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Israel Securities Authority 27.01.2008 Finance Minister has approved ISA proposal permitting the European Investment Bank to issue securities in Israel without publishing a prospectus The amendment proposed by the ISA, to permit the issue of the EIB securities in Israel, was recently approved by the Finance Minister, Mr. Roni Bar-On. It is similar to the agreement approved under the Securities Law (effective March 2005) regarding the issue of special securities in Israel, by the World Bank. Owing to the European Investment Bank's particular characteristics, the approved amendment permits the offer of EIB's securities without issuing a prospectus approved by the ISA. The European Investment Bank (the Banque Européenne d'Investissement) is the European Union's financing institution established under the Treaty of Rome (1957) to provide financing for capital investment furthering European Union policy objectives, in particular regional development, Trans-European Networks of transport, telecommunications and energy, research, development and innovation, environmental improvement and protection, health and education. Outside the Union the EIB implements the financial components of various agreements concluded under European development aid and cooperation policies. The bank's Mediterranean branch FEMIP (Facility For European-Mediterranean Investment and Partnership) has already invested in Israel and announced its intention to further expand the aforesaid investments. The current amendment is another step in Israel's continuous association with the European Bank under the framework agreement regulating the Bank's activities in Israel. The agreement, signed in June 2000 and approved by the Government of Israel at the end of 2006, stipulates that: "The Bank will enjoy the most favored status granted to any international institution in relation to its activity in Israel, or as regards its investments, protection of investments and provision of financial services, accordingly." Furthermore, Bank of Israel is currently working on a new legislation authorizing, inter alia, investment of Israel's foreign currency reserves in bonds issued by the European Bank. The framework agreement proposes an amendment authorizing the offer of the EB bonds in Israel and stipulating special taxation regulations pertaining to the bank. According to the proposed amendment the EB can offer securities, including by way of trade registration on the stock exchange, that do not impart voting rights or membership in the bank and which are not realizable or convertible into securities imparting the aforesaid rights, without publishing a prospectus and companies' without publishing current financial statements, required from reporting corporation under the Israeli law. According to the proposed agreement the EB will be permitted to offer securities to Israeli investors on the basis of a public offer instrument, and will be required to submit regular reports to the ISA and the stock exchange under the special arrangement. רשות ניירות ערך 95464 ירושלים,22 רח' כנפי נשרים 02-6513646 : פקס,02-6556555 :טלפון