The TASE Launches Equity Options On Leumi & Hapoalim

Trading in the Options of Bank Leumi Shares (ISIN IL0006046119) & Bank Hapoalim shares (ISIN IL0006625771) Commenced on Thursday, April 23 2009.

1. Equity Options – Specifications

Sunday through Thursday 9:30-16:30

Trading Schedule

1,000 shares

Contract unit

Each month

Expiration Months

One month, two months, three months and six months.

During the launching the following Expiration Months will trade:

· May 2009

· June 2009

· July 2009

· September 2009

Options Lifetime

Stated in NIS

Price Quotation

NIS 1 (for prices up to 20 NIS)

NIS 5 (for prices of 21-200 NIS)

NIS 10 (for prices of 201-2,000 NIS)

NIS 20 (for prices exceeding 2,000 NIS)

Minimum Price Fluctuation

Strike Price Intervals

(in NIS)

Stock Price

(in NIS)

Strike Prices

0.1

Up to 5

0.5

5 - 10

1.0

10 - 50

2.5

50 - 100

5.0

100 - 150

10.0

Over 150

0.1

Up to 5

The Wednesday before the last Friday of the expiration month

Last Trading Day

Based on the opening price of the shares on the last trading day before the expiration date

Settlement Price

European

Exercise Style

Cash settlement

Settlement

12,000

Position Limits

None

Price Fluctuation

A trading halt in the underlying share triggers a trading halt in options as well.

Trading halt

2. Parameters for calculating margin requirements

Parameter	Bank Leumi	Bank Hapoalim
Annual Standard Deviation (22.4.09)	55%	54%
Standard Deviation Fluctuations (22.4.09)	11%	11%


	3. Market Makers
	The Tel Aviv Stock exchange appointed the following market makers for equity options: · Clal Finance Derivatives · Tradedomatix Further details concerning the options and their features may be found on TASE's website at: http://www.tase.co.il/TASEEng/Products/DerivativesMarket/DerivativesFAQ/FAQ.htm