TIDM80OA 
 
RNS Number : 1898O 
Bank Hapoalim B.M. 
03 March 2009 
 

Head Office 
63 Yehuda Halevi St., Bank Hapoalim Bldg., Tel Aviv 65781 
Tel: 03-5673800; Fax: 03-5674576 
Date: 02/03/2009 
Our reference: 802/09 
To    :The London Stock Exchange 
 
 
Dear Sirs, 
Re:  Immediate Report 
 
 
Bank Hapoalim B.M. (hereinafter: "the Bank") is pleased to advise as follows: 
 
 
 
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| 1.                                     | The Board of Directors of the Bank convened on 2nd March, 2009 before noon in connection with the terms of issue to the public of subordinated capital notes of the Bank, under a prospectus published in November, 2001, and which form part of the Bank's Tier II capital (hereinafter: "the Capital Notes") and in connection with the terms of private issues of additional subordinated capital notes of February 2004 and November 2007, which form part of the Tier I capital of the Bank (hereinafter: the Tier I Capital Notes"), according to which in certain circumstances the Bank may not at the scheduled time therefor make payments of interest on account of the Capital Notes and the Tier I Capital Notes.                                                                                             | 
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|                                        | Under the terms of the aforesaid issues, the circumstances for non payment of interest at the scheduled time therefor include a situation in which during a period of six consecutive quarters, with respect to which the financial statement for the last of which was published prior to the date fixed for the payment of the interest, the Bank did not report a cumulative net profit (that is to say, if the simple sum of the quarterly amounts of net profit or loss stated in the financial statements of the Bank, for the six consecutive quarters, is negative).                                                                                                                                                                                                                                               | 
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| 2.                                     | The Board of Directors resolved to make in full the payments of interest which are and which may become due on account of the Capital Notes and the Tier I Capital Notes.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  | 
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|                                        | For that purpose, the Board of Directors has empowered the CEO of the Bank to take action in order to obtain the required consents under the terms of issue of the Capital Notes and the Tier I Capital Notes for the purpose of making payment of the interest in full.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   | 
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|                                        | The Board of Directors has determined that within this framework, and in so far as may be necessary, or efficacious, and subject to obtaining the required consents, as aforesaid, the Bank will advance payment of the interest on account of the Capital Notes the agreed payment dates of which are 27th June, 2009 and 27th September, 2009 and payment of the interest on account of the Tier I Capital Notes the agreed payment dates of which are 1st August, 2009 and 1st November, 2009, such that all of the amounts of interest which were to have been paid on the aforesaid dates and the cumulative amount of which is approximately NIS 80 million, will be paid in full to the holders of the Capital Notes and the Tier I Capital Notes (respectively) shortly after the aforesaid consents are obtained. | 
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| 3.                                     | Immediately following the adoption of aforesaid resolution by the Board of directors, action is being taken by the Bank to obtain the required consents as soon as possible. The Bank will report to the public concerning the date to be fixed for making the aforesaid payments of interest.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             | 
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. 
 
Yours faithfully, 
Bank Hapoalim B.M. 
Head Office 
 
 
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|           ( - )            |       |          ( - )           | 
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|      Ilan Mazur, Adv.      |       |     Yoram Weissbrem      | 
|    Chief Legal Adviser     |       |  Secretary of the Bank   | 
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This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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