Bank Hapoalim B.M.

Investor Presentation • May 22, 2023

1Q23 Quarterly Financial Review

This presentation includes condensed information and selected data from Bank Hapoalim's 1Q23 annual financial results.

This presentation is not a substitute for the Bank's 1Q23 Annual Financial Statements, which include the full financial information, including forward-looking information. The financial statements are available on the Bank's website at - Investor Relations/Financial Information.

Some of the information in this presentation that does not refer to historical facts constitutes forward-looking information, as defined in the SecuritiesLaw.

Forward-looking statements regarding the Bank's business, financial condition and results of operations, are subject to risks and uncertainties that may cause actual results to differ materially from those contemplated. Such forward looking statements, include, but are not limited to, product demand, pricing, market acceptance, changing economic conditions, risks in product and technology development and the effect of the Bank's accounting policies, as well as certain other risk factors detailed from time to time in the Bank's filings with the securities authorities.

Data relating to business segments is presented according to "operating segments based on management approach" as disclosed in note 28A in the bank's annual report.

1Q23 Quarterly Financial Review

Robust profitability & shareholder value

Leap in income due to continuous growth, NIM

% 17.01Q23 ROE

Increase in div. payout ratio

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Fortress balance sheet

with sound capital and liquidity expansion, and restrained costs metrics, well above regulatory Positioned to navigate uncertainty, requirements*

% 1Q23 * 1 10. 1 23% .36 CET-1

% 1Q23 * 1 100 2 %

7 LCR

Low-risk portfolio

Strong underwriting parameters reflect our prudent risk management approach

% % of real estate 40 Of net profit 99 under construction will not cause losses if prices drop by up to 25%

Robust profitability

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LCR

LDR

75

127%

NSFR

127%

Retail

dep

59

deposits

% %

Above regulatory requirement of 100% NPL ratio

0.85%

c

tota

1.65

166

NPL coverage ratio

Balance of allowance * to total credit

%

* Allowance in respect of loans, including off balance sheet items

%

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Credit portfolio

NIS billion

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Lower credit growth, in line with s macroeconomic developments Sound buffers for any negative

Real estate portfolio breakdown Housing loans and risk parameters (in Israel)

% of real estate under 99 construction

without causing the bank a loss Can absorb a price drop of up to 25%

% in the real estate sector Allowance to loans 1.95

buf development

Only %2020-1Q23 Avg. 0.06

Credit loss housing loans sector expenses in the sect

Low risk portfolio

1Q23 Quarterly Financial Review

Slower growth amid tighter monetary conditions

Real GDP growth, seasonally adjusted annual rate

Inflation converges on US and EU levels Markets imply more gradual rate cuts in Israel

Year-on-year rate of change

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New home sales fell

Fees

activity

Income from non- regular financing

Income from regular financing activity

Total income

Financial margin from regular activity

Other income

Total income NIS million 2.77% 2.58% 2.64% 2.24% 1.91% 5,359 5,231 4,753 ¹⁴ 37 18 4,088 ⁹⁶⁸ 17 929 3,848 ⁹⁸⁴ 95 903 81 889 4,399 4,022 4,184 3,432 2,910 -46 -264 -271 -22 1Q22 2Q22 3Q22 4Q22 1Q23

Well-diversified credit portfolio

NIS billion

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1Q23 Quarterly Financial Review 13

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46% Consumer 10% Commercial 15% Corporate 5% International activity 11% Financial management 13% Small businesses 59% Retail Deposit base Total deposits NIS 529 billion

8 668 1,935 768 608 579 -155 -613 -748 -472 2018 2019 2020 2021 Collective provision and net charge-offs Individual provision Total credit losses 0.22% 0.44% 0.64% -0.37% -0.02% Credit loss ratio 613 1,276 1,943 -1,220 -34 96 334 ^{196 192} -50 ⁹⁹ -7 -8 -151 -550 1Q22 2Q22 3Q22 4Q22 1Q23 credit losses % % % % % Allowance for NIS billion -0.66 0.10 0.05 0.43 0.19 -600 91 45 430 185 Affected by COVID-19 reserve build and release Allowance to loans 1.65% Balance of allowance for credit losses 2022 5.3 5.7 5.9 Collective allowance 4Q21 4Q22 1Q23 NIS million Provision for credit losses 6.7 6.5 6.5 * * Proforma data.

* Relief valid until December 31, 2023. The minimum regulatory requirement pre-relief is 6%. ** Calculated as the dividend per share paid or declared in the last twelve months, including in respect of 1Q23, divided by share price on the record date of each distribution or declaration. Note: For additional information regarding capital requirements, refer to note 9 in the 1Q23 report.

Leap in the bank's profitability. record profit of NIS 2 billion; ROE of 17.0%

Continuous growth in income,

supported by the ongoing growth in business activity and a high contribution of the increase in rates and CPI

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Fortress balance sheet with strong buffers of capital, liquidity and credit loss reserve

Cost-to-income 39.1%; substantial positive jaws

Low risk portfolio due to prudent underwriting culture. Further increase in collective allowance

Robust capital buffers allowed for an increase in dividend payout ratio to 40%; Dividend in respect of the first quarter amounted to NIS 803 million

1Q23 Quarterly Financial Review

NIS million

Year ended	1Q22	4Q22	1Q23
Cash on hand and deposits with banks	178,317	133,424	95,918
Securities	68,604	107,400	137,338
Net credit to the public	364,257	388,727	394,399
Deposits from the public	519,776	532,588	528,897
Deposits from banks	11,370	8,696	9,284
Bonds and subordinated notes	27,411	26,866	26,417
Shareholders' equity	43,230	46,502	48,115
Total balance sheet	637,625	665,353	666,665

Note: For a full balance sheet analysis, please referto the bank's financialstatementsfor 1Q23.

NIS million

Year ended	1Q22	4Q22	1Q23
Total net financing profit	2,864	4,265	4,377
Fees and other income	984	966	982
Total income	3,848	5,231	5,359
Wages	(1,161)	(1,082)	(1,248)
Maintenance and depreciation of buildings and equipment	(326)	(364)	(356)
Other expenses	(471)	(600)	(490)
Total operating and other expenses	(1,958)	(2,046)	(2,094)
Provision for credit losses	6,00	(430)	(185)
Profit before taxes	2,490	2,755	3,080
Provision for taxes on profit	(862)	(1,015)	(1,089)
Net profit	1,654	1,750	2,008
ROE	15.6%	15.3%	17.0%

For a full profit and loss analysis, please referto the bank's financialstatementsfor 1Q23.

Israel's leading financial institution