BANK LEUMI ROMÂNIA

www.leumi.ro BANK LEUMI ROMÂNIAThe value experience. Since 1902.

Content

Board of Administration and Executive Management

Chairman of the Board and Executive President’s Letter

Leumi Group Financial Data

Bank Leumi Romania. Business Strategy

Market overview

Head Office activity

Financial Highlights

Audited Financial Statements

Contact Romania

Leumi Group Listing

3

3.

4.

5.

7.

11.

13.

19.

23.

21.

22.

Board of AdministrationZVI ITSKOVITCHChairman of the Board

GIDON S. SUESSKINDAdministrator

MENAHEM EISENTHALAdministrator

EHUD EDUARD MOVERMANAdministrator

ISAAC AMARAdministrator

BENESH AVITALAdministrator

MARIAN CRISANAdministrator

LAURENTIU GABRIEL MITRACHEExecutive President

MANFRED RAUCHWERGERSenior Executive Vicepresident

ION POPOVICIExecutive Vicepresident

ARIE STERNExecutive Vicepresident

DAN NEGRAUExecutive Vicepresident

IULIU MURESANExecutive Vicepresident

Executive Management

We are pleased to present the 2009 Annual Report of Bank Leumi Romania. The report includes an analysis of the bank’s activity during the year, assesses the local economic situation and contains audited financial information. We issue this report each year to preserve transparency for the bank’s customers, for partners and anyone interested in the products and services that our Bank offers.

After the onset of crisis in 2008, 2009 brought the country many negative consequences: an increased unemployment rate, a lower number of investments, an unprecedented upward trend in the last two decades, in the number of companies that were closed, as well as frozen lending amidst growing insecurity. The banking system, the basic pillar of the economy was also affected: many internationally active banks required state aid and capital increase from their shareholders. This all goes to emphasize the benefits of implementing a permanent prudent management, with careful selection of clients and with diversified portfolios. Bank Leumi Romania announces a net profit for 2009 of RON 12.7 million, higher than in 2008, when it recorded RON 7.5 million. Bank Leumi Romania has a strong capital base and is maintaining a high level of liquidity.

Bank Leumi Romania has adjusted its development strategy to the economic environment of 2009, streamlining distribution networks, repositioning itself in the market in terms of business models, offering competitive products and services, and rigorously controlling costs. These actions have resulted in maintaining a comfortable level of profitability. We intend to maintain our “customer-oriented” strategy - by offering competitive solutions to the situations that our clients encounter according to their business requirements, and by keeping the relationships active by relying on ongoing dialogue.

Results Highlights

Profit and Loss Account

Operating income amounted to RON 105,573k compared to RON 100,555k in 2008, a 5% increase. All the business areas contributed to this increase.

Chairman of the Board andExecutive President’s Letter

54

Operating profit before provisions for 2009 amounted to RON 30,933k compared with RON 29,482k registered in 2008, showing an increase of 4.9%. The net interest income decreased by 21%, due to a decrease in margins. The profit after tax was RON 12,745k for the financial year 2009, compared with the net profit of 7,465 thousand RON registered in 2008. Operating expenses amounted to RON 74,640k, showing an increase of 1.4% only, compared with RON 73,585k registered in 2008.

Balance Sheet

The balance sheet contracted by 3.7% to 1,295,124 k RON, mainly due to a slight decrease of deposits. In 2009, the bank's lending activity (75% concentrated in the commercial sector) registered a slight decrease compared to 2008, from 949 million RON to 940 million RON. We have focused on finding solutions for our clients in that area.

Customer deposits have reached 716 million RON and the solvency ratio at December 31, 2009, under the Basel II regulations was 27.81%, being significantly above the limit required by the legislation, which is 8%. The capital adequacy and liquidity ratios of the Bank have shown stability, being within the limits established by NBR and the internally set limits.

We would like to thank the executive management and all our employees, for the professionalism they prove, for their talent and loyalty, for their efforts and for the good results they obtained.

Finally, we express our gratefulness to our customers, for their trust. We wish them all inspiration and success in 2010!

ZVI ITSKOVITCHChairman of the Board

LAURENTIU MITRACHEExecutive President

Los Angeles,Encino

Mexico City

Cayman Islands

Santiago

Buenos Aires

Montevideo, Punta del Este

Sao Paulo

Caracas

Panama City

Miami, Boca Raton Aventura

New York

Chicago

Toronto

Johannesburg

Israel

Bucharest

Zurich, Geneva

Luxembourg

Frankfurt

Berlin

London, Manchester, Jersey

Melbourne

Hong Kong

Montreal

Bank Leumi and its subsidiary companies constitute one of the largest banking groups in Israel, continuing activities that began 108 years ago. The Bank’s predecessor, The Anglo Palestine Company, was established in London in 1902 by Otsar Hityashvuth Hayehudim Jewish Colonial Trust Limited.

The Leumi Group is involved in a variety of banking, financial and non-banking activities, in Israel and overseas. The Group’s activities are carried out through the Bank, subsidiary companies and companies included on equity basis, through 256 branches located throughout Israel and through 78 branches, agencies and representative offices in 18 countries throughout the world.

Leumi Group Financial Data

The Leumi Group’s policy is to provide comprehensive banking and financial solutions to its customers and a high level of professional service, to enable them to make use of varied distribution channels and to offer them a wide variety of products, adapted to their needs.

Leumi Banking Facilities and Financial Services�Over 100 years in banking services�More than USD 207.1 billion total managed assets �USD 5.8 billion in equities�256 Branches in Israel, 78 branches and offices 18 countries�Over 13,300 employees�Broad array of banking and financial services�Access to global markets and global expertise

The Net Profit of the Leumi Group in 2009 amounted to NIS 2,014 million (USD 533.5 million), as compared to a profit of NIS 92 million (USD 24.4 million) in 2008. The low net profit for 2008 resulted from the effect of the global financial crisis, continued decline in share prices in stock markets throughout the world and in Israel, the collapse of leading financial institutions around the world and the overall detrimental effect on the status of the economy in Israel, and on the business of the Leumi Group in Israel and overseas.

The improvement in 2009 derived mainly from the end of the recession in the economies worldwide, including that of Israel, and of the markets recovery from the financial crisis of 2008 in Israel and around the world.

Financial Results

Total Assets

Credit to Public

Deposits of the Public

Shareholders’ Equity

Off Balance

Total Managed Assets

2009

85.2

54.2

66.3

5.8

121.9

207.1

2008

82.3

56.5

64.8

4.9

90.2

172.5

2007

80.0

52.6

63.1

5.2

122.3

202.3

Assets and Liabilities (in USD billions)

Return on Equity

Deposits / Total Assets

Shareholder equity / Total Assets

Total Capital Ratio

Tier 1 Capital Ratio

2009

10.2%

77.8%

6.8%

14.31%

8.52%

2008

0.5%

78.8%

6.0%

11.58%

7.51%

2007

17.4%

78.8%

6.5%

11.52%

7.55%

Major Financial Ratios in Annual Terms (%)

76

The Net operating profit in 2009 amounted to NIS 1,986 million (USD 526.1 million), compared to an operating loss of NIS 158 million (USD 41.9 million) in 2008.

The Net Return on Equity in 2009 was 10.2%, compared to 0.5% in 2008.

The Return on Equity of Net Operating Profit in 2009 was 10.1%, compared to a negative return of 0.8% in 2008.

BANK LEUMI ROMANIA.Business Strategy

In August 2006, Bank Leumi Israel acquired over 99% of the issued and fully paid-up share capital of Eurom Bank S.A. from S.C. Kolal B.V, for a consideration of some USD 46 million. The name of the company was changed to Bank Leumi Romania in August 2006.

Since the takeover ended, the Bank has increased the shareholders’ equity by about USD 75 million. The financial statements of Bank Leumi Romania have been consolidated in the Leumi Group’s Financial Statements since the third quarter of 2006.

Bank Leumi Romania is a banking institution in Romania, operating with 32 branches and agencies, committed to varied financial activities including deposits, lending, international trading and foreign currency related activities.

The Bank’s policy is to provide comprehensive banking and financial solutions to its customers and a high level of professional service, to enable them to make use of varied distribution channels and to offer them a wide variety of products, adapted to their needs.

In its aim to achieve high levels of long-term profitability, the Bank constantly analyses the trends and changes in the business environment where it operates and formulates strategies to deal with these changes.

The Bank is organized on five business lines, focusing on different market segments, with each business line specializing in providing banking and financial services to a particular customer segment.

The commercial banking concentrates on serving corporate and SME’s, the Private Banking aims at high net worth customers, Retail banking provides banking services to individuals, Real Estate focuses on developing real-estate projects and Israeli Desk that manages Israeli clients.

The Bank operates on a competitive market in all its operating segments. There are 43 banks (38 banks have foreign capital) with 6,464 units. The market leaders (5 banks) control 54% of the market.

There are also additional competitors such as non-banking financing companies, leasing companies or insurance companies.

In 2008 the world’s financial and capital markets were hit by a financial crisis which began with mortgage market crisis in the US in 2007, especially in the weakest segment, the sub-prime sector. Against the background of this situation, a liquidity problem developed in the European and American banking systems, that required the involvement of central banks. In the US and Europe, central banks significantly decreased the interest rates, in order to reduce the negative impact of the financial crisis on economic activity. The governments were also required to inject liquidity of hundreds of billions of dollars.The crisis expanded in 2009 especially in smaller economies, like CEE, while world-leading economies (US, Japan and Germany) showed improvements.

The main impact of this crisis in Romania was a severe economic recession on 2009 (-7%) and a large budget deficit (-7.3%).

Description of Bank Leumi Romania’s BusinessActivities and their General Development

98

Business Strategy

Bank Leumi’s Vision

Bank Leumi Romania has formulated a multi-year business strategy, which is based on the following vision:

When customers think of a first class financial services provider, they choose BANK LEUMI.�Bank Leumi Romania is a first class financial services provider, committed to helping our customers succeed by understanding and anticipating their individual financial needs and providing high standards and customized solutions.

�Bank Leumi Romania provides opportunities for all the employees of the bank to be their best, maintains a comfortable work environment, an attitude of mutual support and opportunity for promotion.�Bank Leumi Romania provides a fair return to the shareholders.�Bank Leumi Romania constantly strives to improve the financial strengths of the community it belongs to.

Bank Leumi’s Strategy

The most suitable approach for our bank – considering the current economic and financial environment, the quite recent set-up of this bank in Romania, its size as well as the competitors’ strengths – is to avoid competition to market leaders and mark our presence on the market by delivering high standard services and products to selected market (sub) segments.

Bank Leumi will gradually focus on selected niches in each of its business lines’ specific markets, on developing competitive advantages

by offering tailored products for those niches, on achieving long term profitability by combining delivered quality and competitive costs, with a conservative risk appetite.

In order to implement this strategy, Bank Leumi focuses its strategic efforts and its resources – capital, human and managerial - on business areas that produce high yields and/or require relatively small capital, while improving profitability in areas with low levels thereof.

Strategic priorities

�Conservative market attitude & risk appetite�Strong loan portfolio monitoring�Network optimization to fit to the selected niches marketing strategy (Medium Enterprises)�HR overall upgrade (recruitment, key positions training, communication and benefits)�Tight cost control – driven by income dynamic�Grasping marketing opportunities raised by

competition’s reluctance to serve good clients or by the discontent of their good staff

The above-mentioned priorities have been adapted to the business lines in which Bank Leumi operates and which are described below. Each business line specializes in a particular market segment with the aim of creating a relative advantage among its target markets.

Commercial Banking - Deals with legal entities commercially active: medium enterprises, corporate and multinationals. The Bank focuses on Medium Enterprises Market.

The target clients are the companies with an annual turnover over EUR 500,000. Clients will be selected with priority from the sectors that have a stable performance during crisis and have the perspectives to register a positive trend sooner than the average industry.

Private Banking – Focus on high net worth individuals. The target clients are high net worth residents and non-residents, appreciative of long term relationship with the reputable bank which is member of a private banking specialized Group.

In the following years, Bank Leumi aims to become a distinct and reputable brand in wealth management. The Bank will be prepared to provide clients with top quality products and benefits with a global perspective, valuable financial solutions and attractive alternatives for portfolio diversification, tailored for each segment in proportion and according to the customer’s needs, investment profile and term he is willing to invest.

In order to achieve this goal Bank Leumi will capitalize the Group’s experience to optimize the client management services and the product portfolio.

Retail Banking - Focus on upper and/or affluent clients segments, especially in order to attract “core deposits” (steady, risk dispersed, rolling over raised sources) as a reliable funding source for the other business lines bank’s placements, especially nowadays when deposits are more important to banking industry than ever, given the financial crisis and liquidity crush.

The target clients are the individuals with net income twice higher than the national average.The clients’ pool is: employees, free-lancers, shareholders, retired.

Israeli Desk – Focus on Israeli customersThe criterion in the bank’s advantage that makes the difference is the LEUMI GROUP belonging.

The “Israeli Desk Unit” is structured in such a way that clients do not perceive any difference when making the comparison to their banking relationship in Israel.

Maintaining and developing contacts with Israeli communities/associations is a constant concern of “Israeli Desk Unit” and a pool of specific clients.

Real Estate – Focus on Israeli developersThe target clients are experienced Real Estate developers mainly from Israeli client niche. High quality projects will be considered, promoted by very professional and experienced developers.

Description of Operating Segments

Bank Leumi is organized on five business lines, focusing on different market segments, with each business line specializing in providing banking and financial services to a particular customer segment.

The paragraphs below detail the Bank’s five major business lines:

1110

ALBA IULIA BACĂU

BAIA MARE

BISTRIŢA

BRAŞOV

BUZĂU

CONSTANŢA

DEVA

DROBETATR. SEVERIN

GALAŢI

IAŞI

ORADEA

PITEŞTIPLOIEŞTI

SATU MARE

SIBIU

SUCEAVA

TÂRGU MUREŞ

TIMIŞOARA

TURDA

ZALĂU

NEGREŞTI OAŞ

ALEŞD

Botoşani

Vaslui

Focşani

PiatraNeamţ

TulceaBrăila

Slobozia

Călăraşi

GiurgiuAlexandria

Slatina

Craiova

RâmnicuVâlcea

Târgu Jiu

Reşiţa

Târgovişte

MiercureaCiuc

SfântuGheorghe

BUCUREŞTI

CLUJNAPOCA

Arad

Branches

At the end of 2009, Bank Leumi Romania had 32 units opened, in 23 counties. Their focus was to develop business by attracting the local commercial clients, private banking and upper retail clients.

Niche Main characteristics

The criteria for the distribution of customers according to theoperating segments within Bank Leumi are generally as follows:

Business line

Individuals

& Freelancers

Legal entities commercially

active: Medium enterprises,

corporate and multinationals

Market segment

Residential, commercial,

office projects

Wealthy individuals &

Foundations

Individual and legal clients

with main shareholders

based in Israel

a)Upper retail

b)Affluent

Focus on Medium

Enterprises

Over the average

quality projects

High Net Worth

individuals

Clients

from Israel

a) Gross income 2x the average;

b) Gross income 3x the average

Annual turnover over

0.5 million EUR

Minimum loan value:

1 mill. EUR

Gross income 10x the average

individual income

All clients except

for Real Estate.

RETAIL

COMMERCIAL

REAL ESTATE &

PROJECT FINANCE

PRIVATE BANKING

ISRAELI DESK

The Romanian banking system, compared to other banking systems worldwide, displayed stability and soundness.

Market overview

Changes in the business environment

Following the world economic crisis, Romania encountered a severe recession. The weak diversification of the local financial market only delayed the influence of the US and other developed countries crisis.

The national currency lost 17% vs. euro creating a significant currency risk for the population, as well as for the banking system. Foreign investments fell approximately 40% and the unemployment rate reached 7.8% in 2009.

A raise in financial sources cost was a direct consequence of the crisis, maximal interests were reached in the first quarter of 2009, when interests to new deposits reached 17% for RON and 7% for EUR.

Romania had to negotiate with IMF, at the end of March 2009, on an assistance package of USD 17.1 billion and an additional USD 9.3 billion from other lenders (EU, EBRD and World Bank), having

a direct effect on a decreasing trend in banking interests, the pressure on financial sources remaining high.

Currently, the international financial market shows mixed economic signs: both a renewal of demand in US and EU economies, indicating a gradual process of the exiting the crisis, and large budget deficits in smaller EU economies.

The high trade dependence of the EU western members who are also facing difficulties, the delayed restructuring of the public sector, the unbalanced economy and the high dependence on foreign investments are factors wherefrom one may infer that a Romanian economic upturn will occur months behind US and EU recovery.

1312

The competitive environment

The fast growth of the economy combined to certain “overbanked” situations of the most developed economies, that reduced or severely limited the growing opportunities of the leading banks, were the ground for their medium and long term corporate strategies, which focused on a quick and aggressive acquisition of larger market shares in Romania, the risk usually associated to such approach being mitigated by a very high profitability.

The shareholding structure of the credit institutions in Romania reveals that the foreign capital holds a capital share of 77%. The consolidation of foreign capital in local banks led to total assets market share of 85%, to a highly competitive environment and to market concentration (54% of the market is controlled by 5 banks, the remaining 38 banks sharing the remaining part).

The global crisis has worsened the perspectives. The banking profitability (ROE) decreased to 2.73% (December 2009) from 18.11% (December 2008).

The risks assumed during the previous years resulted in a sharp increase in the total past due loans portfolio to 1.23 (December 2009) from 0.35 (December 2008).

The crisis determined more and more bankers to take radical measures: layoffs, non-paid holydays and closing of some units. Disinvestment was higher than earlier estimates, the approach of closing more units than the estimates for the beginning of 2009, revealed the expectations that the financial crisis last longer than earlier forecasts.

The outflow of foreign investments has left the financial system in Romania exposed to a dramatic decrease in its ability to raise capital. Other major risks to the financial stability are the significant decrease in activity, credit risk, high ex p o s u re to c u r re n c y r i s k a n d h i g h unemployment.

The main challenges of the local banking system can be summarized as follows:�Improving competition – from competing fiercely for larger market share to:

o Product innovation o More accurate risk estimationo Reducing costs to borrowers o Focus on low cost channel distributions

�Acquiring an appropriate volume of good quality collateral�Raising new deposits and maintaining the current ones faced serious challenges:

o Thinning intra-banking credit lineso Capital outflows generated by foreignparent-banks.

Head office activity

COMMERCIAL

GeneralBank Leumi Romania’s strategic focus is on developing the commercial sector, by creating and offering products and services adapted to the needs of these clients.

Structure of DivisionThe Commercial area is managed by the Commercial Division, located in Bucharest. The contact with customers was done through the 32 branches located throughout the country.

StrategyThe year 2009 was characterized by a cautious lending policy, given that many companies in various markets have registered significant declines in turnover, leading to increasing bad loans.

Bank Leumi Romania has been supporting the clients who have difficulties in repaying the loans, by offering them, suitable products on short and medium term and restructuring the terms of repayment.

In order to attract new customers, the Commercial Division has carefully analyzed the structure of performing areas of activity and the effects generated by the financial crisis nationally and internationally, thus aiming at reducing risk and focusing on those segments that registered financial stability and growth.

Products and services offered to companies include:�loans (short/medium term or seasonal, bank guarantee letter, endorsements bills etc.)�deposits (with multiple withdrawals, interest paid in advance, automatically overnight, escrow etc.)

�cards (MasterCard Business, SMS alerts)�Internet Banking� services:

�cash transactions - deposits and withdrawals in domestic and foreign currency;�non-cash transactions - payments and receipts in domestic and foreign currency, remittances of foreign currency checks for cashing abroad, documentary credit, documentary and simple incassos;�FX operations, including currency risk limiting products – Forward and SWAP on foreign exchange,�other services – guarantees, letter of good standing, brokerage operations on capital market etc.

CompetitionThe competition is represented by all the banks carrying on business in Romania. In 2009 the banks suffered because of the continuous increase in bad loans ratio until the end of the year. The banks became very prudent when negotiating a loan and, at the same time, had brought some solution in order to help current clients in their business (new payment terms, renegotiation of the contractual conditions etc.)

AnalysisThe total value of loan portfolio outstanding in 2009 was of RON 546.541 thousand, representing around 60% of the total loans portfolio. The value of raised sources in 2009 amounted to RON 292.834 thousand as of 31 December 2009, representing 40% of the non banking customers deposits portfolio.

1514

PRIVATE BANKING

GeneralThe professional experience of over 100 years of tradition in serving wealthy clients worldwide, the financial soundness of the Leumi Group, the international wide range of banking and financial activities under one roof are the main assets of the relationship between the Bank and the customer.

Moreover, Bank Leumi Romania provides VIP services to individual skilled professional team, integrity and privacy with a tint of Romanian soul.

The Leumi Group can offer accounts in many countries, including Luxembourg, Switzerland, USA and UK, which will allow for the selection of power, giving you the chance to maximize financial opportunities distinctly, whenever and wherever our clients desire.

Structure of the DivisionThe Private Banking and Capital Markets Division of Bank Leumi Romania offers to its clients a professional team of relationship managers and traders. They are ready to handle banking and investment needs of the clients, advising on different products of the bank: customized specific solutions based on an overview of customer banking operations, access to shares listed at Bucharest Stock Exchange (BVB) and local investment funds, organizing meetings with experts in capital markets, foreign markets, real estate, unique solutions for clients' funds, covering the entire spectrum of banking transactions.

For the Private Banking clients, Bank Leumi Romania organizes meetings in convenient locations: in the branch, office, and hotel or at our private banking center in Victoria Square in Bucharest.

StrategyThe bank makes the difference by the objective and creative counseling, which meet the specific needs of the clients wanting more sophisticated banking services and customized products.

Our highly professional team offers the most relevant and appropriate solutions for clients' financial needs. Bank Leumi Romania becomes the client's loyal and discreet private banker adviser.

Products are based on the standard features (negotiated interest deposits, saving accounts, dedicated exchanges with preferential exchange rates, investments in shares and investment funds, operations) and customized banking solutions.

CompetitionThe Romanian market does not show yet a development in this field, the potential clients not being used to the sophisticated tools that the Private Banking Division could provide. We intend to gain the clients’ trust and to provide important information in order to facilitate their access to enlarged possibilities of local services and products, on local and international markets.

RETAIL

GeneralOn the individuals segment, Bank Leumi Romania maintained the "upper-retail” approach, continuing to tighten the relationships with individuals registering higher income, by a wide range of flexible and personalized service and a careful counseling team.

Structure of the divisionThe Retail area is managed by the Retail Division, located in Bucharest. The contact with customers was done through the 32 branches located throughout the country.

StrategyThe strategy in 2009 targeted individual customers from top companies working or planning to work with Leumi - this way, all the needs of these companies, both in terms of support and development activities will be satisfied through Leumi - and potential customers of property developers that were financed through the Real Estate Division – by offering flexible solutions in a period of high economical uncertainty. The products and the services offered by Bank Leumi Romania / Retail Division include current accounts and saving deposits, real estate investment loans, mortgage loans, cards with or without overdraft and Internet Banking.

CompetitionThe competition for the upper segment of retail is strong. Both banks with history in the

Romanian banking market and most of the new – comers aim at attracting customers with a solid material position, in order to enlarge the number of services and products.

Analysis loans and deposits

Loans. The lending rate had a downward trend compared to the previous years, amid economic situation affected by relatively high gearing of individual customers in Romania, increasing unemployment, the prospects of an uncertain future. More than 50% of the loans under the “First House” Program were granted for purchasing new housing units - while the national funding for new houses accounted for approximately 20% of the total. Bank Leumi Romania developed in 2009 a dedicated lending product to potential customers of the Real Estate developers financed by Bank Leumi Romania, providing credit solutions from the moment the construction started to be built.

Deposits. Bank Leumi Romania launched an innovative product, called "the deposit with multiple withdrawals”, a saving solution which offers to customers both high yields (corresponding to a term deposit) and a high degree of liquidity (similar to a current account).

ISRAELI DESK

Israeli Division has the role of interface between the customers and various Israeli bank structures, giving support in Hebrew, offering its clients the professionalism and experience of the whole team, offering flexible customized solutions, and a wide range of credit and saving products.

This Division includes the Trade Finance Department, providing customers with comprehensive solutions and competitive products, in order to minimize the risk associated to international trading (LC’s and LG’s).

1716

REAL ESTATE

The Real Estate Division aims at providing the best services and products dedicated to real estate developers. The main offer is related to loans on medium term for construction of residential projects, offices and retail spaces. Meanwhile, Bank Leumi Romania offered convenient long-term loans for complex investments, as mergers and acquisitions, Greenfield industrial projects, infrastructure etc.

In 2009, due to the financial crisis, real estate sales have suffered a strong decline. Bank Leumi Romania came to its clients with financial support through co-financing or refinancing the projects that had a good potential under the actual situation of the market.

TREASURY

The portfolio of products promoted by the Treasury Division includes currency and money market transactions (SPOT, FORWARDS, FX SWAP), deposits with non-standard maturity or automatic overnight deposits. They are

characterized by competitive rates related to the money market and attractive rates taking into account the foreign exchange. The possibility of negotiating these products offers customers a high flexibility.

RISK MANAGEMENT

In 2009, the Bank focused mainly on credit risk control because of its increased impact in the middle of the global economic crisis. The credit risk prevention procedures and systems, dedicated to identifying early warning signals of depreciation for clients’ repayment capacity were implemented. Also, increased attention has been paid to operational risk control, risk exacerbated by the evolution of the economic environment.

Bank Leumi Romania has paid attention to environmental and social risks, all of these being assessed in the individual analysis of credit requests. The Bank’s credit policy aims at financing those activities that do not endanger the environment and that are compliant with the legislation on social matters.

LEUMI BROKER INSURANCE-REINSURANCE LTD.

LEUMI Broker Insurance-Reinsurance Ltd. is a brokerage company set up in 2008, with Bank Leumi Romania as its unique associate.

LEUMI BROKER was created in order to help the bank’s customers applying for loans to find the best insurance offer for their collateral. Thus,

LEUMI BROKER performs a thorough selection regarding the type of insurance and negotiates with the most important insurance companies in the name of the client. By using this convenient service, the clients will benefit from one of the best offers on the market that also meets the bank’s requirements.

IT & COMMUNICATION

In the global strategy of modern banks, the IT has become a key strategic component, ceasing to be regarded only as a function supporting the current activity. IT is the leading provider of technology for business development, while being a source of innovation in banking products (cards, Internet banking, self-banking, mobile banking, SMS, etc.).

Bank Leumi Romania follows the evolution of information technology and invests continuously in this area trying to provide the benefits of these technologies to its customers.

During 2009, the IT development directions aimed at improving the quality of infrastructure and of systems and applications, bringing extra efficiency and flexibility to bank products and services. A special feature of the technologies covered during this year, was the care for the

environment (Green IT) by consolidating servers, with immediate results in reducing demand for energy and space, this concern for the environment being relatively new on the Romanian banking market.

IT projects undertaken this year have focused mainly on the following topics: security, hardware and communications, consolidation and virtualization of systems, software implementation, operations and credit card services, additional systems disaster recovery, Internet banking, SMS alerts.

Further, the IT Division will provide technology and innovation to explore and exploit the opportunities for development through quality services, which will differentiate the bank from the competition.

HUMAN RESOURCES

During 2009 the Code of Ethics was revealed to our employees. The “Leumi Way” is a significant step towards organizational and social consolidation, combining ideological and financial excellence. It contains principles that channel our path to realizing Leumi’s spirit, values and ethics, and set out the framework for behavior.

The values included in this code are fundamentally humanistic and suit anyone, anywhere, and any time.

Trainings were organized for the employees on the following topics: Anti Money Laundry (AML) and legal issues, financial analysis and sales, EBRD product presentation, banking security and first aid.

E-learning courses were organized also, on how to promote and sell products and services and Anti Money Laundry (AML). External trainings took place on topics of development management skills, communication, audit, IT, English, IFRS, SEPA (Electronic System of Automatic Payments) and financial analysis.

1918

MARKETING AND PR ACTIVITIES

Marketing and PR activities in 2009 were focused on launching new products and services, organizing events to popularize the brand of Bank Leumi Romania among its core targeted audience and the various projects that have improved the bank’s image.

1. Products and services launching.

Zefir, seasonal credit, deposit with multiple withdrawals, SMS Alert and Leumi Assistance. They were promoted on national and local level (Press Releases in central and local press), through our own channels (Leumi site, current and credit card bank statements, e-mail), through territorial units of Bank Leumi: leaflets, posters, other promotional materials.

2. Popularization of products to the target (loans with BERD sources)

“Leumi Round Table” events where representative of the business community in Iasi, Brasov, Craiova, Cluj, Targu Mures, Constanta, Sibiu were invited to take part. They were followed by meetings with the participants to analyze their needs and the opportunity for lending. The participants at the Leumi Round Table received answers to their needs, and enjoyed also the press attention.

3. Online Services

Newsletter – in order to better inform the customers and to improve the relationship with them, we release a periodic newsletter sent by e-mail (containing information about bank products and promotions, access to the website www.leumi.ro, market analysis, trends and forecasts in terms of capital market or other financial information of general interest),

Auctions - site (presentation of the properties for s a l e i n t h e e nfo rc e m e nt p ro c e d u re - vanzari.leumi.ro),

I-banking - creation of a bilingual online guide

providing users with easier access by a step-by-step advice.

4. PR events (sponsorship and participation to cultural events).

Bank Leumi Romania was the sponsor of the official launching of a joint stamp issue Romania - Israel dedicated to the first Yiddish theater in the world - Iasi Theatre, founded in 1876. The event, organized by the Federation of Jewish Communities in Romania and the Hebrew Theatre of Bucharest, on November, 2009, was conducted in collaboration with the Embassy of Israel in Romania, Romfilatelia and the Post from Israel. The event was launched under the patronage of the President of Romania.

Bank Leumi Romania was sponsor of the "Festival of Sukkot" - organized by the Hebrew Community Center on October 5, 2009 held at the National Theatre in Bucharest. The Festival consisted of an artistic show casting artists among which we mention David Broza, Maia Morgenstern, Nicu Alifantis, as well as the “BIM BAM” children chorus of Lauder-Reut School and the Israeli Dance Group “HORA”. The audience reached about 1200 persons who had the possibility to enjoy a unique and charming evening.

Bank Leumi Romania was involved in a project of book donation to the Synagogue in Brasov (the books were purchased by the International Private Banking Division in Tel Aviv). The project is part of Bank Leumi Romania’s strategy to support the local Jewish communities in transmitting to the next generations the Israeli tradition and spirit.

One of the projects of social responsibility that has been implemented for the second consecutive year was the donation of IT equipment for School No 84 from Bucharest. The children represent our future and Bank Leumi Romania intends to permanently help their development.

Applicable on different activities, the environmental impact is part of the Bank's general policy. Consequently, the Bank management pays attention to environmental influence on the activity carried on the realization of measures in the area fund for environmental protection and encourages the prevention of pollution prevention in accordance with regulations. Thus, the bank aims at creating projects that ensure a healthy environment.

ENVIRONMENTAL POLICY

2008

366,254

11,856

905,425

24,609

28,812

7,612

1,344,568

736,620

335,611

11,981

1,084,212

260,356

1,344,568

2009

199,451

134,777

879,436

49,369

25,590

6,501

1,295,124

716,355

290,887

14,781

1,022,023

273,101

1,295,124

Balance sheet(December 31st, 2009 and 2008 – thousand RON)

Assets

Cash and current accounts with banks

Placements with banks

Loans and advances to customers

Investment securities

Tangible and intangible assets

Other assets

Total Assets

Liabilities

Deposits from non-bank customers

Deposits and loans from credit institutions

Other liabilities

Total liabilities

Shareholders Equity

Total liabilities and equity

2008

62,899

15,475

22,181

100,555

(21,030)

2,512

(73,585)

8,452

(987)

7,465

2009

49,723

15,524

40,326

105,573

(16,777)

-

(74,640)

14,156

(1,411)

12,745

Profit and loss account(2009 and 2008 – thousand RON)

Net interest income

Net commission income

Other net operating income

Operating income

Provisions, net

Other income

Operating and general administrative expense

Profit (loss) before tax

Income tax (expense) / revenue

Net result of financial year

2007

1,081,121

601,795

733,542

219,428

1,320

2008

1,344,568

905,425

736,620

260,356

7,465

2009

1,295,124

879,436

716,355

273,101

12,745

(thousand RON)

Total assets

Total loans

Total deposits

Shareholders equity

Profit

Financial highlights (according to the IFRS)

2120

Total assets balances decreased by 4% during 2009 to RON 1.295.124 thousand.

Total Shareholders equity increased to RON 273,101 thousand as of December 31, 2009 from RON 260,356 thousand as of December 31, 2008.

Loans - On December 31, 2009, gross loans to customers was RON 940.141 thousand. Total Reserves for loans on the same date was RON 60.705 thousand as compared with RON 44.020 thousand as of December 31, 2008.

Customer deposits balances decreased by 3% during 2009 to RON 716,355 thousand.

Profit - At the end of 2009, the bank registered a profit of EUR 12,745 thousand, representing a 70% increase versus previous year.

Capital Strength – Total shareholders’ equity at December 31, 2009 was of RON 273,101 thousand, representing 21% of year-end assets. This favorably compares with total shareholders’ equity at December 31, 2008 of RON 260,356 thousand, representing 19.36% of year-end assets. At year end 2009, Bank Leumi Romania’s Solvency ratio was 27.81%, being more than 3 times grater than the limit required by the legislation.

2009

2008

2007

Total assets (Th RON)

1,295,124

1,344,568

1,081,121

Total loans (Th RON)

2009

2008

2007

879,436

905,425

601,795

2009

2008

2007

Total deposits (Th RON)

716,355

736,620

733,542

Shareholders equity (Th RON)

2009

2008

2007

273,101

260,356

219,428

Profit (Th RON)

2009

2008

2007

12,745

7,465

1,320

Contact Romania

ALBA-IULIAP-ta Iuliu Maniu nr. 17Tel.: 0258/81.61.63Fax: 0258/81.69.79

ALESDPiata Unirii nr. 16, Jud. BihorTel.: 0259/34.25.80Fax: 0259/34.24.69

ARADP-ta UTA, Bl. U4, Scara A+BTel.: 0257/24.22.27Fax: 0257/242.225

BACAUStr. Dumbrava Rosie nr. 2Tel.: 0234/51.04.43Fax: 0234/51.92.35

BAIA MAREStr. Progresului nr. 54Tel.: 0262/22.17.42Fax: 0262/22.69.02

BISTRITAPiata Centrala nr.27Tel.: 0263/23.08.02Fax: 0263/23.08.07

BRASOV - BranchStr. 15 Noiembrie nr. 86Tel.: 0268/31.94.00Fax: 0268/31.95.50

BRASOV - AgencyStr. Republicii nr. 60Tel.: 0268/47.10.52Fax: 0268/47.10.54

BUCURESTI - SMBB-dul Aviatorilor nr. 45Tel.: 021/206.70.09Fax: 021/260.08.31

BUCURESTI – Victoria BranchCalea Victoriei nr. 155, bloc D1Tronson 5-6 ORAR: 9:00-17:00Tel.: 031/407.94.09Fax: 021/312.02.90

BUCURESTI – Mosilor BranchCalea Mosilor nr. 280, bloc 20Tel.: 031/402.25.08Fax: 021/210.39.93

BUCURESTI – Unirea BranchB-dul Unirii nr. 25, Bl.14Tel.: 021/336.97.72Fax: 021/336.97.73

BUCURESTI - Militari BranchB-dul. Iuliu Maniu nr. 55, bl.17Tel.: 021/430.33.73Fax: 021/430.12.73

BUCURESTI - Titan BranchB-dul. Chisinau nr. 8, bl.M2Tel.: 021/255.20.12Fax: 021/255.20.32

BUCURESTI - Alba Iulia AgencyPiata Alba Iulia nr. 8, bl.17Tel.: 021/327.00.57Fax: 021/327.00.52

BUZAUStr. Ion Baiesu Bl. D3-D4Tel.: 0238/71.02.41Fax: 0238/71.02.50

CLUJ-NAPOCAP-ta Unirii nr. 31Tel.: 0264/59.70.47Fax: 0264/59.09.07

CRAIOVAStr. Calea Bucuresti nr. 34, bl. A8Tel.: 0251/54.40.00Fax: 0251/54.40.50

CONSTANTAB-dul Mamaia nr. 33Tel.: 0241/55.14.18Fax: 0241/54.99.61

GALATIStr. Brailei nr. 165 BTel.: 0236/46.00.80Fax: 0236/46.54.20

IASIStr. Sfantul Lazar nr. 4, scara ATel.: 0232/27.79.05Fax: 0232/27.79.07

NEGRESTI OASStr. Victoriei nr. 44, Jud. Satu-MareTel.: 0261/85.50.40Fax: 0261/85.50.40

ORADEAPiata Unirii nr. 2-4Tel.: 0259/21.00.23Fax: 0259/47.20.57

PITESTIStr. Craiovei Bl. E3B, Sc. CTel.: 0248/22.03.00Fax: 0248/22.17.79

PLOIESTIP-ta Victoriei nr. 4, bl.CC-VestTel.: 0244/51.26.97Fax: 0244/51.11.39

SATU MAREStr. Ham Janos nr. 1Tel.: 0261/71.55.69Fax: 0261/71.03.11

SIBIUStr. Herman Oberth nr. 4Tel.: 0269/21.16.14Fax: 0269/21.64.07

SUCEAVAStr. Stefan cel Mare nr. 3Tel.: 0230/52.17.71Fax: 0230/52.23.40

TARGU MURESP-ta Victoriei nr. 18Tel.: 0265/26.85.51Fax: 0265/26.40.70

TIMISOARAStr. Paris nr. 2ATel.: 0256/49.49.84Fax: 0256/49.50.08

TURDAStr. Libertatii nr. 3Tel.: 0264/31.64.10Fax: 0264/31.70.39

ZALAUP-ta Iuliu Maniu nr. 7Tel.: 0260/66.26.73Fax: 0260/66.26.70

Phone: 0 800 080 777 (free call)E-mail: office@leumi.rowww.leumi.ro

22

Leumi Group Listing

israelBank Leumi le-Israel B.M.Leumi Tel-Aviv Headquarters

Leumi International & Private Banking Division

Leumi Private Banking Centers forInternational Clients

Jerusalem

Leumi Foreign Residents & Tourist Centers Tel-Aviv

Jerusalem

Haifa

Netanya

Herzliya Pituach

Bat Yam

Ashdod

24-32 Yehuda Halevi Street, Tel Aviv 65546Tel: 972-3-514-8111• Fax: 972-3-514-8656www.bankleumi.com

35 Yehuda Halevi Street, Tel Aviv 65546Tel: 972-3-514-3313 • Fax: 972-3-514-9602E-mail: private@bll.co.il

Tel-AvivDizengoff Top Tower, 17th Floor55 Dizengoff Street, Tel-Aviv 64332Tel: 972-3-621-7333 • Fax: 972-3-621-7355French & German speakersDizengoff Top Tower, 23rd Floor55 Dizengoff Street, Tel-Aviv 64332Tel: 972-3-621-7444 • Fax: 972-3-621-7455/6English, Spanish & Russian speakers

19 King David Street, Jerusalem 94101Tel: 972-2-620-1811 • Fax: 972-2-624-0431

Main Branch19 Herzl St., Tel-Aviv 66884Tel: 972-3-514-8111 • Fax: 972-3-514-8744Dizengoff Branch50 Dizengoff Street, Tel-Aviv 64332Tel: 972-3-526-0452 • Fax: 972-3-526-0455Bialik Branch43 Allenby Street, Tel-Aviv 65243Tel: 972-3-514-3182 • Fax: 972-3-514-3198

King George Branch22 King George St., Jerusalem 94262Tel: 972-2-620-7571 • Fax: 972-2-620-7550

Ha‘Carmel Branch123 Hannassi Ave., Haifa 34634Tel: 972-4-830-0608 • Fax: 972-4-830-0684

Netanya Branch5 Herzl St., Netanya 42400Tel: 972-9-860-4502 • Fax: 972-9-860-4571

Herzliya Pituach Branch38 Wingate St., de Shalit SquareHerzliya Pituach 46750Tel: 972-9-970-5300 • Fax: 972-9-970-5355

Bat Yam Branch67 Ha‘azmauth Ave., Bat Yam 59315Tel: 972-3-500-1902 • Fax: 972-3-500-1988

Rogozin Branch2 Haim Moshe Shapira St., Ashdod 77545Tel: 972-8-868-8300 • Fax: 972-8-868-8355

Eilat

LEUMI SUBSIDIARIESLeumi Partners Ltd.

Bank Leumi le-Israel Trust Company Ltd.

north americaNEW YORK

CALIFORNIA

Eilat BranchShderot Hatmarim, Commercial CenterEilat 88000Tel: 972-8-636-4102 • Fax: 972-8-636-4166

5 Azrieli Center (square tower ) 36th floor,Tel-Aviv 67025Tel: 972-3-514-1201 • Fax: 972-3-514-1275www.leumico.co.ilInvestment house

8 Rothschild Boulevard, Tel Aviv 66881Tel: 972-3-517-0777 • Fax: 972-3-517-0770Full Trust Services

Bank Leumi USA, New York Head Office579 Fifth Avenue, New York, NY 10017Tel: 1-917-542-2343 • 1-800-892-5430Fax: 1-917-542-2254E-mail: contactus@leumiusa.comwww.leumiusa.comFull Service Commercial Bank / Private Banking1400 Broadway at 38th StreetNew York, NY 10018Tel: 1-212-921-3700 • Fax: 1-212-921-3711Full Service Commercial BranchInternational Private Banking564 Fifth Avenue, 3rd Floor, New York, NY 10036Tel: 1-212-626-1001 • Fax: 1-212-626-1009Bank Leumi Leasing Corporation562 Fifth Avenue, 8th FloorNew York, NY 10036Tel: 1-212-626-1230 • Fax: 1-212-626-1271Leumi Investment Services Inc.562 Fifth Avenue, 7th FloorNew York, NY 10036Tel: 1-212-407-4345 • Fax: 1-212-407-4351

Beverly Hills8383 Wilshire Boulevard, Suite 400Beverly Hills, CA 90211Tel: 1-323-966-4700 • Fax: 1-323-966-4245Full Service Commercial BranchLos Angeles600 Wilshire Boulevard, Suite 1500Los Angeles, CA 90017Tel: 1-213-452-8600 • Fax: 1-213-452-8630Full Service Commercial BranchEncino16530 Ventura Boulevard, Encino, CA 91436Tel: 1-818-379-2700 • Fax: 1-818-986-3021Full Service Commercial Branch2000 University Avenue, Suite 605Palo Alto, CA 94303Tel: 1-650-289-2400 • Fax: 1-650-289-2424Full Service Commercial Branch

ILLINOIS

FLORIDA

Cayman Islands

Bank Leumi le-Israel B.M.

CANADAOntario

QUEBEC

Bank Leumi le-Israel B.M.Financial CompaniesCAYMAN ISLANDS

CURAÇAO

Chicago100 North LaSalle Street, Chicago, IL 60602Tel: 1-312-781-1800 • Fax: 1-312-750-1984Full Service Commercial BranchHighland ParkRenaissance Place1849 Green Bay Road, Suite 440Highland Park, IL 60035Tel: 1-847-266-4830 • Fax: 1-847-266-4850Full Service Commercial Branch

AventuraOne Turnberry Place, Suite 50019495 Biscayne BoulevardAventura, FL 33180Tel: 1-305-918-6960 • Fax: 1-305-918-6975Full Service Commercial BranchBoca Raton5295 Town Center RoadBoca Raton, FL 33486Tel: 1-561-544-1600 • Fax: 1-561-544-1630Full Service Commercial Branch

Grand CaymanBritish West Indies c/o Bank Leumi USAInternational Customer Service564 Fifth Avenue, New York, NY 10036Tel: 1-212-626-1001 • Fax: 1-212-626-1009Limited Service / Specialized Banking

New York Agencyc/o New York Regional Office562 Fifth Avenue, 2nd FloorNew York, NY 10036Tel: 1-212-626-1355 • Fax: 1-212-626-1366Administration Management

Toronto5140 Yonge Street, Suite 2220Toronto, Ontario M2N 6L7Tel: 1-416-594-0681 • Fax: 1-416-594-0801E-mail: blltor@bellnet.caRepresentative Office

Montreal1 Westmount Square, Suite 400Montreal, Quebec H3Z 2P9Tel: 1-514-931-4457 • Fax: 1-514-931-5240E-mail: bllmtl@bellnet.caRepresentative Office

George Town BranchBritish West IndiesLimited Service / Specialized Banking

Leumi International Investments N.V.

Financial CompanyMailing Address for Cayman Islands andCuraçao:c/o Bank Leumi (Luxembourg) S.A.6D, Route de TrevesL-2633 Senningerberg, LuxembourgTel: 352-346390 • Fax: 352-346396

Leumi (Latin America) S.A., MontevideoEdificio World Trade Center, Luis A. de Herrera1248, Torre A, Piso 10, MontevideoTel: 598-2-628-5838 • Fax: 598-2-622-9033E-mail: recepcion@leumi.com.uywww.leumi.com.uyFull Service Commercial BankPunta del EsteAvenida Gorlero, Calle 28, Edif. Torre de lasAmericas, Local 006, Punta del EsteTel: 598-42-444-303 • Fax: 598-42-444-492E-mail: punta@leumi.com.uyFull Service Commercial Branch

Bank Leumi le-Israel B.M., PanamaCalle Manuel Maria Icaza No. 10Edificio Grobman, Apartado 0819-05593Panama City, Rep. de PanamaTel: 507-263-9377 • Fax: 507-269-2674E-mail: info@leumipa.comwww.leumi.com.paFull Service Commercial Branch

Buenos Aires25 De Mayo 555, Piso 15, (1002) Buenos AiresTel: 54-11-4311-0034 • Fax: 54-11-4313-4845E-mail: bllarg@leumiarg.com.arRepresentative Office

CaracasPlaza la Castellana, Edificio BancaracasPiso 9, Of. 903, La Castellana, CaracasTel: 58-212-265-4887/5052 • Fax: 58-212-267-6454E-mail: bllccs1000@cantv.netRepresentative Office

Mexico CityFuente de Piramides 1-305Lomas de Tecamachalco53950 Naucalpan, Edo De MexicoTel: 52-555-294-6155 • Fax: 52-555-294-4000E-mail: bllmexico@prodigy.net.mxRepresentative Office

SantiagoTorre Del Bosque, Av. El Bosque Norte 0177Of. 604, Las Condes, SantiagoTel: 56-2-332-0140 • Fax: 56-2-332-0144E-mail: info@leumichile.clRepresentative Office

latin americaURUGUAY

PANAMA

ARGENTINA

VENEZUELA

MEXICO

CHILE

europeUNITED KINGDOM

Channel Islands Subsidiaries

SWITZERLAND

LUXEMBOURG

Bank Leumi (UK) plcLondon Head Office20 Stratford Place, London W1C 1BGTel: 44-20-7907-8000 • Fax: 44-20-7907-8001E-mail: info@bankleumi.co.ukwww.bankleumi.co.ukFull Service Commercial Bank / Private BankingManchester RepresentativeMr. Chris BramblesTel: +44-7831-334 -720E-mail: cbrambles@bankleumi.co.ukLeeds RepresentativeMr. Steve CooperTel: +44-7771-522-907E-mail: scooper@bankleumi.co.ukLeumi ABL LimitedPacific House, 126 Dyke Road, Brighton,East Sussex BN1 3TETel: 44-1273-716-200 • Fax: 44-1273-716-210www.leumiabl.co.ukAsset Based Lending and Factoring

Bank Leumi (Jersey) LimitedP.O. Box 510, 2 Hill Street, St. Helier,Jersey JE4 5TR, Channel IslandsTel: 44-1534-702-525 • Fax: 44-1534-617-446E-mail: info@leumijersey.comwww.leumijersey.comSpecialized International Private BankingLeumi Overseas Trust Corporation Ltd.P.O. Box 510, 2 Hill Street, St. Helier,Jersey JE4 5TR, Channel IslandsTel: 44-1534-702-500 • Fax: 44-1534-702-570Offshore Trust & Company Management

Bank Leumi (Switzerland)Zurich Head OfficeClaridenstrasse 34, 8022 ZurichTel: 41-44-207-9111 • Fax: 41-44-207-9100E-mail: infozh@leumi.chwww.leumi.chSpecialized International Private BankingGeneva Branch80 Rue du Rhone, 1211 Geneva 3Tel: 41-22-318-3555 • Fax: 41-22-310-8318E-mail: infoge@leumi.chSpecialized International Private BankingRepresentative Office in IsraelBeit Nolton, 14 Shenkar StreetP.O.B 2134, Herzliya Pituach 46120Tel: 972-9-955-9571 • Fax: 972-9-955-0662E-mail: afichman@leumi.ch

Bank Leumi (Luxembourg) S.A., Head Office6D, Route de TrevesL-2633 Senningerberg, LuxembourgTel: 352-346-390 • Fax: 352-346-396E-mail: bleulux@pt.luwww.bankleumi.luSpecialized International Private Banking

Representative Office in IsraelBeit Nolton, 14 Shenkar StreetP.O.B 2134, Herzliya Pituach 46120Tel: 352-346-390-244 • Fax: 352-346-390-260E-mail: ofer.neeman@leumi.lu

Paris31 rue Francois 1er, 75008 ParisTel: 33-1-5367-9140 • Fax: 33-1-5367-9144E-mail: contact@leumirep.frRepresentative Office

BerlinTauentzienstrasse 7 b/c, 10789 BerlinTel: 49-30-2579-8804 • Fax: 49-30-2579-8080E-mail: leumi.rep@berlin.deRepresentative OfficeFrankfurtSchillerstrasse 5, 60313 Frankfurt am MainTel: 49-69-288-031 • Fax: 49-69-288-061E-mail: bank_leumi@freenet.deRepresentative Office

Bank Leumi Romania S.A.Bucharest Head OfficeB-dul Aviatorilor nr. 45, Sector 1, BucharestTel: 40-21-206-7075 • Fax: 40-21-206-7050E-mail: office@leumi.rowww.leumi.roFull Service Commercial Bank

MelbourneNovell Building Level 5, 574 St. Kilda Rd.P.O.B 6807, Melbourne 3004 VICTel: 61-3-9529-2022 • Fax: 61-3-9529-2077E-mail: bllau@optusnet.com.auRepresentative Office

Central Building, Room 617Queens Road and Pedder Street, Hong KongTel: 852-2524-0320Cell phone: 61-4-1812-7042E-mail: bllau@optusnet.com.auMeetings by appointments onlyRepresentative Office

Johannesburgc/o Fluxmans Inc.11 Biermann Avenue Rosebank 2196,JohannesburgTel: 27-11-328-1700 • Fax: 27-11-328-1859E-mail: cstrime@fluxmans.comRepresentative Office

FRANCE

GERMANY

ROMANIA

australia, asia & africaAUSTRALIA

HONG KONG

SOUTH AFRICA