The Philadelphia Stock Exchange (Phlx) And Hapoalim Securities Usa, Inc. Announce Launch Of The Hapoalim American Israeli Index <small><SUP>TM</SMALL></SUP> (Hai<small><SUP>SM</SMALL></SUP>) - The Index Will Include Leading Israeli High-Tech And Bio-Pharm

The Philadelphia Stock Exchange and Hapoalim Securities USA, Inc. announced today the launch of the Hapoalim American Israeli Index ^TM (HAI ^SM). HAI is expected to begin trading on Wednesday, December 13, 2006, and will be launched with an opening bell ceremony at the PHLX on that day.

Hapoalim Securities USA, Inc. is a subsidiary of Bank Hapoalim B.M., Israel’s largest bank, whose assets exceed $60 billion.

The Hapoalim American Israeli Index^TM (HAI^SM) is an equal dollar weighted index consisting of 15 highly capitalized Israeli companies that trade significant volumes of ordinary shares or American Depository Receipts (ADR) in the U.S. HAI contains companies that have significant market capitalization and are actively traded and include technology and bio-pharmaceutical companies which account for a major portion of international trade.

Susquehanna Investment Group (SIG) will act as the specialist.

“We are pleased to partner with Hapoalim Securities USA, Inc. on the launch of this important new sector index that reflects the growth prospects of the Israeli economy," said Daniel R. Carrigan, PHLX’s vice president of new product development. “HAI demonstrates PHLX’s international reach for retail and institutional investors who seek multiple asset classes traded on one platform.”

Zvi Furman, manager of Bank Hapoalim’s U.S. operations, said: “The Hapoalim American Israeli Index represents an exciting new way for investors to take part in the ongoing success of Israel’s leading high-tech and bio-pharmaceutical industries. Israeli companies have long been represented on U.S. stock exchanges. Bank Hapoalim is now proud to offer this unique Index, providing investors with the opportunity to gain additional access to the leading sectors of the Israeli economy.”

In addition to being Israel’s largest bank, Hapoalim operates globally and is active in major financial centers in Europe, North America and Latin America, focusing on private banking and trade, corporate and syndicated financing. Bank Hapoalim USA has been serving corporate and private clients in the United States for 30 years.

The Philadelphia Stock Exchange was founded in 1790. The PHLX trades more than 7,000 stocks, 2,308 equity options, 16 sectors index options and currency options. For more information about the PHLX and its products, visit www.phlx.com.