Fibi Bank

Capital/Financing Update • Aug 20, 2025

alt: First International Bank of Israel logo

alt: Additional symbol

alt: Additional symbol

FIRST INTERNATIONAL BANK OF ISRAEL LTD.

Rating Action and August 2025

Contacts:

Avior Dagan Senior Analyst, Lead Rating Assessor avior.dagan@midroog.co.il

Amit Federman, CPA Senior Team Leader, Secondary Rating Assessor amit.federman@midroog.co.il

Moti Citrin, VP Head of Financial Institutions, Structured Finance and Additional Services

moty.c@midroog.co.il

Midroog

FIRST INTERNATIONAL BANK OF ISRAEL LTD.

Bank's Financial Strength Assessment (BCA) aa2.il

Long-term Deposits and Bonds

Aaa.il Outlook: Stable

Deferred Commitment Notes with Contractual Loss Absorption Mechanism (CoCo) Aa3.il(hyb)

Outlook: Stable

Short-term Deposits/Commercial Papers P-1.il

Midroog assigns a rating of Aaa.il, with a stable outlook, for the issuance of new bond series (Series 13) in the amount of up to NIS 1,200 million par value, and assigns a rating of P-1.il for the issuance of commercial papers (Series 1), in the amount of up to NIS 800 million par value. The issuances will be made by FIRST INTERNATIONAL ISSUES LTD., a wholly owned subsidiary of FIRST INTERNATIONAL BANK OF ISRAEL LTD. (hereinafter: "the Bank"), which is the Bank's issuing arm.

According to Midroog's methodology, the rating of the commercial papers is based on the long-term deposit and senior debt rating of the Bank, and on its short-term liquidity analysis, based on the liquidity profile examined in the Bank's financial strength assessment, the stability of the funding structure²⁰¹ and liquid assets²⁰² relative to total public deposits.

For information regarding the rating considerations, please refer to the follow-up report from July 2023²⁰³.

Related Reports

• FIRST INTERNATIONAL BANK OF ISRAEL LTD. Related Reports
• Bank Rating Methodology Methodological Report, September 2019
• Promoting Competition in the Banking System Special Report, February 2023
• Guidelines for Examining Environmental, Social and Corporate Governance Risks in Credit Ratings - Methodological Report, February 2022
• Table of Affiliations and Holdings
• Midroog's Rating Scales and Definitions
• Reports are published on the Midroog website

www.midroog.co.il

General Information

Rating Report Date:	20.08.2025
Last Rating Update Date:	29.07.2025
Date of Initial Rating Publication:	28.09.2006
Name of Rating Initiator:	FIRST INTERNATIONAL BANK OF ISRAEL LTD.
Name of Entity Paying for the Rating:	FIRST INTERNATIONAL BANK OF ISRAEL LTD.

Information from the Issuer

Midroog relies in its ratings, among other things, on information received from authorized sources at the issuer.

Midroog

Baseline Credit Assessment (BCA) Rating Scale

aaa.il	Issuers or issues rated aaa.il, in Midroog's judgment, exhibit the highest internal or independent (standalone) financial strength relative to other local issuers, in the absence of any possibility of external support from a related company or the state.
aa.il	Issuers or issues rated aa.il, in Midroog's judgment, exhibit very high internal or independent (standalone) financial strength relative to other local issuers, in the absence of any possibility of external support from a related company or the state.
a.il	Issuers or issues rated a.il, in Midroog's judgment, exhibit high internal or independent (standalone) financial strength relative to other local issuers, in the absence of any possibility of external support from a related company or the state.
baa.il	Issuers or issues rated baa.il, in Midroog's judgment, exhibit medium internal or independent (standalone) financial strength relative to other local issuers, in the absence of any possibility of external support from a related company or the state, and may have certain speculative characteristics.
ba.il	Issuers or issues rated ba.il, in Midroog's judgment, exhibit weak internal or independent (standalone) financial strength relative to other local issuers, in the absence of any possibility of external support from a related company or the state, and have speculative characteristics.
b.il	Issuers or issues rated b.il, in Midroog's judgment, exhibit very weak internal or independent (standalone) financial strength relative to other local issuers, in the absence of any possibility of external support from a related company or the state, and have significant speculative characteristics.
caa.il	Issuers or issues rated caa.il, in Midroog's judgment, exhibit the weakest internal or independent (standalone) financial strength relative to other local issuers, in the absence of any possibility of external support from a related company or the state, and have very significant speculative characteristics.
ca.il	Issuers or issues rated ca.il, in Midroog's judgment, exhibit extremely weak internal or independent (standalone) financial strength, in the absence of any possibility of external support from a related company or the state, and are very close to default with some chance of principal and interest recovery.
c.il	Issuers or issues rated c.il, in Midroog's judgment, exhibit the weakest internal or independent (standalone) financial strength, in the absence of any possibility of external support from a related company or the state, and are generally in default with slim chances of principal and interest recovery.

Note:

Midroog uses numerical modifiers 1, 2, 3 in each of the rating categories from aa.il to caa.il. The modifier '1' indicates that the bond is at the upper end of its rating category, as indicated by the letters. The modifier '2' indicates it is in the middle of the rating category, and the modifier '3' indicates the bond is at the lower end of its rating category, as indicated by the letters.

3	20/08/2025	FIRST INTERNATIONAL BANK OF ISRAEL LTD. - Rating Action

Midroog

Local Long-Term Rating Scale

Issuers or issues rated exhibit, in Midroog's judgment, the highest credit repayment ability relative to other local issuers.	Aaa.il
Issuers or issues rated exhibit, in Midroog's judgment, very high credit repayment ability relative to other local issuers.	Aa.il
Issuers or issues rated exhibit, in Midroog's judgment, high credit repayment ability relative to other local issuers.	A.il
Issuers or issues rated exhibit, in Midroog's judgment, medium credit repayment ability relative to other local issuers and may have certain speculative characteristics.	Baa.il
Issuers or issues rated exhibit, in Midroog's judgment, weak credit repayment ability relative to other local issuers and have speculative characteristics.	Ba.il
Issuers or issues rated exhibit, in Midroog's judgment, very weak credit repayment ability relative to other local issuers and have significant speculative characteristics.	B.il
Issuers or issues rated exhibit, in Midroog's judgment, the weakest credit repayment ability relative to other local issuers and have very significant speculative characteristics.	Caa.il
Issuers or issues rated exhibit, in Midroog's judgment, extremely weak credit repayment ability and are very close to default with some chance of principal and interest recovery.	Ca.il
Issuers or issues rated exhibit, in Midroog's judgment, the weakest credit repayment ability and are generally in default with slim chances of principal and interest recovery.	C.il

Note: Midroog uses numerical modifiers 1, 2, 3 in each of the rating categories from Aa.il to Caa.il. The modifier '1' indicates that the bond is at the upper end of its rating category, as indicated by the letters. The modifier '2' indicates it is in the middle of the rating category, and the modifier '3' indicates the bond is at the lower end of its rating category, as indicated by the letters.

1. 20/08/2025 FIRST INTERNATIONAL BANK OF ISRAEL LTD. - Rating Action

Midroog

Local Short-Term Rating Scale

P-1.il Prime-1.il	Issuers rated are, in Midroog's judgment, very capable of meeting their short term obligations relative to other local issuers.
P-2.il Prime-2.il	Issuers rated are, in Midroog's judgment, capable of meeting their short-term obligations relative to other local issuers.
P-3.il Prime-3.il	Issuers rated are, in Midroog's judgment, of medium ability to meet their short-term obligations relative to other local issuers.
NP.il Not Prime.il	Issuers rated do not belong to any of the Prime categories.

The relationship between the long-term and short-term rating scales

The following table details the long-term ratings corresponding to the short-term ratings, as applicable⁵⁰⁴

דירוג זמן ארוך	דרוג זמן קצר
Aaa.II
Aa1.il
Aa2.Il
Aa3.il	Prime-1.il
A1.il
A2.il
A3.il
Baa1.il	Prime-2.Il
Baa2.il
Baa3.il	Prime-3.il
Ba1.il,Ba2.il,Ba3.il
B1.il,B2.il,B3.il
Caa1.Il,Caa2.il,Caa3.il	NotPrime
Ca.il
C.il

alt: Matching table between short-term and long-term ratings

20/08/2025 FIRST INTERNATIONAL BANK OF ISRAEL LTD. - Rating Action

Midroog

© All rights reserved to Midroog Ltd. (hereinafter: "Midroog").

Ratings issued by Midroog reflect Midroog's subjective opinions regarding the relative future credit risk of entities, obligations, debts and/or debt-like financial instruments, as of their publication or provision date, and as long as Midroog has not changed or discontinued the rating, and all materials, products, services and information published or provided by Midroog (hereinafter: "Midroog Materials"), may include such subjective opinions as stated above.

Midroog defines credit risk as the risk that the rated entity may not meet its contractual financial obligations on time, as well as the estimated financial loss in the event of default or in the event the debt becomes impaired.

Midroog's ratings do not refer to any other risk, such as liquidity risk, market value, interest rate changes, price volatility or any other factor that may affect the capital market, except for credit risks.

Midroog's ratings, non-credit risk assessments (hereinafter: "Midroog Assessments") or any opinion included in Midroog Materials, are not facts or historical data. Midroog Materials may also include quantitative assessments of credit risks, based on models, as well as opinions and comments regarding these assessments.

Midroog's credit ratings, Midroog Assessments, Midroog's opinions and other Midroog Materials do not constitute investment advice or financial advice, and are not a recommendation to purchase, sell or hold any securities.

Midroog's credit ratings, Midroog Assessments, Midroog's opinions and other Midroog Materials do not constitute an opinion regarding the suitability of any investment to the needs of a particular investor.

Midroog issues credit ratings, assessments and other opinions and publishes or provides Midroog Materials with the assumption and expectation that every investor will exercise due caution and make their own assessments regarding the advisability of purchasing, selling or continuing to hold any security. Midroog recommends that every private investor consult professional advice regarding the advisability of the investment, the applicable law, and any other professional matter, before making any investment decisions.

Midroog's ratings, Midroog Assessments and any other opinions or Midroog Materials are not intended for use by private investors. Private investors are hereby warned not to base investment decisions on Midroog Materials. A private investor who bases investment decisions on Midroog Materials does so recklessly and irresponsibly. Midroog recommends that every private investor consult a financial advisor or other professional advisor before making any investment decisions.

All information contained in this document is protected by law, including, among others, by copyright and intellectual property laws. It is prohibited to copy all or any part of the information, scan it, rewrite it, distribute it, transfer it, duplicate it, display it, translate it or store it for further use for any purpose, in any way, without Midroog's prior written consent.

For the purpose of the opinions issued by Midroog, Midroog uses rating scales, according to the definitions detailed in each scale. The symbol chosen to reflect Midroog's opinion regarding credit risk reflects only a relative assessment of that risk. Midroog's ratings are not conducted according to a global scale - they are opinions regarding the credit repayment ability of the issuer or the issue relative to other issuers or issues in Israel.

Midroog's credit ratings, assessments and opinions and Midroog Materials are not intended for use as a "benchmark", as defined in the regulatory context, and should not be used in any way that could lead to them being considered a "benchmark".

Midroog does not provide any warranty, express or implied, regarding the accuracy of any rating, assessment or other opinion or information provided or created by Midroog in any way, or regarding their correctness at a certain date, or regarding their completeness, merchantability or fitness for any purpose.

All information included in Midroog's ratings, assessments, opinions and Midroog Materials (hereinafter: "the Information"), is provided to Midroog by information sources considered by it to be reliable and accurate. However, as human error or technical failure may always occur, as well as other factors, all information included in this document is provided as is, without any warranty of any kind.

Midroog is not responsible for the accuracy of the information. Midroog takes reasonable measures to ensure that the information it uses for rating purposes is of sufficient quality and comes from sources it considers reliable, including information received from independent third parties, as relevant. However, Midroog is not an auditing body and therefore cannot verify or validate the information received in each case during the rating process or during the preparation of Midroog Materials.

The content of Midroog Materials is not part of Midroog's methodology, except for those parts of the content that are explicitly stated to be part of the methodology.

Subject to any law, Midroog, its directors, officers, employees, agents, representatives, any entity that granted Midroog a license, and its suppliers (hereinafter: "Midroog Personnel"), shall not be liable to any person or entity for any indirect, special, consequential or incidental damage or loss arising from the information in this document or from the use of such information or from the inability to use such information, even if Midroog or any of Midroog Personnel have been advised that such damage or loss may occur. Without derogating from the generality of the above, Midroog shall not be liable:

• (A) for loss of present or future profits;
• (B) for loss or damage resulting from a financial instrument that was not the focus of a specific Midroog credit rating.

Subject to any law, Midroog and Midroog Personnel shall not be liable to any person or entity for any direct damage or loss arising from the information contained in this document, or from its use or inability to use it, including, among others, for damage or loss resulting from their negligence (except for fraud, willful misconduct or any other act for which the law does not allow exemption from liability), or from an unforeseen event, whether or not such event is under the control of Midroog or Midroog Personnel.

Midroog has adopted policies and procedures regarding rating independence and rating processes.

Any rating, assessment or opinion issued by Midroog may change as a result of changes in the information on which they were based and/or as a result of receiving new information and/or for any other reason. Where relevant, updates and/or changes in ratings appear on Midroog's website at www.midroog.co.il.

20/08/2025 FIRST INTERNATIONAL BANK OF ISRAEL LTD. - Rating Action

FOOTNOTE:

²⁰¹ Deposits from banks, deposits from institutional entities, bonds and promissory notes due within the next 12 months, out of total assets.

²⁰² Cash and deposits in banks, Israeli government and US government bonds, and assets guaranteed by the US government.

²⁰³ The rating report appears on the Midroog website.

⁵⁰⁴ Short-term ratings in structured finance are generally based on the short-term rating of the liquidity provider to the transaction or on the assessment of the available cash flow for the repayment of the rated obligation.