Mizrahi Tefahot Bank Ltd.

Investor Presentation • May 19, 2021

Q1/21 Disclaimer

• This document has been prepared by Mizrahi-Tefahot Bank Ltd (UMTB) solely for use at the company's presentation. The information contained in this document constitutes information from the bank's 2020 quarterly reports and/ or immediate reports, as well as the periodic, quarterly and annual reports and/or immediate reports published by the bank in previous years.
• Accordingly, the information contained in this document is only partial, is not exhaustive and does not include the full details regarding the bank and its operations or regarding the risk factors involved in its activity and certainly does not replace the information included in the periodic, quarterly or immediate reports published by the bank. In order to receive the full picture regarding the bank's 2020 quarterly reports, the aforesaid reports should be perused fully, as published to the public.
• None of the company, or any of their employees or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document.
• The bank's results in practice may be significantly different from those included in the forecasting information, as a result of a large number of factors, including, inter alia, changes in the domestic and global equity markets, macro-economic changes, geo-political changes, legislation and regulation changes, and other changes that are not under the bank's control, which may lead to the estimations not realizing and/or to changes in the business plans.
• The forecasting information may change subject to risks and uncertainty, due to being based on the management's estimations regarding future events, which include, inter alia: global and local economic development forecasts, particularly regarding the economic situation in the market, including the effect of macro-economic and geo-political conditions; expectations for changes and developments in the currency and equity markets; forecasts related to other various factors affecting exposure to financial risks; forecasts with respect to changes to borrowers' financial strength, public preferences, changes in legislation and the provisions of regulators, competitors' behavior, the status of the bank's perception, technological developments and human resources developments.
• This document does not constitute an offer to sell, or a solicitation of an offer to buy, or a recommendation of any kind regarding any security or any interest in security.

Q1/21 Macro environment

BoI interest rate Rate of change in the known CPI

1) 2021F - Q4/2021 according to BoI forecast from April 2021

2) From March 2020 onwards – Broad Unemployment Rate, including unemployed persons, temporarily absent from work for reasons related to Coronavirus and not participating in the labor force who stopped working due to dismissal. Original date, excluding seasonality. 3) 2021F - 2021 according to BoI forecast from April 2021

Q1/21 Overview of Mizrahi-Tefahot

1) Source Mizrahi-Tefahot Bank Ltd.Q1 2021 Financial Reports; Tel Aviv Stock Exchange (18.5.2021)

2) As of Dec2020

3) Excluding Union Bank branches

4) Market share in credit to Households and Private Banking segments (supervisory operating segments).

Q1/21 Q1/2021 Financial Highlights

4

(1) NPL Ratio is calculated as Impaired Credit not Accruing Interest Income, divided by Gross Loans to the Public.

Q1/21 Asset quality

2020 Q1/2021

Q1/21 Credit deferrals

Only 1.1% of mortgages and commercial credit have not yet returned to repayment (1)

Data as of March 31, 2021, NIS bil, in % - out of portfolio (1) Total credit balance excluding mortgages

Q1/21 Profitability and efficiency

In Q1/21 the bank recorded the highest profit ever

Q1/21 Continuous loan growth, led by mortgages and business loan growth

Credit to the public

Business segment	31.3.21	31.12.20	% change in annual terms
Housing loans	158,816	155,422	2.2%
Households + private banking	25,528	25,697	(0.7%)
Total individuals	184,344	181,119	1.8%
(2) Total businesses	65,195	64,406	1.2%
Total	249,539	245,525	1.6%

8 (2) Small and micro businesses, Medium businesses and Large businesses, Institutional investors and Overseas operations

(1) Rate of change in annual terms

Q1/21

Continuous deposit growth, led by core deposit growth (1)

Core deposits by segments

Core deposits(1)

operations Total core deposits: NIS 201.1 bil Share of core deposits: 68%

Segment

investors and Overseas

Financing revenues from current operations continue to grow despite decrease in interest rates

	Q1/2021	Q1/2020	Rate of change
Interest revenues, net	1,691	1,347
Non-interest financing revenues	189	64
Total financing revenues	1,880	1,411
Financing revenues Union Bank	262	-
Total financing revenues Excluding Union Bank, less:	1,618	1,411	14.7%
Linkage differentials with respect to CPI position	16	)83(
Revenues from collection of interest on troubled debt	10	7
Gain from debentures	12	28
Effect of accounting treatment of derivatives at fair value and others	140	43
Total effects other than current operations	178	)5(
Total financing revenues from current operations	1,440	1,416	1.7%
			10

Q1/21

(1) Excluding the effect of Union Bank transaction

Q1/21 Equity and capital adequacy