Citi Fun 29 Regulatory News (AD49)

17 Jun 2008 12:52

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

34 Yehuda Halevi Street, Leumi House, Tel Aviv 65546

Phone: + 972 3 5148111, + 972 3 5149419; Facsimile: + 972 3 5149732

Electronic Mail: jennifer@bll.co.il

17 June 2008

To:  Israel Securities Authority 

The Tel Aviv Stock Exchange

Update to the Report filed on 31 March 2008 regarding dividend distribution:

The following data were updated following exercise of options and the allotment of exercise shares up to and including today, the record date for receipt of the dividend: 

Clause 2 - updated from NIS 270,000,000 to NIS 270,005,687, and from 18.5% to 18.373%.

Clause 7 - updated from 0.185% to 0.18373%.

The updated Report follows:

Immediate Report on Distribution of Cash Dividend

Regulation 37(a) of the Securities (Periodic and Immediate Reports) Regulations, 1970

1. We hereby give notice that on 30 March 2008 the Board of Directors of the Corporation resolved to distribute a dividend. 

2. The amount of the dividend to be distributed is NIS 270,005,687.

The dividend is at the rate of 18.373 % of the issued and paid-up share capital.

3. Dividend record date: 17 June 2008

"Ex" date: 18 June 2008

Date of dividend distribution: 30 June 2008

4. Rate of tax to be deducted at source: 20%

5. Balance of profits of the Corporation, as defined in Section 302 of the Companies Law, 1999, following the distribution detailed in this report is NIS 11,029,000,000. The Corporation, being a banking corporation, is subject to additional restrictions regarding distributions in addition to those contained in Section 302 of the Companies Law, 1999.  

6. Procedure for approval of distribution of the dividend: Subject to the approval of the upcoming General Meeting of Stockholders. 

7.

8. The Corporation does not have any dormant shares that are not entitled to payment of the dividend and therefore no waivers are required.

9. The Corporation has outstanding securities convertible into capital. The effect of the distribution of the dividend on these securities is as follows:

Regarding the exercise shares arising from the exercise of the options allocated to employees of the Leumi Group on 24 January 2006 (Leumi Option 01/06), the gross dividend to which each aforementioned share is entitled on the record date for determining entitlement to participate in the dividend distribution shall be deducted from the exercise price, such amount being linked to the CPI from the record date for determining the right to participate in such dividend distribution, until the actual date of the exercise of the options.

Note to Clauses 2 and 7 above: The dividend is at a rate of some 52.2% of the net profit for the fourth quarter of 2007. Based on the paid-up share capital as of 17 June 2008, the said dividend is at a rate of some 18.373%. 

The total dividends for 2007 will amount to NIS 1,684 million, which is some 50.2% of the net profit for 2007 and NIS 1.18373 per ordinary share (subject to changes in the consequence of the exercise of options as previously mentioned).

_____________________________________________________________________

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