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The First International and CO-
Underwriting and Investments Ltd.

First International Underwriters
Public and Private Stock Flotations, Investments, Mergers and Acquisitions

The First International & CO.- Underwriting & Investments Ltd. is a subsidiary of the First International Bank of Israel.  It is the arm of the First International banking group responsible for investment banking activity, including the management of public and private securities flotations, mergers, acquisitions and assorted investments.

First International Underwriters` activity is based on the company`s skilled professional work team, which has accumulated practical experience in the course of hundreds of stock issues and transactions.  The team also consults with first-rate outside professionals and exploits the good relations the company and the international group enjoy with institutions and investors in general and with the capital market agents in particular.  In their capacity as members of the various committees on the stock exchange, representatives from the company and the Bank are involved in stock exchange activity and in the decision-making process regarding the stock exchange`s policy on public and private stock flotations.

For Further Information Contact :

First International & CO. - Underwriting & Investments Ltd.
38 Rothschild Blv., Tel Aviv
Tel. 03-5115730/34
Fax 03-5115735

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