CONSIDER ISRAEL BONDS FOR
YOUR NEXT INVESTMENT

VARIABLE RATE ISSUE

7.5%

Minimum Annual Rate of Interest

Annual rate is a minimum of 7.5% plus half the
excess of the average prime rate over 7.5%.
Interest will never fall below 7.5%

Maturity:
September 30, 2003

Bonds can be redeemed by employee
benefit funds after three years, others
can redeem after five years -
on 120 days notice.

Minimum Subscription:
$25,000

GOOD FOR You • GOOD FOR ISRAEL

This is not an offering, which can be made only by a prospectus.
A copy of the prospectus may be obtained from:

Development Corporation for Israel

STATE OF ISRAEL BONDS

29201 Telegraph Road, Suite 324
Southfield, MI 48034-7654

313-352-6555

32 FRIDAY, NOVEMBER 22, 1991

