Document:

This Note is a Global
Security within the meaning of the Indenture hereinafter referred to and is registered in the name of the Depository named below
or a nominee of the Depository. This Note is not exchangeable for Notes registered in the name of a Person other than the Depository
or its nominee except in the limited circumstances described herein and in the Indenture, and no transfer of this Note (other than
a transfer of this Note as a whole by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository
or another nominee of the Depository) may be registered except in the limited circumstances described herein.

 

Unless this certificate
is presented by an authorized representative of The Depository Trust Company, a New York corporation (the “Depository”),
to the Company or its agent for registration of transfer, exchange, or payment, and any certificate issued is registered in the
name of Cede & Co. or in such other name as is requested by an authorized representative of the Depository (and any payment
is made to Cede & Co. or to such other entity as is requested by an authorized representative of the Depository), ANY TRANSFER,
PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede
& Co., has an interest herein.

 

CITIGROUP INC.

Floating Rate Notes due September 27,
2017

 

	REGISTERED	REGISTERED
	 	 
	 	CUSIP: 172967 GC 9
	 	ISIN: US172967GC99
	 	Common Code: 083534079
	 	 
	No. R-0001	$500,000,000

 

CITIGROUP INC., a
Delaware corporation (the “Company”, which term includes any successor Person under the Indenture), for value received,
hereby promises to pay to Cede & Co., or registered assigns, the principal sum of $500,000,000 on September 27, 2017 and to
pay interest thereon from and including September 27, 2012 or from the most recent Interest Payment Date to which interest has
been paid or duly provided for, quarterly, on the twenty-seventh day of each March, June, September and December, commencing December
27, 2012, at the rate per annum for each Interest Period of three-month LIBOR, determined as provided herein, plus 1.440% until
the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for,
on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note is registered at
the close of business on the Record Date for such interest, which shall be the Business Day immediately preceding such Interest
Payment Date.

 

Any such interest
not so punctually paid or duly provided for will forthwith cease to be payable to the holder on such Record Date and may either
be paid to the Person in whose name this Note is registered at the close of business on a subsequent Record Date, such subsequent
Record Date to be not less than five days prior to the date of payment of such defaulted interest, notice whereof shall be given
to holders of Notes of this series not less than 15 days prior to such subsequent Record Date, or be paid at any time in any other
lawful manner not inconsistent with the requirements of any securities exchange on which the Notes of this series may be listed,
and upon such notice as may be required by such exchange, all as more fully provided in the Indenture.

 

    	 

    	 

    

 

Interest hereon will
be calculated on the basis of the actual number of days elapsed in an Interest Period and a 360-day year. Dollar amounts resulting
from such calculation will be rounded to the nearest cent, with one-half cent being rounded upward. An “Interest Period”
shall be the period from and including an Interest Payment Date (or from September 27, 2012 in the case of the first Interest Payment
Date) to and including the day immediately preceding the next Interest Payment Date.

 

If an Interest Payment
Date falls on a day that is not a Business Day, such Interest Payment Date will be the next succeeding Business Day. If the Maturity
of the Notes falls on a day that is not a Business Day, the payment due on Maturity will be postponed to the next succeeding Business
Day, and no further interest will accrue in respect of such postponement. If a date for payment of interest or principal on the
Notes falls on a day that is not a business day in the place of payment, such payment will be made on the next succeeding business
day in such place of payment as if made on the date the payment was due. No interest will accrue on any amounts payable for the
period from and after the due date for payment of such principal or interest.

 

For these purposes,
“Business Day” means any day which is a day on which commercial banks settle payments and are open for general business
in The City of New York.

 

Payment of the principal
of and interest on this Note will be made at the office or agency of the Trustee maintained for that purpose in The City of New
York.

 

Reference is hereby
made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all purposes have
the same effect as if set forth at this place.

 

Unless the certificate
of authentication hereon has been executed by the Trustee or by an authenticating agent on behalf of the Trustee by manual signature,
this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 

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IN WITNESS WHEREOF, the Company has caused
this instrument to be duly executed under its corporate seal.

 

Dated: September 27, 2012

 

	 	CITIGROUP INC.
	 	 
	 	By:	 
	 	Title:  Deputy Treasurer

 

	ATTEST:
	 
	By:	 
	Title:  Assistant Secretary

 

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This is one of the Notes of the series
issued under the within-mentioned Indenture.

 

Dated: September 27, 2012

 

	 	THE BANK OF NEW YORK MELLON,
	 	as Trustee
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	-or-
	 	 
	 	CITIBANK, N.A.,
	 	as Authenticating Agent
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

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This Note is one of
a duly authorized issue of Securities of the Company (the “Notes”), issued and to be issued in one or more series under
the Indenture, dated as of March 15, 1987 (as amended and supplemented to date, the “Indenture”), between the Company
and The Bank of New York Mellon, formerly known as The Bank of New York, as Trustee (the “Trustee”, which term includes
any successor trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made
for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Company, the Trustee and
the holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one
of the series designated on the face hereof, limited in aggregate principal to $500,000,000.

 

This Note will bear
interest for each Interest Period at a rate determined by Citibank, N.A., acting as Calculation Agent. The interest rate on this
Note for a particular Interest Period will be a per annum rate equal to three-month LIBOR as determined on the related Interest
Determination Date, plus 1.440%. The Interest Determination Date for an Interest Period will be the second London business day
preceding such Interest Period. The Interest Determination Date for the first Interest Period was September 25, 2012. Promptly
upon determination, the Calculation Agent will inform the Trustee and the Company of the interest rate for the next Interest Period.
Absent manifest error, the determination of the interest rate by the Calculation Agent shall be binding and conclusive on the holders
of Notes, the Trustee and the Company.

 

A London business day
is a day on which dealings in deposits in U.S. dollars are transacted in the London interbank market.

 

On any Interest Determination
Date, LIBOR will be equal to the offered rate for deposits in U.S. dollars having an index maturity of six months for the next
Interest Period, in amounts of at least $1,000,000, as such rate appears on Reuters Screen LIBOR01 at approximately 11:00 a.m.,
London time, on such Interest Determination Date. If the Reuters Screen LIBOR01 is replaced by another service or ceases to exist,
the Calculation Agent will use the replacing service or such other service that may be nominated by the British Bankers’
Association for the purpose of displaying London interbank offered rates for U.S. dollar deposits.

 

If no offered rate
appears on Reuters Screen LIBOR01 on an Interest Determination Date at approximately 11:00 a.m., London time, then the Calculation
Agent (after consultation with the Company) will select four major banks in the London interbank market and shall request each
of their principal London offices to provide a quotation of the rate at which six-month deposits in U.S. dollars in amounts of
at least $1,000,000 are offered by it to prime banks in the London interbank market, on that date and at that time, that is representative
of single transactions at that time. If at least two quotations are provided, LIBOR will be the arithmetic average of the quotations
provided. Otherwise, the Calculation Agent will select three major banks in New York City and shall request each of them to provide
a quotation of the rate offered by them at approximately 11:00 a.m., New York City time, on the Interest Determination Date for
loans in U.S. dollars to leading European banks having an index maturity of six months for the applicable Interest Period in an
amount of at least $1,000,000 that is representative of single transactions at that time. If three quotations are provided, LIBOR
will be the arithmetic average of the quotations provided. Otherwise, the rate of LIBOR for the next Interest Period will be set
equal to the rate of LIBOR for the current Interest Period.

 

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The Luxembourg Stock
Exchange shall be notified of the interest rate, the amount of the interest payment and the Interest Payment Date for a particular
Interest Period not later than the first day of such Interest Period. Upon request from any Noteholder, the Calculation Agent will
provide the interest rate in effect on this Note for the current Interest Period and, if it has been determined, the interest rate
to be in effect for the next Interest Period.

 

If an event of default
(as defined in the Indenture) with respect to Notes of this series shall occur and be continuing, the principal of the Notes of
this series may be declared due and payable in the manner and with the effect provided in the Indenture.

 

The Indenture contains
provisions for defeasance at any time of the entire indebtedness of this Note upon compliance by the Company with certain conditions
set forth in Sections 11.03 and 11.04 thereof, which provisions apply to this Note.

 

The Indenture contains
provisions permitting the Company and the Trustee, without the consent of the holders of the Securities, to establish, among other
things, the form and terms of any series of Securities issuable thereunder by one or more supplemental indentures, and, with the
consent of the holders of not less than 66 2/3% in aggregate principal amount of Securities at the time outstanding which are affected
thereby, to modify the Indenture or any supplemental indenture or the rights of the holders of Securities of such series to be
affected, provided that no such modification will (i) extend the fixed maturity of any Securities, reduce the rate or extend the
time of payment of interest thereon, reduce the principal amount thereof or the premium, if any, thereon, reduce the amount of
the principal of Original Issue Discount Securities payable on any date, change the currency in which Securities are payable, or
impair the right to institute suit for the enforcement of any such payment on or after the maturity thereof, without the consent
of the holder of each Security so affected, or (ii) reduce the aforesaid percentage of Securities of any series the consent of
the holders of which is required for any such modification without the consent of the holders of all Securities of such series
then outstanding, or (iii) modify, without the written consent of the Trustee, the rights, duties or immunities of the Trustee.

 

No reference herein
to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or
currency, herein prescribed.

 

This Note is a Global
Security registered in the name of a nominee of the Depository. This Note is exchangeable for Notes registered in the name of a
person other than the Depository or its nominee only in the limited circumstances hereinafter described. Unless and until it is
exchanged in whole or in part for definitive Notes in certificated form, this Note may not be transferred except as a whole by
the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository or another nominee of the Depository.

 

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The Notes represented
by this Global Security are exchangeable for definitive Notes in certificated form of like tenor as such Notes in denominations
of $1,000 and whole multiples of $1,000 in excess thereof only if (i) the Depository notifies the Company that it is unwilling
or unable to continue as Depository for the Notes or (ii) the Depository ceases to be a clearing agency registered under the Securities
Exchange Act of 1934, as amended, or (iii) the Company in its sole discretion decides to allow the Notes to be exchanged for definitive
Notes in registered form. Any Notes that are exchangeable pursuant to the preceding sentence are exchangeable for certificated
Notes issuable in authorized denominations and registered in such names as the Depository shall direct. As provided in the Indenture
and subject to certain limitations therein set forth, the transfer of definitive Notes in certificated form is registrable in the
register maintained by the Company in The City of New York for such purpose, upon surrender of the definitive Note for registration
of transfer at the office or agency of the registrar, duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the registrar duly executed by, the holder thereof or his attorney duly authorized in writing,
and thereupon one or more new Notes of this series and of like tenor, of authorized denominations and for the same aggregate principal
amount, will be issued to the designated transferee or transferees. Subject to the foregoing, this Note is not exchangeable, except
for a Global Security or Global Securities of this issue of the same principal amount to be registered in the name of the Depository
or its nominee.

 

No service charge shall
be made for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

 

Prior to due presentment
of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person
in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the
Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

The Company will pay
additional amounts (“Additional Amounts”) to the beneficial owner of any Note that is a non-United States person in
order to ensure that every net payment on such Note will not be less, due to payment of U.S. withholding tax, than the amount then
due and payable. For this purpose, a “net payment” on a Note means a payment by the Company or a paying agent, including
payment of principal and interest, after deduction for any present or future tax, assessment or other governmental charge of the
United States. These Additional Amounts will constitute additional interest on the Note.

 

The Company will not
be required to pay Additional Amounts, however, in any of the circumstances described in items (1) through (13) below.

 

		(1)	Additional Amounts will not be payable if a payment on
a Note is reduced as a result of any tax, assessment or other governmental charge that is imposed or withheld solely by reason
of the beneficial owner:

 

    	7

    	 

    

 

		(a)	having a relationship with the United States as a citizen,
resident or otherwise;

		(b)	having had such a relationship in the past or

		(c)	being considered as having had such a relationship.

 

		(2)	Additional Amounts will not be payable if a payment on
a Note is reduced as a result of any tax, assessment or other governmental charge that is imposed or withheld solely by reason
of the beneficial owner:

 

		(a)	being treated as present in or engaged in a trade or
business in the United States;

		(b)	being treated as having been present in or engaged in
a trade or business in the United States in the past or

		(c)	having or having had a permanent establishment in the
United States.

 

		(3)	Additional Amounts will not be payable if a payment on
a Note is reduced as a result of any tax, assessment or other governmental charge that is imposed or withheld in whole or in part
by reason of the beneficial owner being or having been any of the following (as such terms are defined in the Internal Revenue
Code of 1986, as amended):

 

		(a)	personal holding company;

		(b)	foreign personal holding company;

		(c)	foreign private foundation or other foreign tax-exempt
organization;

		(d)	passive foreign investment company;

		(e)	controlled foreign corporation or

		(f)	corporation which has accumulated earnings to avoid United
States federal income tax.

 

		(4)	Additional Amounts will not be payable if a payment on
a Note is reduced as a result of any tax, assessment or other governmental charge that is imposed or withheld solely by reason
of the beneficial owner owning or having owned, actually or constructively, 10 percent or more of the total combined voting power
of all classes of stock of the Company entitled to vote or by reason of the beneficial owner being a bank that has invested in
a Note as an extension of credit in the ordinary course of its trade or business.

 

For purposes of items (1) through (4) above,
“beneficial owner” means a fiduciary, settlor, beneficiary, member or shareholder of the holder if the holder is an
estate, trust, partnership, limited liability company, corporation or other entity, or a person holding a power over an estate
or trust administered by a fiduciary holder.

 

		(5)	Additional Amounts will not be payable to any beneficial
owner of a Note that is a:

 

		(a)	fiduciary;

 

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		(b)	partnership;

		(c)	limited liability company or

		(d)	other fiscally transparent entity

 

		 	or that is not the sole beneficial owner of the Note,
or any portion of the Note. However, this exception to the obligation to pay Additional Amounts will only apply to the extent
that a beneficiary or settlor in relation to the fiduciary, or a beneficial owner or member of the partnership, limited liability
company or other fiscally transparent entity, would not have been entitled to the payment of an Additional Amount had the beneficiary,
settlor, beneficial owner or member received directly its beneficial or distributive share of the payment.

 

		(6)	Additional Amounts will not be payable if a payment on
a Note is reduced as a result of any tax, assessment or other governmental charge that is imposed or withheld solely by reason
of the failure of the beneficial owner or any other person to comply with applicable certification, identification, documentation
or other information reporting requirements. This exception to the obligation to pay Additional Amounts will only apply if compliance
with such reporting requirements is required by statute or regulation of the United States or by an applicable income tax treaty
to which the United States is a party as a precondition to exemption from such tax, assessment or other governmental charge.

 

		(7)	Additional Amounts will not be payable if a payment on
a Note is reduced as a result of any tax, assessment or other governmental charge that is collected or imposed by any method other
than by withholding from a payment on a Note by the Company or a paying agent.

 

		(8)	Additional Amounts will not be payable if a payment on
a Note is reduced as a result of any tax, assessment or other governmental charge that is imposed or withheld by reason of a change
in law, regulation, or administrative or judicial interpretation that becomes effective more than 15 days after the payment becomes
due or is duly provided for, whichever occurs later.

 

		(9)	Additional Amounts will not be payable if a payment on
a Note is reduced as a result of any tax, assessment or other governmental charge that is imposed or withheld by reason of the
presentation by the beneficial owner of a Note for payment more than 30 days after the date on which such payment becomes due
or is duly provided for, whichever occurs later.

 

		(10)	Additional Amounts will not be payable if a payment on
a Note is reduced as a result of any:

 

		(a)	estate tax;

		(b)	inheritance tax;

		(c)	gift tax;

 

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		(d)	sales tax;

		(e)	excise tax;

		(f)	transfer tax;

		(g)	wealth tax;

		(h)	personal property tax or

		(i)	any similar tax, assessment, withholding, deduction or
other governmental charge.

 

		(11)	Additional Amounts will not be payable if a payment on
a Note is reduced as a result of any tax, assessment, or other governmental charge required to be withheld by any paying agent
from a payment of principal or interest on a Note if such payment can be made without such withholding by any other paying agent.

 

		(12)	Additional amounts will not be payable if a payment on
a Note is reduced as a result of any tax, assessment or other governmental charge that is required to be made pursuant to any
European Union directive on the taxation of savings income or any law implementing or complying with, or introduced to conform
to, any such directive.

 

		(13)	Additional Amounts will not be payable if a payment on
a Note is reduced as a result of any combination of items (1) through (12) above.

 

Except as specifically
provided herein, the Company will not be required to make any payment of any tax, assessment or other governmental charge imposed
by any government or a political subdivision or taxing authority of such government.

 

As used in this Note,
“United States person” means:

 

		(a)	any individual who is a citizen or resident of the United
States;

		(b)	any corporation, partnership or other entity created
or organized in or under the laws of the United States;

		(c)	any estate if the income of such estate falls within
the federal income tax jurisdiction of the United States regardless of the source of such income and

		(d)	any trust if a United States court is able to exercise
primary supervision over its administration and one or more United States persons have the authority to control all of the substantial
decisions of the trust.

 

Additionally, “non-United
States person” means a person who is not a United States person, and “United States” means the states of the
United States of America and the District of Columbia, but excluding its territories and its possessions.

 

Except as provided
below, the Notes may not be redeemed prior to maturity.

 

		(1)	The Company may, at its option, redeem the Notes if:

 

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		(a)	the Company becomes or will become obligated to pay Additional
Amounts as described above;

		(b)	the obligation to pay Additional Amounts arises as a
result of any change in the laws, regulations or rulings of the United States, or an official position regarding the application
or interpretation of such laws, regulations or rulings, which change is announced or becomes effective on or after September 20,
2012 and

		(c)	the Company determines, in its business judgment, that
the obligation to pay such Additional Amounts cannot be avoided by the use of reasonable measures available to it, other than
substituting the obligor under the Notes or taking any action that would entail a material cost to the Company.

 

		(2)	The Company may also redeem the Notes, at its option,
if:

 

		(a)	any act is taken by a taxing authority of the United
States on or after September 20, 2012, whether or not such act is taken in relation to the Company or any affiliate, that results
in a substantial probability that the Company will or may be required to pay Additional Amounts as described above;

		(b)	the Company determines, in its business judgment, that
the obligation to pay such Additional Amounts cannot be avoided by the use of reasonable measures available to it, other than
substituting the obligor under the Notes or taking any action that would entail a material cost to the Company and

		(c)	the Company receives an opinion of independent counsel
to the effect that an act taken by a taxing authority of the United States results in a substantial probability that the Company
will or may be required to pay the Additional Amounts described above, and delivers to the Trustee a certificate, signed by a
duly authorized officer, stating that based on such opinion the Company is entitled to redeem the Notes pursuant to their terms.

 

Any redemption of the Notes as set forth
in clauses (1) or (2) above shall be in whole, and not in part, and will be made at a redemption price equal to 100% of the principal
amount of the Notes Outstanding plus accrued interest thereon to the date of redemption. Holders shall be given not less than 30
days’ nor more than 60 days’ prior notice by the Trustee of the date fixed for such redemption.

 

All terms used in this Note which are defined
in the Indenture shall have the meanings assigned to them in the Indenture. The Notes are governed by the laws of the State of
New York.

 

    	11Exhibit 4(1)

 

 

STATE OF ISRAEL

 

Underwriting Agreement

 

New York, New York

 

[·],
20[·]

 

[Names of Underwriters]

As Representatives of the several Underwriters,

[Address]

 

Ladies and Gentlemen:

 

The Government of Israel on behalf of the
State of Israel (“Israel”) proposes to sell to the entities listed on Schedule I hereto (the “Underwriters”),
for whom you (the “Representatives”) are acting as representatives, $[·]
principal amount of its [·]% Bonds due [·],
20[·] (the “Offered Securities”) pursuant to the provisions
of a Fiscal Agency Agreement dated as of March 13, 2000, as amended by Amendment No. 1 to Fiscal Agency Agreement dated
as of February 24, 2004 (the “Fiscal Agency Agreement”), between Israel and Citibank, N.A., as fiscal agent
(the “Fiscal Agent”).

 

The terms which follow, when used in this
Agreement, shall have the meanings indicated:

 

“Act” means
the Securities Act of 1933, as amended, and the rules and regulations of the Commission promulgated thereunder.

 

“Basic Prospectus”
means the prospectus included in the Registration Statement in the form filed with the Commission, which prospectus, pursuant to
Rule 429 of the Act, relates to the Registration Statement, as such prospectus is amended or supplemented to the date of this
Agreement, but excluding any amendments or supplements related solely to an offering of a series of debt securities other than
the Offered Securities.

 

“Commission”
means the Securities and Exchange Commission.

 

“Effective Date”
shall mean each date that the Registration Statement and any post-effective amendment or amendments thereto became or becomes effective.

 

 

    	 

    	 

    

 

“Execution Time”
shall mean [·] Eastern time on the date of this Agreement.

 

“free writing prospectus”
has the meaning set forth in Rule 405.

 

“issuer free writing
prospectus” has the meaning set forth in Rule 433.

 

“preliminary prospectus”
means any preliminary form of the Prospectus used in connection with the offering of the Offered Securities that omits Rule 430A
Information, including, without limitation, the Basic Prospectus and any preliminary prospectus supplement.

 

“Prospectus”
means the Basic Prospectus together with the prospectus supplement.

 

“prospectus supplement”
means the final prospectus supplement filed with the Commission pursuant to Rule 424, specifically relating to the Offered
Securities.

 

“Registration Statement”
means the registration statement filed on Schedule B with the Commission on [·],
20[·] (Registration Statement File No. 333-________), which Registration Statement
was declared effective by the Commission on [·], 20[·].
To the extent any post-effective amendment to the Registration Statement has (or, prior to the Closing Date (as defined below),
does) become effective, the term “Registration Statement” shall also mean such registration statement as so amended.
The term “Registration Statement” shall also include any Rule 430A Information deemed to be included in
the Registration Statement at the Effective Date as provided by Rule 430A.

 

“Release” means
Release No. 33-6424 under the Act relating to delayed offerings by foreign governments or political subdivisions thereof.

 

“Rule 164”,
“Rule 405”, “Rule 415”, “Rule 424”, “Rule 430A”
and “Rule 433” refer to such rules under the Act as applicable to registration statements subject to Schedule B
under the Act in accordance with the Release and, to the extent any such rule is not directly applicable, mean the provisions thereunder
as made applicable by the Release.

 

“Rule 430A Information”
means information with respect to the Offered Securities and the offering thereof permitted to be omitted from the Registration
Statement when it becomes effective pursuant to Rule 430A.

 

“Time of Sale Prospectus”
means the preliminary prospectus, the free writing prospectuses, if any, and other information, in each case identified in Schedule
II hereto.

 

    	 

    	 

    

 

As used herein, the terms “Registration Statement”,
“Basic Prospectus”, “Prospectus”, “preliminary prospectus” and “Time of Sale Prospectus”
shall include in each case the material, if any, incorporated by reference therein.

 

1.
Representations and Warranties. Israel represents and warrants to, and agrees with, each Underwriter as set forth
in this Section 1.

 

(a)
Israel meets the requirements for use of Schedule B under the Act, is a “seasoned foreign government” within
the meaning of the Release and has filed with the Commission the Registration Statement, including a form of Basic Prospectus,
for registration under the Act of the offering and sale of the Offered Securities. Israel may have filed with the Commission one
or more amendments to the Registration Statement and may have used a preliminary prospectus,
each of which has previously been furnished to the Underwriters. Such Registration Statement, as so amended, has become effective.
Although the Basic Prospectus may not include all the information with respect to the Offered Securities and the offering thereof
required by the Act and the rules thereunder to be included in the Prospectus, the Basic Prospectus included all such information
required by the Act and the rules thereunder as applicable pursuant to the Release to be included therein as of each Effective
Date. Israel will hereafter file with the Commission pursuant to the Release and Rules 415 and 424(b)(2) or (5) either (x) a
prospectus supplement to the Basic Prospectus or (y) an amendment to such Registration Statement, including such prospectus
supplement. In the case of clause (x), Israel has included in such Registration Statement, as amended as of the latest Effective
Date, the information required for such procedure pursuant to the Release. As filed, such prospectus supplement or such amendment
and prospectus supplement shall include all such required information with respect to the Offered Securities and the offering thereof
and, except to the extent the Representatives shall agree in writing to any modification thereof, shall be in all substantive respects
in the form furnished to the Underwriters prior to the Execution Time or, to the extent not completed at the Execution Time, shall
be in such form with only such specific additional information and other changes (beyond those contained in the Basic Prospectus
and any preliminary prospectus) as Israel has advised the Underwriters, prior to the Execution Time, will be included or made therein
and to which the Representatives shall have agreed.

 

(b)
On the Effective Date of any part of the Registration Statement, such part of the Registration Statement did or will, on
the date filed each preliminary prospectus did or will, and, when the Prospectus is first filed (if required) in accordance with
Rule 424(b) and on the Closing Date, the Prospectus (as supplemented in the case of the Closing Date) will, comply in all
material respects with the applicable requirements of the Act, the rules thereunder and the Release; on the Effective Date of any
part of the Registration Statement, such part of the Registration Statement did not or will not contain any untrue statement of
a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein
not misleading; the Registration Statement as of the date hereof does not contain any untrue statement of a material fact or omit
to state a material fact required to be stated therein or necessary to make the statements therein not misleading; the Time of
Sale Prospectus does not, and at the time of each sale of the Offered Securities in connection with the offering and at the Closing
Date, the Time of Sale Prospectus, as then amended or supplemented by Israel, if applicable, will not, contain any untrue statement
of a material fact or omit to state a material fact necessary to make the statement therein, in the light of the circumstances
under which they were made, not misleading; the Prospectus does not contain and, as amended or supplemented, if applicable, at
the Closing Date will not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements therein, in the light of the circumstances under which they were made, not misleading; provided, however,
that Israel makes no representations or warranties as to the information contained in or omitted from the Registration Statement,
the Time of Sale Prospectus or the Prospectus (or any supplement thereto) in reliance upon and in conformity with information furnished
in writing to Israel by or on behalf of any Underwriter specifically for inclusion in the Registration Statement, the Time of Sale
Prospectus or the Prospectus (or any supplement thereto).

 

    	 

    	 

    
 

 

(c)
Israel is not an “ineligible issuer” in connection with the offering pursuant to Rules 164, 405 and 433. Any
free writing prospectus that Israel is required to file pursuant to Rule 433(d) has been, or will be, filed with the Commission
in accordance with the requirements of the Act. Each free writing prospectus that Israel has filed, or is required to file, pursuant
to Rule 433(d) or that was prepared by or on behalf of or used or referred to by Israel complies or will comply in all material
respects with the requirements of the Act. Except for the free writing prospectuses, if any, identified in Schedule II hereto,
and electronic roadshows, each furnished to the Representatives before first use, Israel has not prepared, used or referred to,
and will not, without the prior consent of the Representatives, prepare, use or refer to, any free writing prospectus.

 

(d)
The issuance and sale of the Offered Securities have been duly authorized, and, when duly executed, authenticated, issued
and delivered as provided in the Fiscal Agency Agreement and paid for in accordance with the terms hereof, will be duly and validly
issued and outstanding, and will constitute valid and binding obligations of Israel for the payment and performance of which the
full faith and credit of Israel will be pledged; the Offered Securities will rank pari passu without any preference
among themselves; the payment obligations of Israel will at all times rank at least equally with all other payment obligations
of Israel relating to unsecured, unsubordinated “external indebtedness” (as defined in the Offered Securities); and
the Offered Securities, when issued and delivered, will conform to the description thereof contained in the Prospectus.

 

(e)
Israel is a member of the International Monetary Fund and the International Bank for Reconstruction and Development.

 

    	 

    	 

    
 

 

(f)
Israel is not a party to any agreement with the United States of America relating in any way to the immunity of Israel from
jurisdiction of courts, suit, execution upon a judgment, attachment prior to judgment or in aid of execution upon a judgment or
any other legal process. Israel is, under the law of Israel, subject to civil and commercial law with respect to its obligations
under this Agreement, the Fiscal Agency Agreement and the Offered Securities and has agreed not to assert the defense of immunity,
on the grounds of sovereignty or otherwise, in respect of any suit, action or proceeding arising out of or relating to claims under
this Agreement, the Fiscal Agency Agreement or the Offered Securities, except any such suit, action or proceeding instituted by
a holder of the Offered Securities (other than an Underwriter instituting such suit, action or proceeding in its capacity as an
Underwriter under this Agreement) arising out of or based on United States Federal or state securities laws.

 

2.
Purchase and Sale. Subject to the terms and conditions and in reliance upon the representations and warranties herein
set forth, Israel agrees to sell to each Underwriter, and each Underwriter agrees, severally and not jointly, to purchase from
Israel, at a purchase price of [·]% of the principal amount thereof, plus accrued
interest on the Offered Securities from [·], 20[·]
to the Closing Date, the principal amount of the Offered Securities set forth opposite such Underwriter’s name in Schedule I
hereto.

 

3.
Delivery and Payment. Delivery of and payment for the Offered Securities shall be made at 10:00 a.m., New York City
time, on [·], 20[·], which date
and time may be postponed by agreement between the Representatives and Israel or as provided in Section 10 hereof (such date
and time of delivery and payment for the Offered Securities being herein called the “Closing Date”). Delivery
of the Offered Securities shall be made to the Underwriters through the facilities of The Depository Trust Company for the respective
accounts of the several Underwriters against payment by the several Underwriters of the purchase price thereof to or upon the order
of Israel by certified or official bank check or checks drawn on or by a New York Clearing House bank and payable in next day funds.
Delivery of the Offered Securities shall be made at such location as the Representatives shall reasonably designate at least one
business day in advance of the Closing Date, and payment for the Offered Securities shall be made at the offices of _____________________.
Certificates for the Offered Securities shall be registered in such names and in such denominations as the Representatives may
request not less than two full business days in advance of the Closing Date.

 

Israel agrees to have the Offered
Securities available for inspection, checking and packaging by the Underwriters in New York, New York, not later
than 1:00 p.m. on the business day prior to the Closing Date.

 

4.
Offering by Underwriters. It is understood that the several Underwriters propose to offer the Offered Securities
for sale to the public as set forth in the Prospectus. Each of the Underwriters represents and warrants that it has complied with
and will comply with all applicable provisions of the Financial Services and Markets Act 2000 with respect to anything done by
it in relation to the Offered Securities in, from or otherwise involving the United Kingdom. Each Underwriter severally covenants
with Israel not to take any action that would result in Israel being required to file with the Commission under Rule 433(d)
a free writing prospectus prepared by or on behalf of such Underwriter that otherwise would not be required to be filed by Israel,
but for the action of the Underwriter.

 

    	 

    	 

    
 

 

5.
Agreements. Israel agrees with the several Underwriters that:

 

(a)
Israel will use its best efforts to cause the Registration Statement, if not effective at the Execution Time, and any amendment
thereto, to become effective as soon as reasonably practicable thereafter. Prior to the termination of the offering of the Offered
Securities, Israel will not file any amendment of the Registration Statement or supplement (including the Prospectus or any preliminary
prospectus) to the Basic Prospectus or the Time of Sale Prospectus unless Israel has furnished the Underwriters a copy for their
review prior to filing and will not file any such proposed amendment or supplement to which the Representatives reasonably object,
unless Israel is otherwise advised by its U.S. counsel that such filing is required under the Act. Subject to the foregoing sentence,
Israel will cause the Prospectus, properly completed, and any supplement thereto to be filed with the Commission pursuant to the
applicable paragraph of Rule 424(b) within the time period prescribed by such Rule and will promptly provide evidence satisfactory
to the Underwriters of such timely filing. Israel will promptly advise the Underwriters (i) when the Registration Statement,
if not effective at the Execution Time, and any amendment thereto, shall have become effective, (ii) when the Prospectus,
and any supplement thereto, shall have been filed with the Commission pursuant to Rule 424(b), (iii) when, prior to termination
of the offering of the Offered Securities, any amendment to the Registration Statement shall have been filed or become effective,
(iv) of any request by the Commission for any amendment of the Registration Statement or supplement to the Prospectus or for
any additional information, (v) of the issuance by the Commission of any stop order suspending the effectiveness of the Registration
Statement or the institution or threatening of any proceeding for that purpose and (vi) of the receipt by Israel of any notification
with respect to the suspension of the qualification of the Offered Securities for sale in any jurisdiction or the initiation or
threatening of any proceeding for such purpose. Israel will use its best efforts to prevent the issuance of any such stop order
or the suspension of any such qualification and, if issued or suspended, to obtain as soon as possible the withdrawal thereof.

 

(b)
Israel will furnish to the Underwriters a copy of each proposed free writing prospectus related to the Offered Securities
to be prepared by or on behalf of, used by, or referred to by Israel and not to use or refer to any proposed free writing prospectus
to which the Representatives reasonably object.

 

(c)
Israel will not take any action that would result in an Underwriter or Israel being required to file with the Commission
pursuant to Rule 433(d) a free writing prospectus prepared by or on behalf of the Underwriter that the Underwriter otherwise
would not have been required to file thereunder.

 

    	 

    	 

    
 

 

(d)
If the Time of Sale Prospectus is being used to solicit offers to buy the Offered Securities at a time when the Prospectus
is not yet available to prospective purchasers and any event shall occur or condition exist as a result of which it is necessary
to amend or supplement the Time of Sale Prospectus in order to make the statements therein, in the light of the circumstances,
not misleading, or if any event shall occur or condition exist as a result of which the Time of Sale Prospectus conflicts with
the information contained in the Registration Statement then on file, or if, in the opinion of counsel for the Underwriters, it
is necessary to amend or supplement the Time of Sale Prospectus to comply with applicable law, Israel shall forthwith prepare,
file with the Commission and furnish, at its own expense, to the Underwriters and to any dealer upon request, either amendments
or supplements to the Time of Sale Prospectus so that the statements in the Time of Sale Prospectus as so amended or supplemented
will not, in the light of the circumstances when delivered to a prospective purchaser, be misleading or so that the Time of Sale
Prospectus, as amended or supplemented, will no longer conflict with the Registration Statement, or so that the Time of Sale Prospectus,
as amended or supplemented, will comply with applicable law.

 

(e)
If, at any time when a prospectus relating to the Offered Securities is required to be delivered under the Act, any event
occurs as a result of which the Prospectus as then supplemented would include any untrue statement of a material fact or omit to
state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made,
not misleading, or if it shall be necessary to amend the Registration Statement or supplement the Prospectus to comply with the
Act or the respective rules thereunder, Israel promptly will (i) prepare and file with the Commission, subject to the second
sentence of paragraph (a) of this Section 5, an amendment or supplement which will correct such statement or omission
or effect such compliance and (ii) supply any supplemented Prospectus to the Underwriters in such quantities as they may reasonably
request.

 

(f)
Subject to Section 6, Israel will endeavor to qualify the Offered Securities for offer and sale under the securities or
Blue Sky laws of such jurisdictions as the Underwriters shall reasonably request and to pay all expenses (including reasonable
fees and disbursements of counsel) in connection with such qualification and in connection with the determination of the eligibility
of the Offered Securities for investment under the laws of such jurisdictions as the Underwriters may reasonably designate; provided,
however, that Israel shall not be obligated to file any general or unlimited consent to service of process in any jurisdiction.

 

(g)
Israel will make generally available to holders of the Offered Securities, as soon as practicable, a statement in the English
language of revenues and expenditures of Israel covering the first full fiscal year of Israel beginning after the date of this
Agreement which will satisfy the provisions of Section 11(a) of the Act; it is understood that this undertaking shall be deemed
satisfied if Israel has filed its Annual Report on Form 18-K for the year ended December 31, 20[·].

 

    	 

    	 

    
 

 

(h)
So long as any of the Offered Securities are outstanding, Israel will furnish to the Underwriters copies of all reports
and financial and statistical data filed with the Commission in connection with the Offered Securities.

 

(i)
Until the business day following the Closing Date, Israel will not, without the consent of the Representatives, offer, or
sell in the United States, or announce the offering in the United States of, any securities other than normal course offers of
State of Israel Bonds sold through the Development Corporation for Israel.

 

(j)
Israel will furnish to the Underwriters and counsel for the Underwriters, without charge, copies of the Registration Statement
(including exhibits thereto) and, so long as delivery of a prospectus by an Underwriter or dealer may be required by the Act, as
many copies of any preliminary prospectus, the Time of Sale Prospectus and the Prospectus and any supplement thereto as the Underwriters
may reasonably request.

 

(k)
Israel will use its best efforts to cause the Offered Securities to be listed on the _____________ Stock Exchange.

 

6.
Expenses. Whether or not the transactions contemplated hereunder are consummated or this Agreement is terminated,
except as set forth in the next sentence and as provided in Section 8 hereof, the Underwriters will pay all costs and expenses
incident to the performance of the obligations of Israel hereunder, including, without limiting the generality of the foregoing,
(i) all of the Underwriters’ costs and expenses related to the roadshow, (ii) all costs and expenses incident to
the printing and distributing of any preliminary prospectus, the Time of Sale Prospectus, the Prospectus and any amendments thereof
or supplements thereto, (iii) any costs and expenses, including fees of listing agents, in connection with the listing of
the Offered Securities on the _____________ Stock Exchange, (iv) all costs and expenses (including reasonable fees of counsel
to the Underwriters and their disbursements) incurred in connection with “Blue Sky” qualifications, (v) any
fees of the Fiscal Agent, and (vi) all costs and expenses of the Underwriters’ Israeli, United States and any other
outside counsel. Israel will pay (i) all costs and expenses incident to the filing with the Commission of the Registration
Statement (including all exhibits thereto), any preliminary prospectus, the Prospectus and any amendments thereof or supplements
thereto (including any issuer free writing prospectus), (ii) any fees charged by securities rating services for rating the
Offered Securities, (iii) all of Israel’s costs and expenses related to the roadshow, (iv) all costs and expenses
related to the eligibility and acceptance of the Offered Securities for deposit with The Depository Trust Company and (v) all
costs and expenses of Israel’s Israeli, United States and any other outside counsel.

 

7.
Conditions to the Obligations of the Underwriters. The obligations of the Underwriters to purchase the Offered Securities
shall be subject to the accuracy in all material respects of the representations and warranties on the part of Israel contained
herein as of the time of the execution of this Agreement and the Closing Date, to the accuracy in all material respects of the
statements of Israel made in any certificates pursuant to the provisions hereof, to the performance by Israel of its obligations
hereunder and to the following additional conditions:

 

    	 

    	 

    
 

 

(a)
If filing of the Prospectus, or any supplement thereto, is required pursuant to Rule 424(b), the Prospectus, and any
such supplement, shall have been filed in the manner and within the time period required by Rule 424(b) and in accordance
with Section 5(a) of this Agreement; no stop order suspending the effectiveness of the Registration Statement shall have been
issued and no proceedings for that purpose shall have been instituted or threatened; and any request of the Commission for additional
information shall have been complied with to the satisfaction of the Representatives.

 

(b)
Israel shall have furnished to the Underwriters the written opinion, satisfactory to the Representatives, of the Legal Advisor
to the Ministry of Finance of the State of Israel (the “Legal Advisor”) dated the Closing Date, to the effect
that:

 

(i)
the Offered Securities have been duly and validly authorized and executed in accordance with the laws of Israel and, when
duly authenticated in accordance with the terms of the Fiscal Agency Agreement and delivered and paid for in accordance with the
terms of this Agreement, will be valid and binding obligations of Israel entitled to the benefits of the Fiscal Agency Agreement;

 

(ii)
the obligations of Israel under the Fiscal Agency Agreement, this Agreement and the Offered Securities are and will be
direct, general and unconditional obligations of Israel, and are, under the laws of Israel, subject to civil and commercial substantive
and procedural law and to the procedural requirements relating to enforcement and recognition of foreign judgments. The Offered
Securities will rank pari passu, without any preference among themselves; the payment obligations of Israel under the Offered
Securities will at all times rank at least equally with all other payment obligations of Israel relating to unsecured and unsubordinated
“external indebtedness” (as such term is defined in the Offered Securities) of Israel; the full faith and credit of
Israel has been pledged for the due and punctual payment of the principal of and interest on the Offered Securities and for the
performance of the obligations of Israel with respect thereto;

 

(iii)
Israel has the power and authority required for the execution and delivery of this Agreement, the issuance of the Offered
Securities and the performance by Israel of its obligations thereunder and hereunder and under the Fiscal Agency Agreement; and
none of the execution or delivery by Israel of this Agreement or the Offered Securities, the performance of its obligations hereunder
or thereunder or under the Fiscal Agency Agreement, or the fulfillment by Israel of the terms hereof or thereof or under the Fiscal
Agency Agreement requires, under Israeli law, any publication, waiver, consent, filing, registration, authorization or approval;

 

 

    	 

    	 

    

 

(iv)
the Fiscal Agency Agreement has been duly authorized, executed and delivered by Israel in accordance with the laws of Israel
and is a valid and binding agreement of Israel;

 

(v)
this Agreement has been duly authorized, executed and delivered by Israel in accordance with the laws of Israel;

 

(vi)
all statements in the Registration Statement, the Time of Sale Prospectus and the Prospectus with respect to or involving
laws, statutes and regulations of or pertaining to Israel are accurate in all material respects and fairly present the information
purported to be shown;

 

(vii)
the provisions of this Agreement and the Offered Securities wherein Israel consents to the jurisdiction of certain courts
in the United States and agrees not to assert the defense of immunity, on the grounds of sovereignty or otherwise, are valid
and binding; final judgment against Israel in any such suit, action or proceeding brought, in accordance with such provisions,
in the courts of Israel or Federal or state courts in the City of New York would be conclusive and binding upon Israel and
may be enforced in the courts of Israel, without retrial or reexamination but subject to the procedural requirements relating
to enforcement and recognition of foreign judgments;

 

(viii)
under Israeli law in effect as of the date of such opinion, payments made under the Offered Securities will be exempt from
Israeli taxation, and there are no transfer, stamp or similar taxes or duties or other charges under the laws of Israel payable
in connection with the issuance, transfer and sale of the Offered Securities or the execution and delivery of this Agreement;

 

(ix)
the choice of New York law to govern the validity, construction and performance of this Agreement, the Offered Securities
and the Fiscal Agency Agreement would be upheld by an Israeli court as a valid and effective choice of law under the laws of Israel;

 

(x)
none of the execution or delivery by Israel of this Agreement or the Offered Securities, the performance by Israel of its
obligations hereunder or thereunder or under the Fiscal Agency Agreement, or the fulfillment by Israel of the respective terms
hereof or thereof or of the Fiscal Agency Agreement, will violate any constitutional or treaty provision, convention, statute,
law, regulation, decree, court order or similar authority binding upon Israel or, to the best knowledge of the Legal Advisor,
violate any order, rule or regulations of any Israeli court, regulatory body, or administrative body or governmental body;

    	 

    	 

    
 

 

(xi)
none of the execution or delivery by Israel of this Agreement or the Offered Securities, the performance by Israel of its
obligations hereunder or thereunder or under the Fiscal Agency Agreement, or the fulfillment of the respective terms hereof or
thereof or of the Fiscal Agency Agreement by Israel, will, to the best knowledge of the Legal Advisor after due inquiry, violate,
or result in a breach of, the terms of, or cause a default under, any note, note agreement, bank loan, or any other agreement
or instrument for money borrowed to which Israel is a party;

 

(xii)
there is no action, suit, or proceeding pending, or to the best knowledge of the Legal Advisor, threatened against or affecting
Israel, before any court or administrative agency in Israel, challenging the validity or enforceability of this Agreement, the
Fiscal Agency Agreement, or the Offered Securities or the transactions contemplated hereby or thereby;

 

(xiii)
the Registration Statement, as amended, any preliminary prospectus supplement, and the Prospectus, and their filing with
the Commission, have been duly authorized by and on behalf of Israel and the Registration Statement has been duly executed on
behalf of Israel;

 

(xiv)
the appointment of the Authorized Agent in Section 13 below and any waiver in that section by Israel in respect thereto
are legal, valid and binding in accordance with their respective terms under the laws of Israel; and

 

(xv)
the Legal Advisor shall further confirm that appropriate officials in the Ministry of Finance have been apprised of the
disclosure standards applicable to the offering described in this Agreement and have reviewed the Registration Statement, Time
of Sale Prospectus and the Prospectus. Based on such review, the results of which have been discussed with the Legal Advisor,
the Legal Advisor shall confirm that, although the Legal Advisor shall not have made an independent investigation or verification
of the correctness and completeness of the information included in the Registration Statement, Time of Sale Prospectus or the
Prospectus, nothing has come to the Legal Advisor’s attention that would lead the Legal Advisor to believe that (except
as to the financial and statistical data contained therein as to which the Legal Advisor need not express any belief) (a) the
Registration Statement, as of the Effective Date and as of the date of this Agreement, contained any untrue statement of a material
fact or omitted to state a material fact required to be stated therein or necessary to make statements therein not misleading,
(b) the Time of Sale Prospectus, as of the Execution Time, contained any untrue statement of a material fact or omitted to state
a material fact necessary in order to make the statements therein, in the light of the circumstances under which they were made,
not misleading or (c) the Prospectus, as amended or supplemented, as applicable, as of its date and as of the Closing Date, contained
or contains any untrue statement of a material fact or omitted or omits to state a material fact necessary in order to make the
statements therein, in the light of the circumstances under which they were made, not misleading.

 

    	 

    	 

    

 

In rendering such opinion, the
Legal Advisor may rely without independent investigation on the opinion pursuant to paragraph (c) below as to matters of New
York State and United States Federal law and such opinion shall be subject to any limitations and exceptions contained in the opinion
so relied upon. References to the Prospectus in this paragraph (b) include any supplements thereto at the Closing Date.

 

(c)
The Underwriters shall have received on and as of the Closing Date an opinion, satisfactory to the Representatives, of Arnold &
Porter LLP, special United States counsel to Israel, to the effect that:

 

(i)
the Offered Securities, when duly authorized, executed, authenticated and issued in accordance with the terms of the Fiscal
Agency Agreement and delivered and paid for in accordance with the terms of this Agreement, will be valid and binding obligations
of Israel entitled to the benefits of the Fiscal Agency Agreement;

 

(ii)
the Fiscal Agency Agreement constitutes a valid and legally binding agreement of Israel, enforceable in accordance with
its terms, subject, as to enforcement, to bankruptcy, insolvency, reorganization and other laws of general applicability relating
to or affecting creditors’ rights and to general equity principles;

 

(iii)
no consent, approval, authorization, order, registration, clearance, qualification or filing (each, a “Governmental
Authorization”) of or with any United States Federal or New York state government, administrative agency, commission
or other body is required for the issue and sale of the Offered Securities or the consummation by Israel of the transactions contemplated
by this Agreement or the Fiscal Agency Agreement, except such as have been obtained under the Act and such Governmental Authorizations
as may be required under state securities or Blue Sky laws in connection with the purchase and distribution of the Offered Securities
by the Underwriters;

 

(iv)
the statements in the Registration Statement, the Time of Sale Prospectus and the Prospectus under the captions “Debt
Securities”, “Collective Action Securities” and “Description of the Bonds”, insofar as they purport
to constitute a summary of certain provisions of the Offered Securities and the Fiscal Agency Agreement provide a fair summary
of such provisions;

 

    	 

    	 

    
 

 

(v)
the statements in the Registration Statement and the Prospectus under the caption “Taxation - United States”,
insofar as they purport to constitute a summary of the material United States Federal income and estate tax consequences
of the purchase, ownership and disposition of the Offered Securities, provide a fair summary of such consequences;

 

(vi)
Israel has validly submitted, under the laws of the State of New York and the Federal laws of the United States, to the
jurisdiction of the State and Federal courts in the Borough of Manhattan in the City of New York, in any suit, action or proceeding
arising out of or based on this Agreement, the Fiscal Agency Agreement or the Offered Securities, except any such suit, action
or proceeding arising out of or based on United States Federal or state securities laws (other than any legal action or proceeding
instituted by an Underwriter in its capacity as an Underwriter under this Agreement);

 

(vii)
the documents expressly incorporated by reference in the Time of Sale Prospectus and the Prospectus as amended or supplemented
(other than the financial and statistical data contained therein, as to which such counsel need express no opinion), when they
became effective or were filed with the Commission, as the case may be, appear on their face to comply as to form in all material
respects with, and be appropriately responsive to, the requirements of the Act or the Exchange Act, as applicable, and the rules
and regulations of the Commission thereunder;

 

(viii)
the agreement of Israel contained in this Agreement, the Offered Securities and the Fiscal Agency Agreement that each will
be governed and construed in accordance with the laws of the State of New York, except with respect to its authorization
and execution by and on behalf of Israel, is valid and binding on Israel;

 

(ix)
the Offered Securities are exempt from the provisions of the Trust Indenture Act of 1939, as amended, under Section 304(a)(6)
of said Act, and no indenture in respect of the Offered Securities need be qualified under said Act; and

 

(x)
the Registration Statement has become effective under the Act as of the date and time specified in such opinion, and, to
the knowledge of such counsel, no stop order suspending the effectiveness of the Registration Statement has been issued and no
proceedings for that purpose are pending before or threatened by the Commission.

 

In giving such opinion, Arnold &
Porter LLP may (i) assume that the Fiscal Agency Agreement, the Offered Securities and this Agreement have been duly authorized,
executed and delivered by the appropriate party or parties thereto and that each such party has adequate power and authority to
enter therein and (ii) rely without independent investigation on the opinion delivered pursuant to paragraph (b) above
as to matters governed by the laws of Israel and such opinion shall be subject to any limitations and exceptions contained in the
opinion delivered pursuant to paragraph (b) above.

 

    	 

    	 

    

 

In addition, Arnold & Porter
LLP shall have furnished the Underwriters with a letter, dated the Closing Date, confirming that as United States counsel to Israel,
such counsel reviewed the Registration Statement, the Time of Sale Prospectus and the Prospectus as then amended or supplemented,
participated in discussions with representatives of the Representatives and their counsel and those of Israel and its Israeli counsel,
and advised Israel as to the requirements of the Securities Act and the applicable rules and regulations thereunder; on the basis
of the information that such counsel gained in the course of the performance of such services, considered in the light of their
understanding of the applicable law and the experience they have gained through their practice under the Securities Act, such counsel
will confirm to the Underwriters that, in their opinion, the Registration Statement and the Prospectus as then amended or supplemented,
as of the Effective Date and as of the date of this Agreement, appeared on their face to be appropriately responsive in all material
respects to the requirements of the Securities Act and the applicable rules and regulations of the Commission thereunder; nothing
that came to such counsel’s attention in the course of the limited procedures described in such letter has caused such counsel
to believe that the Registration Statement, as of the Effective Date and as of the date of this Agreement, contained any untrue
statement of a material fact or omitted to state any material fact required to be stated therein or necessary to make the statements
therein not misleading; nothing that has come to such counsel’s attention in the course of the limited procedures described
in such letter has caused such counsel to believe that the Time of Sale Prospectus as of the Execution Time contained any untrue
statement of a material fact or omitted to state a material fact necessary in order to make the statements therein, in the light
of the circumstances under which they were made, not misleading; and nothing that has come to such counsel’s attention in
the course of the limited procedures described in such letter has caused such counsel to believe that the Prospectus (as then amended
or supplemented) as of its date and as of the Closing Date contained or contains any untrue statement of a material fact or omitted
or omits to state any material fact necessary in order to make the statements therein, in the light of the circumstances under
which they were made, not misleading. Such counsel may state that the limitations inherent in the independent verification of factual
matters and the character of determinations involved in the registration process are such that they do not assume any responsibility
for the accuracy, completeness or fairness of the statements contained in the Registration Statement, the Time of Sale Prospectus
or the Prospectus except for those made under the captions “Debt Securities”, “Collective Action Securities”,
“Description of the Bonds” and “Taxation” in the Time of Sale Prospectus or the Prospectus as then amended
and supplemented insofar as they purport to summarize certain provisions of documents therein described; that such counsel do not
express any opinion or belief as to the financial and statistical data contained in the Registration Statement or the Prospectus
as then amended or supplemented, or as to matters of the laws of Israel; and that their letter is furnished as United States counsel
for Israel to the Underwriters and is solely for their benefit.

 

    	 

    	 

    
 

 

(d)
The Underwriters shall have received from (i) _______________, counsel for the Underwriters, such opinion and letter, dated
the Closing Date, with respect to the issuance and sale of the Offered Securities, the Fiscal Agency Agreement, the Registration
Statement, the Time of Sale Prospectus, the Prospectus (together with any supplement thereto) and other related matters as the
Representatives may reasonably require and (ii) _______________, special counsel for the Underwriters, such opinion, dated the
Closing Date, with respect to the issuance and sale of the Offered Securities, the Fiscal Agency Agreement and other related matters
as the Representatives may reasonably require; and, in each case, Israel shall have furnished to such counsel such documents as
they request for the purpose of enabling them to pass upon such matters. In giving the opinion referred to in clause (i) of the
preceding sentence, _______________ may rely without independent investigation on the opinion delivered pursuant to paragraph 7(b)
above as to the matters governed by the laws of Israel and such opinion shall be subject to any limitations and exceptions contained
in the opinion delivered pursuant to paragraph 7(b) above.

 

(e)
Israel shall have furnished to the Underwriters a certificate of Israel, signed by either (i) the Director General
and the Accountant General of the Ministry of Finance or (ii) the Consul and Chief Fiscal Officer for the Western Hemisphere
and the Deputy Chief Fiscal Officer for the Western Hemisphere of the Ministry of Finance, dated the Closing Date, to the effect
that the signer of such certificate has carefully examined the Registration Statement, the Time of Sale Prospectus, the Prospectus,
any supplement to the Prospectus and this Agreement and that:

 

(i)
the representations and warranties of Israel in this Agreement are true and correct in all material respects on and as
of the Closing Date with the same effect as if made on the Closing Date and Israel has complied in all material respects with
all the agreements and satisfied all the conditions on its part to be performed or satisfied at or prior to the Closing Date;

 

(ii)
no stop order suspending the effectiveness of the Registration Statement has been issued and no proceedings for that purpose
have been instituted or, to Israel’s knowledge, threatened; and

 

(iii)
there has been no material adverse change or any development involving a prospective material adverse change in the condition
(financial, economic or political) of Israel from that set forth in the Time of Sale Prospectus and the Prospectus (exclusive
of any supplement thereto dated after the Execution Time) that was not disclosed to the Underwriters prior to the Execution Time.

 

    	 

    	 

    
 

 

(f)
Subsequent to the Execution Time or, if earlier, the dates as of which information is given in the Registration Statement
(exclusive of any amendment thereof dated after the Execution Time), the Time of Sale Prospectus and the Prospectus (exclusive
of any supplement thereto dated after the Execution Time), there shall not have been any change or any development involving a
prospective change in the condition (financial, economic or political) of Israel from that set forth in the Registration Statement
that, in the judgment of the Representatives, is material and adverse and makes it impractical or inadvisable to proceed with the
offering or delivery of the Offered Securities as contemplated by the Registration Statement, the Time of Sale Prospectus and the
Prospectus (in each case exclusive of any amendment or supplement thereto dated after the Execution Time).

 

(g)
Subsequent to the Execution Time, there shall not have been any decrease in the rating of any of Israel’s debt securities
by the Rating Agencies listed on Schedule III hereto or any written notice given of any intended or potential change in any such
rating that is not an upward change.

 

(h)
Subsequent to the Execution Time, no proceeding shall be pending or threatened to restrain or enjoin the issuance, sale
or delivery of the Offered Securities or in any manner to question the laws, proceedings, directives, resolutions, approvals, consents
or orders under which the Offered Securities are to be issued or to question the validity of the Offered Securities, and none of
such laws, proceedings, directives, resolutions, approvals, consents or orders shall have been repealed, revoked or rescinded in
whole or in part.

 

(i)
Subsequent to the Execution Time, Israel shall not have ceased to be a member of the International Monetary Fund and the
International Bank for Reconstruction and Development.

 

(j)
Prior to the Closing Date, Israel shall have made an application for the Offered Securities to be listed on the ___________
Stock Exchange.

 

(k)
Prior to the Closing Date, Israel shall have furnished to the Underwriters such further information, certificates, opinions
and other documents as the Representatives may reasonably request.

 

If any of the conditions specified in this
Section 7 shall not have been fulfilled in all material respects when and as provided in this Agreement, or if any of the
opinions and certificates mentioned above or elsewhere in this Agreement shall not be in all material respects reasonably satisfactory
in form and substance to the Representatives and to counsel for the Underwriters, this Agreement and all obligations of the Underwriters
hereunder may be canceled at, or at any time prior to, the Closing Date by the Representatives. Notice of such cancellation shall
be given to Israel in writing or by telephone or facsimile confirmed in writing.

 

    	 

    	 

    
 

 

The documents required to be delivered by
this Section 7 shall be delivered at the office of _______________, counsel for the Underwriters, at _______________, at the
Closing Date.

 

8.
Reimbursement of Underwriters’ Expenses. If the sale of the Offered Securities provided for herein is not consummated
because any condition to the obligations of the Underwriters set forth in Section 7 hereof is not satisfied, because of any
termination pursuant to Section 11 hereof or because of any refusal, inability or failure on the part of Israel to perform
any agreement herein or comply with any provision hereof other than by reason of a default by any of the Underwriters, Israel will
reimburse the Underwriters severally upon demand for all reasonable out-of-pocket expenses (including reasonable fees and disbursements
of counsel) that shall have been incurred by them in connection with the proposed purchase and sale of the Offered Securities.

 

9.
Indemnification and Contribution. (a) Israel agrees to indemnify and hold harmless each Underwriter, the directors,
officers, employees and agents of each Underwriter and each person who controls any Underwriter within the meaning of either Section 15
of the Act or Section 20 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), against
any and all losses, claims, damages or liabilities, joint or several, to which they or any of them may become subject under the
Act, the Exchange Act or other Federal or state statutory law or regulation, at common law or otherwise, insofar as such losses,
claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon any untrue statement or alleged untrue
statement of a material fact contained in the Registration Statement for the registration of the Offered Securities as originally
filed or in any amendment thereof, any preliminary prospectus, the Time of Sale Prospectus, any issuer free writing prospectus
or the Prospectus, or in any amendment thereof or supplement thereto, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading
or, in the case of any preliminary prospectus, the Time of Sale Prospectus, any issuer free writing prospectus or the Prospectus,
in light of the circumstances under which they were made, not misleading, and agrees to reimburse each such indemnified party,
as incurred, for any legal or other expenses reasonably incurred by them in connection with investigating or defending any such
loss, claim, damage, liability or action; provided, however, that Israel will not be liable in any such case to the
extent that any such loss, claim, damage or liability arises out of or is based upon any such untrue statement or alleged untrue
statement or omission or alleged omission made therein in reliance upon and in conformity with written information furnished to
Israel by or on behalf of any Underwriter specifically for inclusion therein. This indemnity agreement will be in addition to any
liability which Israel may otherwise have to any Underwriter. Israel further agrees to indemnify and hold harmless each Underwriter
against any requirement under the laws of Israel to pay any stamp or similar taxes in connection with the issuance of the Offered
Securities to such Underwriter by Israel.

 

    	 

    	 

    
 

 

(b)
Each Underwriter severally agrees to indemnify and hold harmless Israel, to the same extent as the foregoing indemnity from
Israel to each Underwriter, but only with reference to written information relating to such Underwriter furnished in writing to
Israel by or on behalf of such Underwriter specifically for inclusion in the documents referred to in such foregoing indemnity.
This indemnity agreement will be in addition to any liability which any Underwriter may otherwise have to Israel. Israel acknowledges
that, for all purposes of this Agreement, each Underwriter’s name, solely with respect to such Underwriter, on the cover
page of the prospectus supplement and each Underwriter’s name, address and principal amount of bonds purchased, solely with
respect to such Underwriter, the third, fourth and fifth sentences of the second paragraph and the fifth and sixth paragraphs under
the heading “Underwriting” in the prospectus supplement constitute the only information furnished in writing by or
on behalf of the several Underwriters for inclusion in the documents referred to in such foregoing indemnity, and the Underwriters
confirm that such statements are correct.

 

(c)
Promptly after receipt by an indemnified party under this Section 9 of notice of the commencement of any action, such
indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 9, notify
the indemnifying party in writing of the commencement thereof; but the failure so to notify the indemnifying party (i) will
not relieve it from liability under paragraph (a) or (b) above unless and to the extent it did not otherwise learn of such
action and such failure results in the forfeiture by the indemnifying party of substantial rights and defenses and (ii) will
not, in any event, relieve the indemnifying party from any obligations to any indemnified party other than the indemnification
obligation provided in paragraph (a) or (b) above. The indemnifying party shall be entitled to appoint counsel of the indemnifying
party’s choice at the indemnifying party’s expense to represent the indemnified party in any action for which indemnification
is sought (in which case the indemnifying party shall not thereafter be responsible for the fees and expenses of any separate counsel
retained by the indemnified party or parties except as set forth below); provided, however, that such counsel shall
be reasonably satisfactory to the indemnified party. Notwithstanding the indemnifying party’s election to appoint counsel
to represent the indemnified party in an action, the indemnified party shall have the right to employ separate counsel (including
local counsel), and the indemnifying party shall bear the reasonable fees, costs and expenses of such separate counsel, if (i) the
use of counsel chosen by the indemnifying party to represent the indemnified party would present such counsel with a conflict of
interest, (ii) the actual or potential defendants in, or targets of, any such action include both the indemnified party and
the indemnifying party and the indemnified party shall have reasonably concluded that there may be legal defenses available to
it and/or other indemnified parties which are different from or additional to those available to the indemnifying party, (iii) the
indemnifying party shall not have employed counsel reasonably satisfactory to the indemnified party to represent the indemnified
party within a reasonable time after notice of the institution of such action or (iv) the indemnifying party shall authorize
the indemnified party to employ separate counsel at the expense of the indemnifying party. It is understood that the indemnifying
party shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable
fees and expenses of more than one separate firm (in addition to local counsel) for all such indemnified parties and that such
fees and expenses shall be reimbursed as they are incurred. An indemnifying party will not, without the prior written consent of
the indemnified parties, settle or compromise or consent to the entry of any judgment with respect to any pending or threatened
claim, action, suit or proceeding in respect of which indemnification or contribution may be sought hereunder (whether or not the
indemnified parties are actual or potential parties to such claim or action) unless such settlement, compromise or consent (i)
includes an unconditional release of each indemnified party from all liability arising out of such action or claim and (ii) does
not include a statement as to or an admission of fault, culpability or a failure to act, by or on behalf of any indemnified party.

 

    	 

    	 

    
 

 

(d)
In the event that the indemnity provided in paragraph (a) or (b) of this Section 9 is unavailable or insufficient
(unless such indemnity is unavailable or insufficient by operation of the provisos set forth therein) to hold harmless an indemnified
party for any reason, Israel and the Underwriters agree to contribute to the aggregate losses, claims, damages and liabilities
(including legal or other expenses reasonably incurred in connection with investigating or defending same) (collectively, “Losses”)
to which Israel and one or more of the Underwriters may be subject in such proportion as is appropriate to reflect the relative
benefits received by Israel and by the Underwriters from the offering of the Offered Securities; provided, however,
that in no case shall any Underwriter (except as may be provided in any agreement among the Underwriters relating to the offering
of the Offered Securities) be responsible for any amount in excess of the underwriting discount or commission applicable to the
Offered Securities purchased by such Underwriter hereunder. If the allocation provided by the immediately preceding sentence is
unavailable for any reason, Israel and the Underwriters shall contribute in such proportion as is appropriate to reflect not only
such relative benefits but also the relative fault of Israel and of the Underwriters in connection with the statements or omissions
which resulted in such Losses as well as any other relevant equitable considerations. Benefits received by Israel shall be deemed
to be equal to the total net proceeds from the offering (before deducting expenses), and benefits received by the Underwriters
shall be deemed to be equal to the total underwriting discounts and commissions, in each case as set forth on the cover page of
the Prospectus. Relative fault shall be determined by reference to whether any alleged untrue statement or omission relates to
information provided by Israel or the Underwriters. Israel and the Underwriters agree that it would not be just and equitable if
contribution were determined by pro rata allocation or any other method of allocation which does not take account of the equitable
considerations referred to above. Notwithstanding the provisions of this paragraph (d), no person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such
fraudulent misrepresentation. For purposes of this Section 9, each person who controls an Underwriter within the meaning of
either the Act or the Exchange Act and each director, officer, employee and agent of an Underwriter shall have the same rights
to contribution as such Underwriter, and each official of Israel who shall have signed the Registration Statement shall have the
same rights to contribution as Israel, subject in each case to the applicable terms and conditions of this paragraph (d).

 

    	 

    	 

    
 

 

10.
Default by an Underwriter. If any one or more Underwriters shall fail to purchase and
pay for any of the Offered Securities agreed to be purchased by such Underwriter or Underwriters hereunder and such failure to
purchase shall constitute a default in the performance of its or their obligations under this Agreement, the remaining Underwriters
shall be obligated severally to take up and pay for (in the respective proportions which the principal amount of Offered Securities
set forth opposite their names in Schedule I hereto bears to the aggregate principal amount of Offered Securities set forth opposite
the names of all the remaining Underwriters) the Offered Securities which the defaulting Underwriter or Underwriters agreed but
failed to purchase; provided, however, that the remaining non-defaulting Underwriters shall not be obligated to purchase
any of the Offered Securities if the aggregate principal amount of Offered Securities which the defaulting Underwriter or Underwriters
agreed but failed to purchase exceeds 9.09% of the aggregate principal amount of Offered Securities set forth in Schedule I hereto
and any remaining non-defaulting Underwriter shall not be obligated to purchase more than 110% of the aggregate principal amount
of Offered Securities set forth opposite its name in Schedule I hereto. If the foregoing maximums are exceeded, the remaining Underwriters
shall have the right to purchase all, but shall not be under any obligation to purchase any, of the Offered Securities, and if
such non-defaulting Underwriters do not purchase all the Offered Securities, this Agreement will terminate without liability to
any non-defaulting Underwriter or Israel. In the event of a default by any Underwriter as set forth in this Section 10, the Closing
Date shall be postponed for such period, not exceeding seven days, as the Underwriters shall determine in order that the required
changes in the Registration Statement and the Prospectus or in any other documents or arrangements may be effected. As used
in this Agreement, the term “Underwriter” includes, for all purposes of this Agreement unless the context requires
otherwise, any underwriter, other than the Underwriters, who purchases Offered Securities which a defaulting Underwriter agreed
but failed to purchase. Nothing contained in this Agreement shall relieve any defaulting Underwriter of its liability, if any,
to Israel and any non-defaulting Underwriter for damages occasioned by its default hereunder.

 

11.
Termination. This Agreement shall be subject to termination in the absolute discretion of the Representatives, by
notice given to Israel prior to delivery of and payment for the Offered Securities, if prior to such time (i) trading in securities
generally on the New York Stock Exchange shall have been suspended or limited or minimum prices shall have been established
on such Exchange or settlement of securities trading generally shall have been materially disrupted, (ii) a banking moratorium
shall have been declared either by Federal or New York State authorities or Israeli authorities or (iii) there shall
have occurred (x) any outbreak or escalation of hostilities in which the United States or Israel is involved or declaration
by the United States or Israel of a national emergency or war or other calamity or crisis or (y) a material adverse change
in the general economic, political or financial conditions in Israel or the United States the effect of which on financial markets
is such as to make it, in the judgment of the Representatives, impracticable or inadvisable to proceed with the offering or delivery
of the Offered Securities as contemplated by this Agreement and the Prospectus.

 

    	 

    	 

    
 

 

12.
Representations and Indemnities To Survive. The respective agreements, representations, warranties, indemnities and
other statements of Israel and of the Underwriters set forth in or made in writing pursuant to this Agreement will remain in full
force and effect, regardless of any investigation made by or on behalf of any Underwriter or Israel or any of the officers, directors
or controlling persons referred to in Section 9 hereof, and will survive delivery of and payment for the Offered Securities.
The provisions of Sections 8 and 9 hereof shall survive the termination or cancellation of this Agreement.

 

13.
Submission to Jurisdiction; Agent for Service of Process. Israel and the Underwriters agree that the Federal courts
of the United States sitting in the Southern District of New York, the courts of the State of New York sitting in the City
of New York and the courts of Israel shall have exclusive jurisdiction in respect of any legal action or proceeding brought
against Israel and arising out of or relating to this Agreement. In respect of any such proceeding which may be brought hereunder,
Israel irrevocably submits to the jurisdiction of the Federal courts of the United States in the Southern District of New York,
the courts of the State of New York sitting in the City of New York and the courts of Israel and waives any right of objection
to the laying of venue in any such court, including, without limitation, any objection on the basis of inconvenient forum. Israel
irrevocably agrees to be bound by any final judgment rendered thereby in connection with this Agreement from which no appeal has
been taken or is available.

 

Israel hereby appoints the Consul and Chief
Fiscal Officer for the Western Hemisphere of the Ministry of Finance of the Government of Israel, whose office address is presently
at 800 Second Avenue, 17th Floor, New York, NY 10017, as its authorized agent (“Authorized Agent”) to receive
on its behalf service of process in any proceeding which may be brought under the immediately preceding paragraph of this Section 13
in a Federal court of the United States in the Southern District of New York or in a New York State court in the City
of New York. Israel may nominate a substitute or replacement for its Authorized Agent in the State of New York by giving
notice thereof to the Representatives, but such appointment shall not be effective until the successor to the Authorized Agent
accepts appointment as such. Israel agrees that it will at all times maintain an Authorized Agent to receive such service, as above
provided. The failure of the Authorized Agent to give Israel notice of the service of any process shall not affect the validity
of any proceeding based on that process or any judgment obtained pursuant to it. Israel will take any and all action, including
the filing of any and all documents and instruments, that may be necessary to continue such appointment or appointments in full
force and effect as aforesaid. Service of process upon the Authorized Agent at the address indicated in this Section 13, or
at such other address in the Borough of Manhattan in the City of New York, as may be the office of the Authorized Agent at
the time of such service, and written notice of such service to Israel (mailed or delivered to Israel at the address set forth
in Section 14) hereof shall be deemed, in every respect, effective service of process upon Israel.

 

    	 

    	 

    
 

 

In respect of any proceeding which may be
brought under this Agreement, Israel irrevocably agrees not to assert the defense of immunity, on the grounds of sovereignty or
otherwise, from jurisdiction, execution or attachment in aid of execution, personally and in respect of any of its property.

 

Neither the submission to jurisdiction, the
appointment of the Authorized Agent or the agreements with respect to immunity in this Section 13 shall be interpreted to
include actions brought under the United States Federal securities laws or any State securities laws (other than any legal action
or proceeding instituted by an Underwriter in its capacity as an Underwriter under this Agreement).

 

14.
Notices. All communications hereunder will be in writing and effective only on receipt, and, if sent to the Underwriters,
will be mailed or delivered to UBS Securities LLC, 299 Park Avenue, New York, New York 10171; or, if sent to Israel, will be mailed
or delivered to it at:

 

Government of Israel

Ministry of Finance

800 Second Avenue

17th Floor

New York, NY 10017

Attn: Consul and Chief Fiscal Officer

 

with a copy to:

 

Government of Israel

Ministry of Finance

1 Kaplan Street

Hakiria, Jerusalem 91008

ISRAEL

Attn: Accountant General

 

15.
English Documents. All documents to be delivered under this Agreement by Israel shall be in the English language
or accompanied by a certified English translation.

 

16.
Successors. This Agreement will inure to the benefit of and be binding upon the parties hereto and their respective
successors and the officers and directors and controlling persons referred to in Section 9 hereof, and no other person will
have any right or obligation hereunder. No purchaser of any Offered Securities from any Underwriter shall be deemed to be a successor
or assign merely by reason of such purchase.

 

17.
Applicable Law. This Agreement will be governed by and construed in accordance with the laws of the State of New York,
without regard to the conflicts of law principles of such State, except with respect to its authorization and execution by and
on behalf of Israel, which shall be governed by the law of Israel.

 

    	 

    	 

    
 

 

18.
Counterparts. This Agreement may be signed in two or more counterparts, which together shall constitute one and the
same instrument.

 

19.
No Fiduciary Duty. Israel acknowledges that in connection with the offering of the Offered Securities: (i) the
Underwriters have acted at arms length, are not agents of, and owe no fiduciary duties to, Israel or any other person, (ii) the
Underwriters owe Israel only those duties and obligations set forth in this Agreement and prior written agreement (to the extent
not superseded by this Agreement), if any, and (iii) the Underwriters may have interests that differ from those of Israel.
Israel waives to the full extent permitted by applicable law any claims it may have against the Underwriters arising from an alleged
breach of fiduciary duty in connection with the offering of the Offered Securities.

 

    	 

    	 

    

 

If the foregoing is in accordance with your
understanding of our agreement, please sign and return to us the enclosed duplicate hereof, whereupon this letter and your acceptance
shall represent a binding agreement among Israel and the several Underwriters.

 

 

	 	Very truly yours, 
	 	 
	 	THE GOVERNMENT OF ISRAEL, on behalf of STATE OF ISRAEL
	 	By:
	 	 	 
	 	 	Name:
	 	 	Title:   

	 	By:
	 	 	 
	 	 	Name: 
	 	 	Title:   

 

 

    	 

    	 

    

	
        The foregoing Agreement is

        hereby confirmed and accepted

        as of the date first above written.

         

	By:  _________________________________
	 	 	 
	 	By:	 
	 	 
	 	Name:
	 	Title:  
	 	 
	By:	 
	 	 
	 	Name: 
	 	Title:   
	 	 

For themselves and the other

Several Underwriters named in

Schedule I to the foregoing

Agreement.

 

    	 

    	 

    

 

SCHEDULE I

 

	Underwriters	Principal Amount of

Offered Securities

to be Purchased
	
Total:  	
        $ [·]

 

 

    	 

    	 

    

SCHEDULE II

 

 

 

 

 

 

 

    	 

    	 

    

ANNEX A to

SCHEDULE II

 

 

 

    	 

    	 

    

 

SCHEDULE III

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