CHIEF FINANCIAL OFFICER
Mr. Paraggio is Chief Financial Officer of Hapoalim Securities USA, Inc.  He is currently responsible for all financial and administrative activities of the Company.  Mr. Paraggio joined the predecessor Company in 1994.  Prior to joining the Company, Mr. Paraggio was a Senior Manager in the Audit and Assurance Services Group of Coopers & Lybrand.  During his tenure at Coopers & Lybrand, Mr. Paraggio was responsible for audits of several large regional broker-dealers.  Mr. Paraggio was a member of the Financial Instruments Task Force that developed the AICPA Audit Guide, “Auditing Derivative Instruments, Hedging Activities, and Investments in Securities”.  Mr. Paraggio earned his B.S. in Economics from the Wharton School of the University of Pennsylvania in 1980, and has been a C.P.A. since 1982.

MANAGING DIRECTOR,  HEAD OF FIXED INCOME
Mr. Loudon is Head of Fixed Income Trading and Sales for Hapoalim Securities. He is a 25-year industry veteran with a distinguished reputation among the US fixed income community.  He  was previously a Managing Director of Fixed Income at Ryan Beck & Co., where he built a Fixed Income platform incorporating institutional, retail and dealer distribution.  Mr. Loudon received an MBA  from Manhattan College School of Business.

MANAGING DIRECTOR, FINANCIAL INSTITUTIONS GROUP
Michael Felix has had a lengthy tenure with Hapoalim Securities and its predecessor firms.  His diversified background in the brokerage industry encompasses trading, management, operations, sales and marketing.  Mike brings a breadth and depth of experience accumulated over 20 years that uniquely qualifies him to assist clients and fulfill their investment needs.  He was formerly a Retail Branch Manager at Investec Ernst & Company, and the long-time President of JRP Securities, the industry’s first paperless correspondent brokerage firm.  He maintains long-term relationships with the majority of his clientele.  His investment advice, strategies and execution capabilities have allowed clients to take advantage of various market conditions and economic factors and help drive a successful client relationship.

MANAGING DIRECTOR, HEAD OF AGENCY TRADING

John Young came to Hapoalim Securities to start the firm's US government agency debt business.  He has underwritten and distributed these instruments for over ten years.  Prior to joining Hapoalim, John was head of the Government Agency desk at Ryan Beck & Co.   He started his career in finance at Prudential Securities in 1996 where he first started trading government agency bonds. John attended The College of the Holy Cross in Worcester, MA where he graduated in 1994 with a B.A. in English.

SENIOR VICE PRESIDENT, STRUCTURED PRODUCT AND BROKERED CD UNDERWRITING AND DISTRIBUTION

Matthew R. Pless co-heads our Structured Product and Brokered CD Underwriting and Distribution desk.  He previously spent 12 years as Senior Vice President at PIMCO, where he started in the Unit Investment Trust area before moving to the Brokered CD business. While at PIMCO, Matthew underwrote and placed over $60 Billion of CDs and issued for over 300 different banks across the United States. His long term focus on the Brokered CD market and long-standing relationships within the dealer community have earned him a solid reputation in the Fixed Income community. Mr. Pless has a Bachelors Degree in Economics from the Pennsylvania State University.

SENIOR VICE PRESIDENT, PRIVATE EQUITY & ALTERNATIVE INVESTMENTS
Mr. Monhite Yahav has an impressive private equity and general business background. Prior to joining Hapoalim Securities, Mr. Monhite Yahav was a Vice President of Pacific Corporate Group (PCG), one of the world's leading private equity investment advisors. At Pacific Corporate Group, he helped manage the relationships with and developed private equity strategies for the most sophisticated public pension plans in the world.  While at PCG, Oren headed the Small/Middle US Corporate Finance (Buyouts) and Secondaries investment groups and led the identification, selection and due diligence of private equity investments. Previously, he was an attorney with Weksler, Bregman & Co., where he advised clients on mergers and acquisitions, private equity investments, and securities issues. Mr. Monhite Yahav is Chairman and Co-Founder of Dbursa Capital Ltd.  Mr. Monhite Yahav holds an LL.B from the Radziner Law School in Israel.  He received his MBA in Finance from the Yale School of Management.

SENIOR VICE PRESIDENT, STRUCTURED PRODUCT AND BROKERED CD UNDERWRITING AND DISTRIBUTION

Rick Cabanes recently joined Hapoalim Securities as co-head of the Structured Product and Brokered CD Underwriting desk.  Prior to joining the team, Rick led the corporate and bank liquidity funding efforts for Countrywide Securities.  Prior to his work in structured products, Rick was an options market maker on the floor of the Pacific Stock and Options Exchange where he traded volatility and dispersion strategies as a principal in his own firm.  Rick began his career with one of the largest derivatives trading firms in the world, Timber Hill/Interactive Brokers.  Rick holds a B.A. in Economics from the University of California and a M.B.A. in Finance from Loyola Marymount.

MANAGING DIRECTOR, HEAD OF EMERGING MARKETS DESK
Ray Potter joined as Managing Director and Head of the Emerging Markets Desk.  Ray was previously with Standard Bank where he ran credit trading in the Americas. Prior to that, Ray and his team established the Emerging Markets efforts at both Wachovia Capital Markets and Prudential Securities. Ray headed up both efforts while also serving as the co-head of Taxable Fixed Income at Prudential. During the Prudential/Wachovia merger, he was head of the committee overseeing the capital markets portion of the transaction. Ray currently serves on the Investment Advisory Committee for New York State's Common Retirement Fund, in addition to other outside commitments.