissions ,423 Other revenues Total non-interest revenues ,653 Operating and other expenses Payroll and associated expenses 569 (1) 487 (1) 2,271 Maintenance and depreciation of buildings and equipment Other expenses 154 (1) 150 (1) 598 Total operating and other expenses ,611 Pre-tax profit ,197 Provision for taxes on profit After-tax profit ,391 Share of loss of associated companies, after tax - (1) - Net profit: Before attribution to non-controlling interests ,391 Attributable to non-controlling interests (15) (9) (44) Attributable to shareholders of the Bank ,347 (1) Comparative figures for previous periods were reclassified. Approval date: Ramat Gan, May 7, 2018 Moshe Vidman Eldad Fresher Menahem Aviv Chairman of the Board of Directors President & CEO Vice-president, Chief Accountant 81

2 Condensed consolidated statement of profit and loss- Continued Diluted earnings per share (1) (in NIS) Basic earnings Net profit attributable to shareholders of the Bank Weighted average number of ordinary shares used to calculate basic earnings 232,806, ,190, ,357,974 Diluted earnings Net profit attributable to shareholders of the Bank Weighted average number of ordinary shares used to calculate diluted earnings 234,290, ,804, ,002,171 (1) Share of NIS 0.1 par value. Condensed consolidated statement of comprehensive income Net profit: Before attribution to non-controlling interests ,391 Attributable to non-controlling interests (15) (9) (44) Net profit attributable to shareholders of the Bank ,347 Other comprehensive income (loss) before taxes Adjustments for presentation of available-for-sale securities at fair value, net (64) Adjustments from translation of financial statements of investments in associated companies (1) - (1) (4) Net loss from cash flow hedges (1) (1) (8) Adjustment of liabilities with respect to employees benefits (2) (3) (132) Total other comprehensive income (loss), before tax (42) 30 (122) Related tax effect 15 (11) 44 Other comprehensive income (loss) after taxes Other comprehensive income (loss), before attribution to non-controlling interests (27) 19 (78) Less other comprehensive income (loss) attributed to noncontrolling interests (1) - 12 Other comprehensive income (loss) attributed to shareholders of the Bank, after taxes (28) 19 (66) Comprehensive income: Before attribution to non-controlling interests ,313 Attributable to non-controlling interests (16) (9) (32) Comprehensive income attributable to shareholders of the Bank ,281 (1) Adjustments from translation of financial statements of associated companies. (2) Includes adjustments with respect to actuarial estimates included in the reported period for defined-benefit pension plans and current amortization of adjustments with respect to liabilities to profit and loss. (3) Includes: The effect of update to the assumption of salary cost and update to the remuneration increase rate on the actuarial liability for employees rights at the Bank, amounting to NIS 69 million, net of taxes, as well as the effect of the streamlining plan at Bank Yahav on Bank shareholders' equity amounting to NIS 11 million. 82

3 Condensed consolidated balance sheet As of December 31 As of Assets Cash and deposits with banks 43,156 41,683 41,130 Securities (1) 9,057 11,791 10,133 Securities loaned or purchased in resale agreements Loans to the public 185, , ,602 Provision for credit losses (1,499) (1,465) (1,484) Loans to the public, net 183, , ,118 Loans to Governments Investments in associated companies Buildings and equipment 1,378 1,550 1,403 Intangible assets and goodwill Assets with respect to derivatives 3,153 3,951 3,421 Other assets 1,775 1,550 1,716 Total assets 242, , ,572 Liabilities and Equity Deposits from the public 187, , ,573 Deposits from banks 885 1,474 1,125 Deposits from the Government Debentures and subordinated notes 29,864 26,924 29,923 Liabilities with respect to derivatives 2,660 4,143 3,082 Other liabilities (2) 7,730 7,118 7,491 Total liabilities 228, , ,245 Shareholders equity attributable to shareholders of the Bank 13,890 13,015 13,685 Non-controlling interests Total equity 14,548 13,634 14,327 Total liabilities and equity 242, , ,572 (1) Of which: NIS 6,463 million at fair value on consolidated basis ( NIS 8,450 million; NIS 6,768 million). (2) Of which: Provision for credit losses with respect to off balance sheet credit instruments amounting to NIS 96 million (on March 31, NIS 93 million, on NIS 90 million). 83

4 Condensed Statement of Changes in Shareholders' Equity 2018 Share capital and premium (1) Capital reserve from benefit from share-based payment transactions Treasury shares Total paid-up share capital and capital reserves Balance as of , ,245 Dividends paid (4) Benefit from share-based payment transactions Related tax effect Realization of share-based payment transactions (2) 5 (5) - - Balance as of , , Balance as of , (76) 2,221 Dividends paid (3) Benefit from share-based payment transactions Related tax effect Realization of share-based payment transactions (2) 7 (7) - - Balance as of , (76) 2, Balance as of , (76) 2,221 Dividends paid (3) Benefit from share-based payment transactions Related tax effect Realization of share-based payment transactions (2) 17 (17) - - Cancellation of treasury shares (6) (76) Balance as of , ,245 (1) Share premium generated prior to (2) hin the first quarter of 2018, 209,742 ordinary NIS 0.1 par value shares were issued (In the first quarter of 2017 and in all of 2017, 212,323 and 533,719 ordinary NIS 0.1 par value shares were issued, respectively) for exercise of options pursuant to the Employee Stock Option Plan. In the first quarter of 2017 and in all of 2017, 9,137 ordinary NIS 0.1 par value shares were issued to the Bank President & CEO. (3) On April 26, 2017, June 20, 2017, September 26, 2017 and December 10, 2017, the Bank paid dividends amounting to NIS 39.8, 96.3, and 78.3 million, respectively, in conformity with a decision by the Bank/s Board of Directors. (4) On March 26, 2018, the Bank paid dividends amounting to NIS million, in conformity with a decision by the Bank Board of Directors. (5) On May 7, 2018, after the balance sheet date, the Bank s Board of Directors resolved to distribute dividends amounting to NIS million, or 40% of earnings in the first quarter of According to accounting rules, this amount will be deducted from retained earnings in the second quarter of (6) On September 18, 2017, the Board of Directors of the Bank decided to cancel 2.5 million shares of NIS 0.1 par value each of the Bank's issued share capital acquired by the Bank which constitute dormant shares that do not confer any rights in the Bank. Accordingly, on September 25, 2017, the dormant shares were canceled in the Bank's records. (7) Includes: The effect of update to the assumption of salary cost and update to the remuneration increase rate on the actuarial liability for employees rights at the Bank, amounting to NIS 69 million, net of taxes, as well as the effect of the streamlining plan at Bank Yahav on Bank shareholders' equity amounting to NIS 11 million. 84

5 Cumulative other comprehensive income (loss) Retained earnings Total shareholders equity Non-controlling interests Total equity (383) 11,823 13, , (110) (110) (110) (28) - (28) 1 (27) (411) 12,056 13, ,548 (317) 10,810 12, , (40) (40) - (40) (298) 11,091 13, ,634 (317) 10,810 12, ,324-1,347 1, ,391 - (334) (334) - (334) (7) (66) - (66) (12) (78) (383) 11, , ,327 85

Consolidated Balance Sheets Consolidated Balance Sheet

Consolidated Balance Sheets Consolidated Balance Sheet As of 2017 2016 Current Assets Cash and cash equivalents $ 12,681 $ 9,968 Short-term investments 30,338 18,664 Trade receivables 30,662 19,788 Other