Book size: 2600; Redemption: 2027-01-21; Registration: 144A/Reg S (Cat 2);

Bank Hapoalim BM (HAPOAL) exp issue ratings NR/BBB/BBB (issuer ratings A2/A/A) US$1bn 144A/Reg S (Cat 2) 10.25NC5.25 Green Fixed Rate Reset T2 Sub Notes due 1/21/32. Barc/Citi (B&D)/JPM (JGCs)/MS joint books. Co-mgr: Jefferies. Local Distributor: Poalim IBI Underwriting & Issuing Ltd. Tax changes call, regulatory / capital disqualification call. Issuer Call: Callable at Par, in whole but not in part, at any time during the three month period ending on (and including) the Reset Date (1/21/27). Coupon: fixed until 1/21/27. If not called, resets at 5y UST + initial margin. UOP: use an equivalent amount of net proceeds of the issue of the Notes, after deduction of the total fees and expenses in connection with the issuance of the Notes, to finance or re-finance, in whole or in part, Eligible Green Projects as described in the Bank’s Green Finance Framework, as amended and supplemented from time to time. NetRoadshow: www.netroadshow.com | entry code: Hapoalim2021. Pricing 10/14. Settle 10/21. IPTs: T+240-250. Bank Hapoalim, the largest bank in Israel by total loans, rated A2/A/A (all stable) by Moody’s/S&P/Fitch, has mandated Citi, J.P. Morgan and Barclays as Joint Global Coordinators, Green Structuring Agents and, together with Morgan Stanley, Joint Bookrunners to arrange a series of fixed income investor calls commencing on Monday 11th October. An inaugural144A/RegS USD-denominated 10.25NC5.25 Tier 2 Subordinated Green benchmark notes (the “Notes”) offering will follow, subject to market conditions. The Notes are expected to be rated BBB by S&P and BBB by Fitch. An amount equal to the net proceeds of the offering will be used to finance or refinance, in whole or in part, Eligible Green Projects as described in the Bank’s Green Bond Framework. A Second Party Opinion will be published by S&P. Jefferies will act as International Co-Manager and Hapoalim IBI as Local Distributor on this transaction. Relevant stabilisation regulation applies, including FCA/ICMA. NetRoadshow: www.netroadshow.com | entry code: Hapoalim2021 Target Market: Eligible counterparties and professional clients only (all distribution channels)

[BANK HAPOALIM]

Bank Hapoalim BM "HAPOAL" (issue ratings NR/BBB/BBB; issuer ratings A2/A/A) hit the market today with $1bn 144A/Reg S (Cat 2) 10.25NC5.25 Green Fixed Rate Reset T2 Sub Notes due 1/21/32. Local Distributor: Poalim IBI Underwriting & Issuing Ltd. Tax changes call, regulatory / capital disqualification call. Issuer Call: Callable at Par, in whole but not in part, at any time during the three month period ending on (and including) the Reset Date (1/21/27). Coupon: fixed until 1/21/27. If not called, resets at 5y UST + initial margin. List Tel Aviv. Law: New York, except for waiver of set-off and subordination provisions governed by the laws of Israel.

UOP: use an equivalent amount of net proceeds of the issue of the Notes, after deduction of the total fees and expenses in connection with the issuance of the Notes, to finance or re-finance, in whole or in part, Eligible Green Projects as described in the Bank’s Green Finance Framework, as amended and supplemented from time to time. NetRoadshow: www.netroadshow.com | entry code: Hapoalim2021. Settle 10/21.

VIA Barc/Citi (B&D)/JPM (JGCs)/MS joint books. Co-mgr: Jefferies.

Announced overnight with benchmark size, we heard initial thoughts as T+240-250.

Guidance came in a T+225a +/- 5.

Ultimately, a $1bn deal priced at T+220bp as follows:

PRICED: $1bn 3.255% 1/21/32 100.00 3.253% T+220. Single reset on the reset to the prevailing 5y UST rate on the reset date + initial margin (215.5bps).

This is the first time we've seen a benchmark trade from HAPOAL sold into the States, so CONCESSION IS N/A.

The deal was sold out of London or off EM desks, so unfortunately we didn't get much in the way of relative value thoughts.

Final book size was heard $2.6bn.