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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 traded on the Tel-Aviv Stock Exchange.

Mizrahi Tefahot is Israel's third largest bank by assets and offers a complete range of international, commercial, domestic and personal banking services. Total assets as of December 31, 2017 totalled USD 69.1 billion and for the year ending December 31, 2017, Mizrahi Tefahot reported operating profit before tax of USD 633.69 million, net profit of USD 388.52 million, and a return on equity of 10.2%.

Mizrahi Tefahot's controlling shareholders, the Ofer and Wertheim group, currently hold about 44.25% of its shares, with the remainder owned by the public and listed on the Tel-Aviv Stock Exchange. Mizrahi Tefahot Group operates through 187 branches in Israel (including 46 branches of our subsidiary Bank Yahav, mainly specializing in services to government and public employees), and 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 with respect to foreign bank deposits. S&P Global Ratings Maalot Ltd has assigned Mizrahi Tefahot a rating of ilAAA and a rating of ilA+ with respect to subordinated securities issued by Mizrahi Tefahot that have been recognized by the Bank of Israel as an Upper Tier 2 Capital. Midroog Ltd (created in partnership with Moody's, which owns 51% equity stake) has assigned Mizrahi Tefahot a long term deposit and senior debt rating of Aaa.il/stable outlook and subordinated capital notes (lower tier 2 capital) were rated Aa.il/stable outlook.

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