80OA Qnb Fin 35

    RNS Number : 4508D
  Bank Hapoalim B.M.
  15 September 2008
   

    Head Office
    63 Yehuda Halevi St., Bank Hapoalim Bldg., Tel Aviv 65781
    Tel: 972-3-5673800; Fax: 972-3-5674576

    Date: September 15, 2008
    Reference: 802/08

 To:    The London Stock Exchange



    Dear Sir or Madam, 

    RE:    Immediate Report

    Bank Hapoalim B.M. (hereinafter: "the Bank") respectfully advises as follows:

    In view of the publication of information regarding a deterioration in the financial condition of the American investment bank Lehman
Brothers (hereinafter: "Lehman"), the extent of the maximum exposures of the Bank to Lehman is hereby brought to the notice of the public,
according to the nature of the exposure:

    1. Bonds with maturities in the years 2009-2010 in the amount of about 44 million Dollars

    2. Credit derivatives of the type of a Credit Default Swap (hereinafter: "CDS") against debts of Lehman amounting to about 40 million
Dollars, the validity of which expires on 20th September, 2008. Collaterally, in March 2008, the Bank purchased protection, also by way of
CDS, in the amount of approximately 25 million Dollars against its exposure to Lehman brothers.

    It should be noted that until recently the Bank carried exposure of about 160 million Dollars to Lehman on account of CDS transactions;
but this exposure was reduced to the amount stated above.
    

    3. Credit derivatives known as First to Default Basket, against debts of a group of banks, of which Lehman is one, in an amount of about
50 million Dollars, the validity of which expires in 2009 and in 2011.
    

    4. The participation of the Bank in an international syndicate of banks and financial institutions which granted Lehman a credit
facility, and the participation of the Bank in this facility is in the amount of 20 million Dollars. This facility remains unutilized and it
is reasonable to suppose that it cannot be utilized, in view of the deterioration in the condition of Lehman.
    

    5. In addition, the Bank has executed in the course of its business futures transactions, such as interest rate and mark-to-market
currency swaps, which are subject to adjustment on a daily basis and which on the date hereof, the exposure on account thereof is minimal.

    According to the particulars given above, the maximum exposure in the balance sheet of the Bank to Lehman is in the amount of about 109
million Dollars.

    The Bank continues to follow developments in the condition of Lehman and will carry out an assessment of the effects of the developments
in its condition on the exposure of the Bank.


    Yours faithfully,

    Bank Hapoalim B.M.

                          ( - )                                                      ( - )

 Mario Szuszan    Yoram Weissbrem
 Head of           Secretary of
 Global              the Bank
 Treasury       


This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
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