April 29th, 2004
Tokyo, Japan

ann

Dear Sirs,

It is my great pleasure, if not the greatest honor, to advise to you all, on behalf of our Mr. Elchanan S. Harel, the Founder & the President of HIH Investment House LTD. in Tel Aviv, Israel, that the official announcement is made Today by The Government of Japan, about the Decoration by the Government, in honor of Mr. Elchanan S. Harel, with the Medal of

“ ORDER OF THE RISING SUN GOLD RAYS with NECK RIBBON “

( 日本受賞名:” 旭日中綬賞")

in full appreciation of his dedication & contribution made for the promotion of the economic tie between Japan and Israel over the last so many years, including his remarkable service and achievement accomplished, as the most influential Chairman of The Israel-Japan Friendship Society & Chamber of Commerce in Israel over the last seven years .

We are all rejoicing and sharing this great honor together with him, but, in the meantime, we would like to express herewith our sincere thanks and appreciation to all of your support and cooperation extended over the years to “ HIH “, as well as to our common goal toward the promotion of the economic tie between our two great nations.

Appreciating your ever-lasting support and cooperation for further growth of our business collaboration.

In the meantime, we shall remain,

Sincerely Yours,

Masachika Onodera

VP, HIH Japan

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