TIDM80OA 
 
RNS Number : 6411R 
Bank Hapoalim B.M. 
03 May 2009 
 

Head Office 
63 Yehuda Halevi St., Bank Hapoalim Bldg., Tel Aviv 65781 
Tel: 972-3-5673800; Fax: 972-3-5674576 
 
 
Date: April 30, 2009 
+-------------------------------------------+ 
| To:The London Stock Exchange              | 
+-------------------------------------------+ 
 
 
 
 
Dear Sir or Madam, 
 
 
 
 
RE:Immediate Report 
 
 
Bank Hapoalim B.M. (hereinafter: "the Bank") respectfully advises that further 
to immediate reports published on 30th March, 2009 (number 071742-01-2009) and 
on 27th April, 2009 (number 095613-01-2009): 
 
 
1. On 27th April, 2009 there was delivered to the Chairman of the Board of 
Directors of the Bank a letter from the Supervisor of Banks the heading of which 
is "Notice of Faults - Substitution of the CEO of Bank Hapoalim" (a copy of the 
letter is attached to the immediate report). Attached to the letter was an 
examination report which was prepared by the Supervision of Banks on the subject 
of the substitution of the CEO. The substance of the examination report, as 
prepared by the Supervision of Banks, is attached to this immediate report. 
 
 
2. The aforesaid letter of the Supervisor of Banks and the examination report as 
well as additional legal opinions drafted by Prof. Lucian Bebchuk, Dr. Yoram 
Turbowicz, and Ms. Varda Lusthaus, Adv. were placed before the Board of 
Directors of the Bank, which convened for that purpose to-day, 30th April, 2009. 
Prof. Bebchuk's opinion is attached to this report. 
 
 
3. From an initial review of the letter of the Supervisor of Banks and of the 
examination report it transpires that the Board of Directors entertains material 
objections thereto; inter alia, with regard to the determination that the 
members of the Board of Directors and the Chairman of the Board of Directors did 
not, so to speak, discharge their duties according to the Companies Law and 
proper conduct of banking business. At the same time, it is the intention of the 
Board of Directors to make an intensive examination of the contents of the 
letter of the Supervisor, the examination report and the opinions received and 
it will relate back to them within the time fixed by the Supervisor, namely by 
6th May, 2009. 
 
 
4. The Board of Directors reiterates its request to meet with the Supervisor of 
Banks, as reported in the immediate report of 27th April, 2009. 
 
 
 
 
 
 
                                                         Yours faithfully, 
 
 
                                                     Bank Hapoalim B.M. 
 
 
 ( - )                                            ( - ) 
 
 
+------------------------------+---+--------------------------------+ 
|    Ilan Mazur, Advocate      |   |        Yoram Weissbrem         | 
|     Chief Legal Adviser      |   |     Secretary of the Bank      | 
+------------------------------+---+--------------------------------+ 
 
 
 
Click on, or paste the following link into your web browser, to view the 
associated PDF document. 
 
http://www.rns-pdf.londonstockexchange.com/rns/6411R_-2009-5-3.pdf 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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