EXPORT-IMPORT BANK OF THE UNITED STATES
SUMMARY OF MINUTES OF MEETING OF BOARD OF DIRECTORS
NOVEMBER 23, 2005

Board Decision: APPROVED

ITEM NO 2 Minutes of November 4, 2005, Board Meeting to be approved
Board Decision: APPROVED

ITEM NO 3
Country ISRAEL PC082109XX
Request for PRELIMINARY COMMITMENT

Applicant EL AL ISRAEL AIRLINES LTD, TEL AVIV ISRAEL
Borrower SPV/EL AL ISRAEL AIRLINES, TEL AVIV ISRAEL
Guarantor NONE
Buyer SPV/EL AL ISRAEL AIRLINES, TEL AVIV ISRAEL
End-user EL AL ISRAEL AIRLINES LTD, TEL AVIV ISRAEL
Exporter BOEING COMPANY, EVERETT WA
Supplier BOEING COMPANY, EVERETT WA
Supplier ROLLS ROYCE LTD, LONDON UNITED KINGDOM
Gteed Lender FINANCIAL INSTITUTION ACCEPTABLE TO EIB, UNKNOWN ZZ
Lessor SPV/EL AL ISRAEL AIRLINES, TEL AVIV ISRAEL
Lessee EL AL ISRAEL AIRLINES LTD, TEL AVIV ISRAEL
Cofin ECA EXPORT CREDITS & GUARANTEE DEPT. (ECGD), LONDON UNITED KINGDOM

Project Name NONE
Project Description AIR TRANSPORTATON
Product Description AIRCRAFT
PC Expiry Date 06/15/06

Board Decision APPROVED