Mizrahi Tefahot Bank Ltd.

Investor Presentation • Feb 27, 2025

Financial statements December 31, 2024

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Q4/24 Disclaimer

• This document has been prepared by Mizrahi-Tefahot Bank Ltd (UMTB) solely for use at the company's presentation. The information contained in this document constitutes information from the bank's 2024 quarterly and annual reports and/ or immediate reports, as well as the periodic, quarterly and annual reports and/or immediate reports published by the bank in previous years.
• Accordingly, the information contained in this document is only partial, is not exhaustive and does not include the full details regarding the bank and its operations or regarding the risk factors involved in its activity and certainly does not replace the information included in the periodic, quarterly, annual or immediate reports published by the bank. In order to receive the full picture regarding the bank's 2024 quarterly and annual reports, the aforesaid reports should be perused fully, as published to the public.
• None of the company, or any of their employees or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document.
• The bank's results in practice may be significantly different from those included in the forecasting information, as a result of a large number of factors, including, inter alia, changes in the domestic and global equity markets, macro-economic changes, geo-political changes, legislation and regulation changes, and other changes that are not under the bank's control, which may lead to the estimations not realizing and/or to changes in the business plans.
• The forecasting information may change subject to risks and uncertainty, due to being based on the management's estimations regarding future events, which include, inter alia: global and local economic development forecasts, particularly regarding the economic situation in the market, including the effect of macro-economic and geo-political conditions; expectations for changes and developments in the currency and equity markets; forecasts related to other various factors affecting exposure to financial risks; forecasts with respect to changes to borrowers' financial strength, public preferences, changes in legislation and the provisions of regulators, competitors' behavior, the status of the bank's perception, technological developments and human resources developments.
• This document does not constitute an offer to sell, or a solicitation of an offer to buy, or a recommendation of any kind regarding any security or any interest in security.

Q4/24 Macro environment

(1) Broad Unemployment Rate (general definition of unemployed, unemployed that ceased working due to dismissal or closing of their work place in the last two years and temporary absent from their work for the whole week due to economic reasons) (15 years old and above). (2) Bank of Israel forecast for 2025 – 2026 - annual average according to Bank of Israel research department forecast from January 6, 2025. (3) Broad Unemployment rate, ages 25-64. (4) As of February 23, 2025.

Q4/24 Overview of Mizrahi-Tefahot

(1) As of December 31, 2024. (2) For 1-12/2024. (3) Tel Aviv Stock Exchange (as of February 20, 2025) (4) Including Yahav Bank (5) As of September 30, 2024. (6) Market share in credit to Households and Private Banking segments (supervisory operating segments).

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Q4/24 Financial Highlights

Q4/24 The effect of Iron Swords war events

• Since October 7, 2023 and throughout the war, the Bank has prepared to continue its operations and to provide service to its customers, including in war-affected zones, as much as possible.
• The Bank takes part in the national endeavor and has announced the allocation of funds for charitable donations and assistance to civilians affected by the war, and has launched programs to provide relief to Bank customers, with emphasis on customers resident in war-affected regions.

- Total charitable donations allocated by the Bank for adoption of the town of Sderot and kibutz Kfar Aza and other activities to benefit residents of the Gaza border and Northern border areas amounts to NIS 70 million. Most of these expenses were recorded in the 2023 Financial Statements.

- In May 2024, the Israeli banks decided to make a donation to the Jewish Agency of NIS 98 million, in order to provide critical assistance to the strength and resiliency of soldiers serving in the reserves, who they or their spouses are owners of independent businesses, which were negatively affected due to the reserve duty of their owners. The Bank Group's share in the donation is NIS 18 million.

- The estimated value of relief and banking benefits extended to all Bank Group customers, beyond the charitable donation amount, is NIS 624 million (including banking relief and benefits provided to residents of Sderot and Kfar Aza, as noted above), assuming full utilization of all benefits offered to the relevant population.

Loan balance with changes to terms and conditions of debt due to the war (NIS mil)

	Loan balance with changes to terms and conditions of debt as of 31.12.2023	Loan balance with changes to terms and conditions of debt as of 31.12.2024	Total credit to this segment as of 31.12.2024	Loan balance with changes to terms and conditions of debt as of to total credit as of 31.12.2024
Large businesses	144	-	55,360	-
Medium businesses	219	-	13,831	-
Small businesses	3,612	259	39,287	0.66%
Private individuals	855	87	28,322	0.31%
Housing loans	23,714	5,225	225,294	2.32%
Total	28,544	5,571	362,094	1.54%

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Segment	1-12/2024		1-12/2023			Q4/2024	Q4/2023
	Provision	Rate of provision	Provision	Rate of provision	Provision	Rate of provision	Provision	Rate of provision
Housing loans	64	0.03%	247	0.12%	)9(	)0.02%(	12	0.02%
Business	316	0.30%	892	0.96%	60	0.23%	221	0.95%
Households	139	0.50%	324	1.21%	54	0.78%	62	0.92%
Total	519	0.14%	1,463	0.45%	105	0.12%	295	0.36%

Provisions / loans to the public

0.45% 0.14% 2023 2024

Expenses with respect to credit losses for the Group amounted to NIS 519 million in 2024, or an annual rate of 0.14% of total loans to the public, net, compared to NIS 1,463 million in the corresponding period last year. The decrease arises from the fact that the expenses due to credit losses in 2023 mainly reflected the increase in risk levels in respect of the war and in respect of the increase in the interest rates in the economy.

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Q4/24 Profitability and efficiency

Q4/24 Continuous loan growth (NIS bil)

Business segment	31.12.24	31.12.23	% change in
Housing loans	224.1	205.4	9.1
Households + private banking	27.6	26.9	2.6
Total individuals	251.7	232.3	8.3
(2) Total businesses	106.3	93.0	14.2
Total	358.0	325.3	10.0

9 Supervisory operating segments (2) Small and micro businesses, Medium businesses and Large businesses, Institutional investors and Overseas operations

Q4/24 Continuous deposit growth (NIS bil)

Q4/24 Financing revenues from current operations

From Q4/2020 including Union Bank. NIS mil

	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Interest revenues, net	3,146	3,181	2,959	2,689	2,685	3,220	3,156	2,753
Non-interest financing revenues	87	250	341	)167(	345	26	60	143
Total financing revenues	3,233	3,431	3,300	2,522	3,030	3,246	3,216	2,896
less:
Effect of the Consumer Price Index		387	212	34	88	494	439	)13(
Revenues from collection of interest on troubled debt		11	13	9	8	13	13	14
Gains (losses) from bonds, shares and real investments	)44(	18	)8(	)74(	44	16	16	49
Effect of accounting treatment of derivatives at fair value and others		53	146	)285(	110	)96(	)99(	)5(
Total effects other than current operations	291	469	363	)316(	250	427	369	45
Total financing revenues from current operations	2,942	2,962	2,937	2,838	2,780	2,819	2,847	2,851
NIS mil								11

Total operating and other expenses decreased by 6.2% compared to 2023. The decrease in operating and other expenses derives, inter alia, from the continuous synergy following the merger with Union bank, expenses recorded in the corresponding period last year due to the impact of the wage agreement signed with the employees' union as well as from one-off assets depreciation recorded in 2023.

Q4/24 Equity, capital adequacy and dividend

(1) For the relevant period.

(2) It is hereby clarified that there is no change to the Bank's dividend policy, as detailed in the report published by the Bank on April 27, 2021 (reference no. 2021-01-071448).

(3) After examining the Bank's capital planning in the various scenarios and in accordance with Bank's dividend policy.