March 10, 2006

Approval of proposal by Bank Hapoalim, Arison Holdings, and Israel Salt Industries

For immediate release

The Federal Reserve Board on Friday announced its approval of the notice under section 4 of the Bank Holding Company Act by Bank Hapoalim, B.M. and Arison Holdings (1998) Ltd., both of Tel Aviv, and Israel Salt Industries Ltd., Atlit, all in Israel, to acquire all the outstanding shares of Investec (US) Incorporated, New York, New York.

Attached is the Board's Order relating to this action.

Last Update: March 10, 2006