PRESS RELEASE STRONG DEMAND OF NIS 1.3 BILLION FOR DISCOUNT'S EQUITY OFFERING The Bank Intends to Accept Advance Commitments In a Scope of NIS 700 million At a Price 1.5% Above Yesterday's Closing Price

Last night, Discount closed the first stage of a tier 1 equity offering process in which institutional investors participated within the framework of an institutional auction. In the course of the process, bids were received for shares in an amount of NIS 744 million and for warrants in an amount of NIS 180 million, which represents demand of NIS 540 million, assuming full exercise. In total, bids of NIS 1.3 billion were received, assuming full exercise.

The Bank intends to accept advance commitments in a scope of NIS 700 million (of which NIS 560 million will be received as immediate consideration prior to the exercise of the warrants), at a price of NIS 6.93 per share - 1.5% above yesterday's closing price.

The equity offering is being made against the background of the accelerating growth in the Bank's credit portfolio and is intended to enable the business growth potential to be fully realized, to increase profitability and to improve the efficiency ratio and the return on equity.

Ran Oz, Senior Executive Vice President, and Head of the Capital Markets Division is in charge of the process. The subsidiary, Discount Underwriting, is leading the offering, under the management of Tzahi Sultan and Tal Rubinstein.

Israel Discount Bank Limited published this content on 28 September 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 27 September 2016 08:30:12 UTC.