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15 Sep 2008 08:53
BANK LEUMI LE-ISRAEL B.M.
(GUARANTOR - GUARANTEED EURO MEDIUM TERM NOTE
PROGRAMME OF LEUMI INTERNATIONAL INVESTMENTS N.V.)
Translation of Immediate Report
Bank Leumi le-Israel B.M.
Registration No. 520018078
Securities of the Corporation are listed on The Tel Aviv Stock Exchange
Abbreviated Name: Leumi
Leumi House, 34 Yehuda Halevi Street, Tel Aviv 65546
Phone: + 972 3 5148111, + 972 3 5149419; Facsimile: + 972 3 5149732
Electronic Mail: jennifer@bll.co.il
14 September 2008
To: Israel Securities Authority (www.isa.gov.il)
The Tel Aviv Stock Exchange (www.tase.co.il)
Immediate Report regarding an Event or Matter falling outside the Ordinary Course of Business of the Corporation
Pursuant to Regulation 36(a) of the Securities (Periodic and Immediate Reports) Regulations, 1970
Nature of Event: Framework for Hybrid Note Issues
Bank Leumi le-Israel B.M. (the "Bank") announces that at a meeting of the Board of Directors held today, 14 September 2008, the Board of Directors approved in principle a framework of up to NIS 3 billion for the issue of hybrid subordinated notes, as Tier I capital, according to conditions to be determined and approved from time to time in the future, close to the date of issue and based on market conditions.
The conditions of the notes will include the possibility of compulsory conversion to ordinary shares, although only in exceptional circumstances, and will bear CPI-linked interest at a rate to be determined by tender, close to the date of the issue.
At this stage, the Bank intends to issue the notes to institutional investors.
Date and time at which the corporation first became aware of the event or matter:
14 September 2008 at 16:15.
________________________________________________________________
Name of Electronic Reporter: Jennifer Janes, Position: Executive Vice President, Group Secretary
POB 2 Tel Aviv 61000, Phone: + 972 3 5149419, Facsimile: + 972 3 5149732,
Electronic Mail: jennifer@bll.co.il
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