Investor Presentation

November 2023

Disclaimer

This presentation has been prepared by EL AL Israel Airlines Ltd. (the "Company") for the sole purpose of providing information about the Company, its operations and financial results.

The information contained in the presentation is provided for convenience only and does not constitute a stand-alone basis for making investment decisions nor does it constitute a substitute for data collection and analysis. Moreover, this presentation does not constitute a recommendation, offer or solicitation for the purchase or sale of securities of the Company nor does it constitute a substitute for independent judgment or independent collection and analysis of data on each investor.

The information and figures provided in the presentation are partial and presented in a condensed form for convenience only. This information should be read along with all details, descriptions, clarifications, assumptions, qualifications, and assessments as well as the description of risk factors included in the Company's 2022 Periodic Report and in the Company's Financial Statements as of March 31, 2023, June 30, 2023 and September 30, 2023. In any event of inconsistency between the information contained in the presentation and the information included in the Financial Statements of the Company, the information included in the Financial Statements will prevail.

Some of the data contained in this presentation consist of forecasts and/or assessments based on data available to the Company as of the date hereof, as well as estimations and expectations of the Company, all of which constitute as forward-looking statements within the meaning defined in the Securities Law, 5728-1968. The Company has no assurance that such forecasts and/or assessments will fully or partially materialize, as they depend on or may be affected by third parties and external and macroeconomic factors on which the Company has no or little influence; changes in market and environmental conditions; regulatory changes or the realization of any of the Company's risk factors. The Company is not obliged to update or change such forecasts and/or assessments in order to reflect events or circumstances occurring after the date of this presentation.

The presentation also includes estimates and other statistical data based on external sources which have not been independently verified by the Company, and the Company is therefore not responsible for their correctness.

"Iron Swords" War EL AL continues to be the bridge that connects Israel with the world

"Iron Swords" War EL AL has joined the national effort

Keeping the skies open

This far, EL AL has flown over 615,000 passengers on approximately 3,600 flights
EL AL has facilitated the repatriation of Israelis back home, including hundreds of people mobilized for military reserve duty, partially at EL AL's cost.
EL AL prioritizing the safety of both passengers and crew, particularly during the specified time frame

Ensuring the continuity of flight schedules

Despite the mobilization of hundreds of EL AL personnel into military reserve duty in the first weeks of the war, we managed to uphold our planned flight schedule and even added around 150 transit flights
We introduced dedicated flights for various needs, including rescue and cargo flights.
EL AL adjust its flight schedule to changing demands, keeping up to 90%-95% of its capacity (ASK)*

Transporting essential equipment for the national effort

In response to heightened demands for cargo transportation during the war, we transformed a 777-passenger aircraft into a cargo aircraft and operated a dedicated cargo aircraft (B737-800BCF) named "Otef Israel"
This far we have transported over 13,000 tons of cargo across our fleet, maintaining a consistent flow of daily cargo flights to and from Israel

EL AL Stands with Israel

Supporting the Hostages and Missing Families Forum: EL AL facilitated the travel of the families for diplomatic endeavors at EL AL's expense
Hostage Awareness Campaign: As part of cargo flights, EL AL showcased photos of the hostages on seats, contributing to the efforts to raise awareness for their safe return
Donation Drive: EL AL donate 10% of voucher sales to FIDF and the Shoresh Fund
National Unity: EL AL joined a communal Shabbat candle lighting at the EL AL station in Israel and on a flight from Bangkok
Moment of Silence: EL AL observed a minute of silence on flights one month after the events of October 7
Employee Engagement: EL AL's staff donate time and resources to agriculture projects, logistics for soldiers, and food aid
"One Flag One Nation" Campaign: Teaming up with Keshet 12, EL AL urged Israelis to raise the flag nationwide
"Falafel Patrol": EL AL's "Falafel Patrol" distributed servings of Falafel to IDF bases, hotels of the evacuees, and various hospitals

Booking Trend(\$M)*

(\$M) Booking*

*Booking in terms of sales - do not constitute revenue, but bookings that have been ticketed and will be recognized as revenue after the flight.

The figures are the forecast gross sales data, including port taxes attributed thereto, and including sales of vouchers, credits and frequent flyer points. In certain cases the sales of flight tickets can be changed by the customers as a change/credit.

753

Revenue Surpassed the 2019 Benchmark

Revenue for Q3/23 is approx. 107% compared to Q3/19 with capacity (ASK) of approx. 84% respectively

Summary of Results For Q3/2023

1-9/23 Profit Indicators Rise

*EBITDAR - Earnings Before Interest, Taxes, Depreciation, Amortization and Rent/Restructuring Costs

Operation Cash flow

Cash flow From Operating Activities (\$M)

EL AL continues to implement its strategic plan

Advancing the fleet expansion & renewal plan and promoting other key strategic initiatives

Withstanding war effects, EL AL expects to maintain its financial targets for the year 2023

* In 2024, the company will assess the strategic plan update, conducting an analysis of the war's impacts on its operations.

Appendixes

Main Financial Data in USD Millions

	Q3/23	Q3/22	Q3/23 vs Q3/22	Q3/19
Revenue Turnover	695.5	626.3	11%	647.2
Operating profit (loss) (\$M)	85.4	102.6	-17%	58.2
Operating cash flow profit (EBITDAR)	171.7	167.3	3%	134.8
Percent of turnover	25%	27%		21%
Profit (loss) before tax	52.2	68.2	-23%	35.4
Free net cash flow after CAPEX	(4)	(20)		(63)
Cash flows from operating activities	92.3	56.9	62%	6.7
ASK - millions	70031	60058	16%	80412
Percentage of passenger activity (compared to 2019)	84%	72%		100%
Net profit (loss)	52.5	66.8	-21%	26.8

EL AL Passenger Traffic

RPK ASK ASK - Percent of 2019

The Company's Aircraft Fleet Passengers' aircraft only

Body	Fleet	Number of Aircraft	Number of Seats for Aircraft Type (Average)	Number of Seats in Fleet	Average Age	Owned	Leased
Wide body	787-9	12	271	30252	5.2	4	8
	787-8	4	238	952	3.0	4	-
	777-200ER	6	290	10742	20.5	6	-
Narrow body	737-800NG	16	169	2,702	19.2	6	10
	737-900ER	8	175	10400	8.9	8	-
	Total	46	218	10,048	12.5	28	18

Operating Indices

EL AL & SunDor	Q3/2023	Q3/2022	Q3/23 vs Q3/22	Q3/2019
Revenue passenger kilometers (RPK) - in millions	6,195	5,299	17%	7,048
Available seat kilometers (ASK) – in millions	7,031	6,058	16%	8,412
Passenger load factor (PLF) – in percentages	88.1%	87.5%	1%	83.8%
Flight hours (on passenger flights) – in thousands	44.1	38.5	15%	50. 7
Tons of airborne cargo - in thousands	14.2	15.3	-7%	18.6
Revenue ton kilometers (RTK) – in millions	89.4	92.7	-4%	110.6

Consolidated Statements of Financial Position

in USD millions

Assets	30.09.2023	31.12.2022	Liabilities and Equity	30.09.2023	31.12.2022
Cash and cash equivalents	263	283	Loans	1,132	10182
Short-term deposits	52	15	Lease liabilities	815	909
Trade receivables and other receivables	259	249	Liabilities in respect of deferred revenue	827	821
Fixed and other assets	10640	10636	Other liabilities	681	624
Right-of-use leased assets	659	720	Equity (capital deficit)	)244(	)347(
Other assets	338	284
Total	3,210	30188	Total	30210	30188

EL AL's Market Share

*Source of data - Ben Gurion Airport Reports

Fuel Prices

Cent per gallon of jet fuel (average price) Dollar per brent barrel (average price)