Company Profile
The Migdal Group Organizational Structure Public 69.15% 9.8% Migdal Insurance 21.05% 100% Migdal Capital Markets Alternative Investments Mutual Funds Underwriting and Business Initiatives Global Fixed Income and Structured Products Provident and Educational Funds Portfolio Management 2
The Migdal Group Established in 1934, Migdal is the leading insurance and finance group in Israel Israel s largest Insurance Company Market leader in Life insurance and with a prominent positioning in the pension funds sector and in funds management Operates also in the Non-Life market, offering a complete range of insurance solutions both to retail and to corporate clients Total Assets under management as of October 31, 2011: NIS 145B (~$38B) 1,500,000 private and business customers Market Cap : NIS 5,522,246B (~$1.43B) Embedded Value as of December 31, 2011: NIS 10.7 (~$2.9B) 3
The Generali Group* Established in 1931, the Generali Group is one of the most significant players in the global insurance and financial products market Present in more than 60 countries Over 500 international companies Over 85,000 employees Over 70 millions clients worldwide More than 400B worth of assets under management Market Cap: ~ 13.47B *On March 2012 the Generali Group announced it had singed an agreement to sale all of its Migdal Group holdings to the Israeli Insurance mogul Shlomo Eliyaho. As of yet, the transaction did not close and Generali is still the controlling shareholder. 4
Migdal Capital Markets Company Profile Migdal Capital Markets Investment House has been active in the Israeli capital markets since 1965, and it is one of the largest and oldest investment houses in the Israeli economy. It is wholly owned by the Migdal Group, the largest non-bank financial institution in Israel Migdal Capital Markets brings into play the advantages inherent in the integration between an insurance company and a leading investment house. These advantages allow the Israeli investor to benefit from the financial strength of the parent companies and from a professional and experienced team of investment managers Migdal Capital Markets presently manages ~NIS 30B, and provides a wide range of asset and investment management services Migdal Capital Markets was jointly held by Bear Stearns and Migdal Insurance (50%-50%). In 2008 Migdal acquired Bear Stearns stake in Migdal Capital Markets from JP Morgan and reached full ownership 5
Migdal Capital Markets Products and Activities Migdal Mutual Funds Migdal Mutual Funds The fourth largest mutual fund company in Israel, managing approximately NIS 16 billion, mainly in fixed income, but also in many other tradable assets. All funds receive high rating in their individual categories Investment Portfolio Management Migdal Assets and Securities Management A large Portfolio Management company in Israel, managing approximately NIS 4.4 Billion for retail and institutional clients Provident Funds Management Migdal Capital Markets Manages approximately NIS 9.6 billion in Educational and Provident Funds. Its market share is approximately 15% of the entire Educational Fund Market in Israel Stock Exchange services Migdal Stock Exchange Services Is the first non-banking broker/dealer and one of the pioneer members on the Israeli Stock Exchange. The company is a service provider for both retail and institutional clients in the global markets Global Fixed Income & Structured Products Global Fixed Income and Structured Products Department Operating as part of the investment house and considered to be the largest in Israel in the fixed income and structured products area for institutional clients 6
Migdal Underwriting & Business Initiatives Ltd. The investment banking arm of the Migdal Group, Israel s largest non-bank financial institution Featuring a leading team of extremely capable professional investment bankers Tailor-made solutions, designed to fit our clients profile in both the public and private sectors A widespread network which includes an excellent connection to the Israeli capital markets and its diverse market sectors International reach, cooperation with leading investors (PE houses, VC funds, Hedge funds, family offices), financial institutions, investment banks and industry leaders globally Economies of scale; our clients can enjoy a variety of services from the Migdal Group, including brokerage, research, asset management etc 7
Migdal Underwriting & Business Initiatives Ltd., Services Raising Equity For Private Companies Private Placements Raising Mezzanine Debt Raising Senior Debt Initial Public Offerings (IPO) Public Offerings Secondaries Issuing rated Bonds, Secured and Unsecured Advisory Services Mergers and Acquisitions Strategic and Financial Consultancy Services Locating Target Companies for Acquisitions 8
Main Vertical Practice Areas Energy, Renewable Energy & Clean Tech Oil & Gas Information and Communication Technology (Software, Hardware, Internet, Media etc.) Life Sciences 9
Selected Transactions $ 190,000,000 Preferred Equity Private Placement Sep 2010 105,000.000 Oct 2010 500,000,000 Aug 2010 420,000,000 Jan 2010 Undisclosed Equity Private Placement Apr 2011 Undisclosed Secondary Equity Mar 2011 15,000,000 Renewable Energy Sell-Side Mar 2011 $ 1,500,000 Equity Private Placement Mar 2011 21,000,000 Renewable Energy Sell-Side Sep 2011 32,000,000 Rights Issuance Stocks and Options Jun 2011 Undisclosed Renewable Energy Buy-Side May 2011 Undisclosed Renewable Energy Sell-Side May 2011 7,000,000 Public Equity Offering Nov 2011 100,000,000 Private Debt Issuance Oct 2011 6,700,000 Public Equity Offering Oct 2011 $ 38,000,000 Interest Rights Sep 2011 10
Selected Transactions $ 3,000,000 Equity Private Placement Dec 2011 235,000,000 Dec 2011 2,000,000,000 Nov 2011 15,000,000 Public Offering of Stocks and Options Nov 2011 1,500,000 Feb 2012 915,255,000 Jan 2012 500,000,000 Jan 2012 150,000,000 Private Debt Issuance Jan 2012 3,516,820 Private Rights Issuance Mar 2012 $ 10,000,000 Equity Private Placement Mar 2012 1,000,000,000 Mar 2012 250,000,000 Public Offering of Stocks and Options Feb 2012 420,000,000 May 2012 250,000,000 Apr 2012 1,055,776,459 Apr 2012 3,656,421 Buyback Offer Issuance Apr 2012 11
The Leading Team behind Migdal Underwriting and Business Initiatives Amos Mar-Haim Chairman Current Positions: Director in various private and public companies in Israel including Lapidot Oil Drilling Ltd., Hadera Paper, Golf & Co., Yissum (R&D arm of the Hebrew University), Elrov Israel Ltd., and Keter Publishing Holds various public positions including: Chairman of the Jerusalem International Convention Center and Chairman of Jerusalem Cinematheque. Past Positions include: CEO Ministry of Industry, Trade and Tourism. CEO Clal Industries ltd., and Deputy CEO to Clal Israel Ltd. Deputy Mayor the City of Jerusalem Vice Chairman Israel Corporation Ltd. Chairman ZIM (Integrated Shipping Services Ltd.) Vice Chairman Israel Chemicals Ltd., Vice Chairman Israel Refineries Ltd. Member of the Bank of Israel Advisory Committee Chairman Israel Post : MA in Economics and Business Administration, The Hebrew University, Jerusalem. B.A. in Economics and Business Administration, The Hebrew University, Jerusalem. 12
The Leading Team behind Migdal Underwriting and Business Initiatives Previous positions Deputy CEO Clal Finance Underwriting Ltd. Vice President for business development Clal Finance Ltd. CEO, ByTech Telecommunication Ltd. Chief Economist Clal Israel Ltd. Itzik Betzalel - CEO MA in Economics and Business Administration, The Hebrew University, Jerusalem. B.A. in Economics and Business Administration, The Hebrew University, Jerusalem. Omer Granit - Executive Vice President Previous positions Associate Attorney Butzel Long PC. Member of the Corporate, M&A and Israel Practices, New York, NY. Associate Attorney White & Case LLP Member of the Corporate, M&A Practice,, New York, NY. LL.M. in Corporate Law, New York University School of Law (Valedictorian), New York, NY. Joint Degree LL.B. in Law and B.A. in Business Administration, The Interdisciplinary Center, Herzliya. 13
The Leading Team behind Migdal Underwriting and Business Initiatives Roee Eizenman CEO Migdal Issuers Previous positions Senior Vice President Clal Finance Underwriting Ltd. Programming Team Leader, Mamram, IDF Executive MBA in Financial Engineering and Banking, The Hebrew University, Jerusalem. B.A. in Business Administration and Risk Management, The Interdisciplinary Center, Herzliya. Ran Arad Head of Hi - Tech Sector Previous positions Head of Israel Office, Silicon Valley Bank (SVB) Principal, Carmel Ventures Pre-Sales Manager, Mediterranean Region, Sun Microsystems R&D Team Leader, Technology Unit of the Intelligence Corps, IDF MBA, INSEAD, Fontainebleau, France M.Sc. Electrical Engineering, Technion, Israeli Institute of Technology B.Sc. Computer Engineering, Technion, Israeli Institute of Technology 14
The Leading Team behind Migdal Underwriting and Business Initiatives Ofir Doron Head of Energy Sector Previous positions Executive Director Head of the Business Planning Practice, Ernst & Young Israel. Head of the Renewable Energy Advisory Practice, Ernst & Young Israel. Senior Manager Corporate Finance, Ernst & Young Israel. LLM, KU Leuven, Leuven, Belgium. LLB, Tel Aviv University. Dr. Jacob Dagan Life Science Advisor Previous positions Managing Partner- Promed Capital, LLC- An investment group for Israeli Bio-Medical companies. Chairman of the Board and Active Board member in several Israeli Bio-Medical Companies. Involved in raising $60M for those companies in the last five years Founder and CEO of Medical Service Options, Inc., BMI Inc., Heart-Guard Inc., all New Jersey based corporations. Director of Business Development and Marketing for Laser Industries in Israel and in the USA. Founder of the Bio-Medical Engineering department at Sheba Medical Center and Senior Lecturer at Tel Aviv Biomedical Engineering Program. Dr. Sc. & Eng. Columbia University, New York M.Sc. Nuclear Sciences, Technion Israel Institute of Technology B.Sc Mechanical Engineering & Nuclear Sciences, Cum Laude, Technion Israel Inst. of Technology 15
The Leading Team behind Migdal Underwriting and Business Initiatives Dor Bocian Analyst MBA candidate - Global MBA in Finance and Entrepreneurship, the Interdisciplinary Center Herzlya, Class of 2012 B.A in Economics, the University of Pennsylvania, Philadelphia, PA (Cum Laude) General course program in Economics, London School of Economics, London Ronen Shachar Legal adviser Previous positions Senior Associate Attorney - M. Firon & Co., Attorneys and Notaries - Member of the Commercial, Corporate and M&A, Capital Markets & Securities, Energy & Natural Resources Departments. MA in Conflict Research, Management and Resolution, The Hebrew University (Swiss Center), Jerusalem. Graduate studies in Law and Diplomacy (MALD), Tufts University, The Fletcher School of Law and Diplomacy, Boston, MA. LL.B, Tel Aviv University School of Law, Tel Aviv. Yael Moshel Administration Manager Previous positions Israel Ministry of Defense Hever Consumer Club coordination and administration. B.A in Sociology and Administration, The Ramat Gan College, Ramat Gan, Israel. 16
Contacts Itzik Betzalel CEO Migdal Underwriting & Business Initiatives Ltd. Tel: +972 3 5190441 Fax. +972 3 5106712 Mobile: +972 54 6711160 itzikb@msh.co.il Omer Granit Executive Vice President Migdal Underwriting & Business Initiatives Ltd. Tel: +972 3 5194012 Fax. +972 3 5106712 Mobile: +972 54 5747745 omerg@msh.co.il Roee Eizenman CEO Migdal Issuers Ltd. Migdal Underwriting & Business Initiatives Ltd. Tel: +972 3 5194011 Fax. +972 3 5106712 Mobile: +972 52 6098906 eizenmanr@msh.co.il Ofir Doron Head of Energy Sector Migdal Underwriting & Business Initiatives Ltd. Tel: +972 3 5190441 Fax. +972 3 5106712 Mobile: +972 54 4736323 ofird@msh.co.il Ran Arad Head of Hi-Tech Sector Migdal Underwriting & Business Initiatives Ltd. Tel: +972 3 5194146 Fax. +972 3 5106712 Mobile: +972 54 4755149 ranarad@msh.co.il Dr. Kobi Dagan Head of Life Science Sector Migdal Underwriting & Business Initiatives Ltd. Fax. +972 3 5106712 Mobile: +972 54 3097560 kobyd@msh.co.il Dor Bocian Analyst Migdal Underwriting & Business Initiatives Ltd. Tel: +972 3 5194046 Fax. +972 3 5106712 Mobile: +972 52 8623162 dorbo@msh.co.il Yael Moshel Administration Manager Migdal Underwriting & Business Initiatives Ltd. Tel: +972 3 5190441 Fax. +972 3 5106712 Mobile: +972 52 3 611916 yaelm@msh.co.il Visit us at WWW.MSH.CO.IL 17