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Hapoalim International N.V.



RE: HALPOALIM INTERNATIONAL N.V.
    USD 390,000.00
    MATURING: 12-Feb-2011
    ISSUE DATE: 12-Feb-2004
    ISIN: XS0184981891

PLEASE BE ADVISED THAT THE INTEREST RATE FOR THE PERIOD
12-Feb-2007 TO 14-May-2007 HAS BEEN FIXED AT 6.060000 PCT

DAY BASIS 91/360

INTEREST PAYABLE VALUE 14-May-2007 WILL AMOUNT TO:
USD 15.32 PER USD 1,000.00 DENOMINATION

IF YOU HAVE ANY QUERIES PLEASE CONTACT THE RATE FIX DESK ON
TEL: 44 20 7508 3858/3855 OR FAX: 44 20 7508 3881

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