BY PURCHASING STATE OF ISRAEL BONDS.

INDrvroun VARIABLE
RAM IssuE BOND

5,75 %

An
Investment
In
Israel's Future.

Current Annual Rate
of Interest
Through September 1992

(For Bonds purchased through
August 1992; Bonds purchased in
September will bear October 1st rate.)

Employee benefit funds,
including IRAs, Keoghs and
union funds, can redeem after
3 years,other bondholders after
7 years - on 120 days notice.

MATURES 12 YEARS
FROM ISSUE DATE

MINIMUM SUBSCRIPTION: $5,000
($2,000 OR $2,500 FOR IRAs ONLY)

VARIABLE RATE
IssuE BOND

750 %

Minimum Annual Interest Rate

ZERO COUPON BOND

7.20%

Effective Yield to Maturity*
Current Price* - $3,046
*Through June 1992

MATURES AT $6,000 ON
DECEMBER 31, 2001

(Bonds purchased in May will bear
June 1st rate, which was not
available at press time.)

Employee benefit funds,
including IRAs, Keoghs and
union funds, can redeem after
3 years, other bondholders after
5 years - on 120 days notice.

MATURES ON MARCH 31, 2004
MINIMUM SUBSCRIPTION: $25,000

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

Development Corporation for Israel

NATIONAL HEADQUARTERS
730 Broadway, Suite 700
New York, NY 10003

STATE OF ISRAEL BONDS

For more information, call

1-800-334-5802

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