News Release

Bezeq - The Israel Telecommunications Corp. Ltd.

(the “Company”)

March 22, 2023

Attn.                                                    

Israel Securities Authority                  

The Tel Aviv Stock Exchange Ltd.

Immediate Report - Results of a tender for early commitment from classified investors for the purchase of Debentures (Series 13-14) of the Company by way of expansion of the series

Further to the immediate report of March 19, 2023, according to which the Company is considering an issuance on the Tel Aviv Stock Exchange Ltd. (the “TASE") of Debentures (Series 13-14) of the Company, by way of expansion of the series in circulation and traded on the TASE (the "Debentures"), and following the immediate reports of March 19 and 20, 2023 about the rating of the Debentures, the Company announces the following:

1. Results of the tender for early commitment from classified investors for the purchase of Debentures (Series 13) of the Company (“Debentures (Series 13)”)

1. 1. On March 21, 2023, a tender was published for early commitments from classified investors, as defined in Regulation 1 of the Israel Securities Regulations (Manner of Offering Securities to the Public), 2007 (the "Classified Investors"), prior to the potential pubic issuance of Debentures (Series 13), if issued, by way of expansion of an existing series listed on the main board of the TASE, in accordance with the listing prospectus and unblocking shelf prospectus of the Company dated April 8, 2020, which was published on April 7, 2020 and extended by the Israel Securities Authority until April 7, 2023 in accordance with an immediate report of April 10, 2022 (the “Shelf Prospectus" or the “Prospectus"), by way of a shelf offering report planned for publication in the coming days (the "Shelf Offering Report” and the "Series 13 Tender", as the case may be).
   2. Under the Series 13 Tender, units comprising NIS 1,000 par value Debentures (Series 13) each were offered in a uniform offer by way of a tender on the unit price (the "Series 13 Units").
   3. In total, subscriptions were received in the Series 13 Tender for the purchase of 372,510 Series 13 Units, of which the Company received advance commitments from classified investors for the purchase 230,040 Series 13 Units at a price of NIS 792 per unit for a unit of NIS 1,000 par value (reflecting a monetary amount of NIS 182 million). The price set in the Series 13 Tender will be the minimum price in the Series 13 Tender for the public for Debentures (Series 13). It should be clarified that the final price of Debentures (Series 13) units will be determined in the Company’s public issuance, if held, under the Shelf Offering Report, in a uniform offer, by way of a tender for the unit price.
2. Results of a tender for early commitment from classified investors for the purchase of Debentures (Series 14) of the Company (“Debentures (Series 14)”)
   1. On March 21, 2023, a tender was published for early commitments from classified investors, prior to a  potential public issuance of Debentures (Series 14), if issued, by way of expansion of an existing series listed on the main board of the TASE, in accordance with a shelf prospectus, under the Shelf Offering Report planned for publication in the coming days (the "Series 14 Tender").
   2. Under the Series 14 Tender, units comprising NIS 1,000 par value Debentures (Series 14) each were offered in a uniform offer by way of a tender on the unit price (the “Series 14 Units").
   3. In total, subscriptions were received in the Series 14 Tender for the purchase of 446,275 Series 14 Units, of which the Company received advance commitments from classified investors for the purchase 278,363 Units 14 at a price of NIS 855 per unit for a unit of NIS 1,000 par value (reflecting a monetary amount of NIS 238 million). The price set in the Series 14 Tender will be the minimum price in Series 14 Tender for the public for Debentures (Series 14). It should be clarified that the final price of Debentures (Series 14) units will be determined in the Company’s public issuance, if held, under the Shelf Offering Report, in a uniform offer, by way of a tender for the unit price.

In total, the Company received early commitments for the Debentures (Series 13-14) in a total monetary amount of NIS 420 million.

In view of the results of the Series 13 Tender and the Series 14 Tender, as set out above, the Company applied to Midroog Ltd and S&P Global Ratings Maalot Ltd. (the "Rating Companies"), for a revised rating as set out in the immediate reports published by the Company on March 19 and 20, 2023, respectively, such that it will be valid for a total issuance amount of up to NIS 510 million par value Debentures (Series 13 and 14) of the Company

The issuance of Debentures (Series 13 and 14) of the Company, the issuance structure, scope, and terms, and the publication of the Shelf Offering Report, are subject to approval of the TASE and to the Company’s judgment, and it is uncertain whether this approval will be received or that the issuance will be executed.

It should be clarified that this report should not be considered as an offer to the public or an invitation to purchase the Company's securities, and there should be no purchase of securities or undertaking to purchase securities of the Company under this report.

Yours sincerely,

“Bezeq” The Israel Telecommunication Corp Limited

The above information constitutes a translation of the Immediate Report published by the Company. The Hebrew version was submitted by the Company to the relevant authorities pursuant to Israeli law, and represents the binding version and the only one having legal effect. This translation was prepared for convenience purposes only.