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OVERVIEW

Mizrahi Tefahot Bank Ltd., (“Mizrahi Tefahot”) is incorporated and existing under the laws of the State of Israel and was established as a public company limited by shares on June 6, 1923. In 1963, Mizrahi Tefahot's shares were first listed for trading on the Tel-Aviv Stock Exchange.

Mizrahi Tefahot is Israel's third largest bank based on value of assets and offers a complete range of international, commercial, domestic and personal banking services. Its total assets as of March 31, 2018 amounted to USD 69.1 billion, and for the three months ended March 31, 2018, Mizrahi Tefahot reported USD 156.5 million of operating profit before taxes, USD 97.6 million of net profit, and a return on equity of 10.3%.

Mizrahi Tefahot's controlling shareholders, the Ofer and Wertheim group, currently hold about 44.23% of its shares, with the remaining outstanding shares owned by the public who hold shares on the Tel-Aviv Stock Exchange. Mizrahi Tefahot Group operates through 187 branches in Israel (including 46 branches of its subsidiary, Bank Yahav, which primarily specializes in services to government and public employees), and its affiliates in Israel and abroad, with branches or representation internationally in five countries in Europe and the Americas.

Mizrahi Tefahot has been assigned an international rating by Moody’s of A2/Stable with respect to foreign bank deposits.

S&P Global Ratings Maalot Ltd has assigned Mizrahi Tefahot an issuer rating of ilAAA/Stable. The subordinated notes issued via the Tefahot Issuance are rated ilAA+. Contingent subordinated notes with contractual loss-absorption provisions (CoCo), which notes qualify as Tier II equity in conformity with the provisions of Basel III, are rated ilAA-. Subordinated capital notes that qualify as Upper Tier II equity in conformity with the transitional provisions of Basel III, are rated ilA+.

Midroog Ltd (created in partnership with Moody's) has assigned Mizrahi Tefahot a long-term deposit and senior debt rating of Aaa.il/Stable. Subordinated notes (Lower Tier II capital) are rated Aa1.il. Subordinated capital notes (Upper Tier II capital) are rated Aa2.il(hyb). Contingent subordinated notes with contractual loss-absorption provisions (CoCo), which notes qualify as Tier II equity in conformity with the provisions of Basel III, are rated ilAa3.il (hyb).


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