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Bär & Karrer Ltd.

BRANDSCHENKESTRASSE 90, 8027 ZÜRICH, SWITZERLAND
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Work +41 58 261 50 00
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Fax +41 58 261 50 01
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www.baerkarrer.ch
Geneva, Lugano, Zug, Zurich

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Acquisition of Banque Safdié by Bank Leumi

February 2011

Bank Leumi signed an agreement with the owners of Banque Safdié, a privately held Swiss private bank in Geneva, according to which it will acquire the entire share capital of the bank.

The basic consideration (before adjustments) will be composed of the Net Asset Value of the bank being acquired plus a multiple of the banks's assets under management at closing, such that the total consideration is estimated at CHF 177 million, based on the bank's current figures.

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