Book size: 1400; Registration: 144A/Reg S;

Bank Leumi Le-Israel BM (LUMIIT) exp NR/A/A US$500m 144A/Reg S (Cat 2) 5y sr notes due 7/27/27. 1mo par call. Tax changes call. Citi (GC/B&D)/Barc/Jeff/JPM/UBS joint books. Leumi Partners will act as Local Distributor. List Tel Aviv. Law: New York, except for waiver of set-off and ranking provisions governed by the laws of Israel. UOP: GCP, Support the Group’s business growth. Marketing: www.netroadshow.com | Access Code: LEUMI2022. Pricing 7/20. Settle 7//27. IPTs: T+235 area. Bank Leumi le-Israel B.M. (the "Issuer"), the largest bank in Israel by assets and market capitalisation, rated A2/A/A (all stable outlook), has mandated Citi as Global Coordinator and Joint Bookrunner and Barclays, Jefferies, J.P. Morgan and UBS Investment Bank as Joint Bookrunners to arrange a Global Investor Call on Monday 18 July and a series of fixed income investor calls commencing Monday 18 July. Citi will organise roadshow logistics. A 144A/RegS USD-denominated benchmark 5-year Senior Unsecured Notes offering will follow, subject to market conditions. The Notes are expected to be rated A by S&P and A by Fitch. Leumi Partners will act as Local Distributor on this transaction. Relevant stabilisation regulation applies, including FCA/ICMA.

Bank Leumi Le-Israel BM “LUMIIT” (NR/A/A) hit the market today with $500m 144A/Reg S (Cat 2) 5y sr notes due 7/27/27. 1mo par call. Tax changes call. Leumi Partners will act as Local Distributor. List Tel Aviv. Law: New York, except for waiver of set-off and ranking provisions governed by the laws of Israel. UOP: GCP, Support the Group’s business growth. Marketing: www.netroadshow.com | Access Code: LEUMI2022. Settle 7//27.

Via Citi (GC/B&D)/Barc/Jeff/JPM/UBS joint books.

Announced as benchmark size, initial price talk was heard as T+235 area.

Ultimately a $500m deal priced at T+210bp.

PRICED: $500m 5.125% 7/27/27 99.340 5.277% T+210.

As for r/v, there were a lot of comps on this one, but the one direct from Bank Leumi was a 31nc36 T2. As such – CONCESSION N/A.

Israel $ bonds

State of Israel (A1/AA-/A+)

- ISRAEL 2.875% due 03/16/26 T+32 (G27; $97.93) - $1bn pxd Mar ‘16

- ISRAEL 3.250% due 01/17/28 T+45 (G46; $98.20) - $1bn pxd Jan ‘18

- ISRAEL 2.500% due 01/15/30 T+60 (G51; $92.65) - $1bn pxd Jan ‘20

Israel Electric Corp Ltd (Baa1/BBB+)

- ISRELE 4.250% due 08/14/28 T+179 (G179; $96.33) - $1bn pxd Feb ‘18

- ISRELE 3.750% due 02/22/32 T+216 (216; $89.21) - $500m pxd 2/15/22 T+175

EM SNR rating comparables

Bangkok Bank PCL/HK (Baa1/BBB+)

- BBLTB 4.300% due 06/15/27 T+133 (G132; $99.12) - $750m pxd 6/8/22 T+130

Banco Santander Chile (A1/A-)

- BSANCI 2.700% due 01/10/25 T+170 (G170; $94.86) - $750m pxd Jan ‘20

- BSANCI 3.177% due 10/26/31 T+241 (G239; $83.67) - $500m pxd Oct ‘21

Banco de Chile (A1/A)

- BNCHIL 2.990% due 12/09/31 T+237 (G235; $82.41) - $500m pxd Dec ‘21

Republic of Chile (A1/A/A-)

- CHILE 2.450% due 01/31/31 T+168 (G163; $84.25) - $1.75bn pxd May ‘20

Banco Internacional Del Peru (Baa1/BBB-)

- BINTPE 3.250% due 10/04/26 T+263 (G261; $90.61) - $400m pxd Sept ‘19

Republic Of Peru (Baa1/BBB/BBB)

- PERU 2.392% due 01/23/26 T+160 (G154; $92.42) - $1bn pxd Apr ‘20

DM SNR rating comparables

BPCE SA (A1/A/A+)

- BPCEGP 4.750% due 07/19/27 T+174 (G174; $99.31) - $750m pxd 7/11/22 T+177

Societe Generale (A1/A/A)

- SOCGEN 4.677% due 06/15/27 T+184 (G184; $98.62) - $800m pxd 6/8/22 T+165

JPMorgan Chase & Co (A2/A-/AA-)

- JPM 4.851% due 07/25/28 (nc27) T+173 (G173; $99.90) - $3.5bn pxd 7/18/22 T+175

Wells Fargo & Company (A1/BBB+/A+)

- WFC 4.808% 07/25/28 (nc27) T+175 (G175; $99.60) - $3bn pxd 7/18/22 T+175

ISRAEL $ T2s

Bank Leumi Le-Israel (na/BBB/BBB) – SUB T2

- LUMIIT 3.275% due 01/29/31 (nc26) G+395 call; G+266 worst; Reset T+163 - $750m pxd Jan ’20

Bank Hapoalim (na/BBB/BBB) – SUB T2

- HAPOAL 3.255% due 01/21/32 (nc27) G+418 call; G+320 worst; Reset T+216 – $1bn pxd Oct ‘21

Mizrahi Tefahot Bank Ltd (na/BBB-/BBB) – SUB T2

- MZRHIT 3.077% due 04/07/31 (nc26) G+409 call; G+309 worst; Reset T+225 - $600m pxd Mar ‘21

Final books were heard as $1.4bn.