Bank Leumi Le Israel B M : Fitch Ratings provides rating (BBB)EXP to Proposed US$ Tier 2 Subordinated Green Notes

Michael Klahr

Head of Investor Relations

Bank Leumi Le-Israel B.M.

34 Yehuda Halevi Street

Tel Aviv 6513616

Israel

January 17, 2023

Dear Mr. Michael Klahr,

Re:	Rating Letter for Bank Leumi Le-Israel B.M.

Fitch (see definition below) assigns the following subordinated rating to the USD500,000,000 Tier 2 Securities by Bank Leumi Le-Israel B.M.

Long-term subordinated rating; 'BBB'

In issuing and maintaining its ratings, Fitch relies on factual information it receives from issuers and underwriters and from other sources Fitch believes to be credible. Fitch conducts a reasonable investigation of the factual information relied upon by it in accordance with its ratings methodology, and obtains reasonable verification of that information from independent sources, to the extent such sources are available for a given security or in a given jurisdiction.

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Registered in England and Wales No. 1316230

provides information about the criteria and methodology used to arrive at the stated rating, which may differ from the general criteria and methodology for the applicable security type posted on the website at a given time. For this reason, you should always consult the applicable rating action commentary for the most accurate information on the basis of any given public rating.

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It is important that you promptly provide us with all information that may be material to the ratings so that our ratings continue to be appropriate. Ratings may be raised, lowered, withdrawn, or placed on Rating

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Fitch Ratings Ltd

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[phone] www.fitchratings.com

Registered in England and Wales No. 1316230

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The credit rating agency deemed to have issued a given credit rating is determined by the location of the lead rating analyst (i.e. the primary analyst) upon the publication of the rating, and upon each subsequent review (including rating upgrades, downgrades and affirmations). The deemed credit rating agency for the purpose of this rating letter is as set forth in the published rating action commentary relating to this rating as published at www.fitchratings.com.

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We are pleased to have had the opportunity to be of service to you. If we can be of further assistance, please contact me Michael Bojko, Director, at [phone].

Sincerely,

Fitch Ratings Ltd

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Fitch Ratings Ltd

30 North Colonnade, Canary Wharf, London E14 5GN

[phone] www.fitchratings.com

Registered in England and Wales No. 1316230