Fundamental Equity Analysis & Recommendations - TA-100 Index - The Tel Aviv 100 Index by Q.M.S Advisors

This material does not constitute investment advice and should not be viewed as a current or past recommendation or a solicitation of an offer to buy or sell any securities or to adopt any investment strategy.

Fundamental Analysis & Analyst Recommendations QMS Advisors FlexIndex TA-100 The Tel Aviv 100 Index is a capitalization-weighted index of 100 stocks traded on the Tel Aviv Stock Exchange (TASE).

October 2013

Q M S Advisors .

Q.M.S Advisors | Avenue de la Gare, 1 1003 Lausanne | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

Valuation Measures I/II Market Capitalization & Asset Liability data Market Total Capitalization (in mio Daily Common Total Debt Preferred Currency USD) Volume (M) Shares (M) (USD) Stock (USD)

Minority Interest (USD)

Total Revenue Cash and Enterprise Equivalents Value (USD) (USD)

Tot. Rev. LFY

Est. Tot. Rev. - Tr. 12M

EBITDA

Earnings Per Share

Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E Ratio - Tr. 12M

Rev. Growth

EBITDA Growth

Est. Est. Est. Est. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -

S&P LT Credit Rating -

S&P LT Credit Rating Date

Moody's LT Credit Moody's LT Credit Rating Rating Date

S&P 500 INDEX

USD

15439500

2063.628

1118

203

219

104.27

110.09

16.13

15.27

18.47

Euro Stoxx 50 Pr

EUR

2965996

6102.334

4723

775

796

235.03

303.10

22.78

20.43

17.67

21.65

NIKKEI 225

JPY

2838405

199.5747

197

6.14

8.10

0.25

0.24

0.19

0.12

FTSE 100 INDEX

GBP

2909103

12791.87

10098

1536

1670

543.36

812.04

31.26

24.36

20.92

23.16

SWISS MARKET INDEX

CHF

1126878

11568.39

4219

977

864

458.21

571.55

21.56

18.37

17.29

24.73

S&P/TSX COMPOSITE INDEX

CAD

1689705

17647.02

7386

1850

1964

731.18

803.05

16.47

16.48

15.00

24.05

S&P/ASX 200 INDEX

AUD

1359491

6456.327

2699

549

686

217.71

323.09

21.24

17.03

14.31

20.05

HANG SENG INDEX

HKD

1767307

3537.043

1667

375

392

278.24

268.98

1.37

1.45

1.41

2.97

MSCI EM

USD

7417180

1371.527

981

191

179

85.06

87.95

11.61

11.93

11.23

19.56

PERRIGO CO

ILs

11669

3.65

1002

1162

1275

241

1.40

1.46

1.87

2.17

6.82

5.33

4.57

3.27

4.98

5.47

7.33

6.81

BBB

09.05.2013

Baa3

09.05.2013

TEVA PHARMACEUTICAL IND LTD

ILs

31815

176

857

12.22

5752

5675

5669

5689

1667

1569

402

2.04

0.14

1.42

1.51

22.12

1.84

2.13

2.00

3.10

3.41

4.50

4.27

7.83

A-

19.03.2010

BANK LEUMI LE-ISRAEL

ILs

5494

1784

1474

5175

5016

3459

3543

0.35

0.24

0.37

0.41

4.35

2.12

2.84

2.59

-8.11

1.86

BBB+

30.04.2009

BANK HAPOALIM BM

ILs

6742

2179

1320

5612

5390

3758

3930

0.81

0.55

0.52

0.58

2.65

1.73

2.77

2.52

-5.67

0.33

BBB+

30.04.2009

BEZEQ THE ISRAELI TELECOM CO

ILs

5016

4340

2725

7.26

2910

2746

2706

2616

1229

1162

0.19

0.18

2.75

2.71

2.91

-2.73

-1.45

-2.40

0.23

11.98

08.12.2010

17.11.2010

ISRAEL CHEMICALS LTD

ILs

10772

5528

1272

3.49

1889

1859

1836

1831

538

510

103

0.29

0.27

0.24

0.20

2.50

2.79

3.45

-1.58

0.61

-3.89

4.39

7.76

NICE SYSTEMS LTD

ILs

2507

0.64

249

256

270

295

0.31

0.39

0.73

0.81

8.61

8.75

4.56

4.12

3.04

2.36

3.40

4.87

5.13

ISRAMCO NEGEV 2 LP

ILs

2365

16722

12952

0.92

134

0.00

17.44

17.39

6.47

3.98

DELEK GROUP LTD

ILs

3802

2.24

1233

1365

11.21

0.10

15.62

16.32

928.76

5.97

5.71

5.95

-1.24

1.94

0.35

2.12

ISRAEL DISCOUNT BANK-A

ILs

1921

4071

1054

MIZRAHI TEFAHOT BANK LTD

ILs

2534

139

227

GAZIT GLOBE LTD

ILs

2349

165

ELBIT SYSTEMS LTD

ILs

2266

AVNER OIL EXPLORATION - LP

ILs

2769

2001

ISRAEL CORP LIMITED/THE

ILs

4174

PAZ OIL CO LTD

ILs

AZRIELI GROUP

20269

18197

3142

3001

2132

2176

0.25

0.24

0.21

2.10

2.19

2.44

-8.60

2.17

BBB-

30.04.2009

2311

2229

1416

1515

2.16

1.31

1.30

1.49

2.39

1.47

2.42

2.11

-5.70

2.78

17.51

1981

1967

844

851

5.11

1.39

1.02

1.12

2.72

0.74

3.70

3.38

6.33

3.19

5.48

2.62

12.25

0.77

818

822

839

106

100

1.13

1.26

1.32

1.43

3.43

3.28

3.03

0.71

0.61

8.03

2.22

3.65

3335

0.96

0.00

0.01

48.26

18.11

4.91

-9.42

13.97

-12.17

1.80

23.66

3.58

3244

3230

555

548

-5.42

-10.18

-0.36

-2.51

-2.80

3.03

4.80

1674

3.05

5251

5026

181

153

5.10

5.79

8.07

8.08

-0.16

0.23

-8.62

-3.16

0.86

ILs

3845

121

6.11

2564

2530

330

341

393

405

3.01

2.39

1.87

1.95

3.76

2.88

4.80

4.59

5.66

4.21

4.53

DELEK DRILLIN - LP

ILs

2727

226

547

0.95

0.01

0.03

0.04

31.99

11.88

8.95

-8.68

14.51

-10.95

1.97

26.12

FRUTAROM

ILs

1062

0.34

175

176

178

183

0.25

0.27

0.31

0.35

5.36

4.72

4.18

5.44

1.72

5.86

4.49

4.81

PARTNER COMMUNICATIONS CO

ILs

1255

140

156

2.23

1577

1372

1326

1346

419

335

0.87

0.48

0.44

0.63

4.77

5.22

3.62

-5.77

-1.33

-7.89

-1.68

6.92

13.11.2006

HAREL INSURANCE INVESTMENTS

ILs

1210

107

220

1.70

3569

3875

0.60

0.82

1.97

2.00

12.10

4.19

RATIO OIL EXPLORATION

ILs

929

25557

7370

0.26

0.00

15.83

CELLCOM ISRAEL LTD

ILs

1120

148

2.33

1681

1514

1442

1434

494

410

1.51

1.05

0.85

0.97

3.03

3.04

3.77

3.29

-2.47

-1.34

-5.44

-1.05

7.66

EZCHIP SEMICONDUCTOR LTD

ILs

707

0.15

0.13

0.33

0.44

14.96

6.02

4.49

-3.90

6.76

-9.53

6.07

STRAUSS GROUP LTD

ILs

1881

106

2.46

2316

1963

2387

2532

235

215

250

0.65

0.79

0.71

0.80

6.31

7.02

6.26

1.78

-0.45

2.17

1.05

3.11

OSEM INVESTMENTS LTD

ILs

2474

111

2.44

1158

1176

1195

1259

192

195

0.91

0.92

0.91

6.88

6.92

0.93

1.76

0.93

2.75

4.70

MIGDAL INSURANCE & FINANCIAL

ILs

1768

520

1052

1.66

5040

5324

0.06

0.13

3.57

3.65

21.45

4.22

SHIKUN & BINUI LTD

ILs

952

138

406

2.21

1716

1730

295

0.29

0.25

2.60

2.61

3.86

2.81

6.03

5.22

ALONY HETZ PROPERTIES & INV

ILs

845

120

2.68

147

146

110

109

0.80

0.98

1.87

1.63

1.49

3.23

1.07

0.27

21.11

LIVEPERSON INC

ILs

511

0.12

0.05

0.01

0.05

67.04

14.04

5.17

5.26

-9.33

7.31

1.99

ORMAT INDUSTRIES LTD

ILs

775

564

117

0.52

146

150

-0.25

-0.22

0.09

5.90

4.79

3.93

2.99

3.45

9.16

DELEK AUTOMOTIVE SYSTEMS LTD

ILs

1068

1.43

1162

1118

111

0.93

1.66

1.95

3.41

-0.97

-3.64

-3.98

2.80

NITSBA HOLDINGS (1995) LTD

ILs

737

1.35

132

134

101

1.51

1.33

2.74

2.98

-7.01

1.50

-5.60

-0.21

21.21

CLAL INSURANCE ENTERPR HLDGS

ILs

994

1.52

4187

4382

-0.24

0.75

6.80

7.25

11.83

3.44

KAMADA LTD

ILs

548

0.49

0.01

0.07

0.06

0.12

59.51

59.68

68.89

37.98

6.22

10.69

329.53

3.52

FIRST INTL BANK ISRAEL

ILs

1666

100

1510

1447

1105

1155

1.63

1.70

1.86

2.89

2.76

2.52

-5.92

1.04

18.08.2008

CLAL INDUSTRIES LTD

ILs

685

157

2.16

1656

1504

206

174

0.01

0.15

8.11

0.42

1.32

1.65

0.03

3.27

COMPUGEN LTD

ILs

404

0.39

-14

-0.41

-0.45

-3.46

JOEL-JERUSALEM OIL EXPLORATI

ILs

619

3.59

268

349

172

247

3.75

3.67

2.76

2.77

-2.82

7.94

-3.09

1.56

20.00

GIVEN IMAGING LTD

ILs

607

0.14

0.41

2.42

1.58

1.46

3.74

MENORAH MIVTACHIM HOLDINGS L

ILs

745

1.03

1993

2152

2.10

1.59

16.00

4.47

OIL REFINERIES LTD

ILs

955

2322

2432

0.82

2738

2711

-0.02

0.01

PROTALIX BIOTHERAPEUTICS INC

ILs

429

0.11

-2

-7

-0.05

0.00

RAMI LEVI CHAIN STORES HASHI

ILs

750

0.70

791

852

919

1151

2.19

2.67

3.23

7.20

5.91

SHUFERSAL LTD

ILs

912

220

1.48

3276

3329

3357

3396

178

193

0.27

0.29

0.28

0.26

4.16

4.04

4.35

ITURAN LOCATION AND CONTROL

ILs

388

0.10

0.34

0.30

4.92

ALLOT COMMUNICATIONS LTD

ILs

411

0.08

EVOGENE LTD

ILs

298

0.07

-1

-0.02

REIT 1 LTD

ILs

292

397

102

0.64

0.37

0.27

ELECTRA LTD

ILs

466

0.68

907

983

8.36

7.72

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

-0.38

0.23

0.05

0.07

-0.54

0.28

0.15

6.82

10.19

5.57

2.23

0.33

2.19

-14.76

-8.21

0.56

89.40

21.01

-61.75

4.87

7.28

8.00

4.72

6.54

1.53

4.73

-0.07

0.34

-1.61

-0.38

1.64

-1.74

1.57

-3.65

-2.98

9.08

9.83

5.71

1.80

0.56

4.12

156.51

7.01

-3.63

2.42

1.84

5.04

6.47

5.28

9.86

23.77

4.82

4.93

3.54

0.88

5.13

-3.85

1.74

22.12

6.83

Valuation Measures I/II Market Capitalization & Asset Liability data Market Total Capitalization (in mio Daily Common Total Debt Preferred Currency USD) Volume (M) Shares (M) (USD) Stock (USD)

Minority Interest (USD)

Total Revenue Cash and Enterprise Equivalents Value (USD) (USD)

Tot. Rev. LFY

Est. Tot. Rev. - Tr. 12M

EBITDA

Earnings Per Share

Est. Tot. Est. Tot. Est. EBITDA - Est. EBITDA - Est. EBITDA Rev. - 2013 Rev. - 2014 EBITDA - LFY Tr. 12M 2013 2014 EPS - LFY

Price/Earnings ratio

Est. EPS Tr. 12M

Est. EPS 2013

Est. EPS 2014

P/E Ratio LFY

Est. P/E Ratio - Tr. 12M

Rev. Growth

EBITDA Growth

Est. Est. Est. Est. Est. P/E Est. P/E Revenue Revenue Est. EBITDA EBITDA Est. EBITDA Ratio - 2013 Ratio - 2014 Growth - 1Y Growth - 5Y Growth - 1Y Growth - 5Y Margin -

S&P 500 INDEX

USD

15439500

2063.628

1118

203

219

104.27

110.09

16.13

15.27

18.47

Euro Stoxx 50 Pr

EUR

2965996

6102.334

4723

775

796

235.03

303.10

22.78

20.43

17.67

21.65

NIKKEI 225

JPY

2838405

199.5747

197

6.14

8.10

0.25

0.24

0.19

0.12

FTSE 100 INDEX

GBP

2909103

12791.87

10098

1536

1670

543.36

812.04

31.26

24.36

20.92

23.16

SWISS MARKET INDEX

CHF

1126878

11568.39

4219

977

864

458.21

571.55

21.56

18.37

17.29

24.73

S&P/TSX COMPOSITE INDEX

CAD

1689705

17647.02

7386

1850

1964

731.18

803.05

16.47

16.48

15.00

24.05

S&P/ASX 200 INDEX

AUD

1359491

6456.327

2699

549

686

217.71

323.09

21.24

17.03

14.31

20.05

HANG SENG INDEX

HKD

1767307

3537.043

1667

375

392

278.24

268.98

1.37

1.45

1.41

2.97

MSCI EM

USD

7417180

1371.527

981

191

179

85.06

87.95

11.61

11.93

11.23

19.56

AIRPORT CITY LTD

ILs

600

2.01

201

206

1.80

MELISRON

ILs

1070

3.78

383

376

2.07

NOVA MEASURING INSTRUMENTS

ILs

240

0.04

0.13

0.20

5.47

3.57

BABYLON LTD

ILs

411

138

0.36

194

NORSTAR HOLDINGS INC

ILs

677

17.47

FORMULA SYSTEMS (1985) LTD

ILs

374

NAPHTHA ISRAEL PETROLEUM CRP

ILs

626

PHOTOMEDEX INC

ILs

326

MATRIX IT LTD

ILs

338

SILICOM LTD

ILs

260

AMOT INVESTMENTS LTD

ILs

780

PLURISTEM THERAPEUTICS INC

ILs

206

BAYSIDE LAND CORP (1)

ILs

AFRICA ISRAEL PROPERTIES LTD

156

163

1.22

1.29

251

109

3.65

213

0.58

0.88

2.68

1981

1967

843

851

35.89

5.82

0.16

211

218

0.49

2.06

140

0.07

0.38

562

547

0.06

233

1.85

147

146

137

0.05

541

1.52

106

ILs

432

1.63

TOWER SEMICONDUCTOR LTD

ILs

231

0.13

INOC DEAD SEA LP

ILs

282

0.28

PHOENIX HOLDINGS LTD/THE

ILs

931

222

10.31

3085

AFRICA-ISRAEL INV LTD

ILs

277

675

136

4.42

GILAT SATELLITE NETWORKS LTD

ILs

209

JERUSALEM ECONOMY LTD

ILs

806

DELTA-GALIL INDUSTRIES

ILs

484

MAGIC SOFTWARE ENTERPRISES

ILs

264

DISCOUNT INVESTMENT CORP-REG

ILs

584

108

HADERA PAPER LTD

ILs

312

FIBI HOLDINGS

ILs

650

MIVTACH SHAMIR HOLDINGS LTD

ILs

369

CERAGON NETWORKS LTD

ILs

153

BLUE SQUARE REAL ESTATE LTD

ILs

479

ALROV PROPERTIES AND LODGING

ILs

595

GIVOT OLAM OIL EXPLORAT- LP

ILs

PLASSON INDUSTRIES LTD

Moody's LT Credit Moody's LT Credit Rating Rating Date

-2.77

1.78

22.37

7.61

12.64

7.19

4.76

8.22

10.74

-12.76

9.14

4.02

2.87

58.54

20.60

61.89

27.94

6.76

1.38

0.22

6.33

3.19

5.49

2.63

12.25

0.44

4.60

4.70

4.60

3.06

8.40

3.93

0.01

0.02

74.22

86.93

3.78

26.93

-5.38

0.99

16.73

18.98

21.52

5.12

0.41

0.39

4.05

3.63

1.91

1.38

2.17

2.44

6.50

8.25

5.22

0.27

0.29

2.90

2.88

1.51

3.25

-6

-7

-0.11

-0.13

-1.46

-12.79

-844.55

42.02

28.12

2.72

1.87

3.75

0.29

2.49

2.10

11.19

103

113

-0.27

0.10

43.57

-3.29

-0.40

1.18

1.77

20.41

181

153

-0.86

-0.96

1.29

6.68

0.40

7.45

0.45

0.18

14.13

3427

0.25

0.66

1.61

1.73

16.94

5.85

1837

1631

142

-17

-1.97

-0.78

1.87

1.12

0.18

-0.29

0.05

-0.01

-0.04

0.76

1.93

-1.69

-0.94

2.31

5.22

628

584

305

4.25

-0.24

0.71

0.23

1.78

0.35

-1.77

0.69

0.17

232

267

0.65

0.58

2.70

3.00

5.80

2.80

8.10

4.90

2.27

0.07

0.12

4.70

3.26

5.47

28.14

8.20

5773

5482

1140

939

1.99

0.97

1.99

7.61

20.12

-0.85

4.85

0.59

559

552

0.24

1.72

10.07

11.67

-0.60

9.85

15.29

0.74

1.75

1509

1447

3.03

2.31

-0.77

1.11

0.38

0.97

10.25

12.49

11.53

78.77

76.48

0.04

126

0.09

4.84

-11.45

0.99

3.86

3.56

3.03

2.60

0.68

3.24

-1.78

2.96

24.99

2.22

232

246

1.67

1.59

4.61

5.02

2.37

5.19

-2.52

2.49

8.62

120

22439

10569

0.12

0.00

0.71

-16.18

ILs

302

0.33

268

266

2.94

2.62

3.41

-0.80

0.40

-3.66

0.97

4.97

BRACK CAPITAL PROPERTIES NV

ILs

326

0.24

1.31

0.81

3.87

2.31

11.59

10.74

14.80

ELCO HOLDINGS LTD

ILs

294

1.69

1866

1914

108

116

-0.07

-0.03

273.81

2.32

-0.61

0.32

-5.18

1.71

AL-ROV (ISRAEL) LTD

ILs

394

2.22

238

242

2.92

3.21

2.55

1.29

2.86

-2.73

2.18

8.08

KERUR HOLDINGS LTD

ILs

214

0.24

266

274

1.36

1.31

3.68

1.08

0.68

0.63

0.54

4.48

AVGOL INDUSTRIES 1953 LTD

ILs

263

299

0.13

0.02

2.87

2.88

-1.25

2.50

-1.08

1.49

4.90

BIG SHOPPING CENTERS 2004 LT

ILs

474

1.09

123

104

6.62

6.39

1.78

5.11

5.34

5.55

8.15

17.31

SPACE COMMUNICATION LTD

ILs

349

0.20

-0.03

0.11

12.44

12.33

1.01

6.38

14.70

4.31

18.54

PROPERTY & BUILDING CORP LTD

ILs

410

3.29

325

296

184

28.85

-1.80

0.72

12.26

0.02

14.99

1.79

6.45

FOX WIZEL LTD

ILs

298

0.30

301

303

1.78

1.93

3.40

3.46

8.48

2.98

3.42

5.50

3.86

VILLAR INTERNATIONAL LTD

ILs

284

0.39

1.41

1.45

3.12

3.13

9.51

3.60

4.69

3.44

14.01

OTZAR HITYASHVUTH HAYEHUDIM

ILs

201

0.20

9.88

55.35

-24.23

83.53

-25.77

15.63

ELECTRA CONSUMER PRODUCTS 19

ILs

278

0.32

705

786

0.82

0.94

3.86

5.78

7.39

1.41

CLAL BIOTECHNOLOGY INDUSTRIE

ILs

276

242

105

0.47

-25

-31

-0.25

-0.26

-4.36

11.50

4.63

-340.88

UNION BANK OF ISRAEL

ILs

332

502

470

0.58

0.54

2.37

1.99

-6.51

-0.99

GOLF & CO LTD

ILs

146

0.11

196

0.34

0.33

3.08

-0.03

-0.74

-5.51

-2.48

3.24

ALON BLUE SQUARE ISRAEL LTD

ILs

257

1.59

3638

3504

133

116

0.08

-0.39

0.83

3.71

-4.10

0.61

0.94

MEITAV DS INVESTMENTS LTD

ILs

226

123

148

0.22

0.18

5.18

5.45

-1.43

8.14

-7.38

-1.15

7.02

ASHTROM PROPERTIES LTD

ILs

187

0.76

0.07

0.21

3.30

3.26

4.12

7.90

6.13

8.91

19.00

SUZLON ENERGY LTD

INR

226

366

1777

2.36

3007

-153

136

-0.39

-0.43

-0.18

0.20

-0.08

146

106

3817

155

116

4077

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

0.37

0.54

-0.15

0.36

0.41

0.58

-0.15

0.28

0.17

-0.12

-0.08

0.03

-0.03

3.43

5.50

1.11

3.09

5.15

1.39

3.29

10.56

2.43

S&P LT Credit Rating Date

-1.83

-4.37

S&P LT Credit Rating -

Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

%D to Spot

S&P 500 INDEX

2.36

2.19

2.02

2.36

1.50

1.44

1.38

1.50

10.94

10.56

10.43

10.94

9.43

8.69

8.14

9.43

15.27

13.77

12.45

15.27

2.09

2.27

2.44

2.09

1853.2

10.2%

Euro Stoxx 50 Pr

1.31

1.25

1.17

1.31

0.84

0.81

0.79

0.84

6.56

6.03

5.46

6.56

7.67

7.26

6.87

7.67

13.03

11.64

10.46

13.03

3.92

4.12

4.46

3.92

3038.5

4.4%

NIKKEI 225

1.56

1.46

1.36

1.56

0.75

0.72

0.70

0.75

9.09

8.42

7.22

9.09

8.91

8.14

7.65

8.91

18.24

16.16

14.56

18.24

1.61

1.76

1.90

1.61

15398.4

6.3%

FTSE 100 INDEX

1.78

1.66

1.36

1.78

1.04

1.01

0.98

1.04

8.69

7.88

7.16

8.69

7.66

7.02

6.60

7.66

12.89

11.73

10.77

12.89

3.77

4.10

4.47

3.77

7099.4

10.1%

SWISS MARKET INDEX

2.50

2.32

2.17

2.50

2.11

2.02

1.93

2.11

13.16

11.84

10.57

13.16

13.38

12.41

11.59

13.38

15.59

14.12

12.82

15.59

3.17

3.54

3.99

3.17

8703.6

8.3%

S&P/TSX COMPOSITE INDEX

1.75

1.63

1.51

1.75

1.68

1.55

1.49

1.68

8.84

8.02

6.74

8.84

8.99

7.98

7.38

8.99

15.45

13.65

12.38

15.45

3.13

3.25

3.38

3.13

14291.9

11.8%

S&P/ASX 200 INDEX

1.93

1.83

1.74

1.93

1.82

1.71

1.64

1.82

11.03

10.10

9.46

11.03

9.41

8.58

8.02

9.41

15.19

13.80

12.80

15.19

4.52

4.82

5.17

4.52

5387.5

3.5%

HANG SENG INDEX

1.36

1.26

1.16

1.36

1.77

1.64

1.52

1.77

8.03

7.60

7.10

8.03

9.01

8.24

7.55

9.01

10.96

10.17

9.23

10.96

3.54

3.80

4.18

3.54

25158.2

10.1%

MSCI EM

1.45

1.33

1.21

1.45

1.01

0.94

0.88

1.01

7.28

6.63

6.09

7.28

7.65

6.95

6.43

7.65

11.23

10.05

9.20

11.23

2.80

3.08

3.37

2.80

1120.8

13.5%

PERRIGO CO

4.67

4.28

3.47

3.39

3.27

2.85

2.60

2.43

2.27

20.29

17.03

13.90

12.12

14.37

11.48

9.54

8.82

7.31

22.13

18.83

16.15

14.21

12.71

0.31

0.34

0.33

0.45

49521.10

13.2%

TEVA PHARMACEUTICAL IND LTD

1.42

1.57

1.59

1.51

1.52

7.07

7.53

7.05

6.71

7.02

7.47

7.12

6.91

7.03

7.53

7.06

6.79

6.62

2.68

14249.60

7.1%

BANK LEUMI LE-ISRAEL

0.77

0.73

0.68

0.65

1.61

1.59

1.55

1.43

12.12

10.23

9.01

8.41

11.62

10.05

9.16

8.00

0.00

0.74

1.18

1368.00

3.9%

BANK HAPOALIM BM

0.91

0.82

0.77

0.71

1.75

1.79

1.72

1.57

9.80

9.37

8.70

7.98

9.81

9.79

8.89

7.73

0.00

1.25

2.24

2.61

1891.67

4.7%

BEZEQ THE ISRAELI TELECOM CO

7.46

8.98

8.97

9.02

1.73

1.85

1.92

1.98

2.04

4.82

4.99

5.44

5.38

9.94

9.56

10.29

10.44

16.36

15.00

9.80

9.75

499.25

-23.2%

ISRAEL CHEMICALS LTD

3.20

2.95

2.76

2.58

1.59

1.66

1.67

1.62

1.58

6.55

7.76

9.13

8.94

8.24

9.86

12.18

11.21

8.69

7.03

5.47

5.78

2.79

2.63

2.41

17.18

16.11

14.54

696.82

7.92

4.99

NICE SYSTEMS LTD ISRAMCO NEGEV 2 LP

14.07

5.54

3.52

1.99

2.35

5.91 8.00

6.27

5.90

5.94

5.99

7.20

7.94

7.50

7.32

10.15 3.38

14.07

7.95

4.81

15.81

9.66

6.26

DELEK GROUP LTD

11.01

6.37

3042.31

1.7%

14552.95

-1.1%

22.86

14.07

8.31

0.00

10.94

76.00

17.8%

24.94

21.05

20.14

19.27

1.52

2.65

3.03

101900.00

-12.2%

ISRAEL DISCOUNT BANK-A

0.58

0.54

0.51

0.48

0.88

0.90

0.88

0.84

7.65

7.61

7.59

6.98

8.40

7.74

8.62

7.05

0.00

1.43

658.00

2.2%

MIZRAHI TEFAHOT BANK LTD

1.01

0.91

0.84

0.77

1.87

1.79

1.67

1.54

8.43

8.73

7.61

6.99

8.47

8.55

7.44

6.61

0.00

1.98

4.73

5.72

4435.00

13.3%

18.80

18.29

17.55

18.80

13.07

11.95

3.39

3.56

3.72

4.17

5100.00

8.1%

14.29

11.60

10.71

10.19

2.23

2.60

2.97

16916.17

-11.0%

51.99

63.97

17.33

21.89

0.00

300.00

2.3%

1.69

225000.00

17.5%

2.38

11333.33

1.2%

1660.00

-5.7%

GAZIT GLOBE LTD

1.51

ELBIT SYSTEMS LTD

0.79

0.77

30.68

12.84

AVNER OIL EXPLORATION - LP

22.48

11.71

6.40

3.62

19.73

18.75

17.79

7.70 9.66

6.76

75.62

23.76

15.40

9.90

57.14

23.37

16.61

11.18

ISRAEL CORP LIMITED/THE PAZ OIL CO LTD AZRIELI GROUP

0.97

0.90

0.85

0.81

11.83

11.67

11.29

10.76

17.64

16.95

16.23

15.55

20.90

20.14

19.06

18.16

17.64

16.95

16.23

15.55

1.87

DELEK DRILLIN - LP

24.97

10.19

5.67

3.40

28.35

12.30

9.42

6.61

62.43

21.71

14.69

9.42

44.59

20.64

15.41

10.51

17.90

41.96

31.60

19.74

0.00

2.17

2.27

FRUTAROM

2.35

2.12

1.84

1.62

1.71

1.69

1.64

1.60

14.03

12.09

11.20

10.44

11.95

10.74

10.41

9.21

20.13

16.66

14.78

13.51

0.24

0.28

0.29

0.14

5533.33

-14.6%

PARTNER COMMUNICATIONS CO

6.22

4.75

3.98

3.34

0.79

0.95

0.93

0.92

3.45

4.15

4.08

4.10

4.98

6.20

5.81

5.92

9.64

18.45

12.79

12.60

4.86

0.76

2.88

4.98

2458.33

-13.7%

0.00

37.00

-12.5%

CELLCOM ISRAEL LTD

7.80

5.07

3.95

3.15

0.67

0.78

0.77

3.25

3.68

3.98

3.77

4.67

6.00

5.96

5.73

7.91

13.33

11.60

10.01

6.35

1.00

3.72

4.91

3850.00

-3.2%

EZCHIP SEMICONDUCTOR LTD

2.65

13.22

10.01

7.97

6.55

25.35

28.55

18.27

43.23

15.51

11.98

10.13

28.66

21.25

15.85

13.61

12490.40

42.6%

STRAUSS GROUP LTD

0.82

0.79

0.74

0.72

10.04

9.84

8.83

8.04

25.94

24.81

22.12

18.19

5500.00

-11.8%

OSEM INVESTMENTS LTD

2.15

2.07

1.96

1.86

12.76

12.25

23.50

24.45

5800.00

-26.6%

2600.00

13.6%

3.26

2.89

2.53

2.20

15.05

21.36

31.06

49.59

4364.64

30.7%

28.98

20.83

5272.45

-4.1%

5900.00

0.6%

4235.76

13.9%

8644.67

27.2%

HAREL INSURANCE INVESTMENTS RATIO OIL EXPLORATION 0.80

0.69

7.70

8.48

MIGDAL INSURANCE & FINANCIAL SHIKUN & BINUI LTD ALONY HETZ PROPERTIES & INV LIVEPERSON INC

21.53

30.55

26.31

23.10

16.20

14.73

ORMAT INDUSTRIES LTD

36.01

29.59

243.36

134.15

50.41

9.74

8.91

DELEK AUTOMOTIVE SYSTEMS LTD NITSBA HOLDINGS (1995) LTD CLAL INSURANCE ENTERPR HLDGS KAMADA LTD

6.13

5.33

FIRST INTL BANK ISRAEL

0.84

0.81

4.61

7.42

6.96

1.51

1.44

6.04

4.91

59.93

42.74

329.57

160.81

3.30

3.10

2.77

2.34

2.07

PROTALIX BIOTHERAPEUTICS INC

10.02

16.00

9.31

6.54

3.81

RAMI LEVI CHAIN STORES HASHI

0.94

0.82

0.65

0.61

0.58

14.38

13.66

11.29

SHUFERSAL LTD

0.28

0.27

0.26

0.25

8.60

7.33

3.80

4.06

3.32

3.26

11.98

23.70

35.36

21.56

25.89 3.39

5.95

CLAL INDUSTRIES LTD COMPUGEN LTD JOEL-JERUSALEM OIL EXPLORATI GIVEN IMAGING LTD

14.74

13.34

10.90

8.98

25.36

24.09

19.66

9.83

7.87

23.33

20.87

17.21

7.41

17.37

15.35

16.70

13.27

20.89

78.16

24.11

15.60

MENORAH MIVTACHIM HOLDINGS L OIL REFINERIES LTD

9.74

8.56

25.81

12.31

14.40

13.89

3.16

3.50

4.29

5.27

2211.08

36.5%

17900.00

-8.9%

1540.00

1.3%

5795.54

29.8%

ITURAN LOCATION AND CONTROL ALLOT COMMUNICATIONS LTD

2.15

23.89

20.42

EVOGENE LTD REIT 1 LTD ELECTRA LTD

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

20.93

Valuation Measures II/II Price to Book Ratio

Price to Sales Ratio

Price to Cash Flow Ratio

Enterprise Value to EBITDA Ratio

Price to Earnings Ratio

Estimated Dividend Yield

Target

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

2014

2015

2016

2017

2013

%D to Spot

S&P 500 INDEX

2.36

2.19

2.02

2.36

1.50

1.44

1.38

1.50

10.94

10.56

10.43

10.94

9.43

8.69

8.14

9.43

15.27

13.77

12.45

15.27

2.09

2.27

2.44

2.09

1853.2

10.2%

Euro Stoxx 50 Pr

1.31

1.25

1.17

1.31

0.84

0.81

0.79

0.84

6.56

6.03

5.46

6.56

7.67

7.26

6.87

7.67

13.03

11.64

10.46

13.03

3.92

4.12

4.46

3.92

3038.5

4.4%

NIKKEI 225

1.56

1.46

1.36

1.56

0.75

0.72

0.70

0.75

9.09

8.42

7.22

9.09

8.91

8.14

7.65

8.91

18.24

16.16

14.56

18.24

1.61

1.76

1.90

1.61

15398.4

6.3%

FTSE 100 INDEX

1.78

1.66

1.36

1.78

1.04

1.01

0.98

1.04

8.69

7.88

7.16

8.69

7.66

7.02

6.60

7.66

12.89

11.73

10.77

12.89

3.77

4.10

4.47

3.77

7099.4

10.1%

SWISS MARKET INDEX

2.50

2.32

2.17

2.50

2.11

2.02

1.93

2.11

13.16

11.84

10.57

13.16

13.38

12.41

11.59

13.38

15.59

14.12

12.82

15.59

3.17

3.54

3.99

3.17

8703.6

8.3%

S&P/TSX COMPOSITE INDEX

1.75

1.63

1.51

1.75

1.68

1.55

1.49

1.68

8.84

8.02

6.74

8.84

8.99

7.98

7.38

8.99

15.45

13.65

12.38

15.45

3.13

3.25

3.38

3.13

14291.9

11.8%

S&P/ASX 200 INDEX

1.93

1.83

1.74

1.93

1.82

1.71

1.64

1.82

11.03

10.10

9.46

11.03

9.41

8.58

8.02

9.41

15.19

13.80

12.80

15.19

4.52

4.82

5.17

4.52

5387.5

3.5%

HANG SENG INDEX

1.36

1.26

1.16

1.36

1.77

1.64

1.52

1.77

8.03

7.60

7.10

8.03

9.01

8.24

7.55

9.01

10.96

10.17

9.23

10.96

3.54

3.80

4.18

3.54

25158.2

10.1%

MSCI EM

1.45

1.33

1.21

1.45

1.01

0.94

0.88

1.01

7.28

6.63

6.09

7.28

7.65

6.95

6.43

7.65

11.23

10.05

9.20

11.23

2.80

3.08

3.37

2.80

1120.8

13.5%

2.14

1.91

1.73

2.54

2.22

1.92

16.78

19.33

12.61

1.49

1.41

1.25

16.33

12.13

10.92

4.00

3.49

19.44

18.19

AIRPORT CITY LTD MELISRON NOVA MEASURING INSTRUMENTS

9300.00

-1.1%

3897.14

24.3%

7869.93

41.5%

BABYLON LTD NORSTAR HOLDINGS INC FORMULA SYSTEMS (1985) LTD NAPHTHA ISRAEL PETROLEUM CRP PHOTOMEDEX INC

1.13

1.01

7.57

5.68

4.99

4.22

3.74

9.09

7.47

MATRIX IT LTD SILICOM LTD AMOT INVESTMENTS LTD

12.29

PLURISTEM THERAPEUTICS INC

287.06

297.80

324.56

19.68

2.47

27.42

BAYSIDE LAND CORP (1)

8.66

1090.00

3.1%

1812.66

47.6%

86000.00

-9.8%

3488.88

100.9%

AFRICA ISRAEL PROPERTIES LTD TOWER SEMICONDUCTOR LTD

0.36

0.45

0.42

2.72

3.91

4.93

INOC DEAD SEA LP PHOENIX HOLDINGS LTD/THE

0.64

7.48

2.66

AFRICA-ISRAEL INV LTD GILAT SATELLITE NETWORKS LTD

0.83

0.76

0.61

0.63

0.69

6.01

8.00

7.29

15.66

JERUSALEM ECONOMY LTD DELTA-GALIL INDUSTRIES MAGIC SOFTWARE ENTERPRISES

2.10

15.15

11.62

2484.65

1.1%

28.49

37.31

1290.64

-13.2%

975.00

15.5%

7.03

7.7%

DISCOUNT INVESTMENT CORP-REG HADERA PAPER LTD FIBI HOLDINGS MIVTACH SHAMIR HOLDINGS LTD CERAGON NETWORKS LTD

0.34

0.41

0.37

0.07

0.06

5.98

16.85

5.33

17.34

7.58

BLUE SQUARE REAL ESTATE LTD ALROV PROPERTIES AND LODGING GIVOT OLAM OIL EXPLORAT- LP PLASSON INDUSTRIES LTD BRACK CAPITAL PROPERTIES NV ELCO HOLDINGS LTD AL-ROV (ISRAEL) LTD KERUR HOLDINGS LTD AVGOL INDUSTRIES 1953 LTD BIG SHOPPING CENTERS 2004 LT SPACE COMMUNICATION LTD PROPERTY & BUILDING CORP LTD FOX WIZEL LTD VILLAR INTERNATIONAL LTD OTZAR HITYASHVUTH HAYEHUDIM ELECTRA CONSUMER PRODUCTS 19 CLAL BIOTECHNOLOGY INDUSTRIE UNION BANK OF ISRAEL GOLF & CO LTD ALON BLUE SQUARE ISRAEL LTD MEITAV DS INVESTMENTS LTD ASHTROM PROPERTIES LTD SUZLON ENERGY LTD

0.32

6.84

1.19

0.05

4.36

1.92

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

4.94

3.27

1.53

0.00

FUNDAMENTAL SCORING Pitroski F Score Positive Quality Price to Positive Operati Increasi of Currency Book Net ng Cash ng ROA Earning Ratio Income Flow s

Altman Z Score

Long Shares Inc. Term Inc. Current Out Asset Pitroski Debt Gross ratio Same Turnov F Score vs. Margin or Dec. er Assets

Tangiable Assets

Working Captial

Retained Earnings

Trailing 12M Operating Inc (Loss)

Market Cap

Total Liabilities

Ratio Analysis Net Sales (T12M)

Total Shareholder s Equity

Altman Z Score

Altman Z Score Bankruptcy flag

GROWTH & VALUE CHECKLIST

Price to Price To Price to Price to Div Price to Price to Cash Dividen PE < 40 Sales < Book < Cash Yield > Sales Book Flow < d Yield 10 10 Flow 7% 10

Final Score

PEG < 0.75

EPS Relative PE < 20 Growth > Strength 15% >0

ROCE > 12%

Market Market < Cap > 1000m 20m

FINAL SCORE

PERRIGO CO

ILs

4.9

3019

1488

1793

691

11386

3018

3540

2333

5.61

1.00

24.5

0.2893

TEVA PHARMACEUTICAL IND LTD

ILs

1.4

24008

3467

9244

4179

31868

27742

20317

22867

2.86

1.00

16.5

2.907

BANK LEUMI LE-ISRAEL

ILs

0.7

376042

16733

1846

18670

350932

18281

25228

20.1

BANK HAPOALIM BM

ILs

0.8

376355

18745

3825

21049

349331

19823

27057

8.3

BEZEQ THE ISRAELI TELECOM CO

ILs

4.7

13588

746

-1733

2907

11635

13306

10278

2460

1.96

1.00

6.3

15.97

ISRAEL CHEMICALS LTD

ILs

4.5

7005

1400

2731

1614

15205

4347

6672

3400

4.28

1.00

11.7

6.0247

NICE SYSTEMS LTD

ILs

1.7

737

138

129

1986

470

879

1191

6.56

1.00

29.6

0.4855

ISRAMCO NEGEV 2 LP

ILs

5.3

-78

-88

-7

2098

724

395

DELEK GROUP LTD

ILs

2.0

116807

181

3198

2938

9927

110804

71598

12654

0.73

0.00

22.0

3.6745

ISRAEL DISCOUNT BANK-A

ILs

0.5

200738

7739

1164

6471

188746

11100

12134

8.1

MIZRAHI TEFAHOT BANK LTD

ILs

1.0

162155

6753

1725

8740

152990

8165

9252

8.1

GAZIT GLOBE LTD

ILs

1.0

70945

3825

818

8014

48413

6998

22649

8.4

3.3608

ELBIT SYSTEMS LTD

ILs

1.6

3095

375

768

203

1673

2760

2889

1051

2.18

1.00

10.0

3.0043

AVNER OIL EXPLORATION - LP

ILs

8.9

-57

169

2303

685

259

13.16

1.00

233.1

ISRAEL CORP LIMITED/THE

ILs

2.2

14580

1730

1979

1435

5019

11526

11459

4164

1.73

1.00

PAZ OIL CO LTD

ILs

1.7

11765

1066

3051

309

5670

9422

18550

3253

2.27

1.00

31.0

405

AZRIELI GROUP

ILs

1.0

23497

9339

840

11626

12073

9055

11957

12.4

2.2793

DELEK DRILLIN - LP

ILs

8.2

-60

203

2196

694

268

9.43

1.00

150.0

FRUTAROM

ILs

1.6

493

161

435

719

319

618

454

5.00

1.00

13.9

0.5305

PARTNER COMMUNICATIONS CO

ILs

4.7

4793

733

-361

754

3488

5676

5572

741

2.00

1.00

7.3

4.5962

HAREL INSURANCE INVESTMENTS

ILs

0.9

61943

3846

821

3675

59215

12608

4159

7.9

3.2993

RATIO OIL EXPLORATION

ILs

6.8

-63

-6

669

184

CELLCOM ISRAEL LTD

ILs

6.1

7272

1232

497

981

3059

8287

5938

500

1.78

1.00

5.8

EZCHIP SEMICONDUCTOR LTD

ILs

3.4

189

171

-39

925

274

44.18

1.00

60.5

STRAUSS GROUP LTD

ILs

2.7

5447

1353

1037

601

5199

4379

8182

2752

3.06

1.00

21.3

2.6953

OSEM INVESTMENTS LTD

ILs

3.5

2399

257

1422

511

7101

1381

4092

2043

6.21

1.00

19.9

2.1128

MIGDAL INSURANCE & FINANCIAL

ILs

1.3

95665

4410

323

6068

92138

17804

4795

26.8

SHIKUN & BINUI LTD

ILs

2.9

10454

848

341

806

2803

9458

6063

1139

1.25

1.00

6.7

8.3954

ALONY HETZ PROPERTIES & INV

ILs

0.8

2264

2831

7681

518

4402

7.6

3.4894

LIVEPERSON INC

ILs

4.3

160

101

-82

735

157

170

9.40

1.00

82.1

ORMAT INDUSTRIES LTD

ILs

1.7

2041

103

204

696

1389

514

692

0.86

0.00

DELEK AUTOMOTIVE SYSTEMS LTD

ILs

3.8

2769

136

303

2706

2217

4105

706

8.8

11.884

NITSBA HOLDINGS (1995) LTD

ILs

0.6

-525

2300

343

1834

3723

466

3007

6.0

CLAL INSURANCE ENTERPR HLDGS

ILs

0.9

77686

2322

227

3063

75538

14789

3441

17.954

KAMADA LTD

ILs

8.9

152

-282

951

226

280

107

2.05

1.00

960.7

FIRST INTL BANK ISRAEL

ILs

0.8

104788

5636

872

5467

98615

5334

6772

9.5

CLAL INDUSTRIES LTD

ILs

0.9

10215

1100

165

380

1888

7496

5849

3912

1.17

1.00

268.9

3.4427

COMPUGEN LTD

ILs

10.2

-705

-52

672

14.27

1.00

729

JOEL-JERUSALEM OIL EXPLORATI

ILs

0.8

14922

-991

1054

563

1276

9721

946

5215

0.41

0.00

5.6

GIVEN IMAGING LTD

ILs

217

122

181

223

8.09

1.00

MENORAH MIVTACHIM HOLDINGS L

ILs

0.8

33643

2184

449

2187

32188

7040

2627

8.1

OIL REFINERIES LTD

ILs

1.6

4896

-453

122

-73

1304

4139

9673

809

2.22

1.00

PROTALIX BIOTHERAPEUTICS INC

ILs

-184

-12

-3

-1.56

0.00

RAMI LEVI CHAIN STORES HASHI

ILs

6.8

841

103

142

1710

589

2794

253

6.36

1.00

15.5

3.2734

SHUFERSAL LTD

ILs

1.9

5547

358

440

361

2301

5102

11571

1233

2.82

1.00

11.0

10.994

ITURAN LOCATION AND CONTROL

ILs

3.2

137

281

150

6.67

1.00

11.3

6.1198

ALLOT COMMUNICATIONS LTD

ILs

190

132

-66

105

169

8.36

1.00

EVOGENE LTD

ILs

3.9

-36

-3

186

9.26

1.00

REIT 1 LTD

ILs

0.8

169

719

1385

153

888

7.4

6.6847

ELECTRA LTD

ILs

1.6

2913

350

388

169

1284

2416

3204

836

1.98

1.00

12.2

3.8955

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

FUNDAMENTAL SCORING Pitroski F Score Positive Quality Price to Positive Operati Increasi of Currency Book Net ng Cash ng ROA Earning Ratio Income Flow s

Altman Z Score

Long Shares Inc. Term Inc. Current Out Asset Pitroski Debt Gross ratio Same Turnov F Score vs. Margin or Dec. er Assets

Tangiable Assets

Working Captial

Retained Earnings

Trailing 12M Operating Inc (Loss)

Market Cap

Total Liabilities

Ratio Analysis Net Sales (T12M)

Total Shareholder s Equity

Altman Z Score

Altman Z Score Bankruptcy flag

GROWTH & VALUE CHECKLIST

Price to Price To Price to Price to Div Price to Price to Cash Dividen PE < 40 Sales < Book < Cash Yield > Sales Book Flow < d Yield 10 10 Flow 7% 10

Final Score

PEG < 0.75

EPS Relative PE < 20 Growth > Strength 15% >0

ROCE > 12%

Market Market < Cap > 1000m 20m

FINAL SCORE

AIRPORT CITY LTD

ILs

0.7

-712

1656

551

1298

6340

712

3289

4.1

MELISRON

ILs

1.0

14618

1633

402

2699

12012

1351

3054

7.0

5.1867

NOVA MEASURING INSTRUMENTS

ILs

107

115

4.37

1.00

BABYLON LTD

ILs

9.0

196

101

-12

123

996

685

110

9.69

1.00

9.6

5.0258

NORSTAR HOLDINGS INC

ILs

0.8

71407

2300

771

2152

50595

6998

20930

4.8

1.7669

FORMULA SYSTEMS (1985) LTD

ILs

0.9

480

146

108

211

413

745

468

3.53

1.00

8.8

NAPHTHA ISRAEL PETROLEUM CRP

ILs

2.5

5384

-291

-174

1575

3424

223

1974

0.40

0.00

564.1

PHOTOMEDEX INC

ILs

161

221

167

8.38

1.00

MATRIX IT LTD

ILs

1.7

1020

351

240

140

966

944

1984

566

4.04

1.00

11.1

6.7702

SILICOM LTD

ILs

8.27

1.00

AMOT INVESTMENTS LTD

ILs

0.9

-511

1037

416

2210

4852

520

2457

1.15

1.00

10.0

6.7539

PLURISTEM THERAPEUTICS INC

ILs

3.2

-87

-22

181

27.20

1.00

250

BAYSIDE LAND CORP (1)

ILs

1.0

5508

1232

146

1523

3455

375

2053

7.7

9.8522

AFRICA ISRAEL PROPERTIES LTD

ILs

0.4

7632

-295

529

207

984

5014

364

2625

0.16

0.00

TOWER SEMICONDUCTOR LTD

ILs

0.8

762

129

-805

178

595

639

220

-0.24

0.00

INOC DEAD SEA LP

ILs

0.8

856

686

-2

733

899

14.6

PHOENIX HOLDINGS LTD/THE

ILs

0.8

73389

2008

528

2277

72078

10897

3026

10.5

2.9648

AFRICA-ISRAEL INV LTD

ILs

0.3

24437

790

-586

396

999

17095

6491

7512

0.19

0.00

GILAT SATELLITE NETWORKS LTD

ILs

0.9

313

-630

221

173

348

242

-0.54

0.00

JERUSALEM ECONOMY LTD

ILs

0.5

26093

648

123

1538

22560

2218

3566

DELTA-GALIL INDUSTRIES

ILs

1.0

448

144

128

285

281

818

278

4.04

1.00

4.9

3.0379

MAGIC SOFTWARE ENTERPRISES

ILs

1.3

118

158

126

120

6.55

1.00

10.7

DISCOUNT INVESTMENT CORP-REG

ILs

0.5

40783

-2951

879

913

37354

20393

5629

HADERA PAPER LTD

ILs

1.1

2609

372

928

1823

1976

815

1.39

1.00

217.9

FIBI HOLDINGS

ILs

0.0

104833

2475

843

110

99132

5332

6303

5.8

MIVTACH SHAMIR HOLDINGS LTD

ILs

0.9

523

749

207

823

22.9

4.0084

CERAGON NETWORKS LTD

ILs

369

129

-174

-14

250

447

144

1.23

1.00

BLUE SQUARE REAL ESTATE LTD

ILs

0.7

4139

1487

1015

2655

215

1500

4.6

4.9267

ALROV PROPERTIES AND LODGING

ILs

0.6

10417

-2853

2298

201

1625

7699

818

2942

0.25

0.00

11.1

GIVOT OLAM OIL EXPLORAT- LP

ILs

6.1

-233

-2

497

PLASSON INDUSTRIES LTD

ILs

1.5

1185

409

465

114

1018

543

948

705

3.40

1.00

10.3

4.6904

BRACK CAPITAL PROPERTIES NV

ILs

1.0

145

222

501

289

14.7

ELCO HOLDINGS LTD

ILs

0.5

9431

196

865

287

563

8239

6593

1982

1.00

0.00

AL-ROV (ISRAEL) LTD

ILs

0.5

11188

-2942

2092

199

1235

8142

840

3271

0.15

0.00

8.8

KERUR HOLDINGS LTD

ILs

1.8

685

285

252

606

184

939

536

4.45

1.00

10.0

6.6033

AVGOL INDUSTRIES 1953 LTD

ILs

2.1

420

279

283

315

140

2.05

1.00

13.8

4.3612

BIG SHOPPING CENTERS 2004 LT

ILs

0.8

5653

-94

1181

279

1119

4028

434

1625

0.97

0.00

4.0

4.0199

SPACE COMMUNICATION LTD

ILs

2.3

-25

293

460

130

PROPERTY & BUILDING CORP LTD

ILs

1.0

13507

-105

308

1137

11298

1148

2219

13.4

FOX WIZEL LTD

ILs

1.4

759

261

277

117

605

366

1065

447

4.43

1.00

7.4

8.6031

VILLAR INTERNATIONAL LTD

ILs

0.8

1621

774

685

740

205

892

1.80

1.00

9.1

OTZAR HITYASHVUTH HAYEHUDIM

ILs

0.6

1055

892

585

993

175.8

3.0788

ELECTRA CONSUMER PRODUCTS 19

ILs

1.3

1249

218

638

1021

2489

501

2.85

1.00

10.2

5.0269

CLAL BIOTECHNOLOGY INDUSTRIE

ILs

1.0

704

158

-28

-88

924

354

1395

1.06

0.00

120

UNION BANK OF ISRAEL

ILs

0.4

1239

152

901

36634

1773

2191

7.1

GOLF & CO LTD

ILs

1.2

425

243

382

119

693

312

5.12

1.00

8.0

10.432

ALON BLUE SQUARE ISRAEL LTD

ILs

0.5

8087

-130

-106

184

582

7887

12850

1606

1.52

1.00

30.1

MEITAV DS INVESTMENTS LTD

ILs

1.5

21948

328

-38

684

22002

436

453

0.05

0.00

23.3

5.3251

ASHTROM PROPERTIES LTD

ILs

0.8

493

156

603

2630

234

878

29.1

1.6592

SUZLON ENERGY LTD

INR

2.7

203623

-15597

-43045

-16925

24172

280208

187431

9861

0.31

0.00

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Perrigo Co Perrigo Company is a global healthcare supplier that develops, manufactures and distributes OTC and generic prescription pharmaceuticals, infant formulas, nutritional products, active pharmaceutical ingredients and pharmaceutical and medical diagnostic products. The Company's primary markets and locations of manufacturing and logistics operations are the US, UK, Mexico, and Australia.

Price/Volume 60000

.7 M .6 M .5 M

30000

Latest Fiscal Year: LTM as of: 52-Week High (29.07.2013) 52-Week Low (31.01.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 28.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PRGO IT EQUITY YTD Change PRGO IT EQUITY YTD % CHANGE

06/2011 06/yy 48'690.00 36'710.00 15'041.00 43740 -10.27% 19.15% 56.51% 94.2 41'218.43 1'974.10 0.0 1.2 779.90 12'883.10

.4 M

20000

.3 M .2 M

10000

.1 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.8 M

40000

Valuation Analysis

30.06.2009 2'006.9 1.56x 332.4 9.44x 144.0 13.75x

.9 M

50000

30.06.2010 30.06.2011 2'268.2 2'755.0 2.94x 3.10x 438.5 594.2 15.19x 14.39x 223.8 339.2 21.50x 21.74x Profitability

LTM-4Q 30.06.2012 3'173.2 3.72x 713.3 16.53x 401.6 26.14x

EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

30.06.2013 3'539.8 3.55x 851.2 14.78x 441.9 24.54x 851.20 691.00 19.52% 17.17% 9.43% 21.13% 13.05% 0.76% 36.2% 24.0% 19.5% 12.5% 2.98 1.91 36.89% 84.67% 5.78 3.61

Price/ Cash Flow

06/yy 3'173 13.35x 713.3 16.53x 401.6 28.69x

LTM 06/yy 3'540 13.28x 851.2 14.78x 442.0 23.49x

FY+1

0.28 0.70 88.70 -5.03% 14.14% 0.696 16 4.375 52'971 58'016 57'850 FY+2

FQ+1

FQ+2

06/14 Y 06/15 Y 09/13 Q1 12/13 Q2 4'104 4'504 901 991 3.18x 2.76x 1'122.3 1'350.7 219.0 246.5 11.48x 9.54x 11.26x 10.50x 704.5 926.2 131.5 148.9 18.83x 16.15x 19.01x 18.28x S&P Issuer Ratings

Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

09.05.2013 BBB NEG 12.16 10.67 1.40 2.32 84.7% 45.8% 0.76 5.62 62.96 100.78 52.68 111.06

Sales/Revenue/Turnover

30.00

4'000.0 3'500.0

25.00

3'000.0 20.00

2'500.0 2'000.0

15.00

1'500.0 10.00

1'000.0 5.00 0.00 01.07.2010

500.0 0.0 01.01.2011

01.07.2011

01.01.2012

01.07.2012

01.01.2013

01.07.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Perrigo Co Holdings By:

All

Holder Name FMR LLC STATE STREET CORP MACQUARIE GROUP VANGUARD GROUP INC BLACKROCK ARKIN MOSHE JENNISON ASSOCIATES GOLDMAN SACHS GROUP WILLIAM BLAIR & COMP JANUS CAPITAL MANAGE BANK OF NEW YORK MEL RUANE CUNNIFF & GOLD WELLINGTON MANAGEMEN TIAA CREF INVESTMENT HARBOR CAPITAL ADVIS NORTHERN TRUST CORPO VISIUM ASSET MANAGEM SUN LIFE FINANCIAL I WEDGEWOOD PARTNERS CITADEL EUROPE LLP

Firm Name Buckingham Research Group B Riley & Co CRT Capital Group Guggenheim Securities LLC Barrington Research Stifel William Blair & Co JPMorgan Deutsche Bank Needham & Co Leerink Swann & Co Goldman Sachs CLAL Finance Betucha UBS EVA Dimensions Morgan Stanley

Portfolio Name n/a n/a n/a n/a n/a n/a JENNISON ASSOCIATES n/a WILLIAM BLAIR & COMP n/a n/a RUANE CUNNIFF & GOLD n/a TIAA-CREF INVESTMENT Multiple Portfolios NORTHERN TRUST CORPO VISIUM ASSET MANAGEM n/a WEDGEWOOD PARTNERS n/a

Analyst DAVID G BUCK LINDA BOLTON WEISER TIMOTHY CHIANG LOUISE CHEN CHARLES R JONES ANNABEL SAMIMY JON R ANDERSEN CHRISTOPHER T SCHOTT DAVID M STEINBERG ELLIOT WILBUR JASON M GERBERRY JAMI E RUBIN JONATHAN KREIZMAN AMI FADIA ANDREW S ZAMFOTIS DAVID R RISINGER

Source ULT-AGG ULT-AGG ULT-AGG ULT-AGG ULT-AGG 13D 13F ULT-AGG 13F ULT-AGG RNS-RUL8 13F RNS-RUL8 13F MF-AGG 13F 13F ULT-AGG 13F RNS-RUL8

Recommendation buy buy buy buy outperform buy outperform overweight buy hold market perform neutral/attractive market perform buy overweight restricted

Amt Held 9'174'374 7'548'552 5'889'252 5'869'689 5'317'317 4'531'281 3'904'171 2'566'426 2'161'844 2'053'241 2'049'521 1'738'598 1'609'074 1'418'232 1'228'888 1'197'563 1'160'511 1'039'717 1'036'502 929'498

% Out 9.74 8.01 6.25 6.23 5.64 4.81 4.14 2.72 2.29 2.18 2.17 1.84 1.71 1.5 1.3 1.27 1.23 1.1 1.1 0.99

Weighting

Change

5 5 5 5 5 5 5 5 5 3 3 3 3 5 5 #N/A N/A

M M M M M M M M M M M M M M U M

Latest Chg 184'877 4'659 (420'249) 470 2'541 (463'579) 65'897 4'066 467'846 (638'209) 128'492 1'991 (79'798) (198'465) (57'185) (66'013) 335'511 4'413 213'867 (35'036)

Target Price 51'813 50'941 51'271 54'822 50'546 51'614 #N/A N/A 54'758 53'717 #N/A N/A 46'040 48'172 39'292 49'874 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.08.2013 Investment Advisor 27.09.2013 Investment Advisor 11.09.2013 Investment Advisor 16.09.2013 Investment Advisor 27.09.2013 Investment Advisor 01.03.2012 n/a 30.06.2013 Investment Advisor 16.08.2013 Investment Advisor 30.06.2013 Investment Advisor 16.09.2013 Investment Advisor 15.08.2013 Investment Advisor 30.06.2013 Investment Advisor 12.08.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 28.08.2013 Investment Advisor

Date 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided 15 month 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided

Date 30.09.2013 24.09.2013 17.09.2013 16.09.2013 11.09.2013 11.09.2013 05.09.2013 03.09.2013 29.08.2013 16.08.2013 16.08.2013 15.08.2013 14.08.2013 01.08.2013 01.08.2013 29.07.2013

01.10.2013

Teva Pharmaceutical Industries Ltd Teva Pharmaceutical Industries Ltd., is a global pharmaceutical company. The Company develops, manufactures, and markets generic and branded human pharmaceuticals as well as active pharmaceutical ingredients.

Price/Volume 18000

3.0 M

16000

2.5 M

14000 12000

2.0 M

10000

12/2012 06/yy 16'370.00 13'190.00 176'249.00 13300 -18.57% 0.83% 2.52% 845.0 112'385.00 14'718.00 0.0 99.0 2'956.00 43'180.42

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

6000

1.0 M

4000

.5 M

2000 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 11'085.0 3.88x 3'164.0 13.59x 635.0 52.56x

1.5 M

8000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.12.2012) 52-Week Low (22.09.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TEVA IT EQUITY YTD Change TEVA IT EQUITY YTD % CHANGE

31.12.2009 31.12.2010 13'899.0 16'121.0 3.83x 3.19x 3'974.0 5'276.0 13.40x 9.74x 2'000.0 3'331.0 24.56x 14.12x Profitability

LTM-4Q 31.12.2011 18'312.0 2.63x 5'079.0 9.47x 2'759.0 12.99x

31.12.2012 20'317.0 2.15x 5'887.0 7.43x 1'963.0 16.52x 5'887.00 4'179.00 20.57% 8.73% 0.87% 1.89% 0.42% 52.4% 27.7% 19.7% 9.7% 1.27 0.66 29.08% 64.64% 3.73 1.78

Price/ Cash Flow

LTM

06/yy 20'116.0 9.18x 5'881.0 7.89x 3'144.0 10.79x

06/yy 20'046.0 9.05x 5'544.0 7.99x 419.0 80.87x

FY+1

3.22 0.83 830.41 -13.76% -1.92% 0.830 3 3.667 415'146 443'899 428'942 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 20'023.9 20'096.6 4'989.6 5'234.9 5'781.5 6'062.5 1'421.5 1'626.5 7.47x 7.12x 4'276.2 4'499.7 1'074.3 1'219.5 7.53x 7.06x 7.14x 7.03x S&P Issuer Ratings

19.03.2010 ASTABLE 16.58 13.47 2.02 2.25 64.6% 39.2% 0.42 3.22 97.73 204.49 117.62 176.94

Sales/Revenue/Turnover

16.00

25'000.0

14.00

20'000.0

12.00 10.00

15'000.0

8.00

10'000.0

6.00 4.00

5'000.0

2.00 0.00 31.12.2009

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Teva Pharmaceutical Industries Ltd Holdings By:

All

Holder Name WELLINGTON MANAGEMEN FROST PHILLIP NORGES BANK VANGUARD GROUP INC BLACKROCK ONTARIO TEACHERS PEN BANQUE DE LUXEMBOURG FMR LLC NOMURA PRUDENTIAL FINANCIAL MIGDAL ASSET MANAGEM TIAA CREF INVESTMENT CHARLES SCHWAB INVES PSAGOT MUTUAL FUNDS STATE STREET CORP WELLS FARGO & COMPAN ANALYST IMS INVESTME UBS AG NATIONWIDE FUND ADVI ALASKA PERMANENT FUN

Firm Name Excellence Nessuah EVA Dimensions CLAL Finance Betucha Leader & Co Investment Psagot Investment House Ltd Wells Fargo Securities, LLC MP Advisors Pvt Ltd First Global Stockbroking

Portfolio Name #N/A N/A n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst GILAD ALPER TIMOTHY STANISH JONATHAN KREIZMAN SABINA PODVAL LIMOR GRUBER MICHAEL K TONG BHAVITA NAGRANI KAVITA THOMAS

Source EXCH EXCH MF-AGG ULT-AGG ULT-AGG Research MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation neutral buy market perform outperform buy outperform not rated outperform

Amt Held 58'091'146 14'587'204 8'207'926 7'868'865 4'622'310 2'800'000 930'000 836'867 689'569 580'860 522'000 404'895 363'646 311'603 297'197 285'141 273'950 258'444 228'953 218'355

% Out 6.87 1.73 0.97 0.93 0.55 0.33 0.11 0.1 0.08 0.07 0.06 0.05 0.04 0.04 0.04 0.03 0.03 0.03 0.03 0.03

Weighting

Change

3 5 3 5 5 5 #N/A N/A 5

M M M M M M M R

Latest Chg (61'981) (5'442) 633 29'540 (13'152) 3'405 12'061 55'067 12'576 (1'187) 300 (600) (300) (1'873) (3'514)

Target Price 14'250 #N/A N/A 14'789 17'994 20'562 #N/A N/A #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.09.2013 Investment Advisor 30.09.2013 n/a 31.12.2012 Government 30.06.2013 Investment Advisor 27.09.2013 Investment Advisor 31.12.2010 Pension Fund (ERISA) 31.07.2013 Unclassified 31.08.2013 Investment Advisor 31.12.2012 Unclassified 31.08.2013 Investment Advisor 31.05.2013 Investment Advisor 31.07.2013 Investment Advisor 27.09.2013 Investment Advisor 31.05.2013 Investment Advisor 27.09.2013 Investment Advisor 31.07.2013 Investment Advisor 31.05.2013 Investment Advisor 30.06.2013 Unclassified 31.08.2013 Investment Advisor 30.06.2013 Government

Date 12 month Not Provided Not Provided Not Provided 12 month Not Provided Not Provided Not Provided

Date 01.08.2013 06.06.2013 07.02.2013 02.11.2011 11.05.2011 15.04.2011 07.01.2010 31.12.2009

01.10.2013

Bank Leumi Le-Israel BM Bank Leumi Le-Israel attracts deposits and offers banking and financial services. The Bank offers consumer loans, mortgages, lease financing, insurance, mutual funds, and merchant banking services. Bank Leumi holds significant equity stakes in a number of non-financial corporations in Israel.

Price/Volume 1600

25.0 M

1400

20.0 M

1200 1000

Latest Fiscal Year: LTM as of: 52-Week High (20.02.2013) 52-Week Low (02.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LUMI IT EQUITY YTD Change LUMI IT EQUITY YTD % CHANGE

12/2012 06/yy 1'363.00 1'104.00 1'784'252.00 1317 -3.89% 19.29% 79.54% 1'473.6 19'406.67 32'605.00 0.0 307.0 54'621.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

10.0 M

600 400

5.0 M

200 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 14'917.0 92.0 -

15.0 M

800

Valuation Analysis

31.12.2009 31.12.2010 18'462.0 13'918.0 2'014.0 2'378.0 12.93x 12.19x Profitability

LTM-4Q 31.12.2011 25'626.0 1'891.0 8.51x

31.12.2012 18'281.0 931.0 20.05x 15.15% 14.60% 0.35% 5.07% 2.23% 0.05% 7.6% 8.67% 130.83% -

Price/ Cash Flow

LTM

06/yy 27'175.0 0.00x 0.0 0.00x 1'462.0 9.46x

06/yy 17'720.0 0.00x 0.0 0.00x 1'264.0 14.08x

FY+1

1.40 1'296.54 20.27% 3.95% 1.401 9 3.000 4'998'840 3'682'337 3'253'061 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 12'219.3 12'516.3 3'039.0 3'050.0 1'995.0 2'236.7 436.0 406.0 10.05x 9.16x S&P Issuer Ratings

30.04.2009 BBB+ STABLE 16.02.1999 A-2 130.8% 56.4% 0.05 4.79 -

Sales/Revenue/Turnover

10.00

30'000.0

9.00

25'000.0

8.00 7.00

20'000.0

6.00

15'000.0

5.00 4.00

10'000.0

3.00 2.00

5'000.0

1.00 0.00 31.12.2009

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Bank Leumi Le-Israel BM Holdings By:

All

Holder Name STATE OF ISRAEL PSAGOT ETF DASH APEX ETF GOREN NEAMANUT ELIAH ELIAHU SHLOMO MIGDAL LIFE INSURANC PSAGOT PROVIDENT FUN MIGDAL PROVIDENT FUN APEX PROVIDENT FUNDS NORGES BANK VANGUARD GROUP INC BLACKROCK MERKAZIT MUTUAL FUND MIGDAL ASSET MANAGEM PSAGOT MUTUAL FUNDS APEX SI ANALYST IMS INVESTME PIA-LEUMI FUND MANAG YELIN LAPIDOT ALTSHULER SHAHAM MUT

Firm Name UBS Barclays I.B.I. Psagot Investment House Ltd CLAL Finance Betucha EVA Dimensions Excellence Nessuah DS Securities & Investments

Portfolio Name #N/A N/A #N/A N/A n/a n/a n/a #N/A N/A #N/A N/A #N/A N/A #N/A N/A Multiple Portfolios n/a n/a #N/A N/A Multiple Portfolios #N/A N/A #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst RONI BIRON JOSEPH WOLF ADI SCOP TERENCE KLINGMAN YARON ZER DOUG WALTERS MICHA GOLDBERG MEIR SLATER

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG ULT-AGG ULT-AGG EXCH MF-AGG EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation neutral equalweight buy hold market perform hold hold market perform

Amt Held 88'830'769 69'628'364 52'538'599 46'637'469 41'416'000 30'863'846 26'195'750 22'296'139 17'106'969 13'341'871 11'316'228 6'741'565 5'237'437 5'080'085 3'049'901 2'701'978 2'606'300 2'488'008 2'094'580 1'771'425

% Out 6.03 4.73 3.57 3.16 2.81 2.09 1.78 1.51 1.16 0.91 0.77 0.46 0.36 0.34 0.21 0.18 0.18 0.17 0.14 0.12

Weighting

Change 3 3 5 3 3 3 3 3

M M M M D M D N

Latest Chg 424'990 (10'770) (40'282) (7'400) 25'284 27'892 153'000

Target Price 1'320 1'450 1'410 1'350 1'310 #N/A N/A 1'330 1'400

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 31.12.2012 30.06.2013 27.09.2013 30.09.2013 31.05.2013 30.09.2013 30.09.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013

Date 12 month Not Provided 12 month 12 month Not Provided Not Provided 12 month 12 month

Inst Type Government Investment Advisor n/a n/a n/a Insurance Company Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 05.09.2013 02.09.2013 29.08.2013 29.08.2013 22.07.2013 06.06.2013 30.05.2013 02.04.2013

01.10.2013

Bank Hapoalim BM Bank Hapoalim B.M. attracts deposits and offers personal, corporate and institutional banking services. The Bank offers corporate finance, cash management, foreign exchange, investment advice, loans, securities brokerage, custody services, investment banking, foreign trade financing, and treasury services. Bank Hapoalim operats in Israel, the Americas, and Europe.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.09.2013) 52-Week Low (02.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 03.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance POLI IT EQUITY YTD Change POLI IT EQUITY YTD % CHANGE

12/2012 06/yy 1'818.00 1'396.00 2'178'999.00 1806 -1.05% 29.37% 91.47% 1'318.8 23'816.91 42'808.00 0.0 302.0 55'301.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20.0 M 18.0 M 16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Market Data

Dividend Yield Beta Equity Float Short Int 1 Yr Total Return YTD Return Adjusted BETA Analyst Recs Consensus Rating Average Daily Trading Volume Average Volume 5 Day - Average Volume 30 Day - Average Volume 3 Month

Fiscal Year Ended 31.12.2008 11'515.0 (895.0) -

2000 1800 1600 1400 1200 1000 800 600 400 200 0 o-12

31.12.2009 31.12.2010 18'655.0 14'960.0 1'316.0 2'228.0 16.94x 11.06x Profitability

LTM-4Q 31.12.2011 24'787.0 2'746.0 6.00x

31.12.2012 19'823.0 2'543.0 8.29x 28.05% 28.09% 0.69% 9.69% 3.70% 0.05% 18.6% 11.37% 160.00% -

Price/ Cash Flow

LTM

06/yy 25'202.0 0.00x 0.0 0.00x 2'397.0 6.56x

06/yy 19'041.0 0.00x 0.0 0.00x 2'553.0 8.52x

FY+1

1.24 1'031.19 30.51% 14.15% 1.237 10 4.200 3'792'509 2'584'931 2'399'406 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 13'276.3 13'882.0 3'453.0 3'419.0 2'530.3 2'775.7 669.0 587.0 9.79x 8.89x S&P Issuer Ratings

30.04.2009 BBB+ STABLE 29.09.1997 A-2 160.0% 61.3% 0.05 5.20 -

Sales/Revenue/Turnover

8.00

30'000.0

7.00

25'000.0

6.00

20'000.0

5.00 4.00

15'000.0

3.00

10'000.0

2.00

5'000.0 1.00 0.00 31.12.2009

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Bank Hapoalim BM Holdings By:

All

Holder Name ARISON HOLDINGS LTD` PSAGOT ETF EXELLENCE ETF PSAGOT PROVIDENT FUN PHOENIX LIFE INSURAN ISRAEL SALT INDUSTRI EXCELLENCE PROVIDENT NORGES BANK VANGUARD GROUP INC PHOENIX PROVIDENT FU BLACKROCK MIGDAL ASSET MANAGEM ALLIANCE BERNSTEIN ALASKA PERMANENT FUN PSAGOT MUTUAL FUNDS SCHRODER INVESTMENT PRUDENTIAL FINANCIAL ALTSHULER SHAHAM MUT YELIN LAPIDOT PHOENIX

Firm Name Barclays I.B.I. Psagot Investment House Ltd UBS EVA Dimensions CLAL Finance Betucha Bank Leumi DS Securities & Investments Excellence Nessuah

Portfolio Name #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A Multiple Portfolios n/a #N/A N/A n/a Multiple Portfolios n/a Multiple Portfolios #N/A N/A Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios #N/A N/A

Analyst JOSEPH WOLF ADI SCOP TERENCE KLINGMAN RONI BIRON DOUG WALTERS YARON ZER EYAL DABBY MEIR SLATER MICHA GOLDBERG

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG ULT-AGG EXCH ULT-AGG MF-AGG ULT-AGG MF-AGG EXCH MF-AGG ULT-AGG MF-AGG MF-AGG EXCH

Recommendation equalweight buy buy neutral overweight outperform outperform market perform buy

Amt Held 267'543'761 50'083'653 38'529'102 24'190'122 18'683'182 17'132'105 10'955'310 9'268'718 9'248'264 6'717'178 6'438'811 4'069'546 3'648'963 3'639'519 3'292'906 2'997'715 2'472'820 2'163'199 2'156'886 2'052'821

% Out 20.29 3.8 2.92 1.83 1.42 1.3 0.83 0.7 0.7 0.51 0.49 0.31 0.28 0.28 0.25 0.23 0.19 0.16 0.16 0.16

Weighting

Change 3 5 5 3 5 5 5 3 5

M M M M U M M N M

Latest Chg (142'970) (4'882) 21'118 1'898'620 32'045 (27'092) (76'298) 183'600 283'350 -

Target Price 2'000 1'950 1'900 1'800 #N/A N/A 2'000 2'070 1'700 1'880

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 31.12.2012 30.06.2013 30.09.2013 27.09.2013 31.05.2013 30.06.2013 30.06.2013 30.09.2013 30.06.2013 31.08.2013 31.05.2013 31.05.2013 30.09.2013

Date Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month

Inst Type Other Investment Advisor Investment Advisor Investment Advisor Insurance Company Corporation Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Other

Date 02.09.2013 29.08.2013 29.08.2013 23.08.2013 06.08.2013 22.07.2013 17.06.2013 02.04.2013 21.03.2013

01.10.2013

Bezeq The Israeli Telecommunication Corp Ltd Bezeq Israeli Telecommunication Corporation Ltd. offers local, long-distance, and international telecommunications services in Israel. The Company also offers Internet access lines, calling cards, and high volume data transfer networks.

Price/Volume 700

40.0 M

600

35.0 M

500

30.0 M 25.0 M

400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.09.2013) 52-Week Low (27.12.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BEZQ IT EQUITY YTD Change BEZQ IT EQUITY YTD % CHANGE

12/2012 06/yy 655.00 382.17 4'340'395.00 650.2 -0.73% 70.14% 97.43% 2'725.2 17'719.00 9'546.00 0.0 0.0 1'547.00 25'651.00

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

15.0 M

200

10.0 M

100

5.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 12'407.0 1.72x 4'616.0 4.63x 1'627.0 9.93x

20.0 M

300

31.12.2009 31.12.2010 11'519.0 11'987.0 2.51x 2.87x 4'804.0 4'972.0 6.01x 6.93x 3'603.0 2'443.0 11.68x 11.85x Profitability

31.12.2011 11'373.0 2.31x 4'745.0 5.53x 2'066.0 9.19x

31.12.2012 10'278.0 1.91x 4'343.0 4.52x 1'858.0 6.25x 4'343.00 2'907.00 28.28% 25.70% 11.47% 71.13% 0.61% 42.3% 28.2% 18.1% 1.17 1.00 60.55% 388.05% 3.24 -

Price/ Cash Flow

LTM-4Q

LTM

06/yy 10'902.0 8.62x 4'459.0 4.25x 2'071.0 5.32x

06/yy 9'699.0 8.39x 4'106.0 5.14x 1'831.0 7.23x

FY+1

1.06 1'877.03 74.35% 85.78% 1.055 14 3.286 17'560'360 11'963'400 11'327'630 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 9'560.3 9'239.6 2.69x 2.71x 4'346.0 4'319.3 5.90x 5.94x 1'888.5 1'632.2 471.0 472.0 9.56x 10.29x 9.48x 9.52x S&P Issuer Ratings

08.12.2010 NR 08.12.2010 NR 9.74 6.89 1.93 2.42 388.0% 79.5% 0.61 1.61 112.50 -

Sales/Revenue/Turnover

5.00

14'000.0

4.50

12'000.0

4.00 3.50

10'000.0

3.00

8'000.0

2.50

6'000.0

2.00

4'000.0

1.50 1.00

2'000.0

0.50 0.00 31.12.2009

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Bezeq The Israeli Telecommunication Corp Ltd Holdings By:

All

Holder Name SMILE COMM SUN LIFE FINANCIAL I PICTET FUNDS FMR LLC LORD ABBETT & CO LLC KEMPEN CAPITAL MANAG BLACKROCK VANGUARD GROUP INC EATON VANCE MANAGEME CAPITAL GROUP COMPAN STATE STREET CORP NEUBERGER BERMAN LLC NORGES BANK PRUDENTIAL FINANCIAL MIGDAL ASSET MANAGEM NEW YORK LIFE INVEST SCHRODER INVESTMENT PSAGOT MUTUAL FUNDS DEKABANK DEUTSCHE GI LAZARD ASSET MANAGEM

Firm Name Barclays EVA Dimensions Excellence Nessuah Goldman Sachs Bank Leumi UBS CLAL Finance Betucha HSBC Psagot Investment House Ltd I.B.I. JPMorgan DS Securities & Investments Leader & Co Investment

Portfolio Name #N/A N/A n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst DAVID KAPLAN ANDREW S ZAMFOTIS GILAD ALPER ALEXANDER BALAKHNIN GIL DATTNER RONI BIRON DOV ROZENBERG JEAN KAPLAN ILANIT SHERF ORI LICHT ZIYAD JOOSUB ERAN JACOBY SABINA PODVAL

Source EXCH ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation overweight underweight underperform Buy/Neutral market perform buy underperform overweight sell neutral neutral outperform outperform

Amt Held 843'873'713 64'959'305 48'299'982 28'654'299 25'376'708 22'053'400 19'963'804 17'080'018 16'296'556 14'240'309 11'410'526 10'402'154 10'091'888 9'648'192 8'239'639 8'064'177 7'759'831 6'156'394 5'940'500 5'380'456

% Out 30.97 2.38 1.77 1.05 0.93 0.81 0.73 0.63 0.6 0.52 0.42 0.38 0.37 0.35 0.3 0.3 0.28 0.23 0.22 0.2

Weighting

Change 5 1 1 5 3 5 1 5 1 3 3 5 5

M D M M U M M M M M M N U

Latest Chg 2'718'040 671'207 8'751'322 2'922'913 490'027 (1'487) 940'675 (1'599'365) (147'842) 13'290 355'190 (262'968) 5'802 64'291 2'871'926 (263'624) (1'358'500) -

Target Price 650 #N/A N/A 5 581 540 630 420 750 410 500 500 550 850

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 31.07.2013 31.05.2013 31.08.2013 28.06.2013 30.06.2013 27.09.2013 30.06.2013 31.07.2013 31.07.2013 27.09.2013 31.07.2013 31.12.2012 31.08.2013 31.05.2013 31.07.2013 30.06.2013 31.05.2013 28.03.2013 31.08.2013

Date Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided Not Provided 12 month 12 month 12 month 12 month Not Provided

Inst Type Corporation Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Bank Unclassified

Date 16.09.2013 30.08.2013 15.08.2013 12.08.2013 11.08.2013 07.08.2013 07.08.2013 06.08.2013 05.08.2013 04.08.2013 15.04.2013 02.04.2013 10.11.2011

01.10.2013

Israel Chemicals Ltd Israel Chemicals Limited, through its subsidiaries, develops, manufactures, and markets chemical and fertilizer products in Israel. The Company markets its products in Israel, Europe, and the Americas. Products include bromine specialty chemicals, potash, phosphate fertilizers, and specialty performance and industrial products.

Price/Volume 6000

4000 3000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.01.2013) 52-Week Low (03.09.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ICL IT EQUITY YTD Change ICL IT EQUITY YTD % CHANGE

12/2012 06/yy 5'175.00 2'448.00 5'528'300.00 2990 -42.18% 22.14% 19.29% 1'272.6 38'052.00 2'044.27 0.0 24.5 356.64 12'333.17

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2000 1000 0 o-12

31.12.2009 31.12.2010 4'554.3 5'691.5 3.93x 4.02x 1'233.3 1'560.0 14.51x 14.65x 770.4 1'024.7 21.63x 21.18x Profitability

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Market Data

LTM-4Q 31.12.2011 7'067.8 2.07x 2'203.8 6.65x 1'511.8 8.70x

31.12.2012 6'672.2 2.54x 1'900.8 8.90x 1'300.5 11.67x 1'900.81 1'613.75 24.19% 22.87% 16.40% 35.49% 0.88% 41.3% 27.4% 22.7% 19.5% 1.73 0.75 26.39% 60.56% 4.97 2.93

Price/ Cash Flow

06/yy 7'016.7 8.81x 2'194.4 6.84x 1'502.8 9.00x

LTM 06/yy 6'566.0 10.03x 1'800.8 7.87x 1'225.8 10.36x

FY+1

8.02 1.00 428.47 -32.73% -29.65% 1.001 18 3.389 2'825'338 2'826'315 2'933'103 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 6'487.1 6'467.4 1'504.0 1'397.0 1.92x 1.94x 8.20x 8.85x 1'713.7 1'555.6 364.0 340.0 7.20x 7.94x 1'108.4 948.4 218.0 198.0 9.86x 12.18x 13.37x 13.46x S&P Issuer Ratings

32.95 21.37 0.84 1.03 60.6% 37.5% 0.88 2.12 73.39 124.37 61.22 141.18

Sales/Revenue/Turnover

20.00

8'000.0

18.00

7'000.0

16.00

6'000.0

14.00

5'000.0

12.00 10.00

4'000.0

8.00

3'000.0

6.00

2'000.0

4.00

1'000.0

2.00 0.00 31.12.2009

n-12

Fiscal Year Ended 31.12.2008 6'904.0 1.47x 2'611.5 3.87x 2'004.2 4.44x

20.0 M 18.0 M 16.0 M 14.0 M 12.0 M 10.0 M 8.0 M 6.0 M 4.0 M 2.0 M .0 M

5000

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Israel Chemicals Ltd Holdings By:

All

Holder Name ISRAEL CORP LTD POTASH CORP OF SASKA CAPITAL GROUP COMPAN FIRST EAGLE INVESTME ALLIANZ ASSET MANAGE VAN ECK ASSOCIATES C THORNBURG INVESTMENT INVESCO LTD NORGES BANK BLACKROCK VANGUARD GROUP INC SCHRODER INVESTMENT COLUMBIA WANGER ASSE ING INVESTMENT MANAG KEMPEN CAPITAL MANAG MACKENZIE FINANCIAL TD ASSET MANAGEMENT FERSON CHEMICALS LTD STATE STREET CORP UNION INVESTMENT GMB

Firm Name BMO Capital Markets Credit Suisse VTB Capital UBS Deutsche Bank HSBC Liberum Capital Ltd Barclays Morgan Stanley Goldman Sachs Excellence Nessuah I.B.I. CLAL Finance Betucha Psagot Investment House Ltd Bank Leumi EVA Dimensions DS Securities & Investments

Portfolio Name #N/A N/A #N/A N/A n/a Multiple Portfolios n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios #N/A N/A n/a Multiple Portfolios

Analyst JOEL JACKSON MIKHAIL PRIKLONSKY ELENA SAKHNOVA RONI BIRON VIRGINIE BOUCHER-FERTE YONAH WEISZ SOPHIE JOURDIER JOSEPH WOLF PETER MACKEY YULIA CHEKUNAEVA GILAD ALPER GUIL BASHAN JONATHAN KREIZMAN ILANIT SHERF ELLA FRIED TIMOTHY STANISH RICHARD GUSSOW

Source EXCH EXCH ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG EXCH ULT-AGG MF-AGG

Recommendation market perform neutral hold buy hold neutral hold overweight not rated neutral/cautious hold reduce market perform hold market perform overweight market perform

Amt Held 665'485'881 176'088'630 20'479'539 18'247'024 9'482'862 6'560'237 6'400'000 6'219'265 4'631'249 4'251'887 4'085'873 3'477'693 3'448'212 3'042'863 2'991'199 2'788'012 2'689'393 2'216'131 2'170'854 1'850'500

% Out 52.29 13.84 1.61 1.43 0.75 0.52 0.5 0.49 0.36 0.33 0.32 0.27 0.27 0.24 0.24 0.22 0.21 0.17 0.17 0.15

Weighting

Change

3 3 3 5 3 3 3 5 #N/A N/A 3 3 2 3 3 3 5 3

M M M M M U M M M M M M M M M M N

Latest Chg (11'101'591) 6'389'919 2'464'977 441'872 (74'849) 33'234 375'939 698'479 897'700 (19'733) 2'653'591 -

Target Price 2'700 3'000 2'800 3'200 2'700 2'550 3'200 3'600 #N/A N/A 2'900 3'000 2'600 #N/A N/A #N/A N/A 4'200 #N/A N/A 4'600

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.09.2013 Holding Company 30.09.2013 Government 30.06.2013 Investment Advisor 31.07.2013 Hedge Fund Manager 31.08.2013 Investment Advisor 27.09.2013 Investment Advisor 31.07.2013 Investment Advisor 30.09.2013 Investment Advisor 31.12.2012 Government 27.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Unclassified 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.09.2013 Corporation 27.09.2013 Investment Advisor 28.03.2013 Investment Advisor

Date Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month 12 month 12 month Not Provided Not Provided Not Provided Not Provided 12 month

Date 25.09.2013 12.09.2013 09.09.2013 03.09.2013 22.08.2013 20.08.2013 08.08.2013 08.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 16.06.2013 06.06.2013 02.04.2013

01.10.2013

NICE Systems Ltd NICE Systems Limited provides solutions that manage and analyze multimedia content and transactional data, such as telephony, web, radio and video communications. The Company's solutions include integrated, multimedia recording platforms, software applications and related professional services.

Price/Volume 16000

.7 M

14000

.6 M

12000

.5 M

10000

Latest Fiscal Year: LTM as of: 52-Week High (01.10.2013) 52-Week Low (29.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 14.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NICE IT EQUITY YTD Change NICE IT EQUITY YTD % CHANGE

12/2012 06/yy 14'910.00 11'780.00 67'858.00 14720 -1.48% 24.96% 91.33% 60.2 8'855.41 0.00 0.0 0.0 298.55 2'253.26

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 583.1 689.5 2.81x 2.73x 85.4 106.2 19.20x 17.75x 42.8 48.7 44.57x 45.38x Profitability

4000

.2 M

2000

.1 M

0 o-12

LTM-4Q 31.12.2011 793.8 2.34x 126.0 14.74x 57.3 37.40x

31.12.2012 879.0 1.92x 141.1 11.96x 67.9 29.56x 141.11 45.63 5.19% 6.13% 5.05% 7.11% 0.55% 60.0% 18.1% 7.7% 7.7% 1.36 1.18 0.00% 0.00% 6.41 25.57

Price/ Cash Flow

06/yy 835.6 9.12x 130.8 14.80x 52.6 42.69x

.0 M n-12

d-12

j-13

f-13 m-13

LTM 06/yy 905.7 8.14x 164.3 12.09x 83.7 26.92x

a-13 m-13

j-13

a-13

s-13

FY+1

0.90 60.16 14.29% 20.61% 0.902 3 3.667 125'816 97'659 87'700 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 954.0 1'041.0 233.0 271.0 222.0 10.15x 161.0 183.0 38.6 47.2 16.11x 14.54x 15.40x 14.91x S&P Issuer Ratings

-1.57 0.00 0.0% 0.0% 0.55 23.84 56.96 14.28 27.11 52.43

Sales/Revenue/Turnover

20.00

1'000.0

18.00

900.0

16.00

800.0

14.00

700.0

12.00

600.0

10.00 8.00

500.0 400.0

6.00

300.0

4.00

200.0

2.00

100.0

0.00 31.12.2009

.3 M

6000

Fiscal Year Ended 31.12.2008 624.2 1.71x 81.6 13.09x 39.1 33.79x

.4 M

8000

Valuation Analysis

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

NICE Systems Ltd Holdings By:

All

Holder Name MIGDAL INSURANCE HOL DS APEX HOLDINGS LTD PSAGOT SECURITIES LT PSAGOT PROVIDENT FUN PSAGOT ETF VANGUARD GROUP INC BLACKROCK SUN LIFE FINANCIAL I MIGDAL ASSET MANAGEM ILANOT BATUCHA PSAGOT MUTUAL FUNDS PIA-LEUMI FUND MANAG MEITAV FUND MANAGERS ISRAEL BROKERAGE INV STATE STREET CORP FMR LLC CLAL FINANCE MUTUAL PRISMA NOMURA TIAA CREF INVESTMENT

Firm Name EVA Dimensions CLAL Finance Betucha I.B.I.

Portfolio Name n/a n/a n/a #N/A N/A #N/A N/A n/a n/a n/a Multiple Portfolios Multiple Portfolios #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst ANDREW S ZAMFOTIS DOV ROZENBERG ORI LICHT

Source 20F 13G EXCH EXCH EXCH ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation overweight market perform neutral

Amt Held 3'128'315 2'436'925 1'798'162 1'006'870 529'190 513'866 505'822 453'859 227'695 100'471 97'983 78'987 77'156 68'593 55'310 54'613 46'444 33'050 32'853 27'128

% Out 5.2 4.05 2.99 1.67 0.88 0.85 0.84 0.75 0.38 0.17 0.16 0.13 0.13 0.11 0.09 0.09 0.08 0.05 0.05 0.05

Weighting

Change 5 3 3

U M M

Latest Chg (589'624) (4'660) (558) 4'529 259 (3'462) (5'613) 114 (216) 1'300 3'176

Target Price #N/A N/A 14'553 13'226

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 17.03.2013 01.05.2013 30.09.2013 30.09.2013 30.09.2013 30.06.2013 27.09.2013 31.07.2013 31.05.2013 31.05.2013 30.09.2013 31.03.2013 31.05.2013 31.05.2013 27.09.2013 31.08.2013 31.05.2013 31.05.2013 31.12.2012 31.07.2013

Date Not Provided Not Provided 12 month

Inst Type Insurance Company Holding Company n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor

Date 13.08.2013 07.08.2013 20.05.2013

01.10.2013

Isramco Negev 2 LP Isramco Negev 2 LP is a gas and oil exploration company.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.03.2013) 52-Week Low (02.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ISRAL IT EQUITY YTD Change ISRAL IT EQUITY YTD % CHANGE

12/2012 06/yy 67.90 47.50 16'721'636.00 64.5 -5.01% 35.79% 84.80% 12'952.3 8'354.22 563.26 0.0 0.0 54.06 3'256.26

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

(47.6) -

160.0 M

140.0 M

120.0 M

100.0 M

80.0 M

60.0 M

40.0 M

20.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008

31.12.2009

31.12.2010

39.9 32.32x Profitability

4.2 328.08x

LTM-4Q 31.12.2011

31.12.2012

(2.5) (13.4) -

06/yy 0.0 #DIV/0! 0.0 0.00x (12.1) 0.00x

(3.5) -6.52 3.36% 9.46% 0.45 0.38 50.35% 142.75% -

Price/ Cash Flow

LTM 06/yy 72.0 148.88x 62.6 0.00x 38.5 57.88x

FY+1

0.89 9'032.85 33.26% 6.61% 0.889 10 4.000 25'958'200 19'948'670 18'651'110 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 299.0 475.0 10.20x 6.30x 206.0 337.0 15.81x 9.66x 132.0 264.0 22.86x 14.07x S&P Issuer Ratings

142.8% 58.8% -

Sales/Revenue/Turnover

250.00

0.2 0.2 0.2

200.00

0.1 150.00

0.1

100.00

0.1 0.1 0.1 0.0

50.00

0.0 0.00 31.12.2009

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Isramco Negev 2 LP Holdings By:

All

Holder Name HANAL YAHASH HANAL NAFTA PARTNERSHIP MIGDAL LIFE INSURANC MIGDAL PROVIDENT FUN EQUITEL PHOENIX HOLDINGS LTD EXELLENCE ETF EXCELLENCE PROVIDENT PHOENIX PROVIDENT FU MIGDAL INSURANCE HOL ZUF HAIM MERKAZIT MUTUAL FUND MIGDAL ASSET MANAGEM YELIN LAPIDOT PSAGOT MUTUAL FUNDS CLAL FINANCE MUTUAL ILANOT BATUCHA MEITAV FUND MANAGERS ISRAEL BROKERAGE INV

Firm Name EVA Dimensions I.B.I. Barclays Psagot Investment House Ltd UBS Bank Leumi DS Securities & Investments CLAL Finance Betucha Excellence Nessuah

Portfolio Name n/a #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A n/a #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst DOUG WALTERS GUIL BASHAN DAVID KAPLAN NOAM PINCU RONI BIRON ELLA FRIED RICHARD GUSSOW YARON ZER GILAD ALPER

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation sell buy overweight hold neutral outperform market perform outperform buy

Amt Held 1'412'850'492 1'116'372'252 940'191'746 793'879'067 510'837'071 393'962'745 251'917'270 213'490'175 83'137'369 75'012'625 57'018'937 56'053'190 44'941'946 44'499'012 34'104'130 21'536'140 18'794'234 18'603'360 17'484'097 16'317'082

% Out 10.91 8.62 7.26 6.13 3.94 3.04 1.94 1.65 0.64 0.58 0.44 0.43 0.35 0.34 0.26 0.17 0.15 0.14 0.13 0.13

Weighting

Change 1 5 5 3 3 5 3 5 5

N M M D M M N M N

Latest Chg 474'659 34'104'130 (209'852) (116'998) (1'885) (2'021'533) 20'739

Target Price #N/A N/A 70 84 65 68 71 67 71 73

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013

Date Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month

Inst Type n/a Other Other Insurance Company Investment Advisor Corporation Insurance Company Investment Advisor Investment Advisor Investment Advisor Insurance Company n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 26.07.2013 18.07.2013 21.06.2013 20.06.2013 06.06.2013 06.05.2013 02.04.2013 06.03.2013 07.01.2013

01.10.2013

Delek Group Ltd Delek Group Ltd. is a holding company. Through subsidiaries, the Company retails gasoline and lubricants in Israel, and operates gasoline filling stations, convenience stores and a crude oil pipeline and refinery in the United States, holds interests in the energy, infrastructure, automotive, media, finance and wealth management sectors, and owns real estate investments.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.10.2013) 52-Week Low (02.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DLEKG IT EQUITY YTD Change DLEKG IT EQUITY YTD % CHANGE

12/2012 06/yy 117'200.00 66'350.00 9'951.00 116100 -1.19% 74.98% 97.99% 11.6 13'430.43 28'531.00 0.0 7'787.0 33'180.00 7'929.43

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.1 M

120000

.1 M

100000

.1 M

80000

.1 M

60000

.1 M

40000

.0 M

20000

.0 M

0 o-12

31.12.2009 31.12.2010 43'447.0 44'567.0 0.18x 0.21x 2'191.0 2'441.0 3.61x 3.76x 864.0 1'701.0 9.99x Profitability

LTM-4Q 31.12.2011 59'159.0 0.39x 4'076.0 5.67x 2'610.0 3.10x

31.12.2012 71'598.0 0.18x 4'355.0 3.00x 446.0 21.98x 4'355.00 2'938.00 4.10% 2.42% 0.71% 16.55% 0.54% 12.8% 7.5% 4.5% 0.6% 1.00 0.82 23.11% 586.21% 19.26 33.99

Price/ Cash Flow

d-12

j-13

LTM

06/yy 58'487.0 0.97x 3'726.0 3.92x 2'449.0 2.88x

f-13 m-13 a-13 m-13

06/yy 64'278.0 0.64x 4'822.0 1.14x 840.0 2684.79x

j-13

a-13

s-13

4.46 1.40 4.20 87.16% 39.29% 1.402 5 4.600 18'180 17'262 15'429

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

21.05x 20.14x S&P Issuer Ratings

2.63 1.85 -2.24 5.36 586.2% 69.3% 0.54 8.32 18.95 10.74 19.66 8.36

Sales/Revenue/Turnover

10.00

80'000.0

9.00

70'000.0

8.00

60'000.0

7.00

50'000.0

6.00 5.00

40'000.0

4.00

30'000.0

3.00

20'000.0

2.00

10'000.0

1.00 0.00 31.12.2009

.0 M n-12

Fiscal Year Ended 31.12.2008 47'894.0 0.63x 2'926.0 10.26x (1'809.0) -

140000

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Delek Group Ltd Holdings By:

All

Holder Name SHARON ITZHAK EXELLENCE ETF ALTSHULER SHAHAM MUT VANGUARD GROUP INC NORGES BANK BLACKROCK YELIN LAPIDOT HACHMON ORLY DANIEL EXCELLENCE MUTUAL FU ISRAEL BROKERAGE INV MIGDAL ASSET MANAGEM PHOENIX PROVIDENT FU PRISMA VANTAGEPOINT INVESTM ANALYST IMS INVESTME ILANOT BATUCHA UBS AG PSAGOT MUTUAL FUNDS PIA-LEUMI FUND MANAG MEITAV FUND MANAGERS

Firm Name Barclays Psagot Investment House Ltd UBS EVA Dimensions I.B.I. CLAL Finance Betucha

Portfolio Name n/a #N/A N/A Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a #N/A N/A Multiple Portfolios Multiple Portfolios #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst DAVID KAPLAN NOAM PINCU RONI BIRON DOUG WALTERS GUIL BASHAN YARON ZER

Source EXCH EXCH MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG EXCH EXCH MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation overweight hold buy buy buy outperform

Amt Held 7'338'287 102'923 54'073 43'267 42'558 26'451 24'799 19'500 17'376 16'711 15'545 14'576 13'850 12'691 10'922 9'857 8'836 8'199 8'083 7'401

% Out 63.44 0.89 0.47 0.37 0.37 0.23 0.21 0.17 0.15 0.14 0.13 0.13 0.12 0.11 0.09 0.09 0.08 0.07 0.07 0.06

Weighting

Change 5 3 5 5 5 5

M D M M M M

Latest Chg 9'591 (1'171) (39) 197 (365) 337 677 (75) (1) 943 (1'098) (256)

Target Price 101'900 104'000 113'000 #N/A N/A 105'000 97'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 31.05.2013 30.06.2013 31.12.2012 27.09.2013 31.05.2013 30.09.2013 30.09.2013 31.05.2013 31.05.2013 30.09.2013 31.05.2013 31.03.2013 31.05.2013 31.05.2013 28.06.2013 31.05.2013 31.05.2013 31.05.2013

Date Not Provided 12 month 12 month Not Provided Not Provided Not Provided

Inst Type n/a Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Investment Advisor

Date 02.07.2013 20.06.2013 06.06.2013 06.06.2013 04.02.2013 22.06.2010

01.10.2013

Israel Discount Bank Ltd Israel Discount Bank offers corporate and retail financial products and services to customers in Israel, North America, Europe and Latin America. The Discount Group is comprised of commercial banks and financial services companies that offer credit cards and investment banking, portfolio management and trustee services.

Price/Volume 16.0 M

600

14.0 M 12.0 M 10.0 M

400

Latest Fiscal Year: LTM as of: 52-Week High (14.01.2013) 52-Week Low (04.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DSCT IT EQUITY YTD Change DSCT IT EQUITY YTD % CHANGE

12/2012 06/yy 681.90 470.10 4'071'034.00 644 -5.57% 36.99% 77.86% 1'053.9 6'786.92 21'456.00 0.0 296.0 24'100.00 -

8.0 M

300

6.0 M

200

4.0 M

100

2.0 M

0 o-12

31.12.2009 31.12.2010 11'544.0 8'584.0 923.0 724.0 9.38x 11.73x Profitability

LTM-4Q 31.12.2011 15'942.0 852.0 6.80x

31.12.2012 11'100.0 802.0 8.07x 15.09% 16.43% 0.46% 7.86% 2.88% 0.05% 10.4% 10.68% 181.25% -

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 16'951.0 0.00x 0.0 0.00x 755.0 5.60x

06/yy 10'601.0 0.00x 0.0 0.00x 916.0 6.98x

a-13 m-13

j-13

a-13

s-13

FY+1

1.30 788.67 37.64% 4.89% 1.300 10 3.400 5'475'761 3'563'903 2'802'643 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 7'532.0 7'687.0 1'870.0 1'814.0 897.5 843.5 178.0 174.0 7.74x 8.62x S&P Issuer Ratings

30.04.2009 BBBSTABLE 30.04.2009 A-3 181.2% 63.9% 0.05 3.63 -

Sales/Revenue/Turnover

4.00

18'000.0

3.50

16'000.0

3.00

14'000.0 12'000.0

2.50

10'000.0

2.00

8'000.0

1.50

6'000.0

1.00

4'000.0

0.50

2'000.0

0.00 31.12.2009

.0 M n-12

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

18.0 M

700 500

Valuation Analysis

31.12.2008 9'970.0 245.0 13.08x

800

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Israel Discount Bank Ltd Holdings By:

All

Holder Name TREETOPS TREETOPS 2 PSAGOT ETF PSAGOT PROVIDENT FUN NORGES BANK DIMENSIONAL FUND ADV VANGUARD GROUP INC PSAGOT MUTUAL FUNDS ISRAEL BROKERAGE INV SCHRODER INVESTMENT ALTSHULER SHAHAM MUT MIGDAL ASSET MANAGEM PIA-LEUMI FUND MANAG CLAL FINANCE MUTUAL BLACKROCK PRISMA MEITAV FUND MANAGERS PRUDENTIAL FINANCIAL TRANSAMERICA INVESTM AMERIPRISE FINANCIAL

Firm Name Barclays Psagot Investment House Ltd I.B.I. CLAL Finance Betucha Bank Leumi UBS EVA Dimensions Excellence Nessuah DS Securities & Investments

Portfolio Name #N/A N/A #N/A N/A #N/A N/A #N/A N/A Multiple Portfolios n/a n/a #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst JOSEPH WOLF TERENCE KLINGMAN ADI SCOP YARON ZER EYAL DABBY RONI BIRON DOUG WALTERS MICHA GOLDBERG MEIR SLATER

Source EXCH EXCH EXCH EXCH MF-AGG ULT-AGG ULT-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG

Recommendation underweight hold buy outperform outperform neutral hold hold market perform

Amt Held 159'098'904 106'065'937 38'266'274 25'261'923 7'814'342 7'379'481 6'785'665 4'926'842 3'840'490 3'792'336 3'437'733 3'376'472 2'781'183 2'499'506 1'693'350 1'264'825 1'087'838 866'059 858'100 674'889

% Out 15.1 10.06 3.63 2.4 0.74 0.7 0.64 0.47 0.36 0.36 0.33 0.32 0.26 0.24 0.16 0.12 0.1 0.08 0.08 0.06

Weighting

Change 1 3 5 5 5 3 3 3 3

M M M M M M M M N

Latest Chg 1'993'559 (2'060) 371'175 194'000 23'334 (115'636) 139'225 3'586 (35'000) (341'903) 111'000 -

Target Price 600 700 680 690 600 652 #N/A N/A 630 620

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 30.09.2013 31.12.2012 30.04.2013 30.06.2013 30.09.2013 31.05.2013 30.06.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 27.09.2013 31.05.2013 31.05.2013 31.07.2013 30.06.2013 31.07.2013

Date Not Provided 12 month Not Provided Not Provided Not Provided 12 month Not Provided 12 month 12 month

Inst Type Other Other Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 02.09.2013 29.08.2013 28.08.2013 22.07.2013 17.06.2013 06.06.2013 06.06.2013 30.05.2013 02.04.2013

01.10.2013

Mizrahi Tefahot Bank Ltd Mizrahi Tefahot Bank Ltd. is a full service bank. The Bank offers corporate, private banking, and retail banking customers in Israel and internationally, a full range of financial services and products, including mortgages.

Price/Volume 4500

6.0 M

4000

5.0 M

3500 3000

4.0 M

2500

12/2012 06/yy 4'079.00 3'420.00 138'924.00 3916 -4.07% 14.50% 69.80% 228.6 8'950.54 15'733.00 0.0 441.0 16'671.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1500

2.0 M

1000

1.0 M

500 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 6'752.0 602.0 7.20x

3.0 M

2000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.09.2013) 52-Week Low (02.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 13.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MZTF IT EQUITY YTD Change MZTF IT EQUITY YTD % CHANGE

31.12.2009 31.12.2010 7'062.0 5'463.0 530.0 804.0 14.56x 10.86x Profitability

31.12.2011 10'222.0 1'044.0 6.47x

31.12.2012 8'165.0 1'076.0 8.10x 36.03% 36.03% 0.65% 12.01% 4.33% 0.05% 22.5% 9.70% 178.56% -

Price/ Cash Flow

LTM-4Q

LTM

06/yy 10'440.0 0.00x 0.0 0.00x 1'097.0 6.10x

06/yy 7'872.0 0.00x 0.0 0.00x 1'055.0 7.87x

FY+1

1.12 126.01 13.66% 2.62% 1.121 9 4.778 742'868 552'868 457'193 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 5'002.3 5'350.0 1'229.0 1'251.0 1'048.3 1'213.7 257.0 242.0 8.55x 7.44x S&P Issuer Ratings

178.6% 63.0% 0.05 4.88 -

Sales/Revenue/Turnover

20.00

12'000.0

18.00

10'000.0

16.00 14.00

8'000.0

12.00

6'000.0

10.00 8.00

4'000.0

6.00 4.00

2'000.0

2.00 0.00 31.12.2009

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Mizrahi Tefahot Bank Ltd Holdings By:

All

Holder Name WERTHEIM MOSHE OFER INVESTMENTS OFER ASSETS LEEN HOLDINGS VANGUARD GROUP INC NORGES BANK BLACKROCK ARTEMIS INVESTMENT M MIGDAL ASSET MANAGEM PSAGOT MUTUAL FUNDS DIMENSIONAL FUND ADV ABERDEEN ASSET MGMT VANTAGEPOINT INVESTM PIA-LEUMI FUND MANAG CLAL FINANCE MUTUAL MEITAV FUND MANAGERS WILLIAM BLAIR & COMP CAISSE DE DEPOT ET P ISRAEL BROKERAGE INV ALTSHULER SHAHAM MUT

Firm Name Barclays I.B.I. Psagot Investment House Ltd CLAL Finance Betucha Bank Leumi EVA Dimensions Excellence Nessuah DS Securities & Investments UBS

Portfolio Name n/a #N/A N/A #N/A N/A #N/A N/A n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios WILLIAM BLAIR & COMP Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst JOSEPH WOLF ADI SCOP TERENCE KLINGMAN YARON ZER EYAL DABBY DOUG WALTERS MICHA GOLDBERG MEIR SLATER RONI BIRON

Source EXCH EXCH EXCH EXCH ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG 13F MF-AGG MF-AGG MF-AGG

Recommendation overweight buy buy market perform outperform overweight buy buy buy

Amt Held 50'349'226 22'321'895 22'069'595 7'814'717 1'038'387 1'013'789 911'941 719'120 504'612 503'369 465'570 457'900 307'262 232'277 182'635 177'543 164'256 157'667 136'194 135'987

% Out 22.03 9.77 9.66 3.42 0.45 0.44 0.4 0.31 0.22 0.22 0.2 0.2 0.13 0.1 0.08 0.08 0.07 0.07 0.06 0.06

Weighting

Change 5 5 5 3 5 5 5 5 5

M M M D M M M N M

Latest Chg 28'358 (1'065) 100'000 312 20 11'006 10'222 (768) (11'406) 19'175 305 109'487

Target Price 4'700 4'600 4'400 4'040 4'500 #N/A N/A 4'730 4'500 4'600

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.06.2013 31.12.2012 27.09.2013 31.12.2012 31.05.2013 31.05.2013 30.04.2013 30.06.2013 31.03.2013 31.05.2013 31.05.2013 31.05.2013 30.06.2013 31.12.2012 31.05.2013 31.05.2013

Date Not Provided 12 month 12 month Not Provided Not Provided Not Provided 12 month 12 month 12 month

Inst Type n/a Corporation Other Other Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 02.09.2013 15.08.2013 15.08.2013 22.07.2013 17.06.2013 06.06.2013 28.05.2013 02.04.2013 09.11.2012

01.10.2013

Gazit-Globe Ltd Gazit-Globe Ltd. is a multinational real estate investment company. The Company acquires, develops, and manages income producing properties around the world and focuses mainly on supermarket-anchored shopping centers. Gazit-Globe is also active in the senior housing and the medical office building sectors in North America.

Price/Volume 6000

12/2012 06/yy 5'176.00 4'180.00 90'418.00 4720 -9.72% 12.92% 55.12% 175.8 8'297.05 41'863.00 0.0 14'800.0 1'683.00 61'841.05

3.0 M 2.5 M 2.0 M

2000

1.5 M 1.0 M

1000

.5 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2009 31.12.2010 4'680.0 5'287.0 9.78x 9.12x 2'191.0 2'489.0 20.89x 19.38x 1'101.0 790.0 4.42x 8.11x Profitability

LTM-4Q 31.12.2011 5'719.0 9.83x 2'497.0 22.52x 719.0 7.78x

31.12.2012 6'998.0 9.00x 2'980.0 21.14x 957.0 8.36x 2'980.00 2'980.00 11.69% 45.94% 1.19% 10.24% 3.52% 0.10% 43.3% 13.7% 58.91% 533.35% -

Price/ Cash Flow

06/yy 6'788.0 33.58x 2'803.0 21.17x 952.0 6.26x

LTM 06/yy 6'949.0 36.00x 3'006.0 20.60x 814.0 9.68x

3.58 0.89 86.00 14.32% -0.06% 0.890 7 3.571 314'207 286'089 255'512

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

3'299.0 3'477.0 18.75x 17.79x 13.07x 11.95x 12.26x S&P Issuer Ratings

12.07x 1.38 -1.28 12.89 13.33 533.4% 64.9% 0.10 -

Sales/Revenue/Turnover

8.00

8'000.0

7.00

7'000.0

6.00

6'000.0

5.00

5'000.0

4.00

4'000.0

3.00

3'000.0

2.00

2'000.0

1.00

1'000.0

0.00 31.12.2009

3.5 M

3000

Latest Fiscal Year: LTM as of: 52-Week High (03.06.2013) 52-Week Low (10.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GZT IT EQUITY YTD Change GZT IT EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4.0 M

4000

Valuation Analysis

31.12.2008 4'169.0 9.49x 1'856.0 21.32x (1'075.0) -

4.5 M

5000

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Gazit-Globe Ltd Holdings By:

All

Holder Name NORSTAR HOLDINGS INC MAWER INVESTMENT MAN PSAGOT INVESTMENT HO MIGDAL LIFE INSURANC MIGDAL PROVIDENT FUN MANULIFE ASSET MGMT ALTSHULER SHAHAM MUT KEMPEN CAPITAL MANAG VANGUARD GROUP INC NORGES BANK SEGAL DORI JOSEPH MERKAZIT MUTUAL FUND MIGDAL ASSET MANAGEM COUNSEL PORTFOLIO SE JANUS CAPITAL MANAGE MIGDAL INSURANCE HOL RAMCO INVESTMENT MAN NEW JERSEY DIVISION ISRAEL BROKERAGE INV PSAGOT MUTUAL FUNDS

Firm Name EVA Dimensions Barclays Psagot Investment House Ltd CLAL Finance Betucha I.B.I. Kempen & Co Harel Finance Trade & Securities Ltd

Portfolio Name #N/A N/A n/a n/a #N/A N/A #N/A N/A Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a #N/A N/A Multiple Portfolios COUNSEL PORTFOLIO SE n/a #N/A N/A Multiple Portfolios STATE OF NJ COMMON P Multiple Portfolios Multiple Portfolios

Analyst DOUG WALTERS DAVID KAPLAN NOAM PINCU BRURIT FEIN SHAY LIPMAN RYAN PALECEK ELAD KRAUS

Source EXCH 13G 13G EXCH EXCH MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG EXCH EXCH MF-AGG 13F ULT-AGG EXCH MF-AGG 13F MF-AGG MF-AGG

Recommendation underweight equalweight buy outperform buy underweight overweight

Amt Held 88'915'571 8'976'221 8'885'729 6'282'064 3'705'902 1'502'458 1'308'521 1'183'368 781'758 733'199 720'000 504'635 324'253 234'670 200'750 188'887 160'475 112'500 108'023 97'494

% Out 50.58 5.11 5.05 3.57 2.11 0.85 0.74 0.67 0.44 0.42 0.41 0.29 0.18 0.13 0.11 0.11 0.09 0.06 0.06 0.06

Weighting

Change 1 3 5 5 5 1 5

D M M M M D M

Latest Chg 7'147'824 1'818'529 154 97'078 266'121 257'084 (6'685) 14'000 50'000 193 1'143

Target Price #N/A N/A 4'700 5'500 5'700 5'000 4'000 4'880

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.09.2013 Holding Company 27.08.2013 Investment Advisor 16.06.2013 Investment Advisor 30.09.2013 Insurance Company 30.09.2013 Investment Advisor 28.02.2013 Investment Advisor 31.05.2013 Investment Advisor 30.06.2013 Unclassified 30.06.2013 Investment Advisor 31.12.2012 Government 30.09.2013 n/a 30.09.2013 Investment Advisor 31.05.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.09.2013 Insurance Company 31.05.2013 Investment Advisor 30.06.2013 Pension Fund (ERISA) 31.05.2013 Investment Advisor 31.05.2013 Investment Advisor

Date Not Provided Not Provided 12 month Not Provided Not Provided Not Provided Not Provided

Date 04.09.2013 28.08.2013 28.08.2013 21.03.2013 04.02.2013 14.01.2013 23.05.2012

01.10.2013

Elbit Systems Ltd Elbit Systems Ltd. designs, develops and supplies integrated defense systems. The Company also designs, develops, manufactures, markets and supports military electronic systems and products.

Price/Volume 25000

.4 M .3 M

20000

.3 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.09.2013) 52-Week Low (13.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ESLT IT EQUITY YTD Change ESLT IT EQUITY YTD % CHANGE

12/2012 06/yy 19'220.00 13'390.00 24'435.00 19010 -1.46% 41.97% 96.23% 42.1 8'005.74 672.59 0.0 33.5 249.35 2'733.38

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.2 M

10000

.2 M .1 M

5000

.1 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 2'638.3 0.79x 378.4 5.48x 204.2 9.41x

15000

31.12.2009 31.12.2010 2'832.4 2'670.1 1.06x 0.94x 385.9 334.7 7.80x 7.52x 214.9 183.5 12.78x 12.42x Profitability

LTM-4Q 31.12.2011 2'817.5 0.80x 266.3 8.44x 90.3 16.54x

31.12.2012 2'888.6 0.74x 341.8 6.23x 167.9 10.01x 341.85 203.05 7.03% 6.52% 4.88% 18.76% 0.76% 28.2% 12.9% 8.3% 5.8% 1.25 0.62 17.65% 66.13% 3.94 2.61

Price/ Cash Flow

06/yy 2'872.8 3.12x 250.7 7.79x 94.6 13.87x

LTM 06/yy 2'904.5 2.98x 374.2 5.96x 187.7 9.43x

FY+1

2.23 0.77 22.53 46.12% 30.14% 0.775 7 4.143 150'848 88'897 66'725 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 2'964.0 355.0 7.70x 188.0 11.60x 10.71x S&P Issuer Ratings

16.71 12.72 1.17 1.66 66.1% 39.0% 0.76 5.83 92.65 140.07 47.19 168.34

Sales/Revenue/Turnover

20.00

3'500.0

18.00

3'000.0

16.00 14.00

2'500.0

12.00

2'000.0

10.00

1'500.0

8.00

1'000.0

6.00 4.00

500.0

2.00 0.00 31.12.2009

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Elbit Systems Ltd Holdings By:

All

Holder Name FEDERMANN ENTERPRISE ALLIANZ ASSET MANAGE INVESCO LTD VANGUARD GROUP INC SCHAFER CULLEN CAPIT PRUDENTIAL FINANCIAL RENAISSANCE TECHNOLO ANALYST IMS INVESTME FIRST TRUST MIGDAL ASSET MANAGEM PSAGOT MUTUAL FUNDS PRUDENTIAL INVESTMEN ABERDEEN ASSET MGMT BARCLAYS PLC ALTSHULER SHAHAM MUT MEITAV FUND MANAGERS ISRAEL BROKERAGE INV FRANK RUSSELL TRUST BLACKROCK SEIZERT CAPITAL PART

Firm Name I.B.I. Barclays CLAL Finance Betucha Psagot Investment House Ltd EVA Dimensions Bank Leumi

Portfolio Name #N/A N/A n/a n/a n/a SCHAFER CULLEN CAPIT n/a RENAISSANCE TECHNOLO Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios FRANK RUSSELL COMPAN n/a SEIZERT CAPITAL PART

Analyst GUIL BASHAN JOSEPH WOLF DOV ROZENBERG ILANIT SHERF CRAIG STERLING ELLA FRIED

Source EXCH ULT-AGG ULT-AGG ULT-AGG 13F ULT-AGG 13F MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG 13F ULT-AGG 13F

Recommendation neutral equalweight market perform buy overweight outperform

Amt Held 19'580'342 656'630 411'892 202'370 202'285 200'200 128'400 119'175 100'264 95'680 79'617 73'700 54'735 50'411 49'760 46'460 40'028 39'573 34'733 31'419

% Out 46.49 1.56 0.98 0.48 0.48 0.48 0.3 0.28 0.24 0.23 0.19 0.18 0.13 0.12 0.12 0.11 0.1 0.09 0.08 0.07

Weighting

Change 3 3 3 5 5 5

M M M M M U

Latest Chg 153'500 2'976 53'223 202'285 (2'400) (1'700) 1'925 7'511 3 (6'137) (1'129) 10'684 4'477 20'410

Target Price 14'288 16'074 16'719 18'000 #N/A N/A 18'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.09.2013 Investment Advisor 31.08.2013 Investment Advisor 30.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.08.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 31.05.2013 Investment Advisor 27.09.2013 Investment Advisor 31.05.2013 Investment Advisor 31.05.2013 Investment Advisor 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.05.2013 Investment Advisor 31.05.2013 Investment Advisor 31.05.2013 Investment Advisor 30.06.2013 Investment Advisor 27.09.2013 Investment Advisor 30.06.2013 Investment Advisor

Date 12 month Not Provided Not Provided 12 month Not Provided Not Provided

Date 14.08.2013 14.08.2013 13.08.2013 13.08.2013 22.05.2013 11.12.2012

01.10.2013

Avner Oil Exploration LLP Avner Oil Exploration LLP explores, evaluates, and develops oil and natural gas resources. The Company focuses its activities along the Israeli Mediterranean coast.

Price/Volume 350

30.0 M

300

25.0 M

250

20.0 M

200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.09.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AVNRL IT EQUITY YTD Change AVNRL IT EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 67.1 88.8 18.48x 26.88x 53.1 66.0 23.35x 36.15x 37.5 49.5 32.86x 47.35x Profitability

5.0 M

50 0 o-12

.0 M n-12

LTM-4Q 31.12.2011 138.3 16.91x 113.3 20.63x 67.8 31.07x

31.12.2012 92.3 30.75x 64.6 43.92x 9.9 233.10x 64.63 25.94 28.10% 19.34% 1.78% 6.20% 0.14% 77.2% 83.6% 14.2% 10.7% 0.69 0.15 58.05% 211.67% 8.69 -

Price/ Cash Flow

06/yy 114.5 76.80x 91.5 23.31x 49.9 36.55x

d-12

j-13

f-13 m-13

LTM 06/yy 124.0 90.80x 103.7 29.03x 16.3 147.15x

a-13 m-13

j-13

a-13

s-13

FY+1

0.98 1'435.18 30.94% 13.73% 0.979 9 3.667 5'625'993 5'005'756 4'019'442 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 216.0 287.0 15.86x 12.05x 145.0 204.0 23.37x 16.61x 97.9 162.0 63.97x 17.33x S&P Issuer Ratings

14.60 5.93 6.47 211.7% 67.9% 0.14 42.00 -

Sales/Revenue/Turnover

80.00

160.0

70.00

140.0

60.00

120.0

50.00

100.0

40.00

80.0

30.00

60.0

20.00

40.0

10.00

20.0

0.00 31.12.2009

10.0 M

100

Fiscal Year Ended 31.12.2008 74.2 3.50x 65.8 3.95x 47.8 4.74x

15.0 M

150

12/2012 06/yy 296.30 212.20 2'001'097.00 293.3 -0.88% 38.22% 94.89% 3'334.8 9'781.06 547.67 0.0 0.0 11.92 3'388.51

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Avner Oil Exploration LLP Holdings By:

All

Holder Name DELEK ENERGY SYSTEMS DELEK GROUP LTD AVNER OIL PHOENIX LIFE INSURAN EXELLENCE ETF PHOENIX PROVIDENT FU EXCELLENCE PROVIDENT YELIN LAPIDOT PSAGOT MUTUAL FUNDS MIGDAL ASSET MANAGEM EXCELLENCE MUTUAL FU ALTSHULER SHAHAM MUT PRISMA CLAL FINANCE MUTUAL ILANOT BATUCHA TADMOR GIDEON ABRAHA HADAR INSURANCE CO PIA-LEUMI FUND MANAG MEITAV FUND MANAGERS ISRAEL BROKERAGE INV

Firm Name I.B.I. EVA Dimensions Barclays Psagot Investment House Ltd UBS Bank Leumi DS Securities & Investments CLAL Finance Betucha Excellence Nessuah

Portfolio Name #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst GUIL BASHAN DOUG WALTERS DAVID KAPLAN NOAM PINCU RONI BIRON ELLA FRIED RICHARD GUSSOW YARON ZER GILAD ALPER

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG EXCH EXCH MF-AGG MF-AGG MF-AGG

Recommendation buy sell equalweight hold buy outperform buy market perform hold

Amt Held 1'553'386'471 281'906'902 60'217'518 47'333'889 32'984'955 13'415'117 12'930'948 10'430'545 7'176'666 6'567'520 6'526'703 5'251'387 5'075'416 5'050'458 4'338'098 3'888'155 3'339'380 3'102'994 2'390'002 2'389'358

% Out 46.58 8.45 1.81 1.42 0.99 0.4 0.39 0.31 0.22 0.2 0.2 0.16 0.15 0.15 0.13 0.12 0.1 0.09 0.07 0.07

Weighting

Change 5 1 3 3 5 5 5 3 3

M D M M M M N M N

Latest Chg 15'625 38'632 20'213 1'582'456 (116'491) 33'919 (90'281) 135'000 63'265 (106'065)

Target Price 300 #N/A N/A 317 270 337 291 330 250 286

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 31.05.2013 31.05.2013 31.05.2013 30.09.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 30.09.2013 30.09.2013 31.05.2013 31.05.2013 31.05.2013

Date Not Provided Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month

Inst Type Corporation Holding Company Other Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Insurance Company Investment Advisor Investment Advisor Investment Advisor

Date 18.07.2013 11.07.2013 21.06.2013 20.06.2013 06.06.2013 06.05.2013 02.04.2013 06.03.2013 07.01.2013

01.10.2013

Israel Corp Ltd/The The Israel Corporation Ltd. is a holding company with investments in the shipping, oil refining, chemicals, construction, electronics, beverages, and other industries.

Price/Volume 300000

.1 M .1 M

250000

.1 M 200000

Latest Fiscal Year: LTM as of: 52-Week High (21.03.2013) 52-Week Low (08.09.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ILCO IT EQUITY YTD Change ILCO IT EQUITY YTD % CHANGE

12/2012 06/yy 286'000.00 146'800.00 69'767.00 191500 -32.97% 30.45% 28.23% 7.7 14'742.56 8'293.00 0.0 1'900.0 1'444.00 12'658.33

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.0 M .0 M

100000

.0 M 50000

.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 19'802.0 0.51x 2'325.0 4.33x 320.0 5.39x

.1 M

150000

Valuation Analysis

31.12.2009 31.12.2010 12'498.0 9'865.0 1.01x 1.67x 970.0 1'900.0 13.03x 8.69x 6.0 474.0 923.23x 19.54x Profitability

LTM-4Q 31.12.2011 11'608.0 1.14x 2'176.0 6.06x 151.0 31.56x

31.12.2012 11'459.0 1.20x 1'961.0 7.02x (146.0) 1'961.00 1'435.00 12.52% 6.84% -1.81% -12.42% 0.75% 24.5% 17.0% 12.1% -1.3% 1.48 0.79 52.86% 366.30% 6.72 6.25

Price/ Cash Flow

LTM

06/yy 11'572.0 4.43x 2'135.0 5.78x 103.0 36.74x

06/yy 11'410.0 4.76x 1'936.0 6.83x (277.0) 0.00x

1.49 3.74 -23.03% -21.36% 1.493 5 3.800 13'469 10'905 11'555

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

5.05 2.29 3.33 4.13 366.3% 66.6% 0.75 1.61 54.30 58.37 46.74 66.80

Sales/Revenue/Turnover

8.00

25'000.0

7.00

20'000.0

6.00 5.00

15'000.0

4.00

10'000.0

3.00 2.00

5'000.0

1.00 0.00 31.12.2009

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Israel Corp Ltd/The Holdings By:

All

Holder Name MILLENNIUM INVESTMEN BANK LEUMI LE-ISRAEL OFER IDAN OFER HOLDINGS KIRBI INTERNATIONAL NORGES BANK VANGUARD GROUP INC BLACKROCK MIGDAL ASSET MANAGEM PIA-LEUMI FUND MANAG VANTAGEPOINT INVESTM PSAGOT MUTUAL FUNDS FMR LLC MEITAV FUND MANAGERS ANALYST IMS INVESTME ISRAEL BROKERAGE INV CAISSE DE DEPOT ET P CLAL FINANCE MUTUAL GLOBAL X MANAGEMENT LION AMNON

Firm Name UBS Psagot Investment House Ltd EVA Dimensions HSBC I.B.I. CLAL Finance Betucha

Portfolio Name #N/A N/A #N/A N/A n/a #N/A N/A #N/A N/A Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst RONI BIRON NOAM PINCU TIMOTHY STANISH YONAH WEISZ GUIL BASHAN YUVAL BEN ZEEV

Source EXCH EXCH EXCH EXCH EXCH MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH

Recommendation buy hold underweight overweight buy outperform

Amt Held 3'613'446 1'382'802 189'181 95'472 57'054 22'608 20'685 18'998 8'044 4'762 4'618 4'096 3'783 3'494 3'325 3'306 3'030 2'576 2'025 2'014

% Out 46.94 17.96 2.46 1.24 0.74 0.29 0.27 0.25 0.1 0.06 0.06 0.05 0.05 0.05 0.04 0.04 0.04 0.03 0.03 0.03

Weighting

Change 5 3 1 5 5 5

M M U M M M

Latest Chg (491) 201 (28) (171) 330 88 341 (123) (58) 907 50 -

Target Price 240'000 210'000 #N/A N/A 350'000 410'000 490'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 31.12.2012 30.06.2013 27.09.2013 31.05.2013 31.05.2013 31.03.2013 31.05.2013 31.08.2013 31.05.2013 31.05.2013 31.05.2013 31.12.2012 31.05.2013 26.09.2013 30.09.2013

Date 12 month 12 month Not Provided Not Provided Not Provided Not Provided

Inst Type Other Bank n/a Holding Company Other Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a

Date 03.09.2013 29.08.2013 02.08.2013 05.03.2013 04.02.2013 30.03.2011

01.10.2013

Paz Oil Co Ltd Paz Oil Company Limited manufactures and markets petroleum-based products, fuels, lubricants, additives, and specialty chemicals. The Company also operates convenience stores and develops real estate properties.

Price/Volume 70000

.4 M

60000

.4 M

50000

.3 M .3 M

40000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (18.06.2013) 52-Week Low (02.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 21.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PZOL IT EQUITY YTD Change PZOL IT EQUITY YTD % CHANGE

12/2012 06/yy 59'400.00 46'500.00 2'507.00 58280 -1.87% 25.33% 88.22% 10.1 5'914.38 6'629.00 0.0 8.0 202.00 10'773.38

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.2 M

20000

.1 M

10000

.1 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 17'910.0 0.51x 1'291.0 7.13x 602.0 6.04x

.2 M

30000

31.12.2009 31.12.2010 12'690.0 15'049.0 0.82x 0.76x 1'109.0 993.0 9.43x 11.49x 575.0 460.0 9.74x 14.41x Profitability

LTM-4Q 31.12.2011 18'657.0 0.54x 920.0 10.98x 53.0 88.50x

31.12.2012 18'550.0 0.65x 640.0 18.91x 183.0 30.97x 640.00 309.00 1.67% 0.73% 1.54% 6.52% 1.31% 8.0% 3.1% 1.1% 1.0% 1.30 0.66 52.30% 204.28% 7.38 8.66

Price/ Cash Flow

LTM

06/yy 19'720.0 2.11x 811.0 12.36x (126.0) 0.00x

06/yy 17'753.0 2.52x 542.0 19.43x 208.0 27.33x

0.99 4.96 24.56% 4.29% 0.987 3 3.000 15'041 18'768 18'570

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

1.80 -0.69 8.95 11.51 204.3% 67.1% 1.31 3.12 49.47 42.14 69.43 42.65

Sales/Revenue/Turnover

600.00

20'000.0 18'000.0

500.00

16'000.0 14'000.0

400.00

12'000.0

300.00

10'000.0 8'000.0

200.00

6'000.0 4'000.0

100.00 0.00 31.12.2009

2'000.0 0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Paz Oil Co Ltd Holdings By:

All

Holder Name BINO HOLDINGS INSTANCE HOLDINGS DOLPHINE ENERGIES CLAL INSURANCE PROVI PHOENIX LIFE INSURAN EXELLENCE ETF PHOENIX PROVIDENT FU YELIN LAPIDOT VANGUARD GROUP INC ANALYST IMS INVESTME CLAL INSURANCE ENTER PHOENIX NORGES BANK EXCELLENCE PROVIDENT PSAGOT MUTUAL FUNDS MIGDAL ASSET MANAGEM BLACKROCK DIMENSIONAL FUND ADV ISRAEL BROKERAGE INV FOGEL YONA

Firm Name EVA Dimensions DS Securities & Investments CLAL Finance Betucha Psagot Investment House Ltd Excellence Nessuah

Portfolio Name #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A Multiple Portfolios n/a Multiple Portfolios #N/A N/A #N/A N/A Multiple Portfolios #N/A N/A Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a

Analyst DOUG WALTERS ERAN JACOBY YARON ZER TAL SHIRIZLY LIAT GLAZER

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG ULT-AGG MF-AGG EXCH EXCH MF-AGG EXCH MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG EXCH

Recommendation hold market perform market perform hold outperform

Amt Held 3'958'137 729'988 481'467 380'950 276'109 120'556 68'800 53'313 39'797 37'600 36'744 34'657 34'286 24'513 18'025 16'887 12'311 8'436 6'398 5'520

% Out 39 7.19 4.74 3.75 2.72 1.19 0.68 0.53 0.39 0.37 0.36 0.34 0.34 0.24 0.18 0.17 0.12 0.08 0.06 0.05

Weighting

Change 3 3 3 3 5

U N M M M

Latest Chg 7'423 13'848 1'570 141 36 162 3 -

Target Price #N/A N/A 59'650 57'000 57'600 66'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 31.05.2013 30.06.2013 31.05.2013 30.09.2013 30.09.2013 31.12.2012 30.09.2013 31.05.2013 31.05.2013 27.09.2013 30.04.2013 31.05.2013 30.09.2013

Date Not Provided 12 month Not Provided 12 month 12 month

Inst Type Other Unclassified Corporation Unclassified Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Other Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a

Date 30.09.2013 02.04.2013 18.03.2013 24.05.2012 26.06.2011

01.10.2013

Azrieli Group Azrieli Group is a real estate investment company. The Company's operations include real estate, mall operations, and office rentals. Azrieli Group also invests in banking and finance, high-tech start-up.

Price/Volume 12000

.5 M .4 M

10000

.4 M

8000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.08.2013) 52-Week Low (02.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AZRG IT EQUITY YTD Change AZRG IT EQUITY YTD % CHANGE

12/2012 06/yy 11'440.00 8'088.00 26'188.00 11200 -3.15% 38.48% 92.54% 121.3 13'582.55 8'138.32 0.0 82.5 182.82 21'593.19

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.3 M .2 M

4000

.2 M .1 M

2000

.1 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 6'919.2 768.2 618.1 -

.3 M

6000

31.12.2009 31.12.2010 5'530.0 6'343.9 3.04x 999.2 1'084.4 17.78x 956.4 1'224.2 8.83x Profitability

LTM-4Q 31.12.2011 7'547.3 2.52x 1'207.2 15.76x 595.9 18.32x

31.12.2012 9'055.4 2.17x 1'386.7 14.18x 938.5 12.39x 1'386.68 1'290.94 9.28% 13.90% 4.28% 8.84% 5.29% 0.37% 16.0% 10.4% 33.87% 68.53% -

Price/ Cash Flow

LTM

06/yy 8'444.4 9.02x 791.2 23.80x 425.6 24.37x

06/yy 8'938.6 8.81x 1'429.7 14.72x 1'022.7 12.75x

FY+1

0.61 30.33 40.65% 19.35% 0.612 5 3.400 76'142 69'516 68'074 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 1'164.0 1'203.0 275.0 311.0 15.88x 15.66x 66.74x 59.47x 1'072.0 1'133.0 255.0 294.0 20.14x 19.06x 19.37x 18.89x 800.0 835.0 187.0 207.0 16.95x 16.23x 16.70x 16.27x S&P Issuer Ratings

3.07 1.21 5.54 5.68 68.5% 40.5% 0.37 -

Sales/Revenue/Turnover

60.00

10'000.0 9'000.0

50.00

8'000.0 7'000.0

40.00

6'000.0

30.00

5'000.0 4'000.0

20.00

3'000.0 2'000.0

10.00 0.00 31.12.2009

1'000.0 0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Azrieli Group Holdings By:

All

Holder Name AZRIELI HOLDING AZRIELI POUNDS FMR LLC VANGUARD GROUP INC ALTSHULER SHAHAM MUT NORGES BANK BLACKROCK MIGDAL ASSET MANAGEM ABERDEEN ASSET MGMT PSAGOT MUTUAL FUNDS CHARLES SCHWAB INVES RAMCO INVESTMENT MAN PIA-LEUMI FUND MANAG PERFECT MUTUAL FUNDS ANALYST IMS INVESTME DIMENSIONAL FUND ADV ISRAEL BROKERAGE INV NORTHERN TRUST CORPO CLAL FINANCE MUTUAL SEI INVESTMENT MANAG

Firm Name I.B.I. EVA Dimensions UBS Psagot Investment House Ltd CLAL Finance Betucha Excellence Nessuah

Portfolio Name #N/A N/A n/a n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst SHAY LIPMAN DOUG WALTERS HARRY STOKES NOAM PINCU BRURIT FEIN LIAT GLAZER

Source EXCH EXCH ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation neutral hold neutral hold outperform market perform

Amt Held 78'814'724 12'127'276 1'537'566 421'820 370'414 341'699 160'164 125'445 109'000 90'301 83'402 72'667 65'436 50'000 47'899 42'908 42'709 42'286 29'728 27'832

% Out 64.99 10 1.27 0.35 0.31 0.28 0.13 0.1 0.09 0.07 0.07 0.06 0.05 0.04 0.04 0.04 0.04 0.03 0.02 0.02

Weighting

Change 3 3 3 3 5 3

M U M M U M

Latest Chg 48'566 296'146 19'274 (414) (525) 17'790 5'400 (500) 1'239 46 2'950 800 13'707

Target Price 11'500 #N/A N/A 11'700 10'800 11'300 10'850

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 31.08.2013 30.06.2013 31.05.2013 31.12.2012 27.09.2013 31.05.2013 30.06.2013 31.05.2013 27.09.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 30.04.2013 31.05.2013 30.06.2013 31.05.2013 30.04.2013

Date Not Provided Not Provided 12 month 12 month Not Provided 12 month

Inst Type Other n/a Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 17.09.2013 27.08.2013 23.08.2013 30.07.2013 23.05.2013 31.05.2011

01.10.2013

Delek Drilling - LP Delek Drilling-LP explores for oil and gas in Israel.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.09.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DEDRL IT EQUITY YTD Change DEDRL IT EQUITY YTD % CHANGE

12/2012 06/yy 1'790.00 1'190.00 226'115.00 1761 -1.68% 47.98% 91.17% 547.0 9'632.09 547.68 0.0 0.0 15.73 3'343.73

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 76.5 3.66x 68.4 4.09x 47.4 4.89x

2000 1800 1600 1400 1200 1000 800 600 400 200 0 o-12

31.12.2009 31.12.2010 68.8 91.1 19.27x 24.69x 56.6 71.5 23.41x 31.44x 38.3 50.0 34.13x 43.86x Profitability

LTM-4Q 31.12.2011 141.7 15.94x 120.5 18.74x 70.1 28.80x

31.12.2012 98.2 27.77x 73.9 36.92x 14.6 150.03x 73.90 30.60 31.15% 22.95% 2.59% 8.81% 0.14% 77.0% 92.3% 21.1% 14.9% 0.69 0.18 56.93% 204.18% 8.94 -

Price/ Cash Flow

06/yy 118.0 70.30x 98.0 20.86x 53.6 30.54x

LTM 06/yy 132.5 60.67x 122.2 23.49x 24.2 93.45x

FY+1

1.02 168.58 38.66% 17.40% 1.017 9 3.667 728'543 593'026 496'937 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 222.0 290.0 15.16x 11.69x 162.0 217.0 20.64x 15.41x 109.0 168.0 41.96x 31.60x S&P Issuer Ratings

16.43 -47.26 5.01 5.49 204.2% 67.1% 0.14 40.81 -

Sales/Revenue/Turnover

60.00

160.0 140.0

50.00

120.0 40.00

100.0 80.0

30.00

60.0

20.00

40.0 10.00 0.00 31.12.2009

20.0 0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Delek Drilling - LP Holdings By:

All

Holder Name DELEK ENERGY SYSTEMS DELEK MANAGEMENT DELEK GROUP LTD EXELLENCE ETF PHOENIX LIFE INSURAN EXCELLENCE PROVIDENT YELIN LAPIDOT PHOENIX PROVIDENT FU ABU YOSEF SHARON ELAD TSHUVA MIGDAL ASSET MANAGEM ISRAEL BROKERAGE INV PSAGOT MUTUAL FUNDS ILANOT BATUCHA PIA-LEUMI FUND MANAG EXCELLENCE MUTUAL FU PRISMA MEITAV FUND MANAGERS CLAL FINANCE MUTUAL TADMOR GIDEON ABRAHA

Firm Name I.B.I. Barclays Psagot Investment House Ltd UBS EVA Dimensions Bank Leumi DS Securities & Investments CLAL Finance Betucha Excellence Nessuah

Portfolio Name #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A Multiple Portfolios #N/A N/A n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst GUIL BASHAN DAVID KAPLAN NOAM PINCU RONI BIRON DOUG WALTERS ELLA FRIED RICHARD GUSSOW YARON ZER GILAD ALPER

Source EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG EXCH

Recommendation buy equalweight hold buy sell outperform buy market perform hold

Amt Held 274'114'708 68'478'260 33'571'588 4'375'545 3'448'149 1'516'109 1'505'289 1'116'943 1'051'280 881'209 876'086 646'538 606'575 521'244 428'494 367'760 295'737 234'390 203'497 151'884

% Out 50.12 12.52 6.14 0.8 0.63 0.28 0.28 0.2 0.19 0.16 0.16 0.12 0.11 0.1 0.08 0.07 0.05 0.04 0.04 0.03

Weighting

Change 5 3 3 5 1 5 5 3 3

M M M M M M N M N

Latest Chg 9'611 160'505 1'241 (18'236) (500) 16'500 (10'033) (1'338) -

Target Price 1'660 1'829 1'580 1'880 #N/A N/A 1'760 1'870 1'370 1'678

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 31.05.2013 30.09.2013 30.09.2013 30.09.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 30.09.2013 31.05.2013 31.05.2013 31.05.2013 30.09.2013

Date Not Provided Not Provided 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month

Inst Type Corporation Other Holding Company Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor n/a n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a

Date 18.07.2013 21.06.2013 20.06.2013 06.06.2013 06.06.2013 06.05.2013 02.04.2013 06.03.2013 07.01.2013

01.10.2013

Frutarom Industries Ltd Frutarom produces edible essences and oils. The Company manufactures, exports, and markets food flavors, seasonings, and fragrances.

Price/Volume 7000

1.2 M

6000

1.0 M

5000

.8 M

4000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.09.2013) 52-Week Low (02.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FRUT IT EQUITY YTD Change FRUT IT EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.4 M

2000

.2 M

1000 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 473.3 0.98x 74.6 6.24x 37.2 9.57x

.6 M

3000

12/2012 06/yy 6'500.00 3'856.00 25'298.00 6480 -0.74% 68.05% 97.24% 57.9 3'749.97 190.03 0.0 2.2 53.93 1'197.25

31.12.2009 31.12.2010 425.2 451.1 1.31x 1.39x 65.3 80.7 8.50x 7.77x 33.2 44.1 14.47x 13.77x Profitability

LTM-4Q 31.12.2011 518.4 1.20x 81.3 7.62x 42.0 12.13x

31.12.2012 618.0 1.39x 98.1 8.74x 51.6 13.86x 98.14 72.13 11.67% 10.62% 7.33% 12.83% 0.81% 36.6% 17.0% 12.7% 8.3% 2.15 1.15 24.60% 42.11% 5.08 3.14

Price/ Cash Flow

06/yy 582.8 4.52x 89.9 7.76x 43.4 12.32x

LTM 06/yy 622.8 5.62x 105.8 9.59x 56.1 15.69x

FY+1

0.70 32.97 68.87% 39.88% 0.704 4 3.500 46'170 63'415 64'457 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 630.0 646.5 161.0 149.0 1.82x 1.66x 7.30x 7.70x 111.5 115.0 31.6 24.0 10.74x 10.41x 60.3 66.9 17.3 11.4 16.66x 14.78x S&P Issuer Ratings

13.65 11.90 1.24 1.62 42.1% 29.5% 0.81 3.37 71.85 116.36 46.20 126.06

Sales/Revenue/Turnover

16.00

700.0

14.00

600.0

12.00

500.0

10.00

400.0

8.00

300.0

6.00

200.0

4.00

100.0

2.00 0.00 31.12.2009

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Frutarom Industries Ltd Holdings By:

All

Holder Name ICC INDUSTRIES INC GUDMAN INVEST BANK OF NOVA SCOTIA CLAL INSURANCE PROVI CAPITAL GROUP COMPAN CLAL LIFE INSURANCE INVESCO LTD YELIN LAPIDOT DWS INVESTMENTS YEHUDAI ORI NORGES BANK ABERDEEN ASSET MGMT VANGUARD GROUP INC MAWER INVESTMENT MAN BLACKROCK PSAGOT MUTUAL FUNDS PICTET FUNDS INVESCO ASSET MANAGE CLAL FINANCE MUTUAL MEITAV FUND MANAGERS

Firm Name UBS Barclays I.B.I. EVA Dimensions Davy

Portfolio Name #N/A N/A #N/A N/A n/a #N/A N/A n/a #N/A N/A n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios #N/A N/A Multiple Portfolios

Analyst RONI BIRON JOSEPH WOLF GUIL BASHAN TIMOTHY STANISH JACK GORMAN

Source EXCH EXCH ULT-AGG EXCH ULT-AGG EXCH ULT-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG EXCH MF-AGG

Recommendation neutral equalweight neutral overweight outperform

Amt Held 21'358'034 2'996'244 2'318'909 1'786'007 1'776'332 1'564'122 1'422'953 576'569 560'116 482'162 285'627 258'000 227'428 196'586 155'111 150'169 150'000 147'600 135'039 87'798

% Out 36.91 5.18 4.01 3.09 3.07 2.7 2.46 1 0.97 0.83 0.49 0.45 0.39 0.34 0.27 0.26 0.26 0.26 0.23 0.15

Weighting

Change 3 3 3 5 5

M M M M M

Latest Chg (738'500) 2'743 31'911 11'154 660 6'637 147'600 5'204

Target Price 6'500 5'400 4'700 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 31.07.2013 30.09.2013 30.06.2013 30.09.2013 28.03.2013 31.05.2013 28.06.2013 30.09.2013 31.12.2012 30.06.2013 30.06.2013 31.08.2013 27.09.2013 31.05.2013 31.08.2012 30.11.2012 30.09.2013 31.05.2013

Date 12 month Not Provided 12 month Not Provided Not Provided

Inst Type Corporation Other Bank Unclassified Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor n/a Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 30.08.2013 22.08.2013 14.08.2013 06.06.2013 21.06.2012

01.10.2013

Partner Communications Co Ltd Partner Communications Company Ltd. is a global systems for mobile communications (GSM) mobile telephone network operator in Israel. The Company, offers voice mail, voice messaging, information services, and data and fax transmission services.

Price/Volume 3500

2.5 M

3000

2.0 M

2500

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.08.2013) 52-Week Low (04.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PTNR IT EQUITY YTD Change PTNR IT EQUITY YTD % CHANGE

12/2012 06/yy 2'975.00 1'960.00 140'432.00 2847 -3.97% 45.26% 82.96% 155.7 4'431.40 4'360.00 0.0 0.0 548.00 7'877.40

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.5 M

1500

1.0 M

1000 .5 M

500 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 6'302.0 1.81x 2'225.0 5.14x 1'198.0 7.98x

2000

31.12.2009 31.12.2010 6'079.0 6'674.0 2.29x 1.91x 2'209.0 2'465.0 6.31x 5.17x 1'141.0 1'243.0 10.34x 8.97x Profitability

LTM-4Q 31.12.2011 6'998.0 1.41x 2'052.0 4.82x 443.0 11.82x

31.12.2012 5'572.0 1.31x 1'480.0 4.93x 478.0 7.30x 1'480.00 754.00 13.53% 11.32% 4.15% 35.49% 0.76% 27.7% 24.4% 9.7% 8.6% 1.48 1.28 67.94% 588.39% 3.55 28.65

Price/ Cash Flow

06/yy 6'339.0 5.64x 1'742.0 3.81x 250.0 9.72x

LTM 06/yy 4'847.0 5.95x 1'184.0 5.96x 263.0 13.71x

FY+1

1.02 76.49 34.74% 27.04% 1.015 12 2.667 399'432 442'158 403'109 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 4'684.3 4'753.3 2'906.0 2'891.0 1.63x 1.53x 1'271.4 1'356.8 278.0 279.0 6.20x 5.81x 281.8 419.3 60.8 77.3 18.45x 12.79x S&P Issuer Ratings

13.11.2006 NR 7.51 5.65 2.91 3.34 588.4% 85.5% 0.76 2.54 102.72 12.74 85.40 15.69

Sales/Revenue/Turnover

7.00

8'000.0

6.00

7'000.0 6'000.0

5.00

5'000.0 4.00

4'000.0 3.00

3'000.0

2.00

2'000.0

1.00

1'000.0

0.00 31.12.2009

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Partner Communications Co Ltd Holdings By:

All

Holder Name S B ISRAEL TELECOM L SCAILEX CORPORATION PHOENIX PROVIDENT FU PARTNER COMMUNICATIO SUNY ELECTRONIC INC VANGUARD GROUP INC NORGES BANK CAPITAL GROUP COMPAN ISRAEL BROKERAGE INV AMERICAN INTERNATION MIGDAL ASSET MANAGEM PIA-LEUMI FUND MANAG PSAGOT MUTUAL FUNDS SCHRODER INVESTMENT ANALYST IMS INVESTME BLACKROCK PRISMA JOHN HANCOCK INVESTM MEITAV FUND MANAGERS BANK OF NEW YORK MEL

Firm Name Barclays Bank Leumi Psagot Investment House Ltd Excellence Nessuah UBS CLAL Finance Betucha EVA Dimensions I.B.I. DS Securities & Investments Goldman Sachs Leader & Co Investment

Portfolio Name #N/A N/A #N/A N/A #N/A N/A n/a #N/A N/A n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst DAVID KAPLAN GIL DATTNER ILANIT SHERF GILAD ALPER RONI BIRON DOV ROZENBERG ANDREW S ZAMFOTIS ORI LICHT ERAN JACOBY ALEXANDER BALAKHNIN SABINA PODVAL

Source EXCH EXCH EXCH 20F EXCH ULT-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation underweight underperform hold market perform neutral market perform underweight neutral buy neutral/neutral market perform

Amt Held 48'050'000 24'475'593 8'749'342 4'467'990 2'173'126 739'541 677'488 571'079 504'451 436'767 415'833 398'200 391'202 370'613 264'630 222'463 188'979 183'642 156'704 146'112

% Out 30.87 15.72 5.62 2.87 1.4 0.48 0.44 0.37 0.32 0.28 0.27 0.26 0.25 0.24 0.17 0.14 0.12 0.12 0.1 0.09

Weighting

Change 1 1 3 3 3 3 1 3 5 3 3

M M M M M M D M N M M

Latest Chg 235'998 (13'559) 265 14'900 (3'092) (1'583) (47'515) 1'500 638 (6'668) (3'769) 2'104 -

Target Price 2'100 2'300 2'900 2'500 2'750 2'200 #N/A N/A 2'600 3'000 2'090 4'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 28.02.2013 30.09.2013 30.06.2013 31.12.2012 31.07.2013 31.05.2013 30.04.2013 31.05.2013 31.05.2013 31.05.2013 30.06.2013 31.05.2013 27.09.2013 31.05.2013 31.08.2013 31.05.2013 27.09.2013

Date Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided

Inst Type Corporation Corporation Investment Advisor Corporation Corporation Investment Advisor Government Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 16.09.2013 01.09.2013 29.08.2013 28.08.2013 07.08.2013 08.07.2013 04.06.2013 27.05.2013 02.04.2013 03.03.2013 26.12.2011

01.10.2013

Harel Insurance Investments & Financial Services Ltd Harel Insurance Investments & Financial Services Ltd. is a multi-line insurance company which operates through its subsidiaries. The Company also operates in the fields of management of mutual funds and securities, underwriting, and real estate.

Price/Volume 2500

1.4 M 1.2 M

2000

1.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.09.2013) 52-Week Low (02.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 08.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HARL IT EQUITY YTD Change HARL IT EQUITY YTD % CHANGE

12/2012 06/yy 2'068.00 1'191.00 106'745.00 2014 -1.98% 69.10% 94.98% 212.2 4'274.36 6'039.07 0.0 5.0 1'526.49 6'012.64

.8 M

1000

.6 M .4 M

500 0 o-12

.2 M .0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1500

31.12.2008 4'916.8

31.12.2009 11'980.9

(279.3)

459.0

31.12.2010 10'705.8 0.62x 529.8 8.70x

LTM-4Q 31.12.2011 8'831.6 0.49x 217.8 13.50x

31.12.2012 12'607.7 0.65x 448.0 7.86x

LTM

06/yy 9'786.9 1.79x 0.0 0.00x 185.9 13.39x

06/yy 13'688.3 1.68x 0.0 0.00x 613.2 6.36x

6.51% 5.53% 0.95% 15.11% 9.75% 0.21% 3.6% 9.53% 145.38% -

Price/ Cash Flow

230'202 215'174 221'405

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

Profitability EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover

1.47 106.14 83.22% 29.91% 1.469 3 3.667

S&P Issuer Ratings

145.4% 59.2% 0.21 -

Sales/Revenue/Turnover

25.00

14'000.0 12'000.0

20.00

10'000.0 15.00

8'000.0 6'000.0

10.00

4'000.0 5.00

0.00 31.12.2009

2'000.0 0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Harel Insurance Investments & Financial Services Ltd Holdings By:

All

Holder Name GIN CONSULTING DIMENSIONAL FUND ADV PSAGOT MUTUAL FUNDS ANALYST IMS INVESTME VANGUARD GROUP INC NORGES BANK YELIN LAPIDOT MEITAV FUND MANAGERS HAREL-PIA ASSET MANA MIGDAL ASSET MANAGEM ISRAEL BROKERAGE INV ALTSHULER SHAHAM MUT BLACKROCK PIA-LEUMI FUND MANAG MENORA MIVTACHIM HOL ILANOT BATUCHA HAMBURGER YAIR YONA MANOR NURIT HAMBURGER GIDEON APEX

Firm Name EVA Dimensions DS Securities & Investments Psagot Investment House Ltd

Portfolio Name #N/A N/A n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios

Analyst DOUG WALTERS MEIR SLATER TERENCE KLINGMAN

Source EXCH ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG EXCH EXCH EXCH MF-AGG

Recommendation underweight outperform buy

Amt Held 105'513'550 1'998'770 1'220'050 1'034'200 867'800 658'400 573'020 570'700 535'620 400'510 397'260 371'410 266'010 236'100 199'330 193'790 188'780 184'760 184'760 174'920

% Out 49.72 0.94 0.57 0.49 0.41 0.31 0.27 0.27 0.25 0.19 0.19 0.18 0.13 0.11 0.09 0.09 0.09 0.09 0.09 0.08

Weighting

Change 1 5 5

D N N

Latest Chg (25'810) (17'300) 254'180 (1'980) 4'320 22'900 52'260 (8'200) 740 4'110 (1'000) 65'330

Target Price #N/A N/A 1'800 2'840

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.04.2013 31.05.2013 31.05.2013 30.06.2013 31.12.2012 31.05.2013 31.05.2013 30.09.2013 31.05.2013 31.05.2013 31.05.2013 27.09.2013 31.05.2013 31.05.2013 31.05.2013 30.09.2013 30.09.2013 30.09.2013 31.05.2013

Date Not Provided 12 month 12 month

Inst Type Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor n/a n/a n/a Investment Advisor

Date 05.09.2013 02.04.2013 16.01.2013

01.10.2013

Ratio Oil Exploration 1992 LP Ratio Oil Exploration 1992 LP is an oil and gas exploration and production company.

Price/Volume 45

350.0 M

300.0 M

250.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (30.09.2013) 52-Week Low (03.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RATIL IT EQUITY YTD Change RATIL IT EQUITY YTD % CHANGE

12/2012 06/yy 44.00 27.40 25'557'339.00 42.3 -4.09% 54.38% 89.16% 7'760.0 3'282.49 0.00 0.0 0.0 40.68 909.86

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

200.0 M

150.0 M

31.12.2006 31.12.2007 0.0 (0.5) (0.5) (0.8) Profitability

50.0 M

5 0 o-12

.0 M n-12

LTM-4Q 31.12.2008 (0.5) -

31.12.2009

06/yy 0.0 #DIV/0! 0.0 0.00x (24.9) 0.00x

(17.9) -5.61 12.22% 13.96% 2.05 1.76 0.00% 0.00% -

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM 06/yy 0.0 #DIV/0! 0.0 0.00x 15.9 42.95x

a-13 m-13

j-13

a-13

s-13

1.03 6'058.55 54.38% 24.78% 1.029 8 4.000 48'258'210 33'188'780 27'519'650

FY+1

FY+2

FQ+1

FQ+2

12/10 Y

12/11 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

0.0% 0.0% -

Sales/Revenue/Turnover

800.00

1.0

700.00

0.9 0.8

600.00

0.7

500.00

0.6

400.00

0.5 0.4

300.00

0.3

200.00

0.2

100.00

0.1

0.00 31.12.2009

100.0 M

Fiscal Year Ended 31.12.2005 0.0 (1.4) (1.3) -

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Ratio Oil Exploration 1992 LP Holdings By:

All

Holder Name LANDLEN INVESTMENTS RATZIV ROTLEVY LIGAD DALIN LANDAU YIGAL MIGDAL ASSET MANAGEM PRISMA ILANOT BATUCHA EXCELLENCE NESSUAH F MEITAV FUND MANAGERS AIZENBERG EITAN MENORA MIVTACHIM HOL PIA-LEUMI FUND MANAG APEX ISRAEL BROKERAGE INV DBM ASSET MANAGEMENT PSAGOT MUTUAL FUNDS CLAL FINANCE MUTUAL ROTLEVY YAIR YASHIR

Firm Name I.B.I. Barclays Psagot Investment House Ltd UBS Bank Leumi DS Securities & Investments CLAL Finance Betucha Excellence Nessuah

Portfolio Name #N/A N/A #N/A N/A n/a #N/A N/A n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst GUIL BASHAN DAVID KAPLAN NOAM PINCU RONI BIRON ELLA FRIED RICHARD GUSSOW YARON ZER GILAD ALPER

Source EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG

Recommendation neutral overweight hold buy outperform buy underperform buy

Amt Held 1'055'057'667 454'685'851 77'824'029 59'297'368 43'833'763 27'607'915 20'106'208 19'835'293 8'744'061 8'689'635 5'929'040 5'456'981 5'169'446 3'973'248 3'899'882 3'560'000 3'474'170 3'372'121 2'593'180 2'270'759

% Out 13.6 5.86 1 0.76 0.56 0.36 0.26 0.26 0.11 0.11 0.08 0.07 0.07 0.05 0.05 0.05 0.04 0.04 0.03 0.03

Weighting

Change 3 5 3 5 5 5 1 5

Latest Chg 1'214'362 305'000 (400'000) (1'866'257) (753'689) 387'492 1'355'037 639'061 (250'000) (1'514'280) (900'000) (721'822)

Target Price

N M M M U N M N

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

37 44 38 49 40 49 29 46

File Dt 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 30.09.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.03.2013 31.05.2013 30.09.2013 31.05.2013

Date Not Provided Not Provided 12 month 12 month Not Provided 12 month Not Provided 12 month

Inst Type Other Other n/a Other n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor

Date 18.07.2013 21.06.2013 20.06.2013 06.06.2013 06.05.2013 02.04.2013 06.03.2013 07.01.2013

01.10.2013

Cellcom Israel Ltd Cellcom Israel Ltd. provides cellular communications services.

Price/Volume 4500

1.0 M .9 M .8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M .0 M

4000 3500 3000 2500 2000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.08.2013) 52-Week Low (26.02.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CEL IT EQUITY YTD Change CEL IT EQUITY YTD % CHANGE

12/2012 06/yy 4'245.00 2'651.00 147'834.00 3978 -6.48% 50.06% 80.55% 99.5 3'957.37 6'507.00 0.0 2.0 1'907.00 8'241.37

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1000 500 0 o-12

31.12.2009 31.12.2010 6'483.0 6'662.0 2.35x 2.22x 2'529.0 2'667.0 6.02x 5.54x 1'182.0 1'291.0 19.98x 17.66x Profitability

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

LTM-4Q 31.12.2011 6'506.0 1.73x 2'161.0 5.22x 824.0 7.70x

31.12.2012 5'938.0 1.29x 1'746.0 4.39x 530.0 5.76x 1'746.00 981.00 16.52% 12.23% 4.30% 80.92% 0.62% 41.7% 27.1% 13.6% 8.9% 1.45 1.39 74.05% 1306.63% 2.85 28.46

Price/ Cash Flow

06/yy 6'413.0 6.40x 1'903.0 3.86x 568.0 5.03x

LTM 06/yy 5'349.0 5.83x 1'447.0 5.28x 369.0 9.07x

FY+1

1.04 54.38 18.22% 29.37% 1.039 11 2.636 296'671 231'728 207'165 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 5'092.8 5'066.0 1'223.0 1'210.0 1.57x 1.48x 1'372.7 1'381.8 344.0 340.5 6.00x 5.96x 298.8 345.3 71.6 90.8 13.33x 11.60x S&P Issuer Ratings

5.05 3.73 2.96 4.12 1306.6% 92.9% 0.62 2.62 128.25 12.82 84.30 77.74

Sales/Revenue/Turnover

9.00

7'000.0

8.00

6'000.0

7.00

5'000.0

6.00 5.00

4'000.0

4.00

3'000.0

3.00

2'000.0

2.00

1'000.0

1.00 0.00 31.12.2009

n-12

Fiscal Year Ended 31.12.2008 6'417.0 1.82x 2'406.0 4.86x 985.0 8.31x

1500

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Cellcom Israel Ltd Holdings By:

All

Holder Name DISCOUNT INVESTMENT PSAGOT INVESTMENT HO SUN LIFE FINANCIAL I RENAISSANCE TECHNOLO CLAL INSURANCE PROVI CAPITAL GROUP COMPAN UBS AG NORGES BANK NEW YORK LIFE INVEST NATCAN INVESTMENT MA FIERA CAPITAL CORPOR MIGDAL ASSET MANAGEM ING INVESTMENT MANAG ISRAEL BROKERAGE INV PSAGOT MUTUAL FUNDS BRIDGEWAY CAPITAL MA TECHNICAL FINANCIAL BANK OF AMERICA CORP DEUTSCHE BANK AG SCHRODER INVESTMENT

Firm Name Barclays Bank Leumi Excellence Nessuah Psagot Investment House Ltd UBS EVA Dimensions William Blair & Co I.B.I. DS Securities & Investments CLAL Finance Betucha

Portfolio Name #N/A N/A n/a n/a RENAISSANCE TECHNOLO #N/A N/A n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios FIERA CAPITAL CORPOR Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios BRIDGEWAY CAPITAL MA TFS CAPITAL LLC BANK OF AMERICA n/a SCHRODER INVESTMENT

Analyst DAVID KAPLAN GIL DATTNER GILAD ALPER ILANIT SHERF RONI BIRON ANDREW S ZAMFOTIS JAMES D BREEN JR ORI LICHT ERAN JACOBY TSAHI AVRAHAM

Source EXCH 20F ULT-AGG 13F EXCH ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG 13F MF-AGG MF-AGG MF-AGG MF-AGG 13F 13F 13F ULT-AGG 13F

Recommendation underweight market perform hold hold neutral hold market perform neutral buy not rated

Amt Held 45'102'635 3'843'089 3'195'994 2'806'600 2'559'191 1'689'549 472'292 470'652 360'723 295'300 295'300 261'503 227'020 203'187 184'344 180'800 149'977 147'529 141'825 110'705

% Out 45.34 3.86 3.21 2.82 2.57 1.7 0.47 0.47 0.36 0.3 0.3 0.26 0.23 0.2 0.19 0.18 0.15 0.15 0.14 0.11

Weighting

Change

1 3 3 3 3 3 3 3 5 #N/A N/A

M D M M D M M M N M

Latest Chg 140'370 (197'572) (52'103) 10'551 (5'900) 11'100 8'895 5'250 (66'798) 12'922 (251'344) (25'685) (141'806) (2'424)

Target Price 3'200 4'100 3'800 4'400 4'200 #N/A N/A #N/A N/A 3'400 4'500 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.09.2013 Corporation 15.02.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.09.2013 Unclassified 31.07.2013 Investment Advisor 30.06.2013 Unclassified 31.12.2012 Government 31.07.2013 Insurance Company 28.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.05.2013 Investment Advisor 30.06.2013 Investment Advisor 31.05.2013 Investment Advisor 31.05.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor

Date Not Provided 12 month 12 month 12 month 12 month Not Provided Not Provided 12 month 12 month Not Provided

Date 16.09.2013 20.08.2013 19.08.2013 19.08.2013 07.08.2013 22.05.2013 13.05.2013 09.05.2013 02.04.2013 09.01.2011

01.10.2013

EZchip Semiconductor Ltd EZchip Semiconductor Ltd. is a fabless semiconductor company that develops Ethernet network processors.

Price/Volume 16000

1.0 M .9 M .8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M .0 M

14000 12000 10000 8000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.11.2012) 52-Week Low (21.04.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 13.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EZCH IT EQUITY YTD Change EZCH IT EQUITY YTD % CHANGE

12/2012 06/yy 15'260.00 7'725.00 10'609.00 8761 -42.33% 13.41% 13.74% 28.5 2'495.93 0.00 0.0 0.0 77.97 525.86

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4000 2000 0 o-12

31.12.2009 31.12.2010 40.0 62.0 5.32x 10.92x 8.0 23.6 26.72x 28.63x 17.4 13.6 17.28x 55.04x Profitability

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Market Data

LTM-4Q 31.12.2011 63.5 11.22x 20.9 34.02x 7.9 45.27x

31.12.2012 54.7 15.49x 13.9 61.04x 15.7 60.53x 13.88 13.22 24.16% 28.61% 4.71% 4.95% 0.20% 83.3% 21.4% 20.3% 28.6% 29.57 13.86 0.00% 0.00% 11.17 1.60

Price/ Cash Flow

06/yy 63.2 55.57x 20.7 50.05x 12.4 50.06x

LTM 06/yy 56.4 47.55x 12.1 49.21x 13.6 58.16x

FY+1

0.00 0.94 27.44 -29.57% -28.25% 0.940 8 3.500 47'929 44'007 37'119 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 70.7 88.8 18.5 20.2 28.15x 25.45x 33.9 43.9 9.0 10.1 15.51x 11.98x 12.83x 12.29x 34.9 46.2 9.3 10.3 21.25x 15.85x 18.16x 17.04x S&P Issuer Ratings

925.33 858.13 -15.03 0.00 0.0% 0.0% 0.20 33.23 32.68 228.74 266.85 -89.23

Sales/Revenue/Turnover

70.00

70.0

60.00

60.0

50.00

50.0

40.00

40.0

30.00

30.0

20.00

20.0

10.00

10.0

0.00 31.12.2009

n-12

Fiscal Year Ended 31.12.2008 33.6 9.53x 2.0 162.61x (4.6) 788.15x

6000

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

EZchip Semiconductor Ltd Holdings By:

All

Holder Name EAGLE ASSET MANAGEME PARNASSUS INVESTMENT DORSAL CAPITAL MGMT PSAGOT EXCH TRADED N PSAGOT ETF FRUCHTER ELI FMR LLC ROTHSCHILD INVESTMEN PSAGOT SECURITIES PSGOT N PORTFOLIO MUHLENKAMP & COMPANY MENORA MIVTACHIM HOL PSAGOT MUTUAL FUNDS NORGES BANK VANGUARD GROUP INC SUSQUEHANNA INTERNAT CALYPSO CAPITAL MANA MORGAN STANLEY MASON STREET ADVISOR 7X7 ASSET MANAGEMENT

Firm Name Benchmark Company LLC Oppenheimer & Co CLAL Finance Betucha Maxim Group LLC Brean Capital LLC Barclays Jefferies EVA Dimensions

Portfolio Name #N/A N/A PARNASSUS INVESTMENT DORSAL CAPITAL MANAG n/a #N/A N/A n/a n/a ROTHSCHILD INV n/a n/a MUHLENKAMP & COMPANY MENORA MIVTACHIM HOL #N/A N/A Multiple Portfolios n/a SUSQUEHANNA INTERNAT CALYPSO CAPITAL MANA n/a MASON STREET ADVISOR 7X7 ASSET MANAGEMENT

Analyst GARY W MOBLEY ANDREW UERKWITZ DOV ROZENBERG ASHOK KUMAR MIKE BURTON JOSEPH WOLF SUNDEEP BAJIKAR ANDREW S ZAMFOTIS

Source EXCH 13F 13F 13G EXCH EXCH ULT-AGG 13F 13G EXCH 13F 13F EXCH MF-AGG ULT-AGG 13F 13F ULT-AGG 13F 13F

Recommendation buy market perform buy buy hold equalweight hold sell

Amt Held 1'929'486 1'520'646 750'000 682'462 682'462 611'897 591'580 450'850 433'688 433'688 321'205 290'900 260'158 250'751 237'966 191'694 185'000 156'534 141'550 138'107

% Out 6.77 5.34 2.63 2.4 2.4 2.15 2.08 1.58 1.52 1.52 1.13 1.02 0.91 0.88 0.84 0.67 0.65 0.55 0.5 0.48

Weighting

Change 5 3 5 5 3 3 3 1

M D M M M M M M

Latest Chg 32'022 30'536 (400'000) 102'861 (17'610) (145) 52'900 208'184 121'599 34'245 5'587 (21'893)

Target Price 14'216 #N/A N/A 13'083 13'560 #N/A N/A 10'589 11'003 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 03.09.2013 n/a 30.09.2013 Investment Advisor 30.09.2013 n/a 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 03.09.2013 n/a 30.09.2013 n/a 30.06.2013 Investment Advisor 30.06.2013 Insurance Company 30.09.2013 Investment Advisor 31.12.2012 Government 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager

Date 12 month Not Provided Not Provided Not Provided Not Provided Not Provided 12 month Not Provided

Date 27.09.2013 15.09.2013 15.09.2013 15.08.2013 08.08.2013 08.08.2013 07.08.2013 22.05.2013

01.10.2013

Strauss Group Ltd Strauss Group Ltd. manufactures and markets a broad range of food products, including chocolate, confectionery, coffee, salty snacks and bakery goods. The Company produces its products in Israel and Europe, and markets its products in its own retail stores, coffee shops and vending machines, and to retailers throughout the world.

Price/Volume

Latest Fiscal Year: LTM as of: 52-Week High (01.10.2013) 52-Week Low (02.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance STRS IT EQUITY YTD Change STRS IT EQUITY YTD % CHANGE

12/2012 06/yy 6'280.00 4'193.00 42'125.00 6239 -2.15% 48.80% 100.00% 106.5 6'644.41 2'517.00 0.0 850.0 1'020.00 8'706.41

.8 M .7 M .6 M

4000

.5 M

3000

.4 M .3 M

2000

.2 M

1000

.1 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.9 M

6000 5000

Valuation Analysis

31.12.2008 6'245.9 0.86x 676.4 7.95x 461.5 8.41x

7000

31.12.2009 31.12.2010 6'373.4 6'855.0 1.20x 1.19x 752.1 797.0 10.20x 10.26x 232.9 211.0 25.61x 28.91x Profitability

LTM-4Q 31.12.2011 7'699.0 0.96x 770.0 9.64x 161.0 30.80x

31.12.2012 8'182.0 0.92x 829.0 9.10x 244.0 21.28x 829.00 601.00 7.35% 6.23% 4.59% 15.66% 1.07% 35.0% 11.0% 8.0% 3.0% 1.66 1.04 35.30% 132.33% 8.07 6.77

Price/ Cash Flow

06/yy 6'896.0 4.12x 773.0 8.05x 178.0 25.95x

LTM 06/yy 6'933.0 4.32x 761.0 10.35x 297.0 19.49x

FY+1

0.92 33.82 53.38% 27.59% 0.918 5 2.600 102'975 84'687 81'858 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 8'433.5 8'943.0 884.5 986.0 9.84x 8.83x 342.0 24.81x 22.12x S&P Issuer Ratings

6.58 4.21 1.62 2.93 132.3% 47.8% 1.07 5.08 45.22 53.94 57.29 49.84

Sales/Revenue/Turnover

25.00

9'000.0 8'000.0

20.00

7'000.0 6'000.0

15.00

5'000.0 4'000.0

10.00

3'000.0 2'000.0

5.00

1'000.0 0.00 31.12.2009

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Strauss Group Ltd Holdings By:

All

Holder Name STRAUSS ELITE MIGDAL LIFE INSURANC MIGDAL PROVIDENT FUN BANK OF NOVA SCOTIA NORGES BANK FMR LLC VANGUARD GROUP INC LOMBARD ODIER DARIER MERKAZIT MUTUAL FUND MIGDAL ASSET MANAGEM BLACKROCK MIGDAL INSURANCE HOL PIA-LEUMI FUND MANAG BANK OF NEW YORK MEL MEITAV FUND MANAGERS ISRAEL BROKERAGE INV DIMENSIONAL FUND ADV ANALYST IMS INVESTME NEW YORK LIFE GROUP STATE STREET CORP

Firm Name Bank Leumi EVA Dimensions I.B.I. Barclays DS Securities & Investments CLAL Finance Betucha Excellence Nessuah Psagot Investment House Ltd

Portfolio Name n/a #N/A N/A #N/A N/A n/a Multiple Portfolios n/a n/a Multiple Portfolios #N/A N/A Multiple Portfolios n/a #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a n/a

Analyst GIL DATTNER CRAIG STERLING DORIN ZELNIR DAVID KAPLAN MEIR SLATER TSAHI AVRAHAM LIAT GLAZER TALIA LOIBERG

Source EXCH EXCH EXCH ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG EXCH MF-AGG ULT-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG

Recommendation underperform hold neutral equalweight market perform market perform market perform outperform

Amt Held 72'660'492 3'284'576 2'051'111 1'675'000 354'557 353'758 306'878 186'700 165'750 147'757 106'711 72'774 66'100 53'833 42'072 40'315 36'512 31'000 29'204 28'477

% Out 68.23 3.08 1.93 1.57 0.33 0.33 0.29 0.18 0.16 0.14 0.1 0.07 0.06 0.05 0.04 0.04 0.03 0.03 0.03 0.03

Weighting

Change 1 3 3 3 3 3 3 5

M M M M N M M M

Latest Chg 8'900 209'100 68'573 11'638 340 (760) (118) 82 (3'170) -

Target Price 5'500 #N/A N/A 5'700 5'000 4'900 5'200 6'000 6'010

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 31.07.2013 31.12.2012 31.08.2013 30.06.2013 31.05.2013 30.09.2013 31.05.2013 27.09.2013 30.09.2013 31.05.2013 27.09.2013 31.05.2013 31.05.2013 30.04.2013 31.05.2013 30.06.2013 27.09.2013

Date 12 month Not Provided 12 month Not Provided 12 month Not Provided 12 month 12 month

Inst Type n/a Insurance Company Investment Advisor Bank Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor

Date 25.08.2013 06.06.2013 05.06.2013 29.05.2013 02.04.2013 07.11.2011 06.07.2011 14.03.2011

01.10.2013

Osem Investments Ltd Osem Investments Limited processes food. The Company produces pasta, dehydrated soup mixes, biscuits, crackers, jams, candies, juices, instant desserts, pickles, and other products.

Price/Volume 9000

.4 M

8000

.4 M

7000

.3 M

6000

.3 M

5000

Latest Fiscal Year: LTM as of: 52-Week High (31.07.2013) 52-Week Low (02.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance OSEM IT EQUITY YTD Change OSEM IT EQUITY YTD % CHANGE

12/2012 06/yy 8'036.00 5'372.00 34'954.00 7897 -2.04% 47.00% 93.81% 110.6 8'737.59 62.31 0.0 0.7 73.94 8'627.15

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 3'396.7 3'807.2 1.77x 1.81x 563.6 635.2 10.66x 10.85x 291.2 316.3 20.14x 21.55x Profitability

2000

.1 M

1000

.1 M

0 o-12

.0 M n-12

LTM-4Q 31.12.2011 3'960.9 1.56x 655.8 9.42x 341.1 18.07x

31.12.2012 4'091.6 1.73x 677.2 10.47x 356.9 19.90x 677.22 511.02 12.49% 11.59% 10.00% 17.72% 1.15% 41.0% 16.6% 12.5% 8.7% 1.27 0.79 1.82% 3.05% 5.31 6.15

Price/ Cash Flow

06/yy 3'993.7 6.09x 657.7 8.86x 349.6 16.73x

d-12

j-13

f-13 m-13

LTM 06/yy 4'155.1 6.92x 689.5 11.86x 361.2 23.03x

a-13 m-13

j-13

a-13

s-13

FY+1

0.67 32.55 52.31% 25.21% 0.675 3 1.667 70'706 55'857 57'560 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 4'222.0 4'448.0 1'103.0 1'047.0 704.0 12.25x 389.0 24.45x S&P Issuer Ratings

162.79 143.04 -0.16 0.15 3.1% 3.0% 1.15 3.63 68.69 59.36 97.95 19.48

Sales/Revenue/Turnover

18.00

4'500.0

16.00

4'000.0

14.00

3'500.0

12.00

3'000.0

10.00

2'500.0

8.00

2'000.0

6.00

1'500.0

4.00

1'000.0

2.00

500.0

0.00 31.12.2009

.2 M

3000

Fiscal Year Ended 31.12.2008 3'220.0 1.67x 475.0 11.32x 249.2 20.23x

.2 M

4000

Valuation Analysis

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Osem Investments Ltd Holdings By:

All

Holder Name NESTLE SA PROPPER DAN YARKONI ITZHAK FINKELSTEIN AVRAHAM NORGES BANK VANGUARD GROUP INC ABERDEEN ASSET MGMT ABERDEEN BLACKROCK MIGDAL ASSET MANAGEM PSAGOT MUTUAL FUNDS PIA-LEUMI FUND MANAG STATE STREET CORP DIMENSIONAL FUND ADV SEI INVESTMENT MANAG MEITAV FUND MANAGERS SCHRODER INVESTMENT ANALYST IMS INVESTME INDEX INVESTMENT LLC ISRAEL BROKERAGE INV

Firm Name Bank Leumi EVA Dimensions I.B.I. CLAL Finance Betucha Psagot Investment House Ltd

Portfolio Name #N/A N/A n/a n/a n/a Multiple Portfolios n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst GIL DATTNER CRAIG STERLING DORIN ZELNIR TSAHI AVRAHAM TALIA LOIBERG

Source EXCH EXCH EXCH EXCH MF-AGG ULT-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation underperform underweight neutral market perform market perform

Amt Held 65'021'015 5'532'143 5'479'155 2'061'081 394'719 328'732 211'220 141'600 115'387 100'569 95'334 90'480 38'164 29'541 23'245 23'110 22'826 19'800 19'084 18'249

% Out 58.77 5 4.95 1.86 0.36 0.3 0.19 0.13 0.1 0.09 0.09 0.08 0.03 0.03 0.02 0.02 0.02 0.02 0.02 0.02

Weighting

Change 1 1 3 3 3

M M M D M

Latest Chg 121'810 12'800 388 (3'141) (1'909) (4'367) 7'885 (111) (200) 188

Target Price 5'800 #N/A N/A 5'800 6'000 5'550

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 30.09.2013 31.12.2012 30.06.2013 30.06.2013 31.07.2013 27.09.2013 31.05.2013 31.05.2013 31.05.2013 27.09.2013 30.04.2013 30.04.2013 31.05.2013 30.06.2013 31.03.2013 31.03.2013 31.05.2013

Date 12 month Not Provided Not Provided Not Provided 12 month

Inst Type Corporation n/a n/a n/a Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 28.08.2013 06.06.2013 04.02.2013 29.11.2011 13.04.2011

01.10.2013

Migdal Insurance & Financial Holding Ltd Migdal Insurance & Financial Holding Ltd is a holding company for the several insurance companies of the Migdal Group, including Migdal Insurance Company Ltd. Sela Insurance Company Ltd., Maoz Insurance Company Ltd., and others. Assicurazioni Generali S.p.A., (Italy) owns 59% of Leumi Insurance Holdings. The Migdal Group is active in both life and general insurance.

Price/Volume 700

60.0 M

600

50.0 M

500

40.0 M

400

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.05.2013) 52-Week Low (10.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MGDL IT EQUITY YTD Change MGDL IT EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20.0 M

200

10.0 M

100 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 3'644.8 0.76x (248.1) -

30.0 M

300

12/2012 06/yy 634.90 446.00 520'013.00 592.9 -6.91% 32.94% 76.23% 1'053.6 6'246.81 1'044.42 0.0 0.8 2'261.83 5'875.21

31.12.2009 31.12.2010 20'211.5 16'325.9 0.26x 0.34x 714.8 780.9 10.21x 9.72x Profitability

LTM-4Q 31.12.2011 10'129.2 0.47x 296.3 18.40x

31.12.2012 17'803.7 0.27x 226.2 26.82x 1.82% 1.96% 0.52% 10.57% 0.20% 1.3% 1.08% 21.78% -

Price/ Cash Flow

LTM

06/yy 12'131.5 1.65x 0.0 0.00x 44.7 106.74x

06/yy 18'807.4 1.10x 0.0 0.00x 494.5 12.19x

1.18 324.12 33.47% 5.97% 1.176 3 3.000 9'877'877 2'564'999 1'660'319

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

21.8% 0.20 -

Sales/Revenue/Turnover

120.00

25'000.0

100.00

20'000.0

80.00

15'000.0

60.00

10'000.0 40.00

5'000.0

20.00 0.00 31.12.2009

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Migdal Insurance & Financial Holding Ltd Holdings By:

All

Holder Name ELIAHU INSURANCE COM ADAD NEAMANUT ELIAHU ALTSHULER SHAHAM MUT VANGUARD GROUP INC NORGES BANK PSAGOT MUTUAL FUNDS PIA-LEUMI FUND MANAG MIGDAL ASSET MANAGEM PRISMA BANK OF NEW YORK MEL EXCELLENCE NESSUAH F BLACKROCK DIMENSIONAL FUND ADV MEITAV FUND MANAGERS ISRAEL BROKERAGE INV STATE STREET CORP PERFECT MUTUAL FUNDS HAREL-PIA ASSET MANA ILANOT BATUCHA COHEN YONEL

Firm Name EVA Dimensions DS Securities & Investments Psagot Investment House Ltd

Portfolio Name #N/A N/A n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst DOUG WALTERS MEIR SLATER TERENCE KLINGMAN

Source EXCH EXCH MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG EXCH

Recommendation sell outperform hold

Amt Held 413'671'481 315'496'828 2'236'409 1'919'702 1'871'884 1'832'882 1'334'282 1'181'039 1'112'229 734'202 714'697 598'429 551'433 416'858 263'666 253'387 226'116 206'328 196'945 192'096

% Out 39.26 29.94 0.21 0.18 0.18 0.17 0.13 0.11 0.11 0.07 0.07 0.06 0.05 0.04 0.03 0.02 0.02 0.02 0.02 0.02

Weighting

Change 1 5 3

M N N

Latest Chg (1'221'950) 418'711 (8'943) (40'242) 105'708 63'003 245'067 1'332 28'143 115'380 37'060 -

Target Price #N/A N/A 600 680

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 31.05.2013 30.06.2013 31.12.2012 31.05.2013 31.05.2013 31.05.2013 31.05.2013 27.09.2013 31.05.2013 27.09.2013 30.04.2013 31.05.2013 31.05.2013 27.09.2013 31.05.2013 31.03.2013 31.03.2013 30.09.2013

Date Not Provided 12 month 12 month

Inst Type Insurance Company n/a Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a

Date 06.06.2013 02.04.2013 16.01.2013

01.10.2013

Shikun & Binui Ltd Shikun & Binui Ltd. offers construction services. The Company develops and constructs apartments, single family homes, non-residential buildings, and public works projects, and offers civil engineering services.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.08.2013) 52-Week Low (10.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SKBN IT EQUITY YTD Change SKBN IT EQUITY YTD % CHANGE

12/2012 06/yy 894.00 590.00 138'055.00 825 -7.81% 39.83% 77.53% 407.6 3'362.38 5'526.89 0.0 161.9 1'598.69 7'812.60

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

6.0 M 5.0 M 4.0 M 3.0 M 2.0 M 1.0 M .0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 4'446.8 0.87x 522.8 7.42x 91.8 9.67x

1000 900 800 700 600 500 400 300 200 100 0 o-12

31.12.2009 31.12.2010 4'453.7 4'871.1 1.25x 1.33x 745.3 818.3 7.50x 7.92x 237.3 523.5 12.80x 7.35x Profitability

LTM-4Q 31.12.2011 5'335.1 1.10x 858.2 6.84x 412.7 6.00x

31.12.2012 6'062.9 1.14x 1'040.9 6.62x 409.0 6.72x 1'040.93 805.70 13.29% 10.16% 3.55% 34.20% 0.60% 19.5% 11.9% 6.7% 1.17 0.60 52.15% 565.48% 3.75 17.86

Price/ Cash Flow

06/yy 5'998.4 4.09x 959.2 6.40x 416.5 5.19x

LTM 06/yy 6'110.2 4.64x 775.2 0.00x 359.0 9.00x

1.22 200.41 49.48% 25.75% 1.221 2 3.000 378'884 599'788 459'975

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

3.09 2.69 565.5% 82.9% 0.60 5.68 97.41 20.44 77.55 24.71

Sales/Revenue/Turnover

60.00

7'000.0

50.00

6'000.0 5'000.0

40.00

4'000.0 30.00

3'000.0

20.00

2'000.0

10.00

1'000.0

0.00 31.12.2009

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Shikun & Binui Ltd Holdings By:

All

Holder Name ARISON INVESTMENTS CLAL INSURANCE PROVI MIGDAL LIFE INSURANC HAREL PROVIDENT FUND CLAL LIFE INSURANCE NIR PARTNERSHIP MIGDAL PROVIDENT FUN EXELLENCE ETF PHOENIX HOLDINGS LTD BLACKROCK PHOENIX PROVIDENT FU HAREL ETF HAREL-PIA ASSET MANA VANGUARD GROUP INC MERKAZIT MUTUAL FUND EXCELLENCE PROVIDENT MIGDAL ASSET MANAGEM MIGDAL INSURANCE HOL PSAGOT MUTUAL FUNDS ANALYST IMS INVESTME

Firm Name EVA Dimensions I.B.I.

Portfolio Name #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A n/a #N/A N/A #N/A N/A #N/A N/A n/a #N/A N/A #N/A N/A Multiple Portfolios #N/A N/A Multiple Portfolios Multiple Portfolios

Analyst TIMOTHY STANISH SHAY LIPMAN

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH ULT-AGG EXCH EXCH EXCH ULT-AGG EXCH EXCH MF-AGG EXCH MF-AGG MF-AGG

Recommendation sell buy

Amt Held 190'956'047 20'608'858 17'696'812 16'751'699 16'239'198 16'200'010 10'075'351 8'435'923 6'888'837 2'349'332 2'153'274 1'991'435 1'688'783 1'666'337 1'601'966 1'379'737 1'323'866 1'310'275 970'948 831'000

% Out 46.85 5.06 4.34 4.11 3.98 3.97 2.47 2.07 1.69 0.58 0.53 0.49 0.41 0.41 0.39 0.34 0.32 0.32 0.24 0.2

Weighting

Change 1 5

M M

Latest Chg 1'992 547'566 42'340 29'871 -

Target Price #N/A N/A 930

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 27.09.2013 30.09.2013 30.09.2013 30.09.2013 30.06.2013 30.09.2013 30.09.2013 31.05.2013 30.09.2013 31.05.2013 31.05.2013

Date Not Provided Not Provided

Inst Type Other Unclassified Insurance Company Investment Advisor Insurance Company Other Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor

Date 06.06.2013 04.02.2013

01.10.2013

Alony Hetz Properties & Investments Ltd Alony Hetz Properties & Investments Ltd. is a real estate investment company. The Company focuses on income-generating commercial real estate in Israel and overseas, primarily long-term leasing to quality tenants.

Price/Volume 3000

1.0 M .9 M .8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M .0 M

2500 2000 1500

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.06.2013) 52-Week Low (21.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ALHE IT EQUITY YTD Change ALHE IT EQUITY YTD % CHANGE

12/2012 06/yy 2'541.00 1'791.00 72'594.00 2288 -10.43% 27.75% 64.00% 130.5 2'986.53 6'862.13 0.0 977.3 1'009.24 9'460.00

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

500 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.12.2008 313.7 18.30x 219.0 26.21x (125.4) -

1000

31.12.2009 31.12.2010 354.8 419.7 21.14x 21.98x 264.1 319.0 28.40x 28.91x 379.3 345.1 4.42x 7.09x Profitability

LTM-4Q 31.12.2011 492.2 18.74x 373.6 24.69x 356.5 5.69x

31.12.2012 518.2 18.64x 387.7 24.92x 373.3 7.62x 387.71 387.71 10.00% 99.42% 3.39% 12.39% 4.37% 0.04% 74.6% 72.0% 56.79% 200.36% -

Price/ Cash Flow

06/yy 507.9 72.40x 40.2 226.18x 272.1 6.97x

LTM 06/yy 514.3 73.91x 383.4 24.80x 418.9 6.72x

3.76 0.84 71.32 29.54% 0.16% 0.841 3 4.333 154'020 131'252 152'057

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

1.15 0.13 13.70 18.72 200.4% 60.9% 0.04 -

Sales/Revenue/Turnover

10.00

600.0

9.00

500.0

8.00 7.00

400.0

6.00

300.0

5.00 4.00

200.0

3.00 2.00

100.0

1.00 0.00 31.12.2009

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Alony Hetz Properties & Investments Ltd Holdings By:

All

Holder Name WERTHEIM HOLDINGS LT HETZ NATHAN ALTSHULER SHAHAM PRO CLAL INSURANCE PROVI ALTSHULER SHAHAM MUT CLAL LIFE INSURANCE WERTHEIM AVIRAM MAWER INVESTMENT MAN PSAGOT MUTUAL FUNDS CLAL INSURANCE ENTER NORGES BANK VANGUARD GROUP INC MANULIFE ASSET MGMT RAMCO INVESTMENT MAN MIGDAL ASSET MANAGEM ALTSHULER GEDUR BLACKROCK ILANOT BATUCHA MEITAV FUND MANAGERS PERFECT MUTUAL FUNDS

Firm Name Psagot Investment House Ltd EVA Dimensions I.B.I.

Portfolio Name #N/A N/A n/a #N/A N/A #N/A N/A #N/A N/A #N/A N/A n/a Multiple Portfolios Multiple Portfolios #N/A N/A Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst NOAM PINCU DOUG WALTERS SHAY LIPMAN

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG EXCH MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG EXCH ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold buy buy

Amt Held 31'080'626 26'416'656 7'330'189 3'954'437 3'800'384 3'532'399 1'438'478 1'397'404 684'094 646'450 620'237 474'185 434'606 284'486 276'637 235'000 223'476 211'175 203'807 174'602

% Out 23.81 20.24 5.62 3.03 2.91 2.71 1.1 1.07 0.52 0.5 0.48 0.36 0.33 0.22 0.21 0.18 0.17 0.16 0.16 0.13

Weighting

Change 3 5 5

M U M

Latest Chg 10'350 9'918 187'199 13'729 732 (31'250) 80 7'333

Target Price 2'600 #N/A N/A 2'700

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 31.08.2013 31.05.2013 30.09.2013 31.12.2012 30.06.2013 28.02.2013 31.05.2013 31.05.2013 30.09.2013 27.09.2013 31.05.2013 31.05.2013 31.05.2013

Date 12 month Not Provided Not Provided

Inst Type Unclassified n/a Investment Advisor Unclassified Investment Advisor Insurance Company n/a Investment Advisor Investment Advisor Insurance Company Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 26.08.2013 11.06.2013 04.02.2013

01.10.2013

LivePerson Inc LivePerson, Inc. provides technology that facilitates real-time sales and customer service for companies doing business on the Internet. The Company, an application service provider, offers its real-time interaction technology as an outsourced service. The LivePerson service enables its clients to communicate directly with Internet users via text-based chat.

Price/Volume 8000

5000

.2 M

4000

Latest Fiscal Year: LTM as of: 52-Week High (02.10.2012) 52-Week Low (12.05.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance LPSN IT EQUITY YTD Change LPSN IT EQUITY YTD % CHANGE

12/2010 06/yy 7'177.00 2'950.00 8'878.00 3340 -53.13% 13.22% 8.80% 54.0 1'804.76 0.00 0.0 0.0 103.34 436.86

.1 M

3000 2000

.1 M

1000 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.2 M

6000

Valuation Analysis

31.12.2008 74.7 0.81x 5.6 10.83x (23.8) -

.3 M

7000

31.12.2009 31.12.2010 87.5 109.9 3.42x 4.76x 18.1 21.6 16.51x 24.22x 7.8 9.3 34.85x 62.78x Profitability

LTM-4Q 31.12.2011 133.1 4.40x 27.2 21.51x 12.0 57.05x

31.12.2012 157.4 4.01x 18.3 34.62x 6.4 82.13x 18.25 10.34 6.57% 6.81% 0.55% 0.67% 0.90% 77.4% 7.0% 1.5% 4.0% 3.83 3.58 0.00% 0.00% 7.25 -

Price/ Cash Flow

06/yy 146.1 19.21x 23.7 40.41x 9.9 90.76x

LTM 06/yy 167.9 15.53x 11.8 34.55x 1.0 223.88x

FY+1

0.00 1.00 49.03 -51.63% -30.89% 0.998 14 3.286 19'557 25'550 27'157 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 177.4 202.7 44.5 47.1 2.46x 2.10x 20.5 27.0 4.8 6.2 21.36x 16.20x 19.79x 18.17x 10.8 16.0 2.4 3.6 49.59x 36.01x 42.66x 37.89x S&P Issuer Ratings

-6.35 0.00 0.0% 0.0% 0.90 10.89 50.37 74.65 -

Sales/Revenue/Turnover

60.00

180.0 160.0

50.00

140.0 120.0

40.00

100.0 30.00

80.0 60.0

20.00

40.0 10.00 0.00 31.12.2009

20.0 0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

LivePerson Inc Holdings By:

All

Holder Name LOCASCIO ROBERT P BLACKROCK CLEARBRIDGE INVESTME LEGG MASON INC JANUS CAPITAL MANAGE FMR LLC VANGUARD GROUP INC WELLINGTON MANAGEMEN PEMBROKE MANAGEMENT T ROWE PRICE ASSOCIA STATE STREET CORP FIRST TRUST NORTHERN TRUST CORPO ING INVESTMENT MANAG FEDERATED INVESTORS GRANAHAN INVESTMENT MENORA MIVTACHIM HOL NEW JERSEY DIVISION HARTFORD INVESTMENT AUSTIN W MARXE AND D

Firm Name Benchmark Company LLC Roth Capital Partners Oppenheimer & Co Credit Suisse First Analysis Corp Ladenburg Thalmann & Co Wunderlich Securities Craig-Hallum Capital Group LLC Maxim Group LLC CLAL Finance Betucha Northland Securities Inc Wedbush DS Securities & Investments EVA Dimensions

Portfolio Name n/a n/a CLEARBRIDGE INVESTME Multiple Portfolios n/a n/a n/a WELLINGTON MANAGEMEN PEMBROKE MANAGEMENT T ROWE PRICE ASSOCIA n/a n/a NORTHERN TRUST CORPO ING INVESTMENT MANAG FEDERATED INVESTORS GRANAHAN INVESTMENT MENORA MIVTACHIM HOL STATE OF NJ COMMON P Multiple Portfolios AUSTIN W MARXE AND D

Analyst MARK W SCHAPPEL NATHAN S SCHNEIDERMAN BRIAN SCHWARTZ MICHAEL B NEMEROFF CRAIG NANKERVIS JON R HICKMAN RICHARD K BALDRY JEFF VAN RHEE BRADLEY SILLS DOV ROZENBERG MICHAEL JAMES LATIMORE SHYAM PATIL ERAN JACOBY ANDREW S ZAMFOTIS

Source Form 4 ULT-AGG 13F MF-AGG ULT-AGG ULT-AGG ULT-AGG 13F 13F 13F ULT-AGG ULT-AGG 13F 13F 13F 13F 13F 13F MF-AGG 13F

Recommendation hold buy market perform underperform equalweight buy buy hold buy underperform outperform neutral market perform underweight

Amt Held 4'758'603 4'297'122 3'061'909 3'039'988 2'947'626 2'858'642 2'810'988 2'311'569 1'523'700 1'385'700 1'047'960 978'494 854'470 805'296 576'300 530'542 526'800 520'000 506'408 500'000

% Out 8.81 7.95 5.67 5.63 5.46 5.29 5.2 4.28 2.82 2.56 1.94 1.81 1.58 1.49 1.07 0.98 0.97 0.96 0.94 0.93

Weighting

Change 3 5 3 1 3 5 5 3 5 1 5 3 3 1

M M M M M M M M M M M M N D

Latest Chg 35'640 24'162 1'212'931 1'199'120 (3'583) 1'874'280 (158'023) (733'992) 805'800 33'400 4'267 978'494 7'592 773'486 48'770 247'570 63'800 100'000 (633'465) 500'000

Target Price 3'527 4'935 #N/A N/A 3'206 5'344 5'967 7'125 3'919 4'987 3'206 4'987 3'569 3'973 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 16.05.2013 n/a 27.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 27.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Insurance Company 30.06.2013 Pension Fund (ERISA) 31.08.2013 Investment Advisor 30.06.2013 Hedge Fund Manager

Date 12 month 12 month Not Provided Not Provided 12 month Not Provided 18 month 12 month Not Provided Not Provided 12 month 12 month 12 month Not Provided

Date 01.10.2013 30.09.2013 13.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 01.08.2013 31.07.2013 02.04.2013 05.03.2013

01.10.2013

Ormat Industries Ormat Industries Ltd. develops, builds, owns and operates geothermal and recovered energy power plants. The Company also manufactures equipment and machinery for geothermal energy extraction.

Price/Volume 2500

5.0 M 4.5 M 4.0 M 3.5 M 3.0 M 2.5 M 2.0 M 1.5 M 1.0 M .5 M .0 M

2000 1500

Valuation Analysis

1000

Latest Fiscal Year: LTM as of: 52-Week High (19.12.2012) 52-Week Low (02.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ORMT IT EQUITY YTD Change ORMT IT EQUITY YTD % CHANGE

12/2012 06/yy 2'389.00 1'900.00 563'771.00 2350 -1.84% 23.68% 81.80% 116.5 2'738.33 838.93 0.0 286.7 86.44 1'847.38

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.12.2008 354.4 4.26x 124.1 12.16x 33.9 21.22x

500

31.12.2009 31.12.2010 431.5 379.0 4.35x 4.66x 139.5 111.9 13.44x 15.77x 52.9 (30.0) 20.06x Profitability

LTM-4Q 31.12.2011 439.9 3.68x 162.8 9.96x (21.8) -

31.12.2012 514.4 3.37x 179.9 9.64x (102.6) 179.92 83.84 16.30% -29.71% -4.25% -19.88% 0.24% 26.4% 32.4% 14.7% -19.9% 1.53 0.73 40.32% 206.99% 9.62 21.83

Price/ Cash Flow

06/yy 496.8 13.67x 188.7 9.21x (21.7) 0.00x

LTM 06/yy 528.7 13.25x 171.2 10.10x (92.1) 0.00x

0.61 56.15 24.40% 5.38% 0.615 3 2.333 408'362 158'912 116'358

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

20.83x S&P Issuer Ratings

2.31 -0.67 4.53 4.82 207.0% 54.8% 0.24 0.34 37.92 16.72 43.56 -3.30

Sales/Revenue/Turnover

25.00

600.0 500.0

20.00

400.0 15.00

300.0 10.00

200.0

5.00

0.00 31.12.2009

100.0 0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Ormat Industries Holdings By:

All

Holder Name FIMI 2007 BRONITZKI INVESTMENT NORSTAR HOLDINGS INC OLD PENSION FUNDS MIGDAL LIFE INSURANC MIGDAL PROVIDENT FUN DIMENSIONAL FUND ADV VANGUARD GROUP INC NORGES BANK PSAGOT MUTUAL FUNDS MERKAZIT MUTUAL FUND MIGDAL INSURANCE HOL PRISMA MIGDAL ASSET MANAGEM BLACKROCK EXCELLENCE NESSUAH F PERFECT MUTUAL FUNDS ILANOT BATUCHA ISRAEL BROKERAGE INV TIMOTHY PARTNERS LTD

Firm Name EVA Dimensions I.B.I. Barclays Psagot Investment House Ltd CLAL Finance Betucha

Portfolio Name n/a #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A n/a n/a Multiple Portfolios Multiple Portfolios #N/A N/A #N/A N/A Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst TIMOTHY STANISH GUIL BASHAN DAVID KAPLAN TAL SHIRIZLY YUVAL BEN ZEEV

Source EXCH EXCH EXCH EXCH EXCH EXCH ULT-AGG ULT-AGG MF-AGG MF-AGG EXCH EXCH MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation sell neutral equalweight Under Review Under Review

Amt Held 26'218'049 24'659'308 9'000'000 5'899'384 4'090'392 3'045'658 719'931 386'189 311'724 277'067 276'547 234'319 200'971 188'950 147'300 131'118 114'319 113'998 97'036 47'300

% Out 22.5 21.16 7.72 5.06 3.51 2.61 0.62 0.33 0.27 0.24 0.24 0.2 0.17 0.16 0.13 0.11 0.1 0.1 0.08 0.04

Weighting

Change

1 3 3 #N/A N/A #N/A N/A

M M M M M

Latest Chg 93'114 28'033 31'981 7'942 462 41'804 29'000 (35'807) 7'136 -

Target Price #N/A N/A 2'100 3'600 #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.04.2013 30.06.2013 31.12.2012 31.05.2013 30.09.2013 30.09.2013 31.05.2013 31.05.2013 27.09.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.07.2013

Date Not Provided 12 month Not Provided Not Provided Not Provided

Inst Type n/a Unclassified Holding Company Other Insurance Company Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 06.06.2013 11.03.2013 19.12.2012 09.05.2012 03.11.2011

01.10.2013

Delek Automotive Systems Ltd Delek Automotive Systems Ltd. imports "Mazda" automobiles to Israel through its fully-owned subsidiary Delek Motors Ltd.,and markets and sells them through the limited partnership Delek Auto Agencies (1995). The company also provides road services through 33%-owned Shagrir Towing Services Ltd.

Price/Volume 4500

3.5 M

4000

3.0 M

3500

2.5 M

3000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.09.2013) 52-Week Low (18.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DLEA IT EQUITY YTD Change DLEA IT EQUITY YTD % CHANGE

12/2012 06/yy 4'167.00 2'252.00 12'042.00 4048 -2.35% 79.75% 96.40% 93.2 3'772.77 1'192.15 0.0 0.0 7.54 5'068.40

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.0 M

2000

1.5 M

1500

1.0 M

1000

.5 M

500 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 4'770.4 0.52x 878.9 2.80x 504.4 3.32x

2500

31.12.2009 31.12.2010 4'743.6 4'609.9 0.92x 1.15x 468.8 559.5 9.29x 9.51x 433.7 427.9 8.57x 10.85x Profitability

LTM-4Q 31.12.2011 3'663.9 0.85x 365.6 8.51x 125.9 16.98x

31.12.2012 4'105.4 0.95x 318.6 12.21x 305.9 8.85x 318.60 303.20 7.39% 9.95% 18.77% 85.28% 1.36% 10.2% 9.9% 9.5% 7.5% 1.02 0.48 40.79% 168.96% 4.40 4.02

Price/ Cash Flow

06/yy 3'885.0 3.80x 346.9 12.21x 72.1 32.90x

LTM 06/yy 3'949.5 4.20x 391.3 11.69x 546.8 5.98x

1.02 34.02 92.27% 58.62% 1.023 2 2.000 44'087 103'632 88'841

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

3.31 3.33 169.0% 62.8% 1.36 15.31 82.97 90.74 55.20 93.90

Sales/Revenue/Turnover

45.00

6'000.0

40.00

5'000.0

35.00

4'000.0

30.00 25.00

3'000.0

20.00

2'000.0

15.00 10.00

1'000.0

5.00 0.00 31.12.2009

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Delek Automotive Systems Ltd Holdings By:

All

Holder Name AGMON GIL DELEK GROUP LTD MIGDAL LIFE INSURANC MIGDAL PROVIDENT FUN CLAL INSURANCE PROVI EXELLENCE ETF MIGDAL INSURANCE HOL VANGUARD GROUP INC BANK OF NEW YORK MEL NORGES BANK ANALYST IMS INVESTME MERKAZIT MUTUAL FUND BARTFELD ASAF JOSEPH MIGDAL ASSET MANAGEM MEITAV FUND MANAGERS BLACKROCK EXCELLENCE PROVIDENT PSAGOT MUTUAL FUNDS FINKELMAN AVINOAM DIMENSIONAL FUND ADV

Firm Name I.B.I. EVA Dimensions Bank Leumi Psagot Investment House Ltd CLAL Finance Betucha

Portfolio Name n/a #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios #N/A N/A n/a Multiple Portfolios Multiple Portfolios n/a #N/A N/A Multiple Portfolios n/a n/a

Analyst GUIL BASHAN CRAIG STERLING EYAL DABBY TAL SHIRIZLY YUVAL BEN ZEEV

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH ULT-AGG MF-AGG MF-AGG MF-AGG EXCH EXCH MF-AGG MF-AGG ULT-AGG EXCH MF-AGG EXCH ULT-AGG

Recommendation neutral underweight market perform hold outperform

Amt Held 34'923'746 24'084'442 4'431'702 3'484'490 2'245'859 958'837 327'854 222'550 195'577 172'995 143'892 111'401 91'479 88'607 83'578 76'833 60'704 55'935 51'724 40'122

% Out 37.47 25.84 4.75 3.74 2.41 1.03 0.35 0.24 0.21 0.19 0.15 0.12 0.1 0.1 0.09 0.08 0.07 0.06 0.06 0.04

Weighting

Change 3 1 3 3 5

M M M U M

Latest Chg 50'207 (19'204) 3'392 5'122 194 (654) -

Target Price 2'500 #N/A N/A 3'900 2'880 5'500

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.06.2013 27.09.2013 31.12.2012 31.05.2013 30.09.2013 30.09.2013 31.05.2013 31.05.2013 27.09.2013 30.09.2013 31.05.2013 30.09.2013 30.04.2013

Date Not Provided Not Provided Not Provided 12 month Not Provided

Inst Type n/a Holding Company Insurance Company Investment Advisor Unclassified Investment Advisor Insurance Company Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor

Date 04.02.2013 15.01.2013 30.04.2012 22.11.2011 26.12.2010

01.10.2013

Nitsba Holdings 1995 Ltd Nitsba Holdings (1995) Ltd. is involved in project initiation, development, maintenance and leasing of commercial real estate. The Company also organizes charter travel tours abroad and provides bus transportation services to the airport.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.08.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NTBA IT EQUITY YTD Change NTBA IT EQUITY YTD % CHANGE

12/2012 06/yy 4'760.00 2'966.00 34'203.00 4570 -3.11% 54.08% 88.18% 57.0 2'604.22 2'557.81 0.0 27.5 379.74 4'771.38

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 417.2 565.8 10.07x 7.88x 312.1 417.7 13.46x 10.67x 265.5 384.0 6.67x 6.05x Profitability

.6 M .5 M .4 M .3 M .2 M .1 M .0 M n-12

LTM-4Q 31.12.2011 619.6 6.14x 429.4 8.86x 322.7 5.63x

31.12.2012 466.1 8.67x 344.4 11.73x 306.7 5.99x 344.42 343.45 73.68% 89.66% 4.14% 9.38% 0.07% 80.1% 74.9% 74.7% 65.8% 0.55 0.39 38.01% 85.85% 6.09 -

Price/ Cash Flow

06/yy 600.4 24.89x 411.9 8.64x 191.9 8.47x

d-12

j-13

f-13 m-13

LTM 06/yy 475.1 35.29x 355.9 13.10x 270.3 9.29x

a-13 m-13

j-13

a-13

s-13

1.05 23.79 47.13% 42.77% 1.049 2 5.000 34'698 47'988 46'429

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

3.00 2.99 6.02 7.13 85.8% 46.0% 0.07 180.50 59.94 -

Sales/Revenue/Turnover

14.00

700.0

12.00

600.0

10.00

500.0

8.00

400.0

6.00

300.0

4.00

200.0

2.00

100.0

0.00 31.12.2009

.7 M

Fiscal Year Ended 31.12.2008 376.3 6.46x 257.1 9.46x 27.1 25.05x

5000 4500 4000 3500 3000 2500 2000 1500 1000 500 0 o-12

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Nitsba Holdings 1995 Ltd Holdings By:

All

Holder Name AIRPORT CITY CLAL INSURANCE PROVI CLAL LIFE INSURANCE EXELLENCE ETF PHOENIX LIFE INSURAN EXCELLENCE PROVIDENT PHOENIX PROVIDENT FU ISRAEL BROKERAGE INV NORGES BANK VANGUARD GROUP INC PSAGOT MUTUAL FUNDS MIGDAL ASSET MANAGEM ILANOT BATUCHA BLACKROCK MEITAV FUND MANAGERS PHOENIX MENORA MIVTACHIM HOL CLAL FINANCE MUTUAL PIA-LEUMI FUND MANAG DIMENSIONAL FUND ADV

Firm Name EVA Dimensions I.B.I.

Portfolio Name #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst DOUG WALTERS SHAY LIPMAN

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation buy buy

Amt Held 33'197'705 2'370'382 2'018'953 1'227'390 1'203'785 400'974 358'117 308'825 233'067 201'904 136'713 131'526 130'892 96'199 82'144 71'880 58'529 55'147 32'806 27'417

% Out 58.26 4.16 3.54 2.15 2.11 0.7 0.63 0.54 0.41 0.35 0.24 0.23 0.23 0.17 0.14 0.13 0.1 0.1 0.06 0.05

Weighting

Change 5 5

M M

Latest Chg 1'203 4'353 3'930 5'933 5'504 336 (108) (3'384) 694 (620) 2'530

Target Price #N/A N/A 4'650

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 31.05.2013 31.12.2012 30.06.2013 31.05.2013 31.05.2013 31.05.2013 27.09.2013 31.05.2013 30.09.2013 31.05.2013 31.05.2013 31.05.2013 30.04.2013

Date Not Provided Not Provided

Inst Type Other Unclassified Insurance Company Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Other Insurance Company Investment Advisor Investment Advisor Investment Advisor

Date 06.06.2013 04.02.2013

01.10.2013

Clal Insurance Enterprises Holdings Ltd Clal Insurance Enterprise Holdings Ltd. is a holding company that operates insurance companies.

Price/Volume 8000

.3 M

7000

.3 M

6000 .2 M

5000 4000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.08.2013) 52-Week Low (02.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CLIS IT EQUITY YTD Change CLIS IT EQUITY YTD % CHANGE

12/2012 06/yy 6'835.00 4'339.00 10'816.00 6345 -7.33% 46.23% 81.33% 55.4 3'512.16 4'344.41 0.0 26.5 1'941.65 5'362.66

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 18'418.0 15'186.8 0.38x 1.02x 350.2 600.2 12.48x 9.40x Profitability

.1 M

1000 0 o-12

.0 M n-12

LTM-4Q 31.12.2011 10'431.7 0.62x 17.0 38.34x

31.12.2012 14'789.2 0.37x (57.5) 1.54% -0.33% 0.21% 4.68% 3.66% 0.19% -0.4% 5.50% 127.24% -

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 10'591.7 2.42x 0.0 0.00x (101.2) 0.00x

06/yy 15'478.7 1.48x 0.0 0.00x 164.0 22.93x

a-13 m-13

j-13

a-13

s-13

1.48 24.92 62.57% 18.95% 1.483 3 3.667 40'490 43'311 44'663

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

127.2% 55.8% 0.19 -

Sales/Revenue/Turnover

20.00

20'000.0

18.00

18'000.0

16.00

16'000.0

14.00

14'000.0

12.00

12'000.0

10.00 8.00

10'000.0 8'000.0

6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 31.12.2009

.1 M

2000

Fiscal Year Ended 31.12.2008 6'164.6 1.22x (479.2) -

.2 M

3000

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Clal Insurance Enterprises Holdings Ltd Holdings By:

All

Holder Name IDB DEVELOPMENT CORP BANK HAPOALIM BM DIMENSIONAL FUND ADV NORGES BANK BANK OF NEW YORK MEL PIA-LEUMI FUND MANAG VANGUARD GROUP INC PSAGOT MUTUAL FUNDS MIGDAL ASSET MANAGEM CLAL INSURANCE MUTUA ISRAEL BROKERAGE INV ILANOT BATUCHA MEITAV FUND MANAGERS YELIN LAPIDOT EXCELLENCE NESSUAH F PRISMA MENORA MIVTACHIM HOL BLACKROCK APEX STATE STREET CORP

Firm Name EVA Dimensions DS Securities & Investments Psagot Investment House Ltd

Portfolio Name #N/A N/A #N/A N/A n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a

Analyst DOUG WALTERS MEIR SLATER TERENCE KLINGMAN

Source EXCH EXCH ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG

Recommendation sell outperform buy

Amt Held 30'430'288 5'263'747 314'324 246'880 203'359 171'706 166'383 146'794 103'459 101'864 94'145 78'164 62'470 61'053 51'613 49'231 46'600 40'630 39'488 21'263

% Out 54.97 9.51 0.57 0.45 0.37 0.31 0.3 0.27 0.19 0.18 0.17 0.14 0.11 0.11 0.09 0.09 0.08 0.07 0.07 0.04

Weighting

Change 1 5 5

M N N

Latest Chg 660 (2'224) 47'854 11'793 4'768 25'442 (7'036) (2'000) (193) (4'354) 3'987 76 11'879 -

Target Price #N/A N/A 6'400 7'900

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.04.2013 31.12.2012 27.09.2013 31.05.2013 30.06.2013 31.05.2013 31.05.2013 30.09.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 27.09.2013 31.05.2013 27.09.2013

Date Not Provided 12 month 12 month

Inst Type Holding Company Bank Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor

Date 06.06.2013 02.04.2013 16.01.2013

01.10.2013

Kamada Ltd Kamada is a biopharmaceutical company. The Company develops, produces, and markets specialty plasma therapeutics, specific and general immune globulins, and other prescribed medicines using chromatographic purification technology.

Price/Volume 6000

1.4 M

5000

1.2 M 1.0 M

4000

Latest Fiscal Year: LTM as of: 52-Week High (01.10.2013) 52-Week Low (02.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 16.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KMDA IT EQUITY YTD Change KMDA IT EQUITY YTD % CHANGE

12/2012 06/yy 5'500.00 2'680.00 62'283.00 5500 -0.27% 105.22% 96.42% 35.2 1'935.86 70.03 0.0 0.0 126.23 1'728.87

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.6 M

2000

.4 M

1000

.2 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 57.6 1.62x (54.0) (47.1) -

.8 M

3000

Valuation Analysis

31.12.2009 31.12.2010 56.7 128.7 7.34x 4.94x (45.1) (28.2) (83.5) (53.8) Profitability

LTM-4Q 31.12.2011 212.8 2.32x 2.1 240.29x (13.3) -

31.12.2012 280.1 3.30x 28.1 32.91x 1.0 960.71x 28.07 16.33 5.83% 1.08% 1.75% 3.73% 0.62% 31.2% 12.4% 7.9% 0.4% 2.39 1.63 21.04% 65.70% 5.82 2.08

Price/ Cash Flow

06/yy 251.2 9.27x 4.7 163.00x (12.9) 0.00x

LTM 06/yy 258.7 15.15x 32.3 41.56x 7.5 168.12x

FY+1

0.92 25.83 108.33% 65.51% 0.917 5 4.200 93'555 83'220 116'940 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 260.8 278.0 57.6 101.5 28.9 40.5 4.7 13.1 59.93x 42.74x 5.9 15.8 (1.5) 9.9 243.36x 134.15x 137.16x 92.59x S&P Issuer Ratings

2.19 0.80 -6.75 3.01 65.7% 39.7% 0.62 3.59 62.75 175.86 80.22 102.03

Sales/Revenue/Turnover

200.00

300.0

180.00

250.0

160.00 140.00

200.0

120.00

150.0

100.00 80.00

100.0

60.00 40.00

50.0

20.00 0.00 31.12.2009

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Kamada Ltd Holdings By:

All

Holder Name HAHN RALF RECANATI LEON YEHUDA FMR LLC APEX PROVIDENT FUNDS PHOENIX LIFE INSURAN TSUR DAVID PAULSON & CO EXCELLENCE MUTUAL FU YELIN LAPIDOT EXCELLENCE PROVIDENT DASH APEX ETF PERCEPTIVE ADVISORS PHOENIX CR INTRINSIC INVESTO APEX SI LAZARD ASSET MANAGEM OWL CREEK ASSET MANA PHOENIX PROVIDENT FU MEITAV FUND MANAGERS MENORA MIVTACHIM HOL

Firm Name RBC Capital Markets Jefferies Oppenheimer & Co EVA Dimensions Morgan Stanley CLAL Finance Betucha

Portfolio Name n/a n/a n/a #N/A N/A #N/A N/A n/a PAULSON & CO #N/A N/A Multiple Portfolios #N/A N/A n/a PERCEPTIVE ADVISORS #N/A N/A CR INTRINSIC INVESTO #N/A N/A n/a OWL CREEK ASSET MANA #N/A N/A Multiple Portfolios MENORA MIVTACHIM HOL

Analyst ADNAN BUTT RAJ S DENHOY DAVID FERREIRO ANDREW S ZAMFOTIS DAVID R LEWIS YUVAL BEN ZEEV

Source EXCH EXCH ULT-AGG EXCH EXCH EXCH 13F EXCH MF-AGG EXCH EXCH 13F EXCH 13F EXCH ULT-AGG 13F EXCH MF-AGG 13F

Recommendation outperform buy outperform hold Equalwt/In-Line buy

Amt Held 4'772'242 3'422'690 1'421'800 1'401'294 1'056'804 775'055 750'000 663'697 586'554 568'431 555'090 394'860 318'351 289'918 272'773 254'100 238'700 216'435 174'495 123'200

% Out 13.56 9.72 4.04 3.98 3 2.2 2.13 1.89 1.67 1.61 1.58 1.12 0.9 0.82 0.77 0.72 0.68 0.61 0.5 0.35

Weighting

Change 5 5 5 3 3 5

M M M M N M

Latest Chg 1'421'800 750'000 (65'743) 394'860 289'918 254'100 238'700 (11'439) 123'200

Target Price 5'477 5'354 4'987 #N/A N/A #N/A N/A 3'800

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.06.2013 30.09.2013 30.09.2013 30.09.2013 30.06.2013 30.09.2013 31.05.2013 30.09.2013 30.09.2013 30.06.2013 30.09.2013 30.06.2013 30.09.2013 31.08.2013 30.06.2013 30.09.2013 31.05.2013 30.06.2013

Date 12 month 12 month 12 month Not Provided Not Provided Not Provided

Inst Type n/a n/a Investment Advisor Investment Advisor Insurance Company n/a Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor n/a Hedge Fund Manager Other Hedge Fund Manager Other Unclassified Hedge Fund Manager Investment Advisor Investment Advisor Insurance Company

Date 08.09.2013 16.08.2013 01.08.2013 08.07.2013 25.06.2013 30.03.2011

01.10.2013

First International Bank Of Israel Ltd First International Bank of Israel Ltd. (FIBI) attracts deposits and offers commercial banking services. The Bank offers commercial and mortgage loans, credit cards, securities brokerage and asset management services, and manages mutual funds. FIBI operates branches in Israel, the United Kingdom, and Switzerland.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.10.2013) 52-Week Low (21.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FTIN IT EQUITY YTD Change FTIN IT EQUITY YTD % CHANGE

12/2012 06/yy 5'900.00 4'358.00 33'649.00 5865 -1.36% 34.58% 97.67% 100.3 5'884.36 7'005.00 0.0 209.0 22'939.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.4 M

6000

1.2 M

5000

1.0 M

4000

.8 M

3000

.6 M

2000

.4 M

1000

.2 M

0 o-12

31.12.2009 31.12.2010 5'512.0 4'090.0 568.0 484.0 56.70x 11.16x Profitability

LTM-4Q 31.12.2011 6'745.0 485.0 7.17x

31.12.2012 5'334.0 577.0 9.47x 22.97% 24.31% 0.56% 9.07% 4.47% 0.05% 15.2% 6.65% 106.73% -

Price/ Cash Flow

06/yy 6'838.0 0.00x 0.0 0.00x 475.0 9.00x

d-12

j-13

f-13 m-13

LTM 06/yy 5'111.0 0.00x 0.0 0.00x 577.0 9.01x

a-13 m-13

j-13

a-13

s-13

FY+1

1.05 51.83 31.98% 11.61% 1.048 6 4.333 82'305 72'299 68'333 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 3'903.0 4'080.0 604.0 660.0 9.74x 8.91x S&P Issuer Ratings

NR 106.7% 50.8% 0.05 4.34 -

Sales/Revenue/Turnover

40.00

8'000.0

35.00

7'000.0

30.00

6'000.0

25.00

5'000.0

20.00

4'000.0

15.00

3'000.0

10.00

2'000.0

5.00

1'000.0

0.00 31.12.2009

.0 M n-12

Fiscal Year Ended 31.12.2008 4'695.0 161.0 83.03x

7000

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

First International Bank Of Israel Ltd Holdings By:

All

Holder Name FIBI HOLDINGS LTD ISRAEL DISCOUNT BANK DIMENSIONAL FUND ADV NORGES BANK ABERDEEN ASSET MGMT VANGUARD GROUP INC ANALYST IMS INVESTME PSAGOT MUTUAL FUNDS ISRAEL BROKERAGE INV PIA-LEUMI FUND MANAG MENORA MIVTACHIM HOL MIGDAL ASSET MANAGEM ALTSHULER SHAHAM MUT DISCOUNT PROVIDENT F BLACKROCK PRUDENTIAL FINANCIAL TIMOTHY PARTNERS LTD BESSEMER GROUP INCOR CHARLES SCHWAB INVES HAREL-PIA ASSET MANA

Firm Name EVA Dimensions I.B.I. Psagot Investment House Ltd CLAL Finance Betucha Bank Leumi DS Securities & Investments CLAL Finance Betucha

Portfolio Name #N/A N/A #N/A N/A n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios #N/A N/A n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst DOUG WALTERS ADI SCOP TERENCE KLINGMAN YARON ZER EYAL DABBY MEIR SLATER YUVAL BEN ZEEV

Source EXCH EXCH ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation overweight buy buy market perform overweight market perform market perform

Amt Held 48'494'714 26'533'500 553'689 192'550 176'000 154'549 145'851 113'730 89'754 76'687 54'304 49'756 41'700 31'805 31'296 21'051 19'300 15'405 14'553 14'210

% Out 48.34 26.45 0.55 0.19 0.18 0.15 0.15 0.11 0.09 0.08 0.05 0.05 0.04 0.03 0.03 0.02 0.02 0.02 0.01 0.01

Weighting

Change 5 5 5 3 5 3 3

D M M M M N M

Latest Chg 35'551 10'582 4'555 (1'300) (3'234) 3'315 (41'700) 5'989

Target Price #N/A N/A 6'000 6'000 5'700 6'230 5'300 7'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.04.2013 31.12.2012 30.06.2013 30.06.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 30.09.2013 27.09.2013 31.07.2013 31.07.2013 30.04.2013 27.09.2013 31.03.2013

Date Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided

Inst Type Holding Company Bank Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 10.09.2013 28.08.2013 28.08.2013 22.07.2013 17.06.2013 02.04.2013 26.08.2010

01.10.2013

Clal Industries Ltd Clal Industries Ltd. is an investment company. The Company holds a portfolio of investments in various fields, ranging from manufacturing-oriented activities in low technology companies to high technology and biotechnology firms.

Price/Volume 1800

6.0 M

1600

5.0 M

1400 1200

4.0 M

1000

12/2012 06/yy 1'589.00 1'162.00 28'124.00 1537 -3.40% 32.27% 86.18% 157.5 2'420.31 5'164.00 0.0 1'916.0 1'603.00 7'632.31

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

600

2.0 M

400

1.0 M

200 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 4'204.0 0.91x 921.0 4.14x 26.0 49.21x

3.0 M

800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.02.2013) 52-Week Low (11.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CII IT EQUITY YTD Change CII IT EQUITY YTD % CHANGE

31.12.2009 31.12.2010 4'176.0 5'168.0 1.96x 1.92x 768.0 766.0 10.66x 12.97x 450.0 410.0 7.51x 10.97x Profitability

LTM-4Q 31.12.2011 5'764.0 1.28x 688.0 10.71x 585.0 43.18x

31.12.2012 5'849.0 1.26x 728.0 10.12x 7.0 268.92x 728.00 380.00 6.50% 1.64% 0.84% 4.09% 0.52% 23.0% 11.6% 5.7% 0.1% 1.35 0.94 45.27% 258.72% 4.97 4.76

Price/ Cash Flow

06/yy 5'219.0 5.42x 546.0 10.92x 583.0 3.60x

LTM 06/yy 5'314.0 5.54x 614.0 12.32x 86.0 27.88x

0.92 78.89 21.89% 28.19% 0.916 2 2.000 397'983 164'568 146'154

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

2.39 1.17 4.75 7.00 258.7% 56.9% 0.52 1.83 73.49 76.76 53.67 109.15

Sales/Revenue/Turnover

6.00

7'000.0

5.00

6'000.0 5'000.0

4.00

4'000.0 3.00

3'000.0

2.00

2'000.0

1.00

1'000.0

0.00 31.12.2009

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Clal Industries Ltd Holdings By:

All

Holder Name IOROFIAN HOLDINGS ALTSHULER SHAHAM PRO ALTSHULER SHAHAM MUT VANGUARD GROUP INC PERFECT MUTUAL FUNDS MIGDAL ASSET MANAGEM DIMENSIONAL FUND ADV ILANOT BATUCHA PSAGOT MUTUAL FUNDS BLACKROCK RAMCO INVESTMENT MAN PIA-LEUMI FUND MANAG APEX BANK OF NEW YORK MEL ANALYST IMS INVESTME MEITAV FUND MANAGERS PRISMA ISRAEL BROKERAGE INV EXCELLENCE NESSUAH F CLAL FINANCE MUTUAL

Firm Name EVA Dimensions Psagot Investment House Ltd

Portfolio Name #N/A N/A #N/A N/A #N/A N/A n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst TIMOTHY STANISH NOAM PINCU

Source EXCH EXCH EXCH ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation sell hold

Amt Held 78'577'411 10'589'950 1'646'465 389'719 311'055 231'448 204'886 202'712 179'144 177'509 168'504 143'304 117'926 116'906 114'500 109'202 102'605 101'332 57'676 56'388

% Out 49.9 6.73 1.05 0.25 0.2 0.15 0.13 0.13 0.11 0.11 0.11 0.09 0.07 0.07 0.07 0.07 0.07 0.06 0.04 0.04

Weighting

Change 1 3

M D

Latest Chg 96'798 (16'400) 23'393 16'809 604 10'500 6'817 (18'950) 9'534 (12'194) 12'888

Target Price #N/A N/A 1'600

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 30.06.2013 31.05.2013 31.05.2013 30.04.2013 31.05.2013 31.05.2013 27.09.2013 31.05.2013 31.05.2013 31.05.2013 27.09.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013

Date Not Provided 12 month

Inst Type Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 06.06.2013 20.12.2012

01.10.2013

Compugen Ltd Compugen Ltd. develops solutions in the field of computational genomics. The Company provides its gene discovery tools to pharmaceutical, biotechnology, and other life sciences through its Web site, labOnWeb.com. Compugen is also seeking to commercialize the genes and proteins it discovers.

Price/Volume 4000

1.8 M

3500

1.6 M

3000

1.4 M 1.2 M

2500

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (27.08.2013) 52-Week Low (31.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CGEN IT EQUITY YTD Change CGEN IT EQUITY YTD % CHANGE

12/2011 06/yy 3'825.00 1'394.00 27'832.00 3720 -2.25% 166.86% 88.81% 38.4 1'427.05 0.00 0.0 0.0 73.17 1'362.48

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.6 M

1000

.4 M

500

.2 M

0 o-12

31.12.2009 31.12.2010 1.0 4.2 577.08x 130.08x (28.9) (28.7) (15.0) (26.9) Profitability

.0 M n-12

LTM-4Q 31.12.2011 0.0 (42.2) (42.9) -

31.12.2012 0.9 662.96x (51.0) (52.5) -51.04 -52.20 -5595.87% -5631.40% -45.66% -71.81% 0.01% 16.9% -3790.6% -5631.4% 18.48 14.65 0.00% 0.00% 0.61 -

06/yy 0.0 #DIV/0! 0.0 0.00x (46.9) 0.00x

d-12

j-13

f-13 m-13

LTM 06/yy 1.6 1420.68x 0.0 0.00x (58.2) 0.00x

a-13 m-13

j-13

a-13

s-13

FY+1

0.00 0.82 36.51 145.22% 101.08% 0.824 1 5.000 28'345 61'254 58'605 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 4.3 8.9 2.1 2.2 (51.5) (76.3) (13.9) (14.3) S&P Issuer Ratings

0.0% 0.0% 0.01 0.44 593.77 1517.90 -

Sales/Revenue/Turnover

1.20

60.0

1.00

50.0

0.80

40.0

0.60

.8 M

1500

Fiscal Year Ended 31.12.2008 1.2 5.01x (44.6) (44.9) -

1.0 M

2000

30.0 20.0

0.40

10.0 0.20

0.0 0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Compugen Ltd Holdings By:

All

Holder Name GERSTEL MARTIN S RAGING CAPITAL MANAG CLEARBRIDGE INVESTME MORGAN STANLEY ROTHSCHILD INVESTMEN WILLIAM BLAIR & COMP ALLIANCE BERNSTEIN MIGDAL ASSET MANAGEM ATTORNEYS LIABILITY MATRIX ASSET ADVISOR DEUTSCHE BANK AG JANNEY MONTGOMERY SC SAFEWAY INSURANCE GR ILANOT BATUCHA ISRAEL BROKERAGE INV ANTONETTI CAPITAL MG GLENMEDE TRUST COMPA GAON MUTUAL FUNDS MA GROUP ONE TRADING LP WELLS FARGO & COMPAN

Firm Name Chardan Capital Markets

Portfolio Name n/a RAGING CAPITAL MGMT CLEARBRIDGE INVESTME n/a ROTHSCHILD INV WILLIAM BLAIR & COMP n/a Multiple Portfolios ATTORNEYS LIABILITY MATRIX ASSET ADVISOR n/a JANNEY MONTGOMERY SC n/a Multiple Portfolios Multiple Portfolios ANTONETTI CAPITAL MA GLENMEDE TRUST COMPA Multiple Portfolios GROUP ONE TRADING LP n/a

Analyst LING WANG

Source EXCH 13F 13F ULT-AGG 13F 13F ULT-AGG MF-AGG Sch-D 13F ULT-AGG 13F ULT-AGG MF-AGG MF-AGG 13F 13F MF-AGG 13F ULT-AGG

Recommendation buy

Amt Held 1'853'768 1'562'976 825'475 538'420 335'380 188'500 163'025 121'430 90'000 80'000 46'000 41'242 35'000 25'000 21'196 20'500 16'000 14'407 13'650 13'237

% Out 4.83 4.07 2.15 1.4 0.87 0.49 0.42 0.32 0.23 0.21 0.12 0.11 0.09 0.07 0.06 0.05 0.04 0.04 0.04 0.03

Weighting

Change 5

Latest Chg (210'884) (89'037) 5'185 (38'600) 51'050 20'922 10'000 15'000 (1'518) (2'000) 4'498 6'898 1'500 (237'109)

Target Price

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

4'236

File Dt Inst Type 30.09.2013 n/a 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.05.2013 Investment Advisor 30.06.2013 Insurance Company 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Insurance Company 31.03.2013 Investment Advisor 31.03.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.05.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor

Date 12 month

Date 08.08.2013

01.10.2013

Jerusalem Oil Exploration JOEL is active in oil exploration and real estate development as well as other investment activities. JOEL's oil exploration activities are carried out through its Naphtha Israel Petroleum subsidiary. The real estate development and management projects include development of office buildings and hotels near Ben Gurion Airport,a residential neighborhood and a commercial center in Aram.

Price/Volume

12/2012 06/yy 13'050.00 6'175.00 2'546.00 12640 -4.29% 104.70% 90.40% 17.3 2'187.02 7'229.77 0.0 3'647.4 1'237.62 12'689.72

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.1 M .1 M .1 M

8000

.1 M

6000

.0 M .0 M

4000

.0 M

2000

.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 706.0 7.10x 461.8 10.85x (82.3) -

.1 M

12000 10000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.08.2013) 52-Week Low (02.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance JOEL IT EQUITY YTD Change JOEL IT EQUITY YTD % CHANGE

14000

31.12.2009 31.12.2010 719.4 933.6 9.46x 7.81x 480.1 595.1 14.18x 12.25x 216.7 180.0 3.22x 5.07x Profitability

LTM-4Q 31.12.2011 1'050.3 8.42x 682.0 12.97x 221.0 3.32x

31.12.2012 945.8 11.54x 607.7 17.96x 186.3 5.57x 607.67 563.07 59.53% 56.74% 1.41% 13.14% 0.08% 73.2% 70.7% 64.7% 19.7% 0.62 0.53 48.40% 461.15% 5.82 -

Price/ Cash Flow

06/yy 1'054.7 34.06x 666.4 14.42x 179.7 5.07x

LTM 06/yy 1'233.6 36.17x 871.6 14.13x 205.6 8.10x

1.05 8.27 107.52% 70.44% 1.046 0 7'384 17'328 14'335

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

2.18 1.99 7.73 9.04 461.2% 58.1% 0.08 9.03 62.68 -

Sales/Revenue/Turnover

3.50

1'200.0

3.00

1'000.0

2.50

800.0

2.00

600.0 1.50

400.0 1.00

200.0

0.50 0.00 31.12.2009

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Jerusalem Oil Exploration Holdings By:

All

Holder Name EQUITEL NAFTA ALTSHULER SHAHAM PRO PHOENIX LIFE INSURAN EXCELLENCE PROVIDENT EXELLENCE ETF ALTSHULER SHAHAM MUT DIMENSIONAL FUND ADV PHOENIX PROVIDENT FU VANGUARD GROUP INC BLACKROCK PIA-LEUMI FUND MANAG PSAGOT MUTUAL FUNDS MIGDAL ASSET MANAGEM PRISMA ILANOT BATUCHA PERFECT MUTUAL FUNDS RAMCO INVESTMENT MAN EXCELLENCE NESSUAH F EXCELLENCE MUTUAL FU

Firm Name

Portfolio Name #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A n/a #N/A N/A n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios #N/A N/A

Analyst

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH ULT-AGG EXCH ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH

Recommendation

Amt Held 6'403'639 2'626'622 859'502 429'599 302'914 283'597 246'794 206'547 121'849 68'360 55'870 43'329 43'315 37'140 30'299 22'011 20'999 20'169 19'107 18'032

% Out 37.01 15.18 4.97 2.48 1.75 1.64 1.43 1.19 0.7 0.4 0.32 0.25 0.25 0.21 0.18 0.13 0.12 0.12 0.11 0.1

Weighting

Change

Latest Chg 387 9'277 286 644 3'539 1'706 8'284 2'100 1'000 1'634 -

Target Price

#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.04.2013 30.09.2013 30.06.2013 27.09.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 30.09.2013

Date

Inst Type Corporation Other Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date

01.10.2013

Given Imaging Ltd Given Imaging Ltd. has developed the Given imaging diagnostic system. The Company's product is a proprietary wireless imaging system that allows a medical professional to examine the gastrointestinal tract. Given's system uses a miniaturized video camera contained in a capsule that is ingested by the patient and delivers color images in a painless and noninvasive manner.

Price/Volume 8000 6000 5000 4000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.10.2012) 52-Week Low (25.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GIVN IT EQUITY YTD Change GIVN IT EQUITY YTD % CHANGE

12/2012 06/yy 8'178.00 4'700.00 4'944.00 6796 -17.52% 44.60% 60.70% 31.6 2'145.30 0.12 0.0 0.0 124.08 505.53

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20

3000 2000 1000 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.12.2008 125.1 1.47x 8.9 20.70x 4.0 -

.5 M .5 M .4 M .4 M .3 M .3 M .2 M .2 M .1 M .1 M .0 M

7000

31.12.2009 31.12.2010 141.8 157.8 3.06x 2.22x 16.4 14.6 26.43x 23.99x 14.3 8.5 Profitability

LTM-4Q 31.12.2011 178.0 2.40x 21.3 20.03x 12.0 -

31.12.2012 180.5 2.32x 22.5 18.65x 14.4 22.47 13.87 7.68% 8.15% 6.04% 7.33% 0.69% 76.2% 13.2% 8.5% 8.0% 4.32 3.40 0.04% 0.05% 6.12 1.79

06/yy 179.6 9.08x 21.2 17.43x 12.6 0.00x

LTM 06/yy 184.2 8.43x 24.4 13.93x 16.1 0.00x

FY+1

0.74 21.56 19.04% 3.49% 0.741 5 3.800 19'890 27'279 25'012 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 196.0 220.0 49.9 54.8 37.9 46.4 11.5 12.7 13.34x 10.90x 11.68x 11.31x 25.4 32.0 7.6 9.4 24.09x 19.66x 21.53x 20.84x S&P Issuer Ratings

-4.22 0.00 0.1% 0.1% 0.69 15.45 59.65 203.51 277.36 -52.01

Sales/Revenue/Turnover

200.0 180.0

1.00

160.0 140.0

0.80 0.60 0.40

120.0 100.0 80.0 60.0 40.0

0.20

20.0 0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Given Imaging Ltd Holdings By:

All

Holder Name ELRON ELECTRONIC IND DISCOUNT INVESTMENT RDC RAFAEL DEVELOPME CAMBER CAPITAL MANAG MURPHY MICHAEL R NORGES BANK BLACKROCK NEUBERGER BERMAN LLC FROSTROW CAPITAL LLP CORNELIUS JAMES M CAISSE DE DEPOT ET P YORK CAPITAL MANAGME WESTWOOD HOLDINGS GR WESTWOOD MANAGEMENT DAFNA CAPITAL MANAGE JOHN HANCOCK ADVISER MENORA MIVTACHIM HOL MILLENNIUM MANAGEMEN GROBSTEIN MICHAEL RENAISSANCE TECHNOLO

Firm Name Cantor Fitzgerald Maxim Group LLC EVA Dimensions DS Securities & Investments WBB Securities, LLC

Portfolio Name #N/A N/A #N/A N/A #N/A N/A CAMBER CAPITAL MANAG MURPHY MICHAEL R Multiple Portfolios n/a NEUBERGER BERMAN GRO Multiple Portfolios n/a Multiple Portfolios YORK CAPITAL MANAGEM WESTWOOD HOLDINGS GR WESTWOOD MANAGEMENT DAFNA CAPITAL MANAGE Multiple Portfolios MENORA MIVTACHIM HOL MILLENNIUM MANAGEMEN n/a RENAISSANCE TECHNOLO

Analyst JEREMY FEFFER BRYAN BROKMEIER ANDREW S ZAMFOTIS ERAN JACOBY STEPHEN G BROZAK

Source EXCH EXCH EXCH 13F 13F MF-AGG ULT-AGG 13F MF-AGG EXCH MF-AGG 13F 13F 13F 13F MF-AGG 13F 13F EXCH 13F

Recommendation buy buy underweight outperform hold

Amt Held 6'802'710 4'719'528 2'662'110 1'500'000 1'148'212 910'242 522'802 519'715 235'000 221'465 221'169 211'160 176'706 166'806 156'320 149'006 144'446 135'210 125'015 120'299

% Out 21.55 14.95 8.43 4.75 3.64 2.88 1.66 1.65 0.74 0.7 0.7 0.67 0.56 0.53 0.5 0.47 0.46 0.43 0.4 0.38

Weighting

Change 5 5 1 5 3

M M M N D

Latest Chg 1'500'000 1'047'301 (118'464) 169'997 176'706 166'806 71 39'662 54'999

Target Price 9'074 8'216 #N/A N/A 7'404 7'469

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 30.06.2013 30.06.2013 31.12.2012 27.09.2013 30.06.2013 30.04.2013 30.09.2013 31.12.2012 30.06.2013 30.06.2013 31.03.2013 30.06.2013 31.07.2013 30.06.2013 30.06.2013 30.09.2013 30.06.2013

Date 12 month 12 month Not Provided 12 month 12 month

Inst Type Corporation Corporation Corporation Hedge Fund Manager Investment Advisor Government Investment Advisor Investment Advisor Unclassified n/a Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Insurance Company Hedge Fund Manager n/a Hedge Fund Manager

Date 29.08.2013 14.08.2013 08.07.2013 02.04.2013 19.10.2012

01.10.2013

Menorah Mivtachim Holdings Ltd Menorah Mivtachim Holdings Limited operates multi-line insurance business through its branches in Israel.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (14.08.2013) 52-Week Low (02.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MMHD IT EQUITY YTD Change MMHD IT EQUITY YTD % CHANGE

12/2012 06/yy 4'368.00 2'576.00 5'328.00 4160 -5.06% 61.49% 88.34% 63.3 2'632.11 1'774.13 0.0 10.0 395.69 3'628.48

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 8'016.2 6'599.3 0.46x 0.69x 402.8 281.6 6.75x 11.50x Profitability

.3 M .2 M .2 M .1 M .1 M .0 M n-12

LTM-4Q 31.12.2011 4'498.4 0.77x 37.8 47.89x

31.12.2012 7'040.1 0.51x 268.6 8.14x 6.38% 4.91% 1.36% 18.24% 12.17% 0.22% 3.8% 5.10% 67.80% -

Price/ Cash Flow

06/yy 5'114.4 2.54x 0.0 0.00x 55.6 25.55x

d-12

j-13

f-13 m-13

LTM 06/yy 7'603.1 1.80x 0.0 0.00x 468.7 4.89x

a-13 m-13

j-13

a-13

s-13

1.51 22.41 61.55% 20.37% 1.511 3 3.667 28'420 33'189 34'327

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

67.8% 40.3% 0.22 -

Sales/Revenue/Turnover

450.00

9'000.0

400.00

8'000.0

350.00

7'000.0

300.00

6'000.0

250.00

5'000.0

200.00

4'000.0

150.00

3'000.0

100.00

2'000.0

50.00

1'000.0

0.00 31.12.2009

.3 M

Fiscal Year Ended 31.12.2008 1'539.1 1.46x (231.8) -

5000 4500 4000 3500 3000 2500 2000 1500 1000 500 0 o-12

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Menorah Mivtachim Holdings Ltd Holdings By:

All

Holder Name NAIDEN ESTABLISHMENT PALMAS ESTABLISHMENT KALMAN AHARON NORGES BANK DIMENSIONAL FUND ADV PSAGOT MUTUAL FUNDS ANALYST IMS INVESTME VANGUARD GROUP INC MIGDAL ASSET MANAGEM BLACKROCK ISRAEL BROKERAGE INV PRISMA MEITAV FUND MANAGERS MENORA MUTUAL FUNDS EXCELLENCE NESSUAH F PIA-LEUMI FUND MANAG TAMIR JOHN HANCOCK INVESTM GAON MUTUAL FUNDS MA COMPASS ASSET MANAGE

Firm Name EVA Dimensions DS Securities & Investments Psagot Investment House Ltd

Portfolio Name #N/A N/A #N/A N/A n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst DOUG WALTERS MEIR SLATER TERENCE KLINGMAN

Source EXCH EXCH EXCH MF-AGG ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation sell outperform buy

Amt Held 19'570'833 19'570'833 1'719'034 193'031 179'833 167'776 151'250 146'010 92'399 78'281 56'413 34'659 22'531 22'494 18'351 16'927 15'180 10'287 10'258 10'210

% Out 30.93 30.93 2.72 0.31 0.28 0.27 0.24 0.23 0.15 0.12 0.09 0.05 0.04 0.04 0.03 0.03 0.02 0.02 0.02 0.02

Weighting

Change 1 5 5

D N N

Latest Chg (13'158) (1'500) 5'702 282 22'250 13'325 4'560 12'756 2'570 3'237 -

Target Price #N/A N/A 3'700 5'200

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 31.12.2012 30.04.2013 31.05.2013 31.05.2013 30.06.2013 31.05.2013 27.09.2013 31.05.2013 31.05.2013 31.05.2013 30.09.2013 31.05.2013 31.03.2013 31.05.2013 30.06.2013 31.05.2013 31.05.2013

Date Not Provided 12 month 12 month

Inst Type Other Other n/a Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 25.09.2013 02.04.2013 16.01.2013

01.10.2013

Oil Refineries Ltd Oil Refineries Ltd produces refined crude oil products. The Company provides a variety of products used in industrial operation, transportation, private consumption, agriculture and infrastructures. Oil Refineries also provide power and heat services (electricity and steam) to industrial customers, as well as infrastructure services (storage, pumping and truck loading of fuel products).

Price/Volume

200

25.0 M 20.0 M 15.0 M

100

12/2012 06/yy 210.00 133.50 2'321'885.00 138.7 -34.52% 3.90% 5.49% 2'431.6 3'372.64 2'393.12 0.0 0.0 256.52 2'904.02

10.0 M

5.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

30.0 M

150

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.01.2013) 52-Week Low (10.09.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ORL IT EQUITY YTD Change ORL IT EQUITY YTD % CHANGE

31.12.2008 8'257.5 0.21x (98.6) (109.2) -

250

31.12.2009 31.12.2010 5'141.5 6'791.8 0.53x 0.58x 267.5 192.2 10.16x 20.62x 349.2 76.8 3.55x 23.40x Profitability

31.12.2011 9'561.6 0.37x 149.1 23.92x (76.5) -

31.12.2012 9'673.2 0.36x 71.4 48.22x (198.4) 71.36 -73.34 -0.76% -2.73% -2.91% -15.96% 2.08% 1.1% 2.0% 0.3% -2.1% 0.83 0.37 48.37% 295.89% 13.24 10.69

Price/ Cash Flow

LTM-4Q

LTM

06/yy 9'750.9 1.48x 0.3 9431.71x (229.4) 0.00x

06/yy 9'575.5 1.34x 189.8 15.99x (133.8) 0.00x

0.95 783.02 -12.77% -30.75% 0.950 3 3.000 4'605'474 5'148'748 4'145'435

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

7.87x S&P Issuer Ratings

0.51 -1.48 10.26 10.89 295.9% 74.7% 2.08 4.03 27.56 34.14 52.20 22.69

Sales/Revenue/Turnover

350.00

12'000.0

300.00

10'000.0

250.00

8'000.0

200.00

6'000.0 150.00

4'000.0 100.00

2'000.0

50.00 0.00 31.12.2009

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Oil Refineries Ltd Holdings By:

All

Holder Name ISRAEL CORP LTD ISRAEL PETROCHEMICAL ANALYST IMS INVESTME NORGES BANK YELIN LAPIDOT VANGUARD GROUP INC DIMENSIONAL FUND ADV PIA-LEUMI FUND MANAG MIGDAL ASSET MANAGEM ILANOT BATUCHA BLACKROCK PSAGOT MUTUAL FUNDS MENORA MIVTACHIM HOL MEITAV FUND MANAGERS ISRAEL BROKERAGE INV BESSEMER GROUP INCOR APEX HAREL-PIA ASSET MANA PRISMA INDEX INVESTMENT LLC

Firm Name EVA Dimensions Bank Leumi CLAL Finance Betucha Barclays Psagot Investment House Ltd Excellence Nessuah

Portfolio Name #N/A N/A #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst DOUG WALTERS ELLA FRIED YARON ZER LYDIA RAINFORTH TAL SHIRIZLY LIAT GLAZER

Source EXCH EXCH MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold market perform market perform equalweight hold market perform

Amt Held 901'591'743 746'890'508 11'143'800 8'631'311 8'260'047 7'081'783 6'836'236 4'141'356 2'672'445 2'258'184 2'241'102 1'303'392 1'021'386 737'462 636'667 628'921 592'000 580'114 514'503 413'000

% Out 37.08 30.72 0.46 0.35 0.34 0.29 0.28 0.17 0.11 0.09 0.09 0.05 0.04 0.03 0.03 0.03 0.02 0.02 0.02 0.02

Weighting

Change 3 3 3 3 3 3

M D D M M M

Latest Chg (95'000) 460'000 776'022 406'919 (296'729) (10'160) 6'488 (206'703) 170'284 63'488 3'962 188'511 (25'000) -

Target Price #N/A N/A 190 220 250 206 275

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 31.05.2013 31.12.2012 31.05.2013 30.06.2013 30.04.2013 31.05.2013 31.05.2013 31.05.2013 27.09.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 30.04.2013 31.05.2013 31.03.2013 31.05.2013 31.03.2013

Date Not Provided Not Provided Not Provided Not Provided 12 month 12 month

Inst Type Holding Company Corporation Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 06.06.2013 25.05.2013 17.03.2013 02.07.2012 29.05.2012 13.07.2011

01.10.2013

Protalix BioTherapeutics Inc Protalix BioTherapeutics Inc. is a biotechnology company that has developed plant cell culture technology and a bioreactor system.

Price/Volume 2500

1.2 M

2000

1.0 M .8 M

1500

.6 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (05.02.2013) 52-Week Low (24.09.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PLX IT EQUITY YTD Change PLX IT EQUITY YTD % CHANGE

1000

12/2012 06/yy 2'427.00 1'550.00 18'579.00 1620 -33.09% 4.52% 7.41% 93.5 1'515.31 5.43 0.0 0.0 52.04 396.92

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E EBITDA EBIT Operating Margin Pretax Margin Return on Assets Return on Common Equity Return on Capital Asset Turnover Margin Analysis Gross Margin EBITDA Margin EBIT Margin Net Income Margin Structure Current Ratio Quick Ratio Debt to Assets Tot Debt to Common Equity Accounts Receivable Turnover Inventory Turnover Price/ Cash Flow

1.20 1.00

(22.9) (22.4) -

.2 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008

.4 M

500

31.12.2009 31.12.2010 0.4 6.6 1169.85x 116.68x (30.0) (26.8) (31.4) (29.0) Profitability

LTM-4Q 31.12.2011 8.4 47.90x (32.9) (36.5) -

31.12.2012 34.9 12.58x (8.5) (11.6) -8.48 -12.17 -34.91% -33.32% -36.17% 0.15% 75.4% -218.1% -252.1% -33.3% 2.38 2.08 6.89% 6.02 1.00

06/yy 33.5 53.08x (10.4) 0.00x (14.1) 0.00x

LTM 06/yy 10.7 165.53x (23.4) 0.00x (26.5) 0.00x

FY+1

1.19 73.69 -18.63% -16.71% 1.192 5 3.400 98'561 91'117 80'290 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 26.9 46.2 7.3 9.8 (15.1) (1.5) (5.1) (2.5) S&P Issuer Ratings

-0.02 262.3% 0.15 0.66 60.66 366.61 606.89 -321.49

Sales/Revenue/Turnover

40.0 35.0 30.0

0.80 0.60

25.0 20.0 15.0

0.40 0.20

10.0 5.0 0.0

0.00

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Protalix BioTherapeutics Inc Holdings By:

All

Holder Name ALLIANZ ASSET MANAGE BIOCELL LTD FEDERATED INVESTORS ALROV BAILLIE GIFFORD AND BLACKROCK CAMBER CAPITAL MANAG PRUDENTIAL FINANCIAL ALLIANZ DRESDNER ASS FMR LLC MENORA MIVTACHIM HOL DAFNA CAPITAL MANAGE YELIN LAPIDOT ISRAEL BROKERAGE INV FIRST EAGLE INVESTME SHAALTIEL YOSEPH GREAT POINT PARTNERS MIGDAL ASSET MANAGEM ING INVESTMENT MANAG NEW JERSEY DIVISION

Firm Name Oppenheimer & Co Jefferies Wells Fargo Securities, LLC EVA Dimensions Canaccord Genuity Corp CLAL Finance Betucha WBB Securities, LLC

Portfolio Name n/a #N/A N/A #N/A N/A #N/A N/A BAILLIE GIFFORD & CO n/a CAMBER CAPITAL MANAG n/a Multiple Portfolios n/a MENORA MIVTACHIM HOL DAFNA CAPITAL MANAGE Multiple Portfolios Multiple Portfolios FIRST EAGLE INVESTME n/a GREAT POINT PARTNERS Multiple Portfolios Multiple Portfolios STATE OF NJ COMMON P

Analyst BORIS PEAKER EUN K YANG BRIAN C ABRAHAMS ANDREW S ZAMFOTIS RITU BARAL JONATHAN KREIZMAN STEPHEN G BROZAK

Source ULT-AGG EXCH EXCH EXCH 13F ULT-AGG 13F ULT-AGG MF-AGG ULT-AGG 13F 13F MF-AGG MF-AGG 13F EXCH 13F MF-AGG MF-AGG 13F

Recommendation outperform hold market perform hold hold not rated buy

Amt Held 18'552'152 14'466'319 10'665'296 4'915'383 4'780'062 2'132'030 1'500'000 1'387'710 1'335'315 1'199'085 1'091'078 868'106 568'945 505'888 500'000 463'754 399'007 254'432 245'830 240'000

% Out 19.83 15.47 11.4 5.25 5.11 2.28 1.6 1.48 1.43 1.28 1.17 0.93 0.61 0.54 0.53 0.5 0.43 0.27 0.26 0.26

Weighting

Change

5 3 3 3 3 #N/A N/A 5

M M M U M M D

Latest Chg 8'205'891 291'810 115'788 (90'799) 700'000 55'710 51'801 (32'200) 150'000 501'240 15'081 21'339 399'007 10'475 -

Target Price 2'479 1'943 #N/A N/A #N/A N/A 2'179 #N/A N/A 3'914

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 31.08.2013 30.09.2013 30.09.2013 30.09.2013 30.06.2013 30.06.2013 30.06.2013 30.08.2013 31.08.2013 30.06.2013 30.06.2013 30.06.2013 31.05.2013 31.05.2013 30.06.2013 30.09.2013 30.06.2013 31.05.2013 30.06.2013 30.06.2013

Date 12 month 12 month Not Provided Not Provided 12 month Not Provided 12 month

Inst Type Investment Advisor Corporation Investment Advisor Other Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Insurance Company Hedge Fund Manager Investment Advisor Investment Advisor Hedge Fund Manager n/a Hedge Fund Manager Investment Advisor Investment Advisor Pension Fund (ERISA)

Date 12.08.2013 09.08.2013 09.08.2013 26.07.2013 24.06.2013 31.10.2011 17.03.2011

01.10.2013

Rami Levi Chain Stores Hashikma Marketing 2006 Ltd Rami Levi Chain Stores Hashikma Marketing 2006 Ltd. operates a chain of supermarkets throughout Israel.

Price/Volume 25000

.1 M .1 M

20000

.1 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.10.2013) 52-Week Low (13.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RMLI IT EQUITY YTD Change RMLI IT EQUITY YTD % CHANGE

12/2012 06/yy 19'900.00 11'130.00 17'898.00 19650 -1.66% 76.55% 99.43% 13.5 2'648.58 18.43 0.0 0.0 174.10 2'473.10

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.1 M

10000

.1 M .0 M

5000

.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 944.9 0.14x 79.8 1.62x 49.8 4.61x

15000

31.12.2009 31.12.2010 1'348.0 1'706.5 0.57x 0.70x 108.4 128.0 7.11x 9.31x 73.5 88.2 11.74x 15.45x Profitability

LTM-4Q 31.12.2011 2'222.2 0.67x 140.7 10.51x 94.3 16.74x

31.12.2012 2'793.7 0.56x 164.1 9.47x 110.4 15.49x 164.13 141.71 5.07% 5.27% 13.77% 47.26% 3.47% 22.0% 5.4% 4.6% 4.0% 1.13 0.82 2.19% 7.30% 10.51 17.15

Price/ Cash Flow

06/yy 2'600.8 2.14x 146.1 8.75x 93.2 15.92x

LTM 06/yy 3'009.7 1.83x 162.8 13.10x 119.4 22.16x

FY+1

0.72 6.57 69.73% 58.66% 0.720 6 3.333 18'821 26'603 24'408 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 3'248.0 4'065.0 881.0 818.0 181.0 219.0 13.66x 11.29x 124.0 145.0 20.87x 17.21x S&P Issuer Ratings

85.66 58.90 -1.08 0.00 7.3% 6.8% 3.47 18.16 34.71 21.29 81.36 -17.80

Sales/Revenue/Turnover

40.00

3'000.0

35.00

2'500.0

30.00

2'000.0

25.00 20.00

1'500.0

15.00

1'000.0

10.00

500.0 5.00 0.00 31.12.2009

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Rami Levi Chain Stores Hashikma Marketing 2006 Ltd Holdings By:

All

Holder Name LEVY RAMI MSD EUROPEAN OPPORTU FMR LLC WASATCH ADVISORS INC INVESCO ASSET MANAGE ABERDEEN ASSET MGMT ABERDEEN BLACKROCK LEVY EDNA VANGUARD GROUP INC PSAGOT MUTUAL FUNDS MIGDAL ASSET MANAGEM BANK OF NEW YORK MEL ATIAS YAFIT ABUD LEV MEITAV FUND MANAGERS EXCELLENCE NESSUAH F STATE STREET CORP DIMENSIONAL FUND ADV TIMOTHY PARTNERS LTD GOLDMAN SACHS GROUP

Firm Name Bank Leumi Psagot Investment House Ltd EVA Dimensions DS Securities & Investments I.B.I.

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios n/a

Analyst GIL DATTNER ILANIT SHERF CRAIG STERLING MEIR SLATER DORIN ZELNIR

Source EXCH EXCH ULT-AGG MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG EXCH ULT-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG ULT-AGG ULT-AGG MF-AGG ULT-AGG

Recommendation underperform hold hold outperform buy

Amt Held 6'868'167 1'012'064 914'767 116'712 68'500 66'000 63'600 47'664 35'550 33'487 29'190 21'618 11'916 10'037 9'289 7'422 7'190 6'583 5'700 5'114

% Out 50.96 7.51 6.79 0.87 0.51 0.49 0.47 0.35 0.26 0.25 0.22 0.16 0.09 0.07 0.07 0.06 0.05 0.05 0.04 0.04

Weighting

Change 1 3 3 5 5

D M M N U

Latest Chg 29'670 14'950 9'600 260 4'986 367 266 (318) 3'075 (609)

Target Price 16'200 19'000 #N/A N/A 14'000 14'100

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 30.06.2013 30.11.2012 30.06.2013 31.07.2013 27.09.2013 30.09.2013 30.06.2013 31.05.2013 31.05.2013 27.09.2013 30.09.2013 31.05.2013 31.05.2013 27.09.2013 31.07.2012 31.07.2013 31.01.2013

Date 12 month 12 month Not Provided 12 month Not Provided

Inst Type n/a n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 27.08.2013 22.08.2013 06.06.2013 02.04.2013 04.02.2013

01.10.2013

Shufersal Ltd Shufersal Ltd. operates several retail grocery store chains. Brand names include Supersol, Hypercol, Gal Yarok, Mahsanei Mazon, Hyper Neto, Birchat Rachel, and Universe Club.

Price/Volume 1600

2.5 M

1400

2.0 M

1200 1000

Latest Fiscal Year: LTM as of: 52-Week High (17.09.2013) 52-Week Low (02.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SAE IT EQUITY YTD Change SAE IT EQUITY YTD % CHANGE

12/2012 06/yy 1'545.00 961.00 70'816.00 1520 -1.55% 58.17% 95.21% 212.1 3'223.29 2'721.00 0.0 2.0 700.00 5'229.29

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 11'041.0 11'130.0 0.51x 0.57x 712.0 730.0 7.94x 8.72x 323.0 334.0 12.42x 13.68x Profitability

400

.5 M

200 0 o-12

.0 M n-12

LTM-4Q 31.12.2011 11'600.0 0.44x 667.0 7.73x 276.0 10.12x

31.12.2012 11'571.0 0.37x 629.0 6.87x 200.0 10.97x 629.00 361.00 3.12% 2.12% 3.55% 19.23% 1.86% 25.1% 5.8% 3.5% 1.7% 1.16 0.79 42.95% 221.04% 10.61 13.06

Price/ Cash Flow

d-12

j-13

f-13 m-13

LTM

06/yy 11'497.0 1.72x 584.0 7.27x 210.0 9.72x

06/yy 11'759.0 1.47x 680.0 6.99x 224.0 12.54x

a-13 m-13

j-13

a-13

s-13

FY+1

0.83 71.58 72.15% 56.37% 0.834 5 3.400 116'124 138'425 178'669 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 11'858.0 11'997.5 3'178.0 2'968.0 713.0 706.0 7.33x 7.41x 212.5 194.0 15.35x 16.70x S&P Issuer Ratings

314.50 190.00 2.95 3.85 221.0% 68.8% 1.86 4.71 34.39 27.95 63.81 2.01

Sales/Revenue/Turnover

7.00

14'000.0

6.00

12'000.0

5.00

10'000.0

4.00

8'000.0

3.00

6'000.0

2.00

4'000.0

1.00

2'000.0

0.00 31.12.2009

1.0 M

600

Fiscal Year Ended 31.12.2008 10'897.0 0.39x 806.0 5.30x 283.0 9.22x

1.5 M

800

Valuation Analysis

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Shufersal Ltd Holdings By:

All

Holder Name DISCOUNT INVESTMENT ISRALUM ASSETS CLAL INSURANCE PROVI CLAL LIFE INSURANCE CAPITAL GROUP COMPAN PSAGOT MUTUAL FUNDS ABERDEEN ASSET MGMT VANGUARD GROUP INC NORGES BANK BANK OF NEW YORK MEL CLAL INSURANCE HOLDI ANALYST IMS INVESTME BLACKROCK PIA-LEUMI FUND MANAG MIGDAL ASSET MANAGEM DS MUTUAL FUNDS MANA APEX MEITAV FUND MANAGERS STATE STREET CORP GAON MUTUAL FUNDS MA

Firm Name Bank Leumi Psagot Investment House Ltd EVA Dimensions DS Securities & Investments I.B.I.

Portfolio Name #N/A N/A #N/A N/A #N/A N/A #N/A N/A n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios #N/A N/A Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst GIL DATTNER ILANIT SHERF CRAIG STERLING MEIR SLATER DORIN ZELNIR

Source EXCH EXCH EXCH EXCH ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG EXCH MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation market perform hold sell outperform buy

Amt Held 100'056'162 40'408'081 4'150'104 4'119'401 1'802'966 771'643 703'143 549'996 441'488 427'316 339'211 306'626 286'789 228'417 221'882 129'357 99'359 92'546 86'325 74'687

% Out 47.18 19.06 1.96 1.94 0.85 0.36 0.33 0.26 0.21 0.2 0.16 0.14 0.14 0.11 0.1 0.06 0.05 0.04 0.04 0.04

Weighting

Change 3 3 1 5 5

D M M N M

Latest Chg (22'589) 49'504 107'222 8'774 1'176 (10'417) 13'269 17'299 3'106 9'683

Target Price 1'590 1'490 #N/A N/A 1'200 1'500

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 30.09.2013 31.07.2013 31.05.2013 30.06.2013 30.06.2013 31.12.2012 27.09.2013 30.09.2013 31.05.2013 27.09.2013 31.05.2013 31.05.2013 30.04.2013 31.05.2013 31.05.2013 27.09.2013 31.05.2013

Date 12 month 12 month Not Provided 12 month Not Provided

Inst Type Corporation Other Unclassified Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 15.08.2013 08.08.2013 06.06.2013 02.04.2013 04.02.2013

01.10.2013

Ituran Location and Control Ltd Ituran Location and Control Ltd. sells global positioning systems for locating motor vehicles and retrieving stolen cars. The Company also develops personal advanced locators.

Price/Volume 7000

.5 M

6000

.4 M .4 M

5000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.09.2013) 52-Week Low (03.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ITRN IT EQUITY YTD Change ITRN IT EQUITY YTD % CHANGE

12/2012 06/yy 6'802.00 4'597.00 6'283.00 6535 -4.54% 42.16% 89.48% 21.0 1'370.27 0.22 0.0 4.0 29.45 359.22

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.3 M

3000

.2 M .2 M

2000

.1 M

1000

.1 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 132.6 0.81x 35.8 3.00x 14.9 10.28x

.3 M

4000

31.12.2009 31.12.2010 121.4 147.8 1.96x 2.48x 37.8 47.7 6.28x 7.67x 18.2 8.7 14.66x 42.04x Profitability

LTM-4Q 31.12.2011 160.2 1.82x 53.1 5.50x 21.3 13.54x

31.12.2012 150.3 1.70x 46.2 5.53x 24.9 11.29x 46.24 31.56 21.00% 25.05% 14.97% 25.67% 1.07% 49.3% 32.1% 23.2% 16.6% 2.06 1.34 0.15% 0.25% 5.42 6.28

Price/ Cash Flow

06/yy 153.9 6.33x 49.0 4.37x 23.5 9.71x

LTM 06/yy 159.2 6.92x 51.0 6.22x 22.4 15.51x

4.13 0.69 13.86 49.11% 35.67% 0.694 1 5.000 18'640 20'453 18'632

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

4422.92 3076.17 -0.66 0.00 0.3% 0.2% 1.07 4.64 67.38 58.10 51.84 81.17

Sales/Revenue/Turnover

12.00

180.0 160.0

10.00

140.0 120.0

8.00

100.0 6.00

80.0 60.0

4.00

40.0 2.00 0.00 31.12.2009

20.0 0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Ituran Location and Control Ltd Holdings By:

All

Holder Name MOKED ITURAN LTD BAUPOST GROUP LLC DS APEX HOLDINGS LTD VULCAN VALUE PARTNER FMR LLC DASH APEX ETF KAHANE YEHUDA PSGOT N PORTFOLIO RIVER ROAD ASSET MAN SARBIT ADVISORY SERV RENAISSANCE TECHNOLO CLARINGTON CAPITAL M APEX PROVIDENT FUNDS SCHRODER INVESTMENT PSAGOT PROVIDENT FUN ISRAEL BROKERAGE INV NORGES BANK ABERDEEN ASSET MGMT SHANI YIGAL SHERATZKY IZZY

Firm Name EVA Dimensions I.B.I.

Portfolio Name #N/A N/A #N/A N/A n/a VULCAN VALUE PARTNER n/a n/a n/a n/a RIVER ROAD ASSET MAN SARBIT ADVISORY SERV RENAISSANCE TECHNOLO Multiple Portfolios #N/A N/A SCHRODER INVESTMENT #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a

Analyst ANDREW S ZAMFOTIS ORI LICHT

Source EXCH EXCH 13G 13F ULT-AGG EXCH EXCH EXCH 13F 13F 13F MF-AGG EXCH 13F EXCH MF-AGG MF-AGG MF-AGG EXCH EXCH

Recommendation buy neutral

Amt Held 5'506'952 1'685'666 1'345'160 1'214'986 904'136 757'515 596'732 586'562 519'713 507'269 485'000 481'564 455'827 274'340 267'426 159'726 155'817 153'000 140'621 139'430

% Out 26.26 8.04 6.42 5.79 4.31 3.61 2.85 2.8 2.48 2.42 2.31 2.3 2.17 1.31 1.28 0.76 0.74 0.73 0.67 0.66

Weighting

Change 5 3

U M

Latest Chg 647'324 274'152 (33'600) (13'617) 38'945 (25'705) 2'699 (502) -

Target Price #N/A N/A 6'162

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.09.2013 Unclassified 30.09.2013 Hedge Fund Manager 20.03.2013 Holding Company 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.09.2013 n/a 30.09.2013 n/a 30.09.2013 n/a 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 31.03.2013 Investment Advisor 30.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.09.2013 Investment Advisor 31.05.2013 Investment Advisor 31.12.2012 Government 30.06.2013 Investment Advisor 30.09.2013 n/a 30.09.2013 n/a

Date Not Provided Not Provided

Date 06.08.2013 02.03.2011

01.10.2013

Allot Communications Ltd Allot Communications Ltd. designs and develops broadband service optimization solutions using advanced deep packet inspection (DPI) technology. The Company provides their customers with real-time highly granular visibility into network traffic and enables them to effectively manage and optimize their networks.

Price/Volume 12000

.8 M .7 M

10000

.6 M 8000

Latest Fiscal Year: LTM as of: 52-Week High (04.10.2012) 52-Week Low (29.04.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 06.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ALLT IT EQUITY YTD Change ALLT IT EQUITY YTD % CHANGE

12/2012 08/yy 9'996.00 3'894.00 5'254.00 4465 -55.30% 14.66% 10.49% 32.5 1'453.23 0.00 0.0 0.0 142.91 277.32

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.3 M .2 M

2000

.1 M

0 o-12

31.12.2009 31.12.2010 41.8 57.0 1.21x 3.84x (2.7) 4.9 44.37x (7.7) (5.8) Profitability

LTM-4Q 31.12.2011 77.8 4.02x 11.2 27.83x 8.8 -

31.12.2012 104.8 4.17x 11.9 36.63x (6.7) 11.93 6.86 6.55% -7.32% -8.47% -10.76% 0.46% 70.4% 2.0% -4.5% -6.4% 3.71 3.37 0.00% 0.00% 4.95 2.58

06/yy 92.7 18.59x 9.6 0.00x 11.5 0.00x

.0 M n-12

d-12

j-13

f-13 m-13

LTM 08/yy 99.5 17.17x 2.0 174.40x (18.4) 0.00x

a-13 m-13

j-13

a-13

s-13

FY+1

1.07 25.18 -53.51% -31.13% 1.073 13 4.077 15'407 51'986 42'720 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 101.6 124.0 25.8 30.2 11.7 20.9 4.1 6.4 23.70x 13.27x 12.23x 5.1 17.4 1.7 3.8 78.16x 24.11x 35.07x 28.52x S&P Issuer Ratings

-68.06 0.00 0.0% 0.0% 0.46 16.32 81.19 156.05 88.80 131.89

Sales/Revenue/Turnover

1.20

120.0

1.00

100.0

0.80

80.0

0.60

.4 M

4000

Fiscal Year Ended 31.12.2008 37.1 (8.4) (16.5) -

.5 M

6000

Valuation Analysis

60.0 40.0

0.40

20.0 0.20

0.0 0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Allot Communications Ltd Holdings By:

All

Holder Name T ROWE PRICE ASSOCIA TRUA PRICE FMR LLC ZISAPEL ZOHAR WADDELL & REED FINAN PSAGOT INVESTMENT HO ALYDAR PARTNERS LLC MIGDAL INSURANCE HOL TURNER INVESTMENT PA LUTHER KING CAPITAL PALISADE CAPITAL MAN DIKER MANAGEMENT LLC BANK OF NEW YORK MEL MIGDAL LIFE INSURANC WELLINGTON MANAGEMEN PSAGOT ETF MIGDAL PROVIDENT FUN PSGOT N PORTFOLIO JACOBY YIGAL RK CAPITAL MANAGEMEN

Firm Name Wedbush Oppenheimer & Co Northland Securities Inc RBC Capital Markets Jefferies Pacific Crest Securities Wunderlich Securities Barclays Needham & Co Maxim Group LLC CLAL Finance Betucha EVA Dimensions

Portfolio Name T ROWE PRICE ASSOCIA n/a n/a n/a n/a n/a #N/A N/A n/a #N/A N/A LUTHER KING CAPITAL PALISADE CAPITAL MAN DIKER MANAGEMENT LLC BANK OF NEW YORK MEL #N/A N/A WELLINGTON MANAGEMEN #N/A N/A #N/A N/A n/a n/a RK CAPITAL MANAGEMEN

Analyst SANJIT SINGH ITTAI KIDRON CATHARINE TREBNICK MARK SUE PETER J MISEK BRENT A BRACELIN MATTHEW S ROBISON JOSEPH WOLF ALEXANDER HENDERSON ASHOK KUMAR DOV ROZENBERG ANDREW S ZAMFOTIS

Source 13F EXCH ULT-AGG EXCH ULT-AGG 13G EXCH 13G EXCH 13F 13F 13F 13F EXCH 13F EXCH EXCH EXCH 20F 13F

Recommendation outperform outperform outperform sector perform buy sector perform buy equalweight buy buy market perform underweight

Amt Held 3'369'710 3'280'510 3'250'691 2'842'378 2'256'121 1'785'319 1'708'860 1'662'268 1'611'239 1'256'580 1'172'124 982'870 938'940 882'083 846'600 756'212 711'665 690'022 662'158 622'197

% Out 10.35 10.08 9.99 8.73 6.93 5.49 5.25 5.11 4.95 3.86 3.6 3.02 2.88 2.71 2.6 2.32 2.19 2.12 2.03 1.91

Weighting

Change 5 5 5 3 5 3 5 3 5 5 3 1

M M M D M D M M M M M M

Latest Chg 2'512'010 (165'400) 748'000 1'605'559 18'420 347'104 72'625 874'912 (4'400) 622'197

Target Price 5'962 6'516 6'432 4'624 6'034 #N/A N/A 5'679 4'614 6'386 6'031 4'612 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.06.2013 Investment Advisor 30.09.2013 n/a 30.09.2013 Investment Advisor 30.09.2013 n/a 30.06.2013 Investment Advisor 30.04.2013 Investment Advisor 30.09.2013 Hedge Fund Manager 12.04.2013 Insurance Company 30.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.09.2013 Insurance Company 30.06.2013 Investment Advisor 30.09.2013 Investment Advisor 30.09.2013 Investment Advisor 30.09.2013 n/a 10.04.2012 n/a 30.06.2013 Hedge Fund Manager

Date 12 month 12 month 12 month 12 month 12 month Not Provided 18 month Not Provided 12 month 12 month Not Provided Not Provided

Date 20.09.2013 02.09.2013 19.08.2013 13.08.2013 07.08.2013 07.08.2013 07.08.2013 07.08.2013 06.08.2013 06.08.2013 06.08.2013 08.07.2013

01.10.2013

Evogene Ltd Evogene Limited is an Ag-Biotech trait development Company. The Company develops plant traits for the agriculture and biofuel industries through the use of plant genomics. Evogene develops genetically modified agricultural crops, molecular markers to assist breeding and a protein farming platform for the pharmaceutical industry.

Price/Volume

2.0 M

12/2012 06/yy 2'796.00 1'570.00 80'806.00 2780 -1.25% 77.07% 99.57% 37.9 1'053.55 0.00 0.0 0.0 55.13 248.24

1.0 M

1000

.5 M

500 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2009 31.12.2010 10.0 12.6 6.84x 11.56x 0.9 0.1 75.09x 1771.16x (3.4) (7.0) Profitability

LTM-4Q 31.12.2011 14.9 5.73x (1.8) 0.6 213.67x

31.12.2012 17.1 7.69x (1.3) (2.5) -1.32 -3.16 -18.50% -14.34% -6.51% -8.67% 0.28% 44.0% -12.8% -23.9% -14.8% 6.03 5.97 0.00% 0.00% 6.15 -

Price/ Cash Flow

06/yy 16.4 25.19x (1.5) 0.00x (4.0) 0.00x

LTM 06/yy 17.7 30.95x (2.3) 0.00x (4.1) 0.00x

0.92 32.07 74.29% 49.54% 0.921 0 75'248 70'680 66'082

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

0.00 0.0% 0.0% 0.28 2.30 59.37 -

Sales/Revenue/Turnover

200.00

18.0

180.00

16.0

160.00

14.0

140.00

12.0

120.00

10.0

100.00

8.0

80.00

6.0

60.00

4.0

40.00

2.0

20.00 0.00 31.12.2009

1.5 M

1500

Latest Fiscal Year: LTM as of: 52-Week High (01.10.2013) 52-Week Low (03.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 22.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance EVGN IT EQUITY YTD Change EVGN IT EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.5 M

2500 2000

Valuation Analysis

31.12.2008 3.4 8.60x (3.8) (4.8) -

3000

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Evogene Ltd Holdings By:

All

Holder Name MONSANTO COMPANY MIGDAL LIFE INSURANC RECANATI LEON YEHUDA PSAGOT PROVIDENT FUN EXELLENCE ETF HAREL PROVIDENT FUND MIGDAL PROVIDENT FUN DASH APEX ETF PSAGOT ETF APEX PROVIDENT FUNDS YELIN LAPIDOT GERSTEL MARTIN S EXCELLENCE PROVIDENT HAREL ETF HAREL MUTUAL FUNDS MIGDAL INSURANCE HOL CLAL FINANCE MUTUAL MERKAZIT MUTUAL FUND ILANOT BATUCHA EXCELLENCE MUTUAL FU

Firm Name

Portfolio Name #N/A N/A #N/A N/A n/a #N/A N/A #N/A N/A #N/A N/A #N/A N/A n/a #N/A N/A #N/A N/A Multiple Portfolios n/a #N/A N/A #N/A N/A n/a #N/A N/A Multiple Portfolios #N/A N/A Multiple Portfolios #N/A N/A

Analyst

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG EXCH EXCH EXCH EXCH EXCH MF-AGG EXCH MF-AGG EXCH

Recommendation

Amt Held 3'272'727 2'038'161 1'677'719 1'611'970 1'137'824 1'072'459 1'065'921 1'054'663 917'166 843'847 698'690 698'012 533'843 437'119 421'641 195'998 185'986 137'780 124'591 124'458

% Out 8.64 5.38 4.43 4.25 3 2.83 2.81 2.78 2.42 2.23 1.84 1.84 1.41 1.15 1.11 0.52 0.49 0.36 0.33 0.33

Weighting

Change

Latest Chg 31'581 446 14'000 -

Target Price

#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 31.05.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 31.05.2013 30.09.2013 31.03.2013 30.09.2013

Date

Inst Type Corporation Insurance Company n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor n/a Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date

01.10.2013

Reit 1 Ltd Reit 1 Ltd., is a property investment fund, part of the Excellence Nessuah Group. The company invests in a diversified portfolio of real estate.

Price/Volume 900

4.0 M

800

3.5 M

700

3.0 M

600

2.5 M

500

Latest Fiscal Year: LTM as of: 52-Week High (18.08.2013) 52-Week Low (09.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance RIT1 IT EQUITY YTD Change RIT1 IT EQUITY YTD % CHANGE

12/2012 06/yy 838.80 668.00 397'349.00 819 -2.40% 22.60% 84.54% 126.0 1'031.77 1'237.46 0.0 0.0 6.11 2'260.93

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.5 M

300 200

1.0 M

100

.5 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 64.8 10.87x 50.5 13.94x (26.8) -

2.0 M

400

Valuation Analysis

31.12.2009 31.12.2010 77.4 104.5 13.19x 13.75x 62.6 87.5 16.30x 16.42x 30.9 69.1 12.20x 9.18x Profitability

LTM-4Q 31.12.2011 129.5 12.45x 108.0 14.92x 101.4 5.70x

31.12.2012 152.5 12.79x 128.2 15.21x 92.4 7.44x 128.19 128.19 55.60% 4.62% 10.78% 4.83% 0.08% 84.0% 60.6% 54.44% 139.33% -

Price/ Cash Flow

06/yy 144.2 45.25x 121.0 14.39x 110.4 5.82x

LTM 06/yy 165.3 48.01x 138.8 16.08x 101.1 8.29x

5.86 0.51 118.84 30.80% 21.89% 0.513 3 3.000 208'602 145'746 136'771

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

2.95 -3.51 8.86 8.89 139.3% 58.2% 0.08 -

Sales/Revenue/Turnover

12.00

180.0 160.0

10.00

140.0 120.0

8.00

100.0 6.00

80.0 60.0

4.00

40.0 2.00 0.00 31.12.2009

20.0 0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Reit 1 Ltd Holdings By:

All

Holder Name APEX PROVIDENT FUNDS MENORA PROVIDENT FUN AURIGO INVESTMENTS ALTSHULER SHAHAM PRO PSAGOT PROVIDENT FUN DASH APEX ETF EXELLENCE ETF PSAGOT ETF PHOENIX LIFE INSURAN MENORA LIFE INSURANC ALTSHULER SHAHAM MUT EXCELLENCE PROVIDENT PSAGOT MUTUAL FUNDS MENORA MIVTACHIM HOL PHOENIX PROVIDENT FU MIGDAL ASSET MANAGEM DIAM RAMCO INVESTMENT MAN ROTHSCHILD APEX SI

Firm Name EVA Dimensions CLAL Finance Betucha I.B.I.

Portfolio Name #N/A N/A #N/A N/A n/a #N/A N/A #N/A N/A n/a #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios #N/A N/A

Analyst DOUG WALTERS BRURIT FEIN SHAY LIPMAN

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG ULT-AGG MF-AGG MF-AGG EXCH

Recommendation underweight market perform buy

Amt Held 9'535'506 8'146'923 6'889'863 6'631'589 6'371'624 3'791'044 3'564'301 3'145'024 2'447'365 2'155'453 1'568'302 1'454'067 1'374'906 904'641 836'541 357'323 333'595 296'770 291'800 201'443

% Out 7.57 6.47 5.47 5.26 5.06 3.01 2.83 2.5 1.94 1.71 1.24 1.15 1.09 0.72 0.66 0.28 0.26 0.24 0.23 0.16

Weighting

Change 1 3 5

N M U

Latest Chg 19'419 14'800 -

Target Price #N/A N/A 780 830

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 31.05.2013 13.11.2012 31.05.2013 31.05.2013 30.09.2013

Date Not Provided Not Provided Not Provided

Inst Type Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Insurance Company Insurance Company Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Unclassified Investment Advisor Investment Advisor Other

Date 04.07.2013 13.03.2013 04.02.2013

01.10.2013

Electra Ltd/Israel Electra (Israel) develops, manufactures, installs and services central air conditioning systems, elevators and conveyor systems, and performs electrical, plumbing and sanitation works and electro-mechanical turnkey projects. The Company also represents foreign manufacturers in distributing imported electro-mechanical components.

Price/Volume 60000

40000 30000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (10.09.2013) 52-Week Low (02.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ELTR IT EQUITY YTD Change ELTR IT EQUITY YTD % CHANGE

12/2012 06/yy 49'140.00 29'570.00 252.00 46430 -5.37% 57.02% 89.63% 3.5 1'647.83 1'043.77 0.0 20.0 406.68 2'404.64

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

20000 10000 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.12.2008 3'182.8 2.72x 676.1 12.80x 136.6 8.58x

.2 M .2 M .2 M .1 M .1 M .1 M .1 M .1 M .0 M .0 M .0 M

50000

31.12.2009 31.12.2010 2'526.8 2'834.1 0.70x 0.72x 177.0 177.4 10.01x 11.51x 100.4 148.8 12.58x 11.32x Profitability

LTM-4Q 31.12.2011 2'847.6 0.60x 170.1 10.12x 127.8 8.31x

31.12.2012 3'203.7 0.61x 200.9 9.66x 104.8 12.25x 200.87 169.14 5.28% 4.59% 3.18% 12.99% 1.11% 10.7% 6.1% 5.0% 3.3% 1.25 0.72 32.09% 127.84% 6.67 9.76

Price/ Cash Flow

06/yy 2'797.7 2.57x 156.8 11.51x 110.4 9.54x

LTM 06/yy 3'472.3 2.33x 213.4 10.30x 99.5 14.88x

0.88 1.64 62.55% 32.89% 0.884 2 4.000 1'787 5'751 3'833

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

2.81 2.24 3.44 5.23 127.8% 55.5% 1.11 25.98 54.72 37.38 72.02 26.50

Sales/Revenue/Turnover

50.00

3'500.0

45.00

3'000.0

40.00 35.00

2'500.0

30.00

2'000.0

25.00

1'500.0

20.00

1'000.0

15.00 10.00

500.0

5.00 0.00 31.12.2009

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Electra Ltd/Israel Holdings By:

All

Holder Name ELCO HOLDINGS LTD MIGDAL LIFE INSURANC MIGDAL PROVIDENT FUN CLAL INSURANCE PROVI CLAL LIFE INSURANCE PSAGOT MUTUAL FUNDS CLAL INSURANCE ENTER ANALYST IMS INVESTME VANGUARD GROUP INC DEUTSCHER ITAMAR ILANOT BATUCHA MERKAZIT MUTUAL FUND NORGES BANK MEITAV FUND MANAGERS BLACKROCK CLAL FINANCE MUTUAL MIGDAL INSURANCE HOL MIGDAL ASSET MANAGEM APEX DIMENSIONAL FUND ADV

Firm Name EVA Dimensions Psagot Investment House Ltd I.B.I.

Portfolio Name #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A Multiple Portfolios #N/A N/A Multiple Portfolios n/a n/a Multiple Portfolios #N/A N/A Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios #N/A N/A Multiple Portfolios Multiple Portfolios n/a

Analyst TIMOTHY STANISH NOAM PINCU SHAY LIPMAN

Source EXCH EXCH EXCH EXCH EXCH MF-AGG EXCH MF-AGG ULT-AGG EXCH MF-AGG EXCH MF-AGG MF-AGG ULT-AGG MF-AGG EXCH MF-AGG MF-AGG ULT-AGG

Recommendation hold buy buy

Amt Held 1'903'428 191'330 121'009 120'807 99'897 41'081 24'751 10'660 9'702 8'488 8'275 8'203 7'762 6'916 6'525 6'222 6'119 4'800 4'336 2'730

% Out 53.63 5.39 3.41 3.4 2.81 1.16 0.7 0.3 0.27 0.24 0.23 0.23 0.22 0.19 0.18 0.18 0.17 0.14 0.12 0.08

Weighting

Change 3 5 5

D M M

Latest Chg (1'570) (600) 587 (188) (91) 28 319 343 2'509 -

Target Price #N/A N/A 40'300 46'561

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 31.05.2013 30.09.2013 31.05.2013 30.06.2013 30.09.2013 31.05.2013 30.09.2013 31.12.2012 31.05.2013 27.09.2013 31.05.2013 30.09.2013 31.05.2013 31.05.2013 30.04.2013

Date Not Provided 12 month Not Provided

Inst Type Holding Company Insurance Company Investment Advisor Unclassified Insurance Company Investment Advisor Insurance Company Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor

Date 10.09.2013 25.11.2012 27.01.2011

01.10.2013

Airport City Ltd Airport City Ltd. plans, constructs, and manages real estate in and around Ben-Gurion Airport.

Price/Volume 3500

.5 M

3000

.4 M .4 M

2500

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.10.2013) 52-Week Low (13.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ARPT IT EQUITY YTD Change ARPT IT EQUITY YTD % CHANGE

12/2012 06/yy 2'909.00 1'610.00 35'700.00 2895 -0.07% 79.81% 98.53% 73.2 2'118.92 4'664.62 0.0 1'312.8 872.35 7'092.59

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.3 M

1500

.2 M

31.12.2009 31.12.2010 557.9 735.2 10.63x 8.46x 418.9 527.1 14.16x 11.80x 264.5 293.2 4.68x 4.26x Profitability

.1 M

500

.1 M

0 o-12

.0 M n-12

LTM-4Q 31.12.2011 841.7 7.27x 612.7 9.98x 300.7 3.93x

31.12.2012 711.8 9.00x 552.7 11.59x 316.1 4.11x 552.67 551.47 77.48% 84.56% 3.62% 17.52% 0.08% 82.6% 79.0% 78.9% 44.4% 0.62 0.51 48.45% 236.08% 8.28 -

Price/ Cash Flow

06/yy 839.8 29.05x 610.9 9.95x 237.8 5.79x

d-12

j-13

f-13 m-13

LTM 06/yy 727.4 35.32x 574.7 11.54x 333.6 4.97x

a-13 m-13

j-13

a-13

s-13

0.83 29.99 63.65% 63.28% 0.834 1 5.000 45'102 89'907 73'566

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

2.53 2.52 6.38 7.63 236.1% 58.7% 0.08 167.36 44.07 -

Sales/Revenue/Turnover

5.00

900.0

4.50

800.0

4.00

700.0

3.50

600.0

3.00

500.0

2.50

400.0

2.00

300.0

1.50

200.0

1.00

100.0

0.50 0.00 31.12.2009

.2 M

1000

Fiscal Year Ended 31.12.2008 484.9 8.93x 339.2 12.77x (29.6) -

.3 M

2000

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Airport City Ltd Holdings By:

All

Holder Name YUAL HAREL PROVIDENT FUND PSAGOT PROVIDENT FUN PSAGOT ETF PSAGOT MUTUAL FUNDS HAREL ETF HAREL-PIA ASSET MANA PIA-LEUMI FUND MANAG HAREL INVESTMENT HOU ANALYST IMS INVESTME BLACKROCK RAMCO INVESTMENT MAN MIGDAL ASSET MANAGEM MEITAV FUND MANAGERS HAREL LIFE INSURANCE MENORA MIVTACHIM HOL VANGUARD GROUP INC ROTHSCHILD EXCELLENCE NESSUAH F ISRAEL BROKERAGE INV

Firm Name EVA Dimensions

Portfolio Name #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A Multiple Portfolios #N/A N/A Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios #N/A N/A Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst DOUG WALTERS

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG EXCH MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy

Amt Held 43'200'000 4'247'701 3'661'358 838'137 624'465 427'387 242'921 221'030 205'013 166'001 165'787 140'439 112'871 88'811 81'417 63'851 60'446 30'951 20'770 20'744

% Out 59.02 5.8 5 1.15 0.85 0.58 0.33 0.3 0.28 0.23 0.23 0.19 0.15 0.12 0.11 0.09 0.08 0.04 0.03 0.03

Weighting

Change 5

Latest Chg (19'107) 4'000 758 19'869 5'441 (13) (154'562) (1'500) 9'294 4'298

Target Price #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 31.05.2013 30.09.2013 31.05.2013 27.09.2013 31.05.2013 31.05.2013 31.05.2013 30.09.2013 31.05.2013 30.06.2013 31.05.2013 31.05.2013 31.05.2013

Date Not Provided

Inst Type Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 30.09.2013

01.10.2013

Melisron Ltd Melisron Ltd. owns and operates a shopping center in Kiriat Bialik, and also is engaged in development of residential and commercial real estate.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.08.2013) 52-Week Low (21.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MLSR IT EQUITY YTD Change MLSR IT EQUITY YTD % CHANGE

12/2012 06/yy 9'729.00 6'240.00 6'983.00 9407 -3.57% 50.75% 88.94% 40.2 3'778.41 10'111.54 0.0 291.4 174.26 13'368.57

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 382.2 462.2 10.90x 10.12x 271.1 323.8 15.37x 14.45x 374.1 130.8 5.21x 17.28x Profitability

LTM-4Q 31.12.2011 1'064.9 12.18x 705.8 18.38x 24.8 69.31x

31.12.2012 1'351.4 9.57x 885.1 14.61x 377.9 7.00x 885.12 885.12 29.75% 43.69% 3.46% 17.86% 4.52% 0.09% 29.0% 28.0% 67.11% 366.02% -

Price/ Cash Flow

06/yy 1'323.1 38.67x 870.3 14.52x 130.4 18.36x

.2 M .2 M .1 M .1 M .0 M n-12

d-12

j-13

f-13 m-13

LTM 06/yy 1'329.9 39.23x 386.2 32.72x 517.3 5.89x

a-13 m-13

j-13

a-13

s-13

3.84 0.92 11.55 51.39% 44.54% 0.924 4 4.000 33'185 24'623 21'987

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

1.83 1.27 23.99 24.41 366.0% 76.8% 0.09 -

Sales/Revenue/Turnover

10.00

1'600.0

9.00

1'400.0

8.00

1'200.0

7.00

1'000.0

6.00 5.00

800.0

4.00

600.0

3.00

400.0

2.00

200.0

1.00 0.00 31.12.2009

.3 M

Fiscal Year Ended 31.12.2008 283.1 7.02x 197.7 10.06x 142.4 8.51x

10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 0 o-12

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Melisron Ltd Holdings By:

All

Holder Name OFER ASSETS MIGDAL LIFE INSURANC LEVY AVI MIGDAL PROVIDENT FUN YELIN LAPIDOT MIGDAL INSURANCE HOL VANGUARD GROUP INC ANALYST IMS INVESTME BLACKROCK OFER LIORA MEITAV FUND MANAGERS MIGDAL ASSET MANAGEM MERKAZIT MUTUAL FUND PSAGOT MUTUAL FUNDS ALTSHULER SHAHAM MUT RAMCO INVESTMENT MAN DIMENSIONAL FUND ADV TIMOTHY PARTNERS LTD GAON MUTUAL FUNDS MA ILANOT BATUCHA

Firm Name Psagot Investment House Ltd EVA Dimensions CLAL Finance Betucha I.B.I.

Portfolio Name #N/A N/A #N/A N/A n/a #N/A N/A Multiple Portfolios #N/A N/A n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst NOAM PINCU DOUG WALTERS BRURIT FEIN SHAY LIPMAN

Source EXCH EXCH EXCH EXCH MF-AGG EXCH ULT-AGG MF-AGG ULT-AGG EXCH MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold buy market perform buy

Amt Held 26'931'281 2'416'838 1'637'363 1'494'773 178'482 91'468 90'078 88'112 66'707 47'380 41'388 37'385 36'803 32'626 28'666 20'920 11'898 11'366 10'817 7'001

% Out 67.05 6.02 4.08 3.72 0.44 0.23 0.22 0.22 0.17 0.12 0.1 0.09 0.09 0.08 0.07 0.05 0.03 0.03 0.03 0.02

Weighting

Change 3 5 3 5

M M M M

Latest Chg 9'832 18'760 314 2'229 514 (4'157) 2'412 -

Target Price 9'300 #N/A N/A 7'900 9'200

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 30.09.2013 31.05.2013 30.09.2013 30.06.2013 31.05.2013 27.09.2013 30.09.2013 31.05.2013 31.05.2013 30.09.2013 31.05.2013 31.05.2013 31.05.2013 30.04.2013 31.07.2013 31.05.2013 31.03.2013

Date 12 month Not Provided Not Provided Not Provided

Inst Type Other Insurance Company n/a Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 30.07.2013 10.06.2013 27.03.2013 04.02.2013

01.10.2013

Nova Measuring Instruments Ltd Nova Measuring Instruments Ltd. develops, produces, and markets monitoring and measurement systems for the semiconductor manufacturing industry. The Company provides integrated monitoring and process control systems for other integrated circuit manufacturing processes.

Price/Volume 4000

.6 M

3500

.5 M

3000 .4 M

2500 2000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (17.06.2013) 52-Week Low (31.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NVMI IT EQUITY YTD Change NVMI IT EQUITY YTD % CHANGE

12/2012 06/yy 3'699.00 2'604.00 2'431.00 3136 -15.11% 20.43% 50.14% 27.0 847.38 0.00 0.0 0.0 91.00 143.14

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.1 M

500 0 o-12

31.12.2009 31.12.2010 39.3 86.6 2.81x 1.73x 4.2 23.8 26.48x 6.29x 2.6 22.2 Profitability

.0 M n-12

LTM-4Q 31.12.2011 102.8 1.07x 27.9 3.95x 28.1 -

31.12.2012 96.2 1.27x 15.3 7.97x 11.8 15.29 10.58 11.01% 12.43% 8.93% 11.02% 0.73% 53.2% 14.2% 8.7% 12.3% 5.43 4.51 0.00% 0.00% 6.25 -

06/yy 94.7 3.40x 14.1 0.00x 17.4 0.00x

d-12

j-13

f-13 m-13

LTM 06/yy 102.1 5.20x 14.5 10.16x 10.6 0.00x

a-13 m-13

j-13

a-13

s-13

FY+1

1.15 23.85 2.82% 5.06% 1.147 3 5.000 18'709 20'623 22'955 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 108.0 125.0 25.7 26.6 12.7 19.7 2.4 2.9 19.33x 12.61x 17.10x 13.90x S&P Issuer Ratings

-6.70 0.00 0.0% 0.0% 0.73 13.12 58.54 104.33

Sales/Revenue/Turnover

1.20

120.0

1.00

100.0

0.80

80.0

0.60

.2 M

1000

Fiscal Year Ended 31.12.2008 39.0 (3.0) (5.4) -

.3 M

1500

60.0 40.0

0.40

20.0 0.20

0.0 0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Nova Measuring Instruments Ltd Holdings By:

All

Holder Name CLAL INSURANCE PROVI DELEK GROUP LTD PHOENIX INVICTA CAPITAL MANA RENAISSANCE TECHNOLO FEDERATED INVESTORS WELLINGTON MANAGEMEN RIMA SENVEST MGMT LL KENNEDY CAPITAL MANA WALL STREET ASSOCIAT CENTRAL SQUARE MANAG NEEDHAM INVESTMENT M PRUDENTIAL FINANCIAL T ROWE PRICE ASSOCIA RK CAPITAL MANAGEMEN YELIN LAPIDOT ACADIAN ASSET MANAGE NORGES BANK PRUDENTIAL OF AMERIC SATUIT CAPITAL MANAG

Firm Name Stifel Needham & Co EVA Dimensions

Portfolio Name #N/A N/A n/a #N/A N/A #N/A N/A RENAISSANCE TECHNOLO FEDERATED INVESTORS WELLINGTON MANAGEMEN RIMA SENVEST MANAGEM KENNEDY CAPITAL MANA WALL STREET ASSOCIAT CENTRAL SQUARE MANAG NEEDHAM INVESTMENT M n/a T ROWE PRICE ASSOCIA RK CAPITAL MANAGEMEN Multiple Portfolios ACADIAN ASSET MANAGE Multiple Portfolios n/a Multiple Portfolios

Analyst PATRICK J HO EDWIN MOK ANDREW S ZAMFOTIS

Source EXCH 20F EXCH EXCH 13F 13F 13F 13F 13F 13F 13F 13F ULT-AGG 13F 13F MF-AGG 13F MF-AGG ULT-AGG MF-AGG

Recommendation buy buy buy

Amt Held 1'917'148 1'815'752 1'815'752 1'342'100 1'227'600 1'216'439 945'930 846'728 734'781 727'768 708'975 626'250 477'856 474'800 385'105 365'630 346'793 275'139 241'627 216'000

% Out 7.09 6.72 6.72 4.97 4.54 4.5 3.5 3.13 2.72 2.69 2.62 2.32 1.77 1.76 1.43 1.35 1.28 1.02 0.89 0.8

Weighting

Change 5 5 5

M M M

Latest Chg (1'157'209) 68'700 (262'461) (41'700) 5'857 84'405 33'760 281'189 (85'700) (137'355) 84'700 124'207 9'411 (26'983) 241'627 -

Target Price 3'908 3'886 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 15.02.2013 30.09.2013 30.09.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.08.2013 30.06.2013 30.06.2013 31.05.2013 30.06.2013 31.12.2012 30.06.2013 31.07.2013

Date 12 month 12 month Not Provided

Inst Type Unclassified Holding Company Other Hedge Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager Hedge Fund Manager Hedge Fund Manager Investment Advisor Investment Advisor Hedge Fund Manager Investment Advisor Investment Advisor Government Insurance Company Investment Advisor

Date 25.09.2013 23.09.2013 26.07.2013

01.10.2013

Babylon Ltd Babylon Ltd. develops and markets translation and dictionary computer software.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.10.2012) 52-Week Low (28.03.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BBYL IT EQUITY YTD Change BBYL IT EQUITY YTD % CHANGE

12/2012 06/yy 3'527.00 1'821.00 137'956.00 2930 -16.39% 60.90% 65.30% 49.6 1'452.61 0.00 0.0 0.0 90.31 1'282.49

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.5 M

3000

3.0 M

2500

2.5 M

2000

2.0 M

1500

1.5 M

1000

1.0 M

500

.5 M

0 o-12

31.12.2009 31.12.2010 88.6 118.4 2.05x 1.51x 18.0 25.4 10.11x 7.06x 19.6 17.8 12.00x 11.76x Profitability

LTM-4Q 31.12.2011 223.3 1.75x 39.6 9.89x 28.4 14.62x

31.12.2012 685.0 1.32x 126.0 7.19x 103.1 9.62x 126.02 122.82 17.93% 17.84% 69.24% 133.48% 3.56% 98.5% 23.9% 23.4% 15.1% 2.14 1.97 0.00% 0.00% 9.72 -

Price/ Cash Flow

06/yy 412.0 7.16x 76.8 20.23x 59.2 27.02x

d-12

j-13

f-13 m-13

LTM 06/yy 753.4 5.37x 179.9 5.01x 146.4 6.98x

a-13 m-13

j-13

a-13

s-13

0.90 29.33 -4.86% 47.96% 0.900 1 5.000 308'683 509'629 406'935

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

-0.95 0.00 0.0% 0.0% 3.56 253.04 37.55 -

Sales/Revenue/Turnover

45.00

800.0

40.00

700.0

35.00

600.0

30.00

500.0

25.00

400.0

20.00

300.0

15.00

200.0

10.00

100.0

5.00 0.00 31.12.2009

.0 M n-12

Fiscal Year Ended 31.12.2008 67.4 1.85x 15.9 7.81x 11.7 13.96x

3500

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Babylon Ltd Holdings By:

All

Holder Name REED ELSEVIER VENTUR LANIR NOAM LIVERMORE HAREL PROVIDENT FUND HAREL-PIA ASSET MANA CLAL FINANCE MUTUAL ILANOT BATUCHA HAREL ETF SHEMESH NADAV TSFONI SHANIT PEER MEITAV FUND MANAGERS VANGUARD GROUP INC MIGDAL ASSET MANAGEM ALTSHULER SHAHAM MUT HAREL INVESTMENT HOU PSAGOT MUTUAL FUNDS BLACKROCK MENORA MIVTACHIM HOL BANK OF NEW YORK MEL YASHIR

Firm Name EVA Dimensions

Portfolio Name #N/A N/A n/a #N/A N/A #N/A N/A #N/A N/A Multiple Portfolios Multiple Portfolios #N/A N/A n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios #N/A N/A Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst ANDREW S ZAMFOTIS

Source EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG EXCH Co File Co File MF-AGG ULT-AGG MF-AGG MF-AGG EXCH MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation overweight

Amt Held 8'539'790 7'302'564 3'915'586 1'201'962 1'192'108 588'502 458'605 374'825 219'800 200'000 177'072 173'682 140'113 136'882 130'451 113'271 89'561 65'565 53'999 47'968

% Out 17.23 14.73 7.9 2.42 2.4 1.19 0.93 0.76 0.44 0.4 0.36 0.35 0.28 0.28 0.26 0.23 0.18 0.13 0.11 0.1

Weighting

Change 5

Latest Chg (12'517) (1'118) 19'478 23'335 15'046 (8'625) 304 6'273 5'324

Target Price #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 31.05.2013 31.05.2013 30.09.2013 05.11.2012 05.11.2012 31.05.2013 30.06.2013 31.05.2013 31.05.2013 30.09.2013 31.05.2013 27.09.2013 31.05.2013 27.09.2013 31.05.2013

Date Not Provided

Inst Type Other n/a Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor

Date 22.02.2013

01.10.2013

Norstar Holdings Inc Norstar Holdings, Inc. is a multinational real estate investment holding company. The Company through its subsidiary acquires, develops, and manages income producing properties around the world, focuses mainly on supermarket-anchored shopping centers and is active in the senior housing and the medical office building sectors in North America.

Price/Volume 12000

8000 6000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (03.06.2013) 52-Week Low (10.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NSTR IT EQUITY YTD Change NSTR IT EQUITY YTD % CHANGE

12/2012 06/yy 10'900.00 7'871.00 3'159.00 10000 -8.35% 27.05% 75.24% 23.9 2'391.72 44'045.00 0.0 18'242.0 1'712.00 61'701.72

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4000 2000 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.12.2008 4'169.0 9.99x 1'853.0 22.47x (1'120.0) -

.1 M .1 M .1 M .1 M .1 M .1 M .0 M .0 M .0 M .0 M .0 M

10000

31.12.2009 31.12.2010 4'680.0 5'287.0 9.98x 9.09x 2'168.0 2'450.0 21.55x 19.61x 523.0 529.0 2.84x 3.52x Profitability

LTM-4Q 31.12.2011 5'719.0 10.03x 2'495.0 22.99x 157.0 9.49x

31.12.2012 6'998.0 8.96x 2'979.0 21.06x 438.0 4.82x 2'979.00 2'974.00 11.02% 44.47% 0.71% 18.88% 3.55% 0.10% 43.3% 6.3% 61.58% 1638.58% -

Price/ Cash Flow

06/yy 6'011.0 38.37x 2'529.0 23.88x 340.0 4.63x

LTM 06/yy 6'949.0 35.91x 3'006.0 20.48x 492.0 4.59x

1.01 8.02 25.16% 12.20% 1.006 1 1.000 11'193 13'331 9'063

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

1.35 -1.25 13.50 13.94 1638.6% 67.8% 0.10 -

Sales/Revenue/Turnover

3.00

8'000.0 7'000.0

2.50

6'000.0 2.00

5'000.0 4'000.0

1.50

3'000.0

1.00

2'000.0 0.50 0.00 31.12.2009

1'000.0 0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Norstar Holdings Inc Holdings By:

All

Holder Name KATZMAN CHAIM FIRST US SEGAL DORI JOSEPH OTTOSSON ERIKA NORSTAR HOLDINGS INC GAZIT UNDERWRITERS VANGUARD GROUP INC ANALYST IMS INVESTME MIGDAL ASSET MANAGEM BLACKROCK ALTSHULER SHAHAM MUT MEITAV FUND MANAGERS PSAGOT MUTUAL FUNDS GAON MUTUAL FUNDS MA ISRAEL BROKERAGE INV PIA-LEUMI FUND MANAG CABIN ASSET MANAGEME MERCANTILE MUTUAL FU PRISMA ALASKA PERMANENT FUN

Firm Name EVA Dimensions

Portfolio Name n/a #N/A N/A n/a n/a #N/A N/A #N/A N/A n/a Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst DOUG WALTERS

Source EXCH EXCH EXCH EXCH EXCH EXCH ULT-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation sell

Amt Held 6'995'446 4'617'501 2'301'502 1'521'931 250'900 210'000 69'480 58'865 45'931 42'502 37'303 20'066 7'628 5'942 4'532 2'733 2'427 1'500 879 829

% Out 29.25 19.31 9.62 6.36 1.05 0.88 0.29 0.25 0.19 0.18 0.16 0.08 0.03 0.02 0.02 0.01 0.01 0.01 0 0

Weighting

Change 1

Latest Chg 9'732 1'897 186 (3) (2'991) 898 1'223 1'096 (129) 829

Target Price #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.06.2013 31.05.2013 31.05.2013 27.09.2013 31.05.2013 31.05.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.05.2013 31.05.2013 31.03.2013 30.06.2013

Date Not Provided

Inst Type n/a Other n/a n/a Holding Company Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government

Date 06.06.2013

01.10.2013

Formula Systems 1985 Ltd Formula Systems (1985) Ltd., together with its subsidiaries and affiliates, provides software consulting services and computer-based business solutions. The Company markets its services to the telecommunications, banking, insurance, public utilities, airport, travel industry, and retail sectors.

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.09.2013) 52-Week Low (14.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FORT IT EQUITY YTD Change FORT IT EQUITY YTD % CHANGE

Price/Volume

12/2012 06/yy 9'190.00 5'752.00 2'904.00 8978 -2.30% 56.08% 91.83% 14.7 1'321.45 105.73 0.0 223.4 126.10 573.34

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20 1.00

.1 M .1 M .1 M .1 M .0 M .0 M .0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 590.8 0.20x 46.5 2.53x 11.9 7.02x

10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 0 o-12

31.12.2009 31.12.2010 469.4 549.7 0.39x 0.55x 50.0 62.7 3.66x 4.80x 19.1 18.4 10.03x 13.66x Profitability

LTM-4Q 31.12.2011 640.6 0.53x 63.6 5.30x 43.0 4.78x

31.12.2012 744.7 0.56x 82.5 5.02x 24.0 8.77x 82.47 56.82 7.63% 7.26% 2.47% 8.88% 0.89% 24.2% 7.5% 3.2% 1.65 1.47 12.00% 43.14% 4.11 -

06/yy 683.3 2.09x 0.0 0.00x 45.6 4.64x

LTM 06/yy 770.2 2.33x 0.0 0.00x 21.3 14.25x

0.80 6.57 45.88% 57.63% 0.803 1 5.000 8'991 8'214 10'294

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

10.35 9.72 43.1% 18.4% 0.89 35.72 88.86 61.29

Sales/Revenue/Turnover

800.0 700.0 600.0

0.80 0.60

500.0 400.0 300.0

0.40 0.20

200.0 100.0 0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Formula Systems 1985 Ltd Holdings By:

All

Holder Name ASSECO POLAND SA IDB DEVELOPMENT CORP CLAL INSURANCE PROVI MENORA PROVIDENT FUN HAREL PROVIDENT FUND DS APEX HOLDINGS LTD YELIN LAPIDOT BERNSTEIN GUY DIMENSIONAL FUND ADV ALTSHULER SHAHAM MUT ANALYST IMS INVESTME MEITAV FUND MANAGERS HAREL INVESTMENT HOU CLAL FINANCE MUTUAL MIGDAL ASSET MANAGEM MENORA MIVTACHIM HOL PRISMA EXCELLENCE NESSUAH F AXA ROSENBERG INTL MERCANTILE MUTUAL FU

Firm Name EVA Dimensions

Portfolio Name #N/A N/A n/a #N/A N/A #N/A N/A #N/A N/A n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios #N/A N/A Multiple Portfolios Multiple Portfolios #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst ANDREW S ZAMFOTIS

Source EXCH 13G EXCH EXCH EXCH 13G MF-AGG 20F ULT-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation overweight

Amt Held 6'823'602 1'123'726 1'089'817 720'352 710'639 653'579 223'637 206'040 135'786 70'170 68'500 64'767 49'185 42'017 26'131 26'118 20'101 13'956 8'000 5'400

% Out 46.36 7.63 7.4 4.89 4.83 4.44 1.52 1.4 0.92 0.48 0.47 0.44 0.33 0.29 0.18 0.18 0.14 0.09 0.05 0.04

Weighting

Change 5

Latest Chg 93'704 (131'931) 3'205 (189'960) (2'025) (6'952) 4'592 2'041 1'800 34 8'000 -

Target Price #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 31.12.2011 30.09.2013 30.09.2013 30.09.2013 01.05.2013 31.05.2013 01.05.2012 30.04.2013 31.05.2013 31.05.2013 31.05.2013 30.09.2013 31.05.2013 31.05.2013 30.09.2013 31.05.2013 31.05.2013 31.12.2012 31.05.2013

Date Not Provided

Inst Type Corporation Holding Company Unclassified Investment Advisor Investment Advisor Holding Company Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 22.03.2013

01.10.2013

Naphtha Israel Petroleum Corp Ltd Naphtha Israel Petroleum Corporation Ltd. has been producing and marketing gas and exploring for gas and oil in Israel and abroad since inception in 1956. The Company has control in a construction and development company Drucker.

Price/Volume 2500

.5 M .5 M .4 M .4 M .3 M .3 M .2 M .2 M .1 M .1 M .0 M

2000 1500

Valuation Analysis

1000

Latest Fiscal Year: LTM as of: 52-Week High (29.09.2013) 52-Week Low (02.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance NFTA IT EQUITY YTD Change NFTA IT EQUITY YTD % CHANGE

12/2012 06/yy 2'304.00 1'385.00 23'555.00 2273 -1.48% 64.12% 96.95% 97.3 2'211.89 2'617.33 0.0 1'332.1 363.58 7'279.02

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.12.2008 196.2 3.61x (123.9) (87.0) -

500

31.12.2009 31.12.2010 160.9 190.2 8.78x 14.81x 61.0 65.2 23.18x 43.18x 58.0 15.5 14.97x 71.42x Profitability

LTM-4Q 31.12.2011 196.4 15.47x 64.4 47.16x 47.7 18.38x

31.12.2012 222.6 23.18x 52.2 98.88x 2.6 564.13x 52.20 8.80 3.95% -26.13% 0.16% 1.19% 0.09% 45.8% 59.1% 44.5% 1.2% 0.61 0.56 48.48% 407.64% 4.00 -

Price/ Cash Flow

06/yy 202.8 64.60x 51.6 76.30x 47.9 21.34x

LTM 06/yy 495.4 45.07x 292.8 23.28x 8.5 207.50x

1.21 33.98 62.13% 40.40% 1.209 1 1.000 39'601 46'913 46'851

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

1.41 0.04 12.46 12.94 407.6% 57.0% 0.09 3.84 91.35 -

Sales/Revenue/Turnover

120.00

250.0

100.00

200.0

80.00

150.0

60.00

100.0 40.00

50.0

20.00 0.00 31.12.2009

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Naphtha Israel Petroleum Corp Ltd Holdings By:

All

Holder Name YUAL MIGDAL LIFE INSURANC MENORA PROVIDENT FUN MENORA LIFE INSURANC CLAL INSURANCE PROVI CLAL LIFE INSURANCE MIGDAL PROVIDENT FUN PIA-LEUMI FUND MANAG ALTSHULER SHAHAM MUT BLACKROCK PRISMA MERKAZIT MUTUAL FUND ILANOT BATUCHA MIGDAL ASSET MANAGEM ISRAEL BROKERAGE INV PSAGOT MUTUAL FUNDS MEITAV FUND MANAGERS EXCELLENCE NESSUAH F DIMENSIONAL FUND ADV YASHIR

Firm Name EVA Dimensions CLAL Finance Betucha

Portfolio Name #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst DOUG WALTERS YARON ZER

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG ULT-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation sell outperform

Amt Held 63'334'988 3'855'670 3'685'818 3'124'210 2'658'403 2'262'054 2'069'678 753'838 326'251 258'418 194'180 190'628 146'000 132'258 120'629 97'483 80'690 60'912 53'217 50'187

% Out 65.08 3.96 3.79 3.21 2.73 2.32 2.13 0.77 0.34 0.27 0.2 0.2 0.15 0.14 0.12 0.1 0.08 0.06 0.05 0.05

Weighting

Change 1 5

N N

Latest Chg (32'221) 1'442 (5'700) (6'000) 5'905 4'511 4'459 (18'376) (153) 353 5'186

Target Price #N/A N/A 1'580

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 31.05.2013 31.05.2013 27.09.2013 31.05.2013 30.09.2013 31.05.2013 31.05.2013 31.05.2013 31.03.2013 31.05.2013 31.05.2013 30.04.2013 31.05.2013

Date Not Provided Not Provided

Inst Type Other Insurance Company Investment Advisor Insurance Company Unclassified Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 25.07.2013 09.08.2012

01.10.2013

PhotoMedex Inc PhotoMedex, Inc. manufactures excimer laser and fiber-optic systems used to treat dermatological conditions such as psoriasis, vitiligo, atopic dermatitis, and leukoderma. The Company offers products and services on contract to dermatologists and hospitals. PhotoMedex develops skin health, haircare, and wound care products based on its copper peptide technology.

Price/Volume 7000

.2 M .2 M .2 M .1 M .1 M .1 M .1 M .1 M .0 M .0 M .0 M

6000 5000 4000

Valuation Analysis

3000

Latest Fiscal Year: LTM as of: 52-Week High (10.06.2013) 52-Week Low (11.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 09.08.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PHMD IT EQUITY YTD Change PHMD IT EQUITY YTD % CHANGE

12/2012 06/yy 6'300.00 4'380.00 2'553.00 5560 -11.75% 26.94% 64.84% 20.7 1'152.20 0.62 0.0 0.0 62.35 264.64

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1000 0 o-12

31.12.2009 31.12.2010 32.7 34.8 0.98x 1.03x (4.3) (0.9) (10.5) (8.7) Profitability

LTM-4Q 31.12.2011 132.1 1.73x (2.1) (0.7) -

31.12.2012 220.7 1.11x 32.9 7.42x 22.5 32.89 27.28 12.36% 12.20% 13.25% 16.35% 1.08% 78.9% 18.1% 15.5% 10.2% 3.28 1.97 0.29% 0.37% 8.64 2.11

06/yy 172.7 4.21x 16.9 12.57x 10.3 0.00x

j-13

f-13 m-13

LTM 06/yy 226.8 4.57x 41.0 6.54x 27.7 0.00x

a-13 m-13

j-13

a-13

s-13

FY+1

0.23% 4.59% 7 5.000 6'895 16'840 15'213 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 231.8 261.6 58.4 58.0 46.6 53.1 11.3 10.4 5.68x 4.99x 5.76x 5.54x 26.1 28.9 6.0 5.4 12.13x 10.92x 12.04x 11.59x S&P Issuer Ratings

93.70 92.07 -1.52 0.01 0.4% 0.4% 1.08 31.93 42.24 172.83 94.10 123.09

Sales/Revenue/Turnover

250.0

1.00

200.0

0.60

d-12

Market Data

1.20

0.80

n-12

Fiscal Year Ended 31.12.2008 34.8 0.65x (5.9) (11.3) -

2000

150.0 100.0

0.40

50.0 0.20

0.0 0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

PhotoMedex Inc Holdings By:

All

Holder Name BEN-DROR YOAV WELLINGTON MANAGEMEN PELL LEWIS C EASTNET INVESTMENTS ONEDA KATSUMI RAFAELI DOLEV MILLENNIUM MANAGEMEN BLACKROCK CORTINA ASSET MANAGE MENORA MIVTACHIM HOL EMERALD ADVISERS INC ANTINORI LTD GOLDMAN CAPITAL MANA LSV ASSET MANAGEMENT BANK OF NEW YORK MEL VANGUARD GROUP INC BEN-HAIM SHLOMO DENBY PAUL J MCGRATH DENNIS M NORTHERN TRUST CORPO

Firm Name Sidoti & Company LLC Gabelli & Co Maxim Group LLC Ascendiant Capital Markets Canaccord Genuity Corp DS Securities & Investments EVA Dimensions

Portfolio Name n/a WELLINGTON MANAGEMEN n/a n/a n/a n/a MILLENNIUM MANAGEMEN n/a CORTINA ASSET MANAGE MENORA MIVTACHIM HOL EMERALD ADVISERS INC n/a GOLDMAN CAPITAL MANA LSV ASSET MANAGEMENT BANK OF NEW YORK MEL n/a n/a n/a n/a NORTHERN TRUST CORPO

Analyst JAMES SIDOTI JENNIE TSAI ANTHONY V VENDETTI KEAY T NAKAE WILLIAM J PLOVANIC ERAN JACOBY ANDREW S ZAMFOTIS

Source Form 4 13F Form 5 PROXY Form 4 Form 4 13F ULT-AGG 13F 13F 13F PROXY 13F 13F 13F ULT-AGG PROXY 13D Form 4 13F

Recommendation buy buy buy strong buy buy buy buy

Amt Held 1'380'921 1'224'750 1'175'319 1'153'858 1'005'164 966'703 644'900 580'362 517'017 501'176 402'342 402'250 393'866 393'585 264'040 262'103 250'155 238'840 200'261 197'083

% Out 6.66 5.91 5.67 5.57 4.85 4.66 3.11 2.8 2.49 2.42 1.94 1.94 1.9 1.9 1.27 1.26 1.21 1.15 0.97 0.95

Weighting

Change 5 5 5 5 5 5 5

M N M M M N U

Latest Chg 5'000 192'750 (600'000) (30'000) (61'488) 40'708 47'670 9'698 (34'200) 74'621 (86'899) 378'611 29'499 (151'252) (33'596) 22'474

Target Price 8'840 #N/A N/A 6'707 7'060 8'874 5'598 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 23.05.2012 n/a 30.06.2013 Investment Advisor 31.12.2012 n/a 11.06.2013 Other 10.09.2013 n/a 03.09.2013 n/a 30.06.2013 Hedge Fund Manager 27.09.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Insurance Company 30.06.2013 Investment Advisor 11.06.2013 Other 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 11.06.2013 n/a 13.12.2011 n/a 22.01.2013 n/a 30.06.2013 Investment Advisor

Date 12 month Not Provided 12 month 12 month Not Provided 12 month Not Provided

Date 17.09.2013 13.09.2013 08.08.2013 08.08.2013 07.08.2013 02.04.2013 07.03.2013

01.10.2013

Matrix IT Ltd Matrix IT Ltd., through subsidiaries, offers information technology services. The Company provides computer programming, outsourcing, systems integration, and technology consulting services. Matrix serves customers in the banking, telecommunications and trade industries, and government and public institutions.

Price/Volume 2500

.5 M .4 M

2000

.4 M .3 M

1500

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.09.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MTRX IT EQUITY YTD Change MTRX IT EQUITY YTD % CHANGE

12/2012 06/yy 2'020.00 1'550.00 10'781.00 1990 -1.98% 28.39% 96.38% 60.0 1'194.65 354.62 0.0 0.1 205.83 1'330.97

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.2 M .2 M .1 M

500

.1 M 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 1'427.7 0.24x 124.4 2.74x 67.8 5.14x

.3 M

1000

31.12.2009 31.12.2010 1'449.2 1'527.8 0.60x 0.81x 132.0 145.2 6.62x 8.57x 87.4 88.7 10.45x 14.32x Profitability

LTM-4Q 31.12.2011 1'758.2 0.69x 162.4 7.50x 96.2 11.73x

31.12.2012 1'984.0 0.56x 170.3 6.55x 86.4 11.14x 170.27 140.41 7.08% 5.93% 5.78% 14.93% 1.34% 16.8% 8.6% 7.2% 4.4% 1.65 1.46 23.48% 62.69% 3.58 135.39

Price/ Cash Flow

06/yy 1'903.3 2.43x 169.5 6.57x 95.1 10.40x

LTM 06/yy 1'931.7 2.34x 166.7 7.45x 83.4 13.24x

5.33 0.75 29.94 34.65% 29.29% 0.755 2 5.000 38'130 35'349 37'990

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

21.33 19.81 0.82 1.90 62.7% 38.5% 1.34 30.15 101.85 2.70 30.90 82.38

Sales/Revenue/Turnover

35.00

2'500.0

30.00

2'000.0

25.00

1'500.0

20.00 15.00

1'000.0

10.00

500.0 5.00 0.00 31.12.2009

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Matrix IT Ltd Holdings By:

All

Holder Name FORMULA SYSTEMS 1985 MIGDAL LIFE INSURANC MIGDAL PROVIDENT FUN CLAL INSURANCE PROVI CLAL LIFE INSURANCE PSAGOT MUTUAL FUNDS ALTSHULER SHAHAM MUT BLACKROCK MIGDAL INSURANCE HOL ISRAEL BROKERAGE INV MERKAZIT MUTUAL FUND MIGDAL ASSET MANAGEM MEITAV FUND MANAGERS BANK OF NEW YORK MEL MENORA MIVTACHIM HOL DIMENSIONAL FUND ADV PERFECT MUTUAL FUNDS ROTHSCHILD PIA-LEUMI FUND MANAG GAON MUTUAL FUNDS MA

Firm Name EVA Dimensions I.B.I. Psagot Investment House Ltd

Portfolio Name #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A Multiple Portfolios Multiple Portfolios n/a #N/A N/A Multiple Portfolios #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst ANDREW S ZAMFOTIS ORI LICHT TALIA LOIBERG

Source EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG ULT-AGG EXCH MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation overweight buy outperform

Amt Held 30'090'037 3'983'712 2'044'658 1'875'250 1'561'034 356'470 203'711 184'824 178'320 174'841 167'750 118'148 106'789 101'991 89'927 77'886 43'700 30'600 24'449 21'587

% Out 50.12 6.64 3.41 3.12 2.6 0.59 0.34 0.31 0.3 0.29 0.28 0.2 0.18 0.17 0.15 0.13 0.07 0.05 0.04 0.04

Weighting

Change 5 5 5

U M M

Latest Chg 24'540 942 4'874 9'661 3'217 (2'714) 5'577 10'000 7'265

Target Price #N/A N/A 2'200 2'240

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 31.05.2013 31.05.2013 27.09.2013 30.09.2013 31.03.2013 30.09.2013 31.05.2013 31.05.2013 27.09.2013 31.05.2013 30.04.2013 31.05.2013 31.05.2013 31.03.2013 31.05.2013

Date Not Provided Not Provided Not Provided

Inst Type Corporation Insurance Company Investment Advisor Unclassified Insurance Company Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 25.07.2013 04.02.2013 10.10.2010

01.10.2013

Silicom Ltd Silicom Ltd. designs, manufactures, markets, and supports Multi-Port Gigabit-Ethernet Server Adapters. The Company sells its Multi-Port Gigabit-Ethernet Server Networking Adapters (including its Bypass Adapters) mainly to original equipment manufacturers, or OEMs.

Price/Volume 16000

.3 M

14000

.3 M

12000 .2 M

10000 8000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.07.2013) 52-Week Low (14.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 13.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SILC IT EQUITY YTD Change SILC IT EQUITY YTD % CHANGE

12/2012 06/yy 15'200.00 5'885.00 1'700.00 13090 -13.88% 122.43% 75.09% 7.0 917.27 0.00 0.0 0.0 56.89 203.70

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.1 M

2000 0 o-12

31.12.2009 31.12.2010 20.5 30.4 1.53x 2.72x 2.7 6.3 11.86x 13.10x 2.8 5.7 Profitability

LTM-4Q 31.12.2011 39.6 1.82x 8.9 8.17x 8.2 -

31.12.2012 48.7 1.41x 10.5 6.57x 9.9 10.48 10.03 20.58% 22.12% 12.19% 14.18% 14.18% 0.60% 40.8% 20.6% 20.3% 4.91 3.63 0.00% 0.00% 4.24 2.22

06/yy 41.6 6.46x 2.8 0.00x 8.8 0.00x

.0 M n-12

d-12

j-13

f-13 m-13

LTM 06/yy 59.0 4.46x 0.0 0.00x 12.0 0.00x

a-13 m-13

j-13

a-13

s-13

FY+1

1.02 5.14 128.15% 100.31% 1.021 1 3.000 8'403 5'674 6'310 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 65.1 74.6 16.4 18.0 13.9 14.9 3.4 3.7 19.44x 18.19x 19.96x 19.64x S&P Issuer Ratings

0.0% 0.0% 0.60 48.08 86.35 164.72 102.30 148.78

Sales/Revenue/Turnover

1.20

60.0

1.00

50.0

0.80

40.0

0.60

.1 M

4000

Fiscal Year Ended 31.12.2008 25.6 4.0 4.6 -

.2 M

6000

30.0 20.0

0.40

10.0 0.20

0.0 0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Silicom Ltd Holdings By:

All

Holder Name ZISAPEL ZOHAR WELLINGTON MANAGEMEN YELIN LAPIDOT YELIN MUTUAL FUNDS YELIN PROVIDENT FUND EIZENMAN AVI LOMSHA LTD HERALD INVESTMENT MA BOGLE INVESTMENT MAN OBERWEIS ASSET MANAG MACKENZIE FINANCIAL O'SHAUGHNESSY ASSET RENAISSANCE TECHNOLO MORGAN STANLEY PIA-LEUMI FUND MANAG SEI INVESTMENT MANAG TECHNICAL FINANCIAL WESTWOOD MANAGEMENT ROYAL BANK OF CANADA DEUTSCHE BANK AG

Firm Name Maxim Group LLC

Portfolio Name n/a #N/A N/A n/a #N/A N/A #N/A N/A n/a n/a HERALD INVESTMENT MA BOGLE INVESTMENT MAN OBERWEIS ASSET MANAG MACKENZIE FINANCIAL O'SHAUGHNESSY ASSET RENAISSANCE TECHNOLO n/a Multiple Portfolios Multiple Portfolios TFS CAPITAL LLC WESTWOOD MANAGEMENT n/a n/a

Analyst ASHOK KUMAR

Source EXCH EXCH 20F EXCH EXCH EXCH 13D 13F 13F 13F 13F 13F 13F ULT-AGG MF-AGG MF-AGG 13F 13F ULT-AGG ULT-AGG

Recommendation hold

Amt Held 1'511'722 542'577 478'674 272'365 206'309 191'528 168'741 50'000 41'388 38'800 30'300 28'039 21'200 18'084 16'636 10'545 10'368 10'000 9'708 9'000

% Out 21.57 7.74 6.83 3.89 2.94 2.73 2.41 0.71 0.59 0.55 0.43 0.4 0.3 0.26 0.24 0.15 0.15 0.14 0.14 0.13

Weighting

Change 3

Latest Chg 152'119 41'388 8'500 28'039 (1'400) (1'601) (150) 2'675 10'000 9'708 -

Target Price #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.09.2013 n/a 30.09.2013 Investment Advisor 28.02.2013 Investment Advisor 30.09.2013 Investment Advisor 30.09.2013 Investment Advisor 30.09.2013 n/a 21.11.2008 Corporation 30.06.2013 Hedge Fund Manager 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 31.05.2013 Investment Advisor 30.04.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.05.2013 Bank 30.06.2013 Investment Advisor

Date Not Provided

Date 23.07.2013

01.10.2013

Amot Investments Ltd Amot Investments Ltd. leases to tenants, manages, and develops real estate.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.06.2013) 52-Week Low (03.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AMOT IT EQUITY YTD Change AMOT IT EQUITY YTD % CHANGE

12/2012 06/yy 1'073.00 864.50 43'944.00 1057 -1.77% 22.27% 92.33% 260.8 2'756.23 4'099.55 0.0 (0.0) 193.07 6'529.97

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

6.0 M

1000

5.0 M

800

4.0 M

600

3.0 M

400

2.0 M

200

1.0 M

0 o-12

31.12.2009 31.12.2010 355.2 420.1 12.54x 13.75x 332.1 377.5 4.75x 5.85x Profitability

LTM-4Q 31.12.2011 493.2 11.71x 143.2 16.53x

31.12.2012 519.5 11.77x 216.8 9.97x 416.05 80.08% 55.59% 3.20% 9.13% 0.07% 88.2% 80.4% 41.7% 0.42 0.24 56.08% 166.83% 34.01 -

Price/ Cash Flow

06/yy 492.0 46.19x 0.0 0.00x 68.4 27.40x

d-12

j-13

f-13 m-13

LTM 06/yy 515.9 47.23x 0.0 0.00x 236.7 9.37x

a-13 m-13

j-13

a-13

s-13

6.05 0.83 104.53 29.24% 17.07% 0.826 4 4.000 82'545 207'391 214'984

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

166.8% 62.5% 0.07 31.81 10.73 -

Sales/Revenue/Turnover

12.00

600.0

10.00

500.0

8.00

400.0

6.00

300.0

4.00

200.0

2.00

100.0

0.00 31.12.2009

.0 M n-12

Fiscal Year Ended 31.12.2008 314.1 10.17x 161.1 4.62x

1200

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Amot Investments Ltd Holdings By:

All

Holder Name ALONYHETZ PROPERTIES MIGDAL INSURANCE HOL APEX PROVIDENT FUNDS DASH APEX ETF MOSSLER AVSHALOM HETZ NATHAN WERTHEIM HOLDINGS LT ALTSHULER SHAHAM MUT VANGUARD GROUP INC PSAGOT MUTUAL FUNDS NORGES BANK MIGDAL PROVIDENT FUN MERKAZIT MUTUAL FUND BLACKROCK RAMCO INVESTMENT MAN APEX SI MIGDAL ASSET MANAGEM ROTHSCHILD MEITAV FUND MANAGERS TIMOTHY PARTNERS LTD

Firm Name EVA Dimensions CLAL Finance Betucha Psagot Investment House Ltd I.B.I.

Portfolio Name #N/A N/A #N/A N/A #N/A N/A n/a n/a n/a #N/A N/A Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios #N/A N/A #N/A N/A n/a Multiple Portfolios #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst DOUG WALTERS BRURIT FEIN NOAM PINCU SHAY LIPMAN

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG ULT-AGG MF-AGG MF-AGG EXCH EXCH ULT-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation overweight market perform hold buy

Amt Held 151'863'716 36'545'113 12'780'063 2'020'067 1'530'992 1'270'000 1'270'000 585'169 455'866 415'858 404'566 327'951 322'707 289'353 241'309 208'924 196'136 116'970 108'100 86'000

% Out 58.24 14.01 4.9 0.77 0.59 0.49 0.49 0.22 0.17 0.16 0.16 0.13 0.12 0.11 0.09 0.08 0.08 0.04 0.04 0.03

Weighting

Change 5 3 3 5

U M M U

Latest Chg 8'206 8'792 669 1'232 17'486 12'424 1'000 (30'103) -

Target Price #N/A N/A 1'050 1'130 1'160

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 31.05.2013 30.06.2013 31.05.2013 31.12.2012 30.09.2013 30.09.2013 27.09.2013 31.05.2013 30.09.2013 31.05.2013 31.05.2013 31.05.2013 31.07.2013

Date Not Provided Not Provided 12 month Not Provided

Inst Type Other Insurance Company Investment Advisor n/a n/a n/a Unclassified Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 26.08.2013 13.08.2013 13.08.2013 04.02.2013

01.10.2013

Pluristem Therapeutics Inc Pluristem Therapeutics, Inc. develops Messenchymal stem cell production technology and commercializes cell therapy products. The Company focuses on cell therapy to treat severe blood, cardiovascular, autoimmune, and other disorders.

Price/Volume 1800

3.5 M

1600

3.0 M

1400

2.5 M

1200 1000

2.0 M

800

1.5 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (04.10.2012) 52-Week Low (20.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 01.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PSTI IT EQUITY YTD Change PSTI IT EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20 1.00

1.0 M

400

.5 M

200 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 30.06.2009 0.0 (6.4) (6.6) -

600

06/2010 06/yy 1'630.00 965.00 137'317.00 1228 -24.79% 27.25% 31.73% 59.2 726.79 0.00 0.0 0.0 22.45 183.66

30.06.2010 30.06.2011 0.0 0.0 (7.2) (10.8) (7.5) (10.8) Profitability

LTM-4Q 30.06.2012 0.7 132.77x (14.6) (14.8) -

30.06.2013 0.7 233.72x (21.2) (21.2) -21.19 -22.22 -3272.90% -3115.61% -44.32% -53.87% 0.02% 97.1% -2983.3% -3101.5% -3115.6% 9.30 3.79 0.00% 0.00% -

06/yy 0.7 500.30x (14.6) 0.00x (14.8) 0.00x

LTM 06/yy 0.9 725.77x (26.1) 0.00x (25.6) 0.00x

FY+1

0.00 0.88 53.17 -22.33% 5.77% 0.880 5 4.600 87'672 137'427 115'215 FY+2

FQ+1

FQ+2

06/14 Y 06/15 Y 09/13 Q1 12/13 Q2 0.7 0.6 0.2 0.2 (31.0) (38.9) (6.9) (7.3) S&P Issuer Ratings

0.00 0.0% 0.0% 0.02 0.10 29515.87 -

Sales/Revenue/Turnover

0.8 0.7 0.6

0.80 0.60

0.5 0.4 0.3

0.40 0.20

0.2 0.1 0.0

0.00

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Pluristem Therapeutics Inc Holdings By:

All

Holder Name HELLER URI ABERMAN ZAMI YANAY YAKY BEN-YORAM ISRAEL SHORRER DORON GERMAIN MARK S MIGDAL ASSET MANAGEM ROSMAN NACHUM BRAUN ISAAC MERETZKI HAVA KLEMPE JP MORGAN APEX MEITAV FUND MANAGERS ILANOT BATUCHA KWIAT MORIA PSAGOT MUTUAL FUNDS PITANGO ISRAEL BROKERAGE INV OPPENHEIMER & CO INC INVESCO LTD

Firm Name Jefferies Needham & Co Oppenheimer & Co Maxim Group LLC MLV & Co WBB Securities, LLC

Portfolio Name n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios OPPENHEIMER & CO INC n/a

Analyst EUN K YANG CHAD MESSER BORIS PEAKER JASON KOLBERT GEORGE B ZAVOICO STEPHEN G BROZAK

Source EXCH EXCH Form 4 EXCH EXCH EXCH MF-AGG EXCH EXCH EXCH ULT-AGG MF-AGG MF-AGG MF-AGG Form 4 MF-AGG MF-AGG MF-AGG 13F ULT-AGG

Recommendation hold buy outperform buy buy hold

Amt Held 2'330'357 1'165'298 1'019'616 338'681 277'976 248'101 241'863 197'976 191'101 191'101 170'735 83'985 65'740 65'000 50'000 41'934 36'671 36'124 35'450 34'653

% Out 3.94 1.97 1.72 0.57 0.47 0.42 0.41 0.33 0.32 0.32 0.29 0.14 0.11 0.11 0.08 0.07 0.06 0.06 0.06 0.06

Weighting

Change 3 5 5 5 5 3

Latest Chg 250'000 14'864 360 34'992 924 6'209 8'145 34'653

Target Price

M M M U M D

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

1'061 1'768 1'768 2'830 1'592 1'528

File Dt Inst Type 30.09.2013 n/a 30.09.2013 n/a 27.06.2013 n/a 30.09.2013 n/a 30.09.2013 n/a 30.09.2013 n/a 31.05.2013 Investment Advisor 30.09.2013 n/a 30.09.2013 n/a 30.09.2013 n/a 30.06.2013 Investment Advisor 31.05.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 27.06.2013 n/a 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor

Date 12 month 12 month 18 month 12 month 12 month 12 month

Date 16.09.2013 16.09.2013 16.09.2013 16.09.2013 16.09.2013 24.07.2012

01.10.2013

Bayside Land Corp Bayside Land Corporation Ltd. (Gav-Yam) plans, initiates, builds and manages industrial complexes and bonded warehouses, high-tech industrial parks, offices and commercial centers. In addition, the company plans and constructs high quality residential housing projects. The company has built and currently maintains projects in Herzliya, Haifa Bay, Acre, Rehovot, Lod, Ashdod.

Price/Volume 120000

80000 60000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.10.2013) 52-Week Low (29.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BYSD IT EQUITY YTD Change BYSD IT EQUITY YTD % CHANGE

12/2012 06/yy 97'880.00 69'450.00 224.00 95300 -3.16% 37.22% 92.01% 2.0 1'911.94 2'650.79 0.0 589.8 136.60 5'376.64

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

40000 20000 0 o-12

n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.12.2008 441.3 6.91x 253.5 12.04x 156.8 7.72x

.0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M

100000

31.12.2009 31.12.2010 419.0 321.7 9.94x 13.62x 274.2 261.5 15.19x 16.75x 221.6 190.5 8.04x 9.82x Profitability

LTM-4Q 31.12.2011 331.3 12.85x 278.0 15.31x 69.1 22.24x

31.12.2012 375.2 12.33x 302.5 15.29x 196.8 7.74x 302.53 297.81 39.03% 79.96% 3.44% 14.11% 5.18% 0.06% 39.5% 52.5% 48.12% 181.11% -

Price/ Cash Flow

06/yy 361.2 47.73x 293.0 15.18x 82.5 17.45x

LTM 06/yy 349.8 54.15x 138.3 36.92x 199.3 8.23x

0.86 0.62 41.80% 38.23% 0.856 3 4.333 877 1'276 1'152

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

2.00 1.09 20.53 21.67 181.1% 56.3% 0.06 -

Sales/Revenue/Turnover

7.00

500.0 450.0

6.00

400.0

5.00

350.0 300.0

4.00

250.0 200.0

3.00

150.0

2.00

100.0 1.00 0.00 31.12.2009

50.0 0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Bayside Land Corp Holdings By:

All

Holder Name ASSETS AND CONSTRUCT CLAL LIFE INSURANCE CLAL INSURANCE PROVI PSAGOT MUTUAL FUNDS MIGDAL ASSET MANAGEM BLACKROCK ANALYST IMS INVESTME KIVUN ASSET MANAGEME MEITAV FUND MANAGERS TIMOTHY PARTNERS LTD EXCELLENCE NESSUAH F ALTSHULER SHAHAM MUT DIMENSIONAL FUND ADV COMPASS ASSET MANAGE ISRAEL BROKERAGE INV PIA-LEUMI FUND MANAG GAON MUTUAL FUNDS MA VAN ECK ASSOCIATES C EPSILON MUTUAL FUNDS CABIN ASSET MANAGEME

Firm Name Psagot Investment House Ltd EVA Dimensions I.B.I.

Portfolio Name #N/A N/A #N/A N/A #N/A N/A Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a #N/A N/A Multiple Portfolios

Analyst NOAM PINCU DOUG WALTERS SHAY LIPMAN

Source EXCH EXCH EXCH MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG EXCH MF-AGG

Recommendation hold buy buy

Amt Held 1'385'560 43'555 16'226 3'562 3'171 2'631 1'910 1'467 1'015 1'000 688 675 620 430 391 364 342 278 276 259

% Out 69.06 2.17 0.81 0.18 0.16 0.13 0.1 0.07 0.05 0.05 0.03 0.03 0.03 0.02 0.02 0.02 0.02 0.01 0.01 0.01

Weighting

Change 3 5 5

M M U

Latest Chg 310 229 12 167 (191) 514 (2'210) 310 96 146 (11)

Target Price 86'000 #N/A N/A 91'500

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 31.05.2013 31.05.2013 27.09.2013 31.05.2013 31.05.2013 31.05.2013 31.07.2013 31.05.2013 31.03.2013 31.07.2012 31.05.2013 31.03.2013 31.03.2013 31.05.2013 27.09.2013 30.09.2013 31.05.2013

Date 12 month Not Provided Not Provided

Inst Type Other Insurance Company Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 30.07.2013 06.06.2013 04.02.2013

01.10.2013

Africa Israel Properties Ltd Africa Israel Properties Ltd. develops real estate. The Company develops shopping centers and other income producing properties.

Price/Volume 6000

.9 M .8 M

5000

.7 M

4000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.09.2013) 52-Week Low (10.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AFPR IT EQUITY YTD Change AFPR IT EQUITY YTD % CHANGE

12/2012 06/yy 5'405.00 2'727.00 2'743.00 5365 -1.05% 96.74% 99.07% 28.5 1'526.78 4'278.32 0.0 158.9 202.47 5'774.92

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.5 M .4 M

2000

.3 M .2 M

1000

.1 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 621.8 8.03x 85.5 58.42x (223.5) -

.6 M

3000

31.12.2009 31.12.2010 483.7 475.0 11.76x 11.37x 252.0 239.6 22.56x 22.53x (200.7) 18.5 77.87x Profitability

LTM-4Q 31.12.2011 412.4 10.40x 253.2 16.94x (9.0) -

31.12.2012 364.4 14.32x 263.8 19.79x (27.1) 263.77 207.38 56.91% 11.95% 0.14% 0.41% 0.05% 72.5% 72.1% 58.0% -7.4% 0.67 0.26 56.00% 173.47% 13.59 -

Price/ Cash Flow

06/yy 386.4 45.99x 260.0 17.17x (43.3) 0.00x

LTM 06/yy 400.0 51.21x 288.3 18.79x 10.1 117.78x

1.67 12.52 95.38% 55.10% 1.667 2 5.000 10'557 25'046 18'463

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

1.33 1.32 14.19 15.06 173.5% 62.0% 0.05 49.71 26.85 -

Sales/Revenue/Turnover

300.00

700.0

250.00

600.0 500.0

200.00

400.0 150.00

300.0

100.00

200.0

50.00

100.0

0.00 31.12.2009

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Africa Israel Properties Ltd Holdings By:

All

Holder Name AFRICA ISRAEL INVEST CLAL INSURANCE PROVI PHOENIX LIFE INSURAN CLAL LIFE INSURANCE EXELLENCE ETF PHOENIX PROVIDENT FU ANALYST IMS INVESTME ISRAEL BROKERAGE INV PIA-LEUMI FUND MANAG VANGUARD GROUP INC PHOENIX MIGDAL ASSET MANAGEM EXCELLENCE PROVIDENT ILANOT BATUCHA BLACKROCK PSAGOT MUTUAL FUNDS NORGES BANK MEITAV FUND MANAGERS PRISMA EXCELLENCE MUTUAL FU

Firm Name EVA Dimensions I.B.I. Psagot Investment House Ltd

Portfolio Name #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a #N/A N/A Multiple Portfolios #N/A N/A Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios #N/A N/A

Analyst DOUG WALTERS SHAI AZAR NOAM PINCU

Source EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG ULT-AGG EXCH MF-AGG EXCH MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH

Recommendation overweight buy buy

Amt Held 15'937'464 1'232'372 1'188'602 961'819 320'228 284'951 199'572 83'970 74'141 73'715 67'658 57'084 56'434 50'428 48'245 42'883 37'743 31'966 22'514 17'874

% Out 56 4.33 4.18 3.38 1.13 1 0.7 0.3 0.26 0.26 0.24 0.2 0.2 0.18 0.17 0.15 0.13 0.11 0.08 0.06

Weighting

Change 5 5 5

U M M

Latest Chg (375) 1'003 7'419 1'927 35'263 210 30'864 1 2'200 -

Target Price #N/A N/A 5'500 5'900

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 31.05.2013 31.05.2013 31.03.2013 30.06.2013 30.09.2013 31.05.2013 30.09.2013 31.05.2013 27.09.2013 31.05.2013 31.12.2012 31.05.2013 31.05.2013 30.09.2013

Date Not Provided Not Provided 12 month

Inst Type Holding Company Unclassified Insurance Company Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor

Date 22.08.2013 30.04.2013 17.05.2012

01.10.2013

Tower Semiconductor Ltd Tower Semiconductor Ltd. is an independent foundry providing semiconductor integrated circuits manufacturing and related design services. The Company manufactures wafers using its process technologies and production capability and the proprietary integrated circuit designs of its customers. Tower's integrated circuits are incorporated into a wide range of products in diverse markets.

Price/Volume

Price/ Cash Flow

1.20 1.00

2.5 M

2500

12/2012 06/yy 3'505.37 1'465.00 43'881.00 1737 -50.30% 18.57% 13.48% 47.0 816.39 338.88 0.0 0.0 123.40 457.15

2.0 M 1.5 M

1500 1000

1.0 M

500

.5 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended

3.0 M

2000

Latest Fiscal Year: LTM as of: 52-Week High (16.10.2012) 52-Week Low (30.07.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 23.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance TSEM IT EQUITY YTD Change TSEM IT EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.5 M

3500 3000

Valuation Analysis

31.12.2008 251.7 1.71x 43.6 9.86x (106.4) -

4000

31.12.2009 31.12.2010 298.8 509.3 1.86x 1.48x 61.6 186.3 9.01x 4.05x (120.5) (42.4) Profitability

LTM-4Q 31.12.2011 611.0 0.72x 174.4 2.52x (18.5) -

31.12.2012 638.8 0.62x 176.9 2.22x (70.3) 176.86 3.28 0.51% -9.85% 12.3% -6.5% -11.0% 1.76 1.20 41.60% 154.02% -

06/yy 687.3 1.35x 0.0 0.00x (43.6) 0.00x

LTM 06/yy 540.1 2.75x 0.0 0.00x (87.6) 0.00x

FY+1

0.00 1.32 28.90 -48.64% -40.75% 1.318 3 3.667 105'193 148'568 249'479 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 515.0 546.0 135.0 142.0 62.9 60.1 18.3 20.0 3.91x 4.93x S&P Issuer Ratings

5.56 2.30 154.0% 60.6% 24.84

Sales/Revenue/Turnover

700.0 600.0 500.0

0.80

400.0 0.60

300.0

0.40

200.0 100.0

0.20

0.0 0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Tower Semiconductor Ltd Holdings By:

All

Holder Name ISRAEL CORP LTD BANK HAPOALIM BM RENAISSANCE TECHNOLO NORGES BANK VANGUARD GROUP INC MORGAN STANLEY MIGDAL ASSET MANAGEM MENORA MIVTACHIM HOL OFER IDAN SOPHROSYNE CAPITAL L WENTWORTH HAUSER AND ILANOT BATUCHA DIMENSIONAL FUND ADV JANE STREET HOLDING UBS AG ISRAEL BROKERAGE INV GAON MUTUAL FUNDS MA PIA-LEUMI FUND MANAG BANK OF AMERICA CORP ROTELLA CAPITAL MANA

Firm Name Chardan Capital Markets DS Securities & Investments EVA Dimensions

Portfolio Name #N/A N/A n/a RENAISSANCE TECHNOLO Multiple Portfolios n/a n/a Multiple Portfolios MENORA MIVTACHIM HOL n/a SOPHROSYNE CAPITAL L WENTWORTH HAUSER AND Multiple Portfolios n/a JANE STREET HOLDING n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios BANK OF AMERICA ROTELLA CAPITAL MANA

Analyst JAY SRIVATSA ERAN JACOBY ANDREW S ZAMFOTIS

Source EXCH 13D 13F MF-AGG ULT-AGG ULT-AGG MF-AGG 13F 13D 13F 13F MF-AGG ULT-AGG 13F ULT-AGG MF-AGG MF-AGG MF-AGG 13F 13F

Recommendation buy outperform sell

Amt Held 18'029'964 2'018'306 225'753 156'174 122'097 106'565 82'322 81'108 74'334 66'479 35'725 32'300 28'693 24'596 16'057 15'009 12'983 12'604 12'268 11'700

% Out 38.36 4.29 0.48 0.33 0.26 0.23 0.18 0.17 0.16 0.14 0.08 0.07 0.06 0.05 0.03 0.03 0.03 0.03 0.03 0.02

Weighting

Change 5 5 1

M M D

Latest Chg 1'150'000 11'188 112'563 71'434 6'276 59'463 47'832 35'725 2'518 24'596 16'057 4'252 6'351 12'268 11'700

Target Price 3'489 3'566 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.09.2013 Holding Company 22.07.2013 Bank 30.06.2013 Hedge Fund Manager 31.12.2012 Government 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.05.2013 Investment Advisor 30.06.2013 Insurance Company 21.03.2013 n/a 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 31.05.2013 Investment Advisor 30.04.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Unclassified 31.03.2013 Investment Advisor 31.05.2013 Investment Advisor 31.03.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor

Date 12 month 12 month Not Provided

Date 09.08.2013 02.04.2013 05.03.2013

01.10.2013

INOC Dead Sea LP INOC Dead Sea LP. explores for oil and gas. The Company operates in Israel.

Price/Volume 3500

1.2 M

3000

1.0 M

2500

.8 M

2000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.09.2013) 52-Week Low (03.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HLDSL IT EQUITY YTD Change HLDSL IT EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

(9.9) -

.4 M

1000

.2 M

500 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008

.6 M

1500

12/2012 06/yy 3'299.00 1'600.00 4'790.00 3160 -4.79% 97.50% 86.87% 31.5 996.76 0.00 0.0 0.0 21.84 995.13

31.12.2009

31.12.2010

15.9 41.65x Profitability

31.6 19.91x

LTM-4Q 31.12.2011 12.5 38.89x

31.12.2012

06/yy 0.0 #DIV/0! 0.0 0.00x 29.2 16.77x

50.2 14.62x -1.84 2.42% 2.44% 38.08 0.95 0.00% 0.00% -

Price/ Cash Flow

LTM 06/yy 0.0 #DIV/0! 0.0 0.00x 20.0 42.92x

1.23 17.27 103.61% 35.91% 1.231 0 9'512 14'241 15'885

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

0.0% 0.0% -

Sales/Revenue/Turnover

3'000.00

4.0 3.5

2'500.00

3.0 2'000.00

2.5 2.0

1'500.00

1.5

1'000.00

1.0 500.00 0.00 31.12.2009

0.5 0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

INOC Dead Sea LP Holdings By:

All

Holder Name HANAL EQUITEL NAFTA PARTNERSHIP PRISMA ILANOT BATUCHA YASHIR EXCELLENCE NESSUAH F PIA-LEUMI FUND MANAG DBM ASSET MANAGEMENT MAOR ASSET MANAGEMEN MIGDAL ASSET MANAGEM EPSILON INVESTMENT H MEITAV FUND MANAGERS CABIN ASSET MANAGEME KESHET ASSET MANAGEM CLAL FINANCE MUTUAL PLATINUM MTN

Firm Name

Portfolio Name #N/A N/A #N/A N/A #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Source EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation

Amt Held 12'634'315 1'501'637 136'854 83'265 60'541 25'060 21'000 16'444 13'600 13'083 10'029 8'844 6'100 3'315 3'273 608 307

% Out 40.05 4.76 0.43 0.26 0.19 0.08 0.07 0.05 0.04 0.04 0.03 0.03 0.02 0.01 0.01 0 0

Weighting

Change

Latest Chg 4'265 (260) 2'131 (400) 1'082 3'750 1'685 314 3'273 (209)

Target Price

#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 31.03.2013 31.05.2013 31.05.2013 31.05.2013 31.03.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.03.2013 31.05.2013 31.05.2013 31.03.2013 31.03.2013

Date

Inst Type Other Corporation Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date

01.10.2013

Phoenix Holdings Ltd/The The Phoenix Holdings Limited writes business in all lines of insurance, both in the life, health and long-term care branches, for individuals and businesses. The Company's marketing system is based mainly on independent insurance agents organized through the Company's head office in Tel Aviv and branch offices throughout the country.

Price/Volume

.6 M .5 M

1000

.4 M

800

Latest Fiscal Year: LTM as of: 52-Week High (05.06.2013) 52-Week Low (02.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PHOE1 IT EQUITY YTD Change PHOE1 IT EQUITY YTD % CHANGE

12/2012 06/yy 1'350.00 714.60 37'918.00 1317 -2.74% 84.30% 92.92% 225.0 3'287.33 3'552.59 0.0 74.6 965.63 36'435.71

.3 M

600 400

.2 M

200

.1 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.7 M

1400 1200

Valuation Analysis

31.12.2005 6'256.2 0.40x 304.1 9.55x

1600

31.12.2006 31.12.2007 6'059.2 6'782.1 0.74x 0.69x 381.8 417.2 10.18x 8.46x Profitability

LTM-4Q 31.12.2008 1'110.6 1.52x (387.8) -

31.12.2009 10'699.7 0.41x 227.2 10.44x 4.84% 3.32% 0.71% 18.75% 2.03% 0.16% 2.0% 4.73% 120.38% -

Price/ Cash Flow

LTM

06/yy 7'539.5 7.68x 0.0 0.00x 13.8 75.38x

06/yy 12'104.3 8.65x 0.0 0.00x 538.6 5.31x

1.19 51.01 98.29% 38.38% 1.188 3 4.333 65'901 104'384 86'943

FY+1

FY+2

FQ+1

FQ+2

12/10 Y

12/11 Y

12/10 Q4

03/11 Q1

S&P Issuer Ratings

120.4% 54.0% 0.16 -

Sales/Revenue/Turnover

5.00

12'000.0

4.50

10'000.0

4.00 3.50

8'000.0

3.00

6'000.0

2.50 2.00

4'000.0

1.50 1.00

2'000.0

0.50 0.00 31.12.2009

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Phoenix Holdings Ltd/The Holdings By:

All

Holder Name DELEK GROUP LTD MAYER'S CARS & TRUCK LAPIDOT EYAL YELIN LAPIDOT DIMENSIONAL FUND ADV PSAGOT MUTUAL FUNDS VANGUARD GROUP INC BANK OF NEW YORK MEL NORGES BANK PIA-LEUMI FUND MANAG MEITAV FUND MANAGERS BARTFELD ASAF JOSEPH MIGDAL ASSET MANAGEM PRISMA PHOENIX PROVIDENT FU MENORA MIVTACHIM HOL EXCELLENCE NESSUAH F BLACKROCK ILANOT BATUCHA EXCELLENCE MUTUAL FU

Firm Name EVA Dimensions DS Securities & Investments Psagot Investment House Ltd

Portfolio Name #N/A N/A #N/A N/A n/a Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios #N/A N/A Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios #N/A N/A

Analyst DOUG WALTERS MEIR SLATER TERENCE KLINGMAN

Source EXCH EXCH EXCH MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG EXCH MF-AGG MF-AGG ULT-AGG MF-AGG EXCH

Recommendation hold outperform buy

Amt Held 118'849'102 52'326'657 2'532'411 807'891 524'103 481'239 375'638 355'431 324'627 274'254 229'596 212'634 177'855 129'025 117'405 109'085 107'126 88'508 61'500 48'621

% Out 52.83 23.26 1.13 0.36 0.23 0.21 0.17 0.16 0.14 0.12 0.1 0.09 0.08 0.06 0.05 0.05 0.05 0.04 0.03 0.02

Weighting

Change 3 5 5

D N N

Latest Chg (5'434) 536 4'300 8'220 10'692 27'358 16'917 17'026 -

Target Price #N/A N/A 1'050 1'430

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 31.05.2013 30.04.2013 31.05.2013 30.06.2013 27.09.2013 31.12.2012 31.05.2013 31.05.2013 30.09.2013 31.05.2013 31.05.2013 30.09.2013 31.05.2013 31.05.2013 27.09.2013 31.03.2013 30.09.2013

Date Not Provided 12 month 12 month

Inst Type Holding Company Corporation n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 25.09.2013 02.04.2013 16.01.2013

01.10.2013

Africa Israel Investments Ltd Africa-Israel Investments Ltd. is a holding company. The Company has interests in real estate development, construction, gasoline filling stations, highway operation, clothing manufacturing, supermarkets, restaurants, steel manufacturing, ceramics, and hotels. The Company also franchises real estate sales offices.

Price/Volume 1200

7.0 M 6.0 M 5.0 M

600

Latest Fiscal Year: LTM as of: 52-Week High (29.10.2012) 52-Week Low (01.10.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AFIL IT EQUITY YTD Change AFIL IT EQUITY YTD % CHANGE

12/2012 06/yy 1'046.41 590.00 674'638.00 599 -42.81% 1.53% 1.93% 163.3 978.41 12'868.55 0.0 3'743.8 2'081.64 15'621.33

4.0 M

400

3.0 M 2.0 M

200

1.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

8.0 M

800

Valuation Analysis

31.12.2008 5'660.9 4.38x (1'311.9) (4'861.0) -

9.0 M

1000

31.12.2009 31.12.2010 4'765.1 5'022.9 4.63x 3.45x (368.7) 534.2 32.48x (673.0) 1'702.1 1.45x Profitability

LTM-4Q 31.12.2011 6'088.2 2.81x 498.2 34.30x 315.1 5.98x

31.12.2012 6'490.6 2.39x 501.4 30.97x (1'002.6) 501.41 395.62 6.10% -19.93% -1.65% -10.47% 0.23% 13.9% -1.0% -2.8% -15.4% 1.12 0.52 52.30% 341.51% 4.18 8.45

Price/ Cash Flow

06/yy 6'848.4 9.34x 475.4 0.00x (482.7) 0.00x

LTM 06/yy 5'760.3 10.81x (59.7) 0.00x (408.1) 0.00x

1.66 85.93 -13.54% -18.44% 1.662 2 2.000 396'182 433'762 471'803

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

0.48 0.29 -213.90 341.5% 63.1% 0.23 5.74 87.34 43.17 60.00 61.45

Sales/Revenue/Turnover

6.00

7'000.0

5.00

6'000.0 5'000.0

4.00

4'000.0 3.00

3'000.0

2.00

2'000.0

1.00

1'000.0

0.00 31.12.2009

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Africa Israel Investments Ltd Holdings By:

All

Holder Name LEVIEV LEV DIMENSIONAL FUND ADV VANGUARD GROUP INC PIA-LEUMI FUND MANAG MIGDAL ASSET MANAGEM GRANTHAM MAYO VAN OT JOHN HANCOCK INVESTM BLACKROCK ISRAEL BROKERAGE INV KIVUN ASSET MANAGEME EXCELLENCE NESSUAH F LEHAVA ASSET MANAGEM PRISMA ILANOT BATUCHA TAMHIL BESSEMER GROUP INCOR HAREL-PIA ASSET MANA MEITAV FUND MANAGERS GAON MUTUAL FUNDS MA VAN ECK ASSOCIATES C

Firm Name EVA Dimensions I.B.I. Psagot Investment House Ltd CLAL Finance Betucha

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst DOUG WALTERS SHAI AZAR NOAM PINCU YUVAL BEN ZEEV

Source EXCH ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG

Recommendation sell neutral hold market perform

Amt Held 77'396'385 2'041'936 681'828 385'040 346'660 344'803 255'537 240'456 193'587 135'503 78'336 57'412 49'001 44'000 40'001 36'864 36'064 34'604 34'162 32'602

% Out 47.38 1.25 0.42 0.24 0.21 0.21 0.16 0.15 0.12 0.08 0.05 0.04 0.03 0.03 0.02 0.02 0.02 0.02 0.02 0.02

Weighting

Change 1 3 3 3

M N M M

Latest Chg 8'495 248'907 17'948 86'101 344'803 552 152'313 (2'500) 74'723 10'252 24'999 (8'251) 9'000 16'542 4'724 (770) 16'278 -

Target Price #N/A N/A 1'150 1'826 2'632

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.04.2013 30.06.2013 31.05.2013 31.05.2013 31.05.2012 31.08.2013 27.09.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.03.2013 31.05.2013 30.04.2013 31.03.2013 31.05.2013 31.05.2013 27.09.2013

Date Not Provided Not Provided 12 month 12 month

Inst Type n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 06.06.2013 30.04.2013 07.06.2012 03.03.2011

01.10.2013

Gilat Satellite Networks Ltd Gilat Satellite Networks Ltd. designs, develops, manufactures, markets, and supports very small aperture terminal satellite earth stations and related hub equipment and software. The Company's products are incorporated into telecommunications networks that provide satellite-based communications between a central location and a large number of geographically-dispersed sites.

Price/Volume 2500

.5 M

12/2012 06/yy 2'170.00 1'551.00 11'675.00 1767 -18.53% 13.93% 31.66% 41.7 736.78 52.23 0.0 0.0 66.97 188.85

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1500

.4 M

1000

.3 M .2 M

500

31.12.2009 31.12.2010 228.1 233.0 0.27x 0.92x 13.8 12.5 4.52x 17.12x 1.9 30.6 115.93x 6.43x Profitability

.0 M n-12

LTM-4Q 31.12.2011 339.2 0.49x 31.5 5.32x (5.9) 23.06x

31.12.2012 348.4 0.59x 29.6 6.97x (23.2) 29.64 7.05 2.02% -7.19% -6.37% -11.02% 0.81% 32.4% 8.2% 1.6% -6.7% 1.81 1.23 12.60% 21.59% 5.77 7.91

Price/ Cash Flow

06/yy 339.4 1.91x 28.5 5.13x (9.4) 313.32x

d-12

j-13

f-13 m-13

LTM 06/yy 349.5 2.29x 28.5 7.45x (27.3) 0.00x

a-13 m-13

j-13

a-13

s-13

FY+1

0.00 0.85 33.90 15.41% -10.80% 0.850 2 4.000 17'868 25'745 36'947 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 329.5 305.0 84.2 91.0 23.6 25.9 6.1 7.0 8.00x 7.29x (4.3) 6.7 S&P Issuer Ratings

11.22 9.46 -0.70 1.60 21.6% 17.8% 0.81 3.68 63.27 46.16 44.35 64.39

Sales/Revenue/Turnover

40.00

450.0

35.00

400.0

30.00

350.0 300.0

25.00

250.0

20.00

200.0

15.00

150.0

10.00

100.0

5.00

50.0

0.00 31.12.2009

.1 M

0 o-12

Fiscal Year Ended 31.12.2008 267.5 0.05x 16.5 0.77x (1.1) 24.62x

.6 M

2000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.11.2012) 52-Week Low (02.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GILT IT EQUITY YTD Change GILT IT EQUITY YTD % CHANGE

.7 M

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Gilat Satellite Networks Ltd Holdings By:

All

Holder Name YORK CAPITAL MANAGME FIMI 2007 PHOENIX PROVIDENT FU RENAISSANCE TECHNOLO FEDERATED INVESTORS MURPHY MICHAEL R PRUDENTIAL FINANCIAL PERRITT CAPITAL MANA YELIN LAPIDOT ISRAEL BROKERAGE INV NORGES BANK WELLS FARGO & COMPAN BLACKROCK JAMES INVESTMENT RES VANGUARD GROUP INC MEITAV FUND MANAGERS MIGDAL ASSET MANAGEM LEVINBERG AMIRAM ANTEBI EREZ PSAGOT MUTUAL FUNDS

Firm Name Sidoti & Company LLC William Blair & Co

Portfolio Name #N/A N/A n/a #N/A N/A RENAISSANCE TECHNOLO FEDERATED INVESTORS MURPHY MICHAEL R n/a PERRITT CAPITAL MANA Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a JAMES INVESTMENT RES n/a Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios

Analyst MATTHEW PAUL JAMES D BREEN JR

Source EXCH EXCH EXCH 13F 13F 13F ULT-AGG 13F MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG 13F ULT-AGG MF-AGG MF-AGG 20F 20F MF-AGG

Recommendation neutral outperform

Amt Held 8'121'651 7'670'203 2'090'714 1'859'931 1'754'700 686'648 643'507 640'800 415'498 408'208 290'760 240'650 87'287 83'800 77'061 74'595 72'800 71'834 54'000 52'734

% Out 19.48 18.4 5.01 4.46 4.21 1.65 1.54 1.54 1 0.98 0.7 0.58 0.21 0.2 0.18 0.18 0.17 0.17 0.13 0.13

Weighting

Change 3 5

M M

Latest Chg 52'331 57'400 (723'884) (191'793) (100'000) 6'559 44'800 15'297 16'680 51'192 (4'972) 5'335 8'939

Target Price #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.09.2013 Hedge Fund Manager 30.09.2013 n/a 30.09.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.08.2013 Investment Advisor 30.06.2013 Investment Advisor 31.05.2013 Investment Advisor 31.05.2013 Investment Advisor 31.12.2012 Government 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.05.2013 Investment Advisor 31.05.2013 Investment Advisor 07.04.2013 n/a 07.04.2013 n/a 31.03.2013 Investment Advisor

Date Not Provided Not Provided

Date 22.08.2013 15.08.2013

01.10.2013

Jerusalem Economy Ltd Jerusalem Economy Ltd. leases office, industrial and commercial buildings, plans and develops infrastructure, and provides building maintenance.

Price/Volume 4000

.6 M

3500

.5 M

3000 .4 M

2500 2000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.09.2013) 52-Week Low (10.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ECJM IT EQUITY YTD Change ECJM IT EQUITY YTD % CHANGE

12/2012 06/yy 3'605.00 1'724.00 45'291.00 3494 -3.27% 102.67% 96.54% 81.5 2'848.51 17'072.26 0.0 604.6 821.09 18'430.59

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.2 M

1000 .1 M

500 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 1'572.2 11.59x 1'894.0 9.62x (732.1) -

.3 M

1500

31.12.2009 31.12.2010 1'579.0 1'550.2 12.40x 12.67x 853.1 804.6 22.95x 24.42x (158.3) 298.9 7.31x Profitability

LTM-4Q 31.12.2011 2'199.5 10.50x 1'063.0 21.73x 508.8 3.28x

31.12.2012 2'217.6 8.29x 1'076.3 17.09x (167.4) 1'076.32 1'071.04 5.53% -7.20% -0.28% -2.43% -0.45% 0.08% 2.4% -7.6% 65.35% 576.50% -

Price/ Cash Flow

06/yy 2'142.1 41.63x 59.4 339.40x 65.4 27.70x

LTM 06/yy 2'061.4 35.38x 50.5 350.92x (70.4) 0.00x

1.53 16.63 105.48% 93.61% 1.534 2 5.000 113'139 94'020 74'731

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

1.13 0.57 295.71 317.06 576.5% 82.7% 0.08 -

Sales/Revenue/Turnover

45.00

2'500.0

40.00

2'000.0

35.00 30.00

1'500.0

25.00 20.00

1'000.0

15.00

500.0

10.00 5.00 0.00 31.12.2009

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Jerusalem Economy Ltd Holdings By:

All

Holder Name TLC INVESTMENTS FISHMAN ELIEZER MIVNEI TAASIA & MLAC CLAL INSURANCE PROVI CLAL LIFE INSURANCE MABAR LTD ANALYST IMS INVESTME NORGES BANK CLAL INSURANCE ENTER FISHMAN EYAL FISHMAN RONIT VANGUARD GROUP INC EVEN RONIT SIDIKI MIMUN BLACKROCK TENOPORT BANK OF NEW YORK MEL ISRAEL BROKERAGE INV ILANOT BATUCHA MENORA MIVTACHIM HOL

Firm Name EVA Dimensions I.B.I. Psagot Investment House Ltd

Portfolio Name #N/A N/A n/a #N/A N/A #N/A N/A #N/A N/A #N/A N/A Multiple Portfolios Multiple Portfolios #N/A N/A n/a n/a n/a n/a n/a n/a #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst DOUG WALTERS SHAY LIPMAN EHUD NIR

Source EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG EXCH EXCH EXCH ULT-AGG EXCH EXCH ULT-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation overweight buy market perform

Amt Held 35'350'045 18'244'314 9'355'026 2'759'199 2'370'244 1'205'416 342'500 236'490 234'854 232'491 203'579 134'525 77'521 66'716 64'481 63'987 60'685 60'135 59'667 52'835

% Out 43.36 22.38 11.47 3.38 2.91 1.48 0.42 0.29 0.29 0.29 0.25 0.17 0.1 0.08 0.08 0.08 0.07 0.07 0.07 0.06

Weighting

Change 5 5 3

D M M

Latest Chg 21'043 238 31'674 52'367 (2'718)

Target Price #N/A N/A 3'400 4'180

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 31.05.2013 31.12.2012 30.09.2013 30.09.2013 30.09.2013 30.06.2013 30.09.2013 30.09.2013 27.09.2013 30.09.2013 27.09.2013 31.05.2013 31.05.2013 31.05.2013

Date Not Provided Not Provided 12 month

Inst Type Other n/a Corporation Unclassified Insurance Company Other Investment Advisor Government Insurance Company n/a n/a Investment Advisor n/a n/a Investment Advisor Other Investment Advisor Investment Advisor Investment Advisor Insurance Company

Date 18.07.2013 04.02.2013 01.12.2010

01.10.2013

Delta-Galil Industries Ltd Delta-Galil Industries Ltd. manufactures and markets private label women's intimate apparel, men's underwear, socks, shirts, baby wear, bras, leisurewear, nightwear, and knitted fabrics. The Company sells its products to leading retailers, including Gap, J. Crew, Victoria's Secret, Structure, Abercrombie & Fitch, and JC Penney.

Price/Volume 8000 6000 5000 4000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.09.2013) 52-Week Low (02.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 31.07.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DELT IT EQUITY YTD Change DELT IT EQUITY YTD % CHANGE

12/2012 06/yy 7'500.00 3'650.00 7'275.00 6950 -7.12% 90.41% 86.60% 24.6 1'711.08 139.20 0.0 2.2 45.48 590.17

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3000 2000 1000 0 o-12

31.12.2009 31.12.2010 572.5 620.1 0.41x 0.49x 28.1 41.7 8.35x 7.21x 7.7 21.1 15.97x 10.58x Profitability

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

LTM-4Q 31.12.2011 678.8 0.32x 48.6 4.51x 27.4 5.93x

31.12.2012 817.8 0.47x 62.6 6.09x 56.9 4.92x 62.57 48.47 5.93% 8.07% 9.48% 18.88% 1.81% 22.4% 8.0% 6.2% 7.0% 1.79 0.85 24.89% 50.50% 8.86 5.40

Price/ Cash Flow

06/yy 698.4 1.35x 49.3 6.45x 38.9 5.32x

LTM 06/yy 942.2 1.75x 75.5 6.34x 49.4 7.36x

2.02 0.77 8.03 93.87% 60.41% 0.766 1 5.000 20'754 21'397 25'006

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

7.01 4.60 1.36 1.82 50.5% 33.4% 1.81 12.03 41.22 67.62 32.79 87.97

Sales/Revenue/Turnover

45.00

900.0

40.00

800.0

35.00

700.0

30.00

600.0

25.00

500.0

20.00

400.0

15.00

300.0

10.00

200.0

5.00

100.0

0.00 31.12.2009

n-12

Fiscal Year Ended 31.12.2008 622.8 0.26x (4.0) (26.4) -

.2 M .2 M .2 M .1 M .1 M .1 M .1 M .1 M .0 M .0 M .0 M

7000

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Delta-Galil Industries Ltd Holdings By:

All

Holder Name DABAH ISAAC LAUTMAN DOV STERLING MARKO CLAL INSURANCE PROVI CLAL LIFE INSURANCE PHOENIX LIFE INSURAN YELIN LAPIDOT EXELLENCE ETF ANALYST IMS INVESTME PHOENIX PROVIDENT FU PHOENIX PSAGOT MUTUAL FUNDS WEINSTOCK IZHAK ILANOT BATUCHA ISRAEL BROKERAGE INV ALTSHULER SHAHAM MUT DIMENSIONAL FUND ADV CHITAYAT GIDEON MIGDAL ASSET MANAGEM CLAL FINANCE MUTUAL

Firm Name EVA Dimensions

Portfolio Name n/a n/a n/a #N/A N/A #N/A N/A #N/A N/A Multiple Portfolios #N/A N/A Multiple Portfolios #N/A N/A #N/A N/A Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios

Analyst CRAIG STERLING

Source EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG EXCH MF-AGG EXCH EXCH MF-AGG EXCH MF-AGG MF-AGG MF-AGG ULT-AGG EXCH MF-AGG MF-AGG

Recommendation buy

Amt Held 12'359'573 2'543'117 1'588'881 962'478 908'942 751'419 305'909 235'298 192'639 184'155 181'359 165'509 100'000 98'196 92'735 83'309 69'543 50'000 26'284 25'047

% Out 50.2 10.33 6.45 3.91 3.69 3.05 1.24 0.96 0.78 0.75 0.74 0.67 0.41 0.4 0.38 0.34 0.28 0.2 0.11 0.1

Weighting

Change 5

Latest Chg (4'676) 54'362 5'550 (1'880) 1'536 2'638 2'077

Target Price #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 31.05.2013 30.09.2013 31.05.2013 30.09.2013 30.09.2013 31.05.2013 30.09.2013 31.05.2013 31.05.2013 31.03.2013 30.04.2013 30.09.2013 31.05.2013 31.05.2013

Date Not Provided

Inst Type n/a n/a n/a Unclassified Insurance Company Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Other Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor

Date 15.01.2013

01.10.2013

Magic Software Enterprises Ltd Magic Software Enterprises Ltd. develops, markets, and supports software development and deployment technology. The Company sells applications designed for electronic business, customer relationship management, and other enterprise uses. Magic Software Enterprises also provides maintenance and technical support as well as professional services.

Price/Volume

12/2008 06/yy 2'488.00 1'555.00 3'854.00 2458 -1.00% 58.07% 93.78% 38.0 932.94 0.02 0.0 2.5 38.80 229.68

Price/ Cash Flow

1.20 1.00

.2 M .1 M

1000

.1 M

500 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended

.2 M

1500

Latest Fiscal Year: LTM as of: 52-Week High (01.09.2013) 52-Week Low (18.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 13.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MGIC IT EQUITY YTD Change MGIC IT EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.3 M

2500 2000

Valuation Analysis

31.12.2008 62.0 0.14x 7.9 1.08x 4.5 9.16x

3000

31.12.2009 31.12.2010 55.4 88.6 0.57x 1.98x 10.8 13.9 2.90x 12.61x 6.2 9.4 15.27x 21.31x Profitability

LTM-4Q 31.12.2011 113.3 1.39x 19.8 7.95x 15.0 12.61x

31.12.2012 126.4 0.96x 16.2 10.68x 19.76 16.41 12.98% 13.10% 12.23% 15.90% 0.89% 41.9% 12.8% 2.46 2.24 0.02% 0.02% 5.17 -

06/yy 118.5 4.46x 0.0 0.00x 16.2 12.61x

LTM 06/yy 136.5 3.05x 5.5 0.00x 15.4 12.83x

0.76 18.78 41.77% 48.23% 0.764 2 3.000 12'759 21'968 26'183

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

11.62x S&P Issuer Ratings

0.0% 0.0% 0.89 62.32 70.79 -

Sales/Revenue/Turnover

140.0 120.0 100.0

0.80

80.0 0.60

60.0

0.40

40.0 20.0

0.20

0.0 0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Magic Software Enterprises Ltd Holdings By:

All

Holder Name FORMULA SYSTEMS 1985 YELIN LAPIDOT ISRAEL BROKERAGE INV DENVER INVESTMENT AD LUTHER KING CAPITAL CLAL FINANCE MUTUAL MIGDAL ASSET MANAGEM BANK OF NEW YORK MEL MENORA MIVTACHIM HOL TIMOTHY PARTNERS LTD EAGLE GLOBAL ADVISOR MORGAN STANLEY COMMUNITY TRUST & IN TWO SIGMA INVESTMENT MENTA CAPITAL LLC OBERWEIS ASSET MANAG JANE STREET HOLDING SALOMON NAAMIT TWO SIGMA ADVISERS L PRISMA

Firm Name Maxim Group LLC EVA Dimensions

Portfolio Name #N/A N/A Multiple Portfolios Multiple Portfolios DENVER INVESTMENT AD LUTHER KING CAPITAL Multiple Portfolios Multiple Portfolios BANK OF NEW YORK MEL MENORA MIVTACHIM HOL Multiple Portfolios EAGLE GLOBAL ADVISOR n/a TRUST COMPANY OF KEN TWO SIGMA INVESTMENT MENTA CAPITAL LLC OBERWEIS ASSET MANAG JANE STREET HOLDING n/a TWO SIGMA ADVISERS L Multiple Portfolios

Analyst ASHOK KUMAR ANDREW S ZAMFOTIS

Source EXCH MF-AGG MF-AGG 13F 13F MF-AGG MF-AGG 13F 13F MF-AGG 13F ULT-AGG 13F 13F 13F 13F 13F EXCH 13F MF-AGG

Recommendation buy underweight

Amt Held 19'160'044 525'296 291'694 261'701 104'000 67'877 54'677 48'765 48'200 45'400 45'400 31'032 25'000 24'100 21'025 18'800 18'376 18'000 17'810 17'195

% Out 50.48 1.38 0.77 0.69 0.27 0.18 0.14 0.13 0.13 0.12 0.12 0.08 0.07 0.06 0.06 0.05 0.05 0.05 0.05 0.05

Weighting

Change 5 1

M D

Latest Chg 186'570 13'196 261'701 3'644 48'765 (44'204) 25'000 (8'623) (900) 4'217 600 (853)

Target Price 2'485 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt Inst Type 30.09.2013 Corporation 31.05.2013 Investment Advisor 31.05.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 31.05.2013 Investment Advisor 31.05.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Insurance Company 31.07.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.06.2013 Hedge Fund Manager 30.06.2013 Hedge Fund Manager 30.06.2013 Investment Advisor 30.06.2013 Investment Advisor 30.09.2013 n/a 30.06.2013 Investment Advisor 31.05.2013 Investment Advisor

Date 12 month Not Provided

Date 07.08.2013 26.07.2013

01.10.2013

Discount Investment Corp Discount Investment Corporation has interests in telecommunications, retailing, and manufacturing companies. The Company offers high-speed Internet access, cellular telephone services, and interactive distance learning systems, produces television programming, manufactures satellite communications systems and military electronics, and operates supermarkets and a commercial television station.

Price/Volume 3000

3.0 M 2.5 M

1500

Latest Fiscal Year: LTM as of: 52-Week High (29.09.2013) 52-Week Low (02.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance DISI IT EQUITY YTD Change DISI IT EQUITY YTD % CHANGE

12/2012 06/yy 2'520.00 771.00 108'168.00 2421 -4.25% 214.01% 92.00% 85.2 2'063.32 27'399.00 0.0 3'824.0 5'342.00 28'979.32

2.0 M 1.5 M

1000

1.0 M 500 0 o-12

.5 M .0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

3.5 M

2000

Valuation Analysis

31.12.2008 9'315.0 2.46x 3'888.0 5.90x 1'018.0 2.43x

4.0 M

2500

31.12.2009 31.12.2010 11'632.0 21'245.0 2.55x 1.71x 6'131.0 6'794.0 4.84x 5.35x 1'434.0 1'242.0 5.31x 5.24x Profitability

LTM-4Q 31.12.2011 19'052.0 1.50x 2'354.0 12.15x (2'073.0) -

31.12.2012 20'393.0 1.31x 4'027.0 6.65x (481.0) 4'027.00 4.74% 1.72% 1.39% 34.05% 3.87% 0.44% 17.1% -2.4% 63.74% 1517.95% -

Price/ Cash Flow

LTM

06/yy 19'612.0 6.03x 2'677.0 10.26x (2'479.0) 0.00x

06/yy 19'364.0 5.64x 3'317.0 8.46x 606.0 1.89x

2.11 22.07 214.01% 126.05% 2.115 2 2.000 344'705 373'773 289'091

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

6.72 7.89 1518.0% 83.0% 0.44 3.74 -

Sales/Revenue/Turnover

3.00

25'000.0

2.50

20'000.0

2.00

15'000.0

1.50

10'000.0 1.00

5'000.0

0.50 0.00 31.12.2009

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Discount Investment Corp Holdings By:

All

Holder Name IDB DEVELOPMENT CORP PIA-LEUMI FUND MANAG BLACKROCK NORGES BANK DANKNER SHELY VANGUARD GROUP INC CLAL LIFE INSURANCE KIVUN ASSET MANAGEME CLAL INSURANCE ENTER HAREL-PIA ASSET MANA APEX MIGDAL ASSET MANAGEM EXCELLENCE NESSUAH F MEITAV FUND MANAGERS PRISMA GAON MUTUAL FUNDS MA TAMIR SMITH BARNEY FUND MA TAMHIL ILANOT BATUCHA

Firm Name EVA Dimensions I.B.I. Psagot Investment House Ltd

Portfolio Name #N/A N/A Multiple Portfolios n/a Multiple Portfolios n/a n/a #N/A N/A Multiple Portfolios #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst DOUG WALTERS ORI LICHT NOAM PINCU

Source EXCH MF-AGG ULT-AGG MF-AGG EXCH ULT-AGG EXCH MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation sell neutral hold

Amt Held 63'000'944 585'096 173'659 167'441 152'562 124'963 79'171 79'000 68'124 64'210 58'679 52'510 47'847 46'112 39'187 36'931 29'151 23'237 21'500 20'100

% Out 73.92 0.69 0.2 0.2 0.18 0.15 0.09 0.09 0.08 0.08 0.07 0.06 0.06 0.05 0.05 0.04 0.03 0.03 0.03 0.02

Weighting

Change 1 3 3

M D M

Latest Chg 56'489 948 14'796 25'552 (8'183) 47'083 (3'507) 17'500 12'870 8'030 (10'000) (4'053)

Target Price #N/A N/A #N/A N/A 4'650

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 31.05.2013 27.09.2013 31.12.2012 30.09.2013 30.06.2013 30.09.2013 31.05.2013 30.09.2013 31.03.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.03.2013

Date Not Provided Not Provided 12 month

Inst Type Holding Company Investment Advisor Investment Advisor Government n/a Investment Advisor Insurance Company Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 06.06.2013 04.02.2013 17.10.2011

01.10.2013

Hadera Paper Ltd Hadera Paper Ltd. manufactures paper and paper products. The Company produces and markets a variety of paper types, household paper products, feminine hygiene products, disposable baby diapers, absorbent products for adults, detergents and cleaning products. Hadera Paper Ltd is also involved in recycling operations in the fields of paper and plastics.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.08.2013) 52-Week Low (02.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance HAP IT EQUITY YTD Change HAP IT EQUITY YTD % CHANGE

12/2012 06/yy 23'300.00 14'040.00 2'054.00 21650 -7.42% 54.20% 82.18% 5.1 1'101.94 1'203.38 0.0 6.4 194.42 2'075.85

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.0 M

20000

.0 M

15000

.0 M

10000

.0 M

5000

.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 673.5 2.07x 90.2 15.46x 69.7 7.92x

25000

31.12.2009 31.12.2010 892.0 1'121.0 2.53x 2.27x 73.9 116.8 30.54x 21.76x 91.2 100.7 14.01x 14.92x Profitability

LTM-4Q 31.12.2011 2'018.6 0.87x 82.5 21.24x (116.6) -

31.12.2012 1'976.0 0.98x 127.1 15.29x 4.3 217.86x 127.05 16.49 0.83% -0.31% 1.15% 3.78% 0.72% 11.6% 6.2% 0.5% 0.2% 1.09 0.73 45.62% 148.86% 3.46 5.91

Price/ Cash Flow

06/yy 1'986.1 3.65x 74.0 24.55x (124.1) 0.00x

LTM 06/yy 1'948.4 4.03x 120.6 16.92x 31.0 34.42x

0.95 2.08 50.66% 18.76% 0.954 1 1.000 1'828 1'703 1'573

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

1.61 0.53 8.03 10.67 148.9% 59.6% 0.72 1.51 105.63 61.75 78.32 87.91

Sales/Revenue/Turnover

10.00

2'500.0

9.00

2'000.0

8.00 7.00

1'500.0

6.00 5.00

1'000.0

4.00 3.00

500.0

2.00 1.00 0.00 31.12.2009

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Hadera Paper Ltd Holdings By:

All

Holder Name CLAL INDUSTRIES AND CLAL LIFE INSURANCE CLAL INSURANCE PROVI ANALYST IMS INVESTME NORGES BANK ABERDEEN ASSET MGMT BLACKROCK VANGUARD GROUP INC DIMENSIONAL FUND ADV MIGDAL ASSET MANAGEM APEX GAON MUTUAL FUNDS MA PSAGOT MUTUAL FUNDS EPSILON MUTUAL FUNDS MEITAV FUND MANAGERS BESSEMER GROUP INCOR ISRAEL BROKERAGE INV EXCELLENCE NESSUAH F PIA-LEUMI FUND MANAG CABIN ASSET MANAGEME

Firm Name EVA Dimensions Psagot Investment House Ltd

Portfolio Name #N/A N/A #N/A N/A #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst CRAIG STERLING NOAM PINCU

Source EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG ULT-AGG ULT-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation underweight hold

Amt Held 3'007'621 225'299 133'425 32'807 22'030 15'637 12'830 12'711 12'433 5'133 4'879 2'664 2'400 1'647 1'383 1'279 1'272 1'138 1'089 966

% Out 59.09 4.43 2.62 0.64 0.43 0.31 0.25 0.25 0.24 0.1 0.1 0.05 0.05 0.03 0.03 0.03 0.02 0.02 0.02 0.02

Weighting

Change 1 3

N M

Latest Chg (1'318) 64 202 545 376 1'454 595 340 (1) 313 72 -

Target Price #N/A N/A 17'600

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 31.05.2013 31.12.2012 30.06.2013 27.09.2013 30.06.2013 30.04.2013 31.05.2013 31.05.2013 31.05.2013 31.03.2013 30.09.2013 31.05.2013 30.04.2013 31.03.2013 31.05.2013 31.03.2013 31.05.2013

Date Not Provided 12 month

Inst Type Holding Company Insurance Company Unclassified Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 26.07.2013 14.05.2012

01.10.2013

FIBI Holdings Ltd F.I.B.I. Holdings Limited is the holding company for the First International Bank of Israel.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.10.2013) 52-Week Low (02.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FIBI IT EQUITY YTD Change FIBI IT EQUITY YTD % CHANGE

12/2012 06/yy 8'800.00 5'397.00 2'530.00 8750 -0.57% 62.13% 99.16% 26.3 2'297.20 7'360.00 0.0 3'263.0 22'968.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.9 M .8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M .0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 4'687.0 (8.0) -

10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 0 o-12

31.12.2009 31.12.2010 5'495.0 4'077.0 194.0 168.0 10.10x 12.34x Profitability

LTM-4Q 31.12.2011 5'482.0 221.0 5.43x

31.12.2012 5'332.0 280.0 5.80x 22.35% 23.70% 0.27% 9.54% 4.34% 0.05% 7.4% 6.98% 242.11% -

Price/ Cash Flow

06/yy 6'870.0 0.00x 0.0 0.00x 224.0 6.20x

LTM 06/yy 5'113.0 0.00x 0.0 0.00x 281.0 7.06x

1.14 5.46 63.64% 41.43% 1.137 1 3.000 3'915 4'884 4'057

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

242.1% 53.9% 0.05 4.34 -

Sales/Revenue/Turnover

4.00

7'000.0

3.50

6'000.0

3.00

5'000.0

2.50

4'000.0

2.00

3'000.0

1.50

2'000.0

1.00

1'000.0

0.50 0.00 31.12.2009

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

FIBI Holdings Ltd Holdings By:

All

Holder Name BINOHON DOLPHINE ENERGIES INSTANCE HOLDINGS BINOPRI ANALYST IMS INVESTME PSAGOT MUTUAL FUNDS STOCK GARRY MENORA MIVTACHIM HOL APEX PIA-LEUMI FUND MANAG MIGDAL ASSET MANAGEM ISRAEL BROKERAGE INV GAON MUTUAL FUNDS MA MEMORA ASSET MANAGEM ILANOT BATUCHA EPSILON INVESTMENT H PRISMA QUATTRO MUTUAL FUNDS EXCELLENCE NESSUAH F DBM ASSET MANAGEMENT

Firm Name EVA Dimensions

Portfolio Name #N/A N/A #N/A N/A #N/A N/A #N/A N/A Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst DOUG WALTERS

Source EXCH EXCH EXCH EXCH MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold

Amt Held 10'118'128 4'139'234 4'139'233 2'359'525 106'642 43'056 34'018 21'905 19'000 18'736 16'544 14'415 10'534 7'510 7'300 5'650 5'270 4'140 3'458 3'200

% Out 38.54 15.77 15.77 8.99 0.41 0.16 0.13 0.08 0.07 0.07 0.06 0.05 0.04 0.03 0.03 0.02 0.02 0.02 0.01 0.01

Weighting

Change 3

Latest Chg (203) (28) 626 (858) 866 706 1'628 (534) 23 200

Target Price #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 30.09.2013 31.05.2013 31.05.2013 30.09.2013 31.05.2013 31.05.2013 31.03.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.03.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013

Date Not Provided

Inst Type Other Corporation Unclassified Other Investment Advisor Investment Advisor n/a Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 06.06.2013

01.10.2013

Mivtach Shamir Holdings Ltd Mivtach Shamir Holdings Ltd. is an Israel-based investment company. The Company invests in three core sectors such as high technology and communications, real estate and industrial companies.

Price/Volume 14000

.1 M

12000

.1 M

10000

.1 M

8000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.09.2013) 52-Week Low (15.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MISH IT EQUITY YTD Change MISH IT EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20 1.00

.0 M

4000

.0 M

2000 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 (46.9) (59.6) (171.2) -

.1 M

6000

12/2012 06/yy 12'470.00 6'320.00 3'737.00 12410 -0.88% 96.36% 97.24% 10.5 1'303.03 187.55 0.0 (4.7) 74.51 1'358.14

31.12.2009 31.12.2010 70.6 10.6 19.47x 57.7 (9.2) 23.83x (13.3) (12.8) Profitability

LTM-4Q 31.12.2011 52.8 15.1 332.4 -

31.12.2012 76.0 11.27x 57.1 15.01x 32.8 22.85x 57.09 67.86% 27.86% 3.50% 4.45% 3.38% 0.03% 270.1% 43.1% 18.20% 22.65% -

06/yy 77.9 23.76x (17.0) 0.00x (63.2) 0.00x

LTM 06/yy 33.1 116.39x 89.5 12.04x 36.1 28.38x

3.70 86.21% 78.39% 1 1.000 12'101 11'968 8'989

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

0.67 1.82 22.7% 18.6% 0.03 23.71 -

Sales/Revenue/Turnover

300.0 250.0 200.0

0.80 0.60 0.40

150.0 100.0 50.0 0.0

0.20 0.00

-50.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

-100.0

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Mivtach Shamir Holdings Ltd Holdings By:

All

Holder Name SHAMIR MEIR ASHTRUM ASSETS GLAZER OFER RECANATI LEON YEHUDA MENORA PROVIDENT FUN CLAL LIFE INSURANCE CLAL INSURANCE PROVI CLAL INSURANCE HOLDI MENORA LIFE INSURANC PIA-LEUMI FUND MANAG PRISMA EXCELLENCE NESSUAH F MENORA MIVTACHIM HOL DIMENSIONAL FUND ADV DANKNER SHELY MIGDAL ASSET MANAGEM LIPSHITS ALEXANDER DBM ASSET MANAGEMENT JOHN HANCOCK ADVISER HALMAN-ALDUBI MUTUAL

Firm Name EVA Dimensions

Portfolio Name n/a #N/A N/A n/a n/a #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios #N/A N/A n/a n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst DOUG WALTERS

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG EXCH ULT-AGG EXCH MF-AGG EXCH MF-AGG MF-AGG MF-AGG

Recommendation sell

Amt Held 3'526'378 1'220'000 1'155'271 883'053 727'342 602'080 597'394 165'288 133'826 23'838 20'014 16'594 11'228 11'012 8'816 8'145 7'350 6'116 5'896 5'800

% Out 33.59 11.62 11 8.41 6.93 5.73 5.69 1.57 1.27 0.23 0.19 0.16 0.11 0.1 0.08 0.08 0.07 0.06 0.06 0.06

Weighting

Change 1

Latest Chg (269) 2'000 922 9'488 594 (100) 5'800

Target Price #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 31.05.2013 31.05.2013 31.05.2013 30.09.2013 30.04.2013 30.09.2013 31.05.2013 30.09.2013 31.05.2013 31.08.2013 31.05.2013

Date Not Provided

Inst Type n/a Unclassified n/a n/a Investment Advisor Insurance Company Unclassified Other Insurance Company Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor n/a Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor

Date 03.07.2013

01.10.2013

Ceragon Networks Ltd Ceragon Networks Ltd. develops, manufactures, and sells wireless networking systems. The Company's systems enable global communications service providers to immediately deploy high-capacity broadband infrastructures in metropolitan areas. Ceragon's customers include new and existing competitive local exchange carriers and Internet service providers.

Price/Volume 2500

.5 M

12/2012 06/yy 2'248.00 1'105.00 4'704.00 1487 -34.25% 34.57% 29.31% 36.5 542.19 43.77 0.0 0.0 51.59 144.91

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20

1500

.4 M

1000

.3 M .2 M

500

.1 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 217.3 0.41x 15.0 6.00x 26.0 -

.6 M

2000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.10.2012) 52-Week Low (04.07.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 13.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CRNT IT EQUITY YTD Change CRNT IT EQUITY YTD % CHANGE

.7 M

31.12.2009 31.12.2010 184.2 249.9 1.71x 1.59x 5.9 19.5 53.12x 20.36x 3.7 14.1 Profitability

LTM-4Q 31.12.2011 445.3 0.60x (22.2) (53.7) -

31.12.2012 446.7 0.34x 1.0 154.20x (23.4) 0.99 -14.04 -3.14% -4.97% 31.0% -5.2% 1.72 1.09 11.12% 30.46% -

06/yy 471.4 2.60x 0.4 906.40x (19.4) 0.00x

LTM 06/yy 298.2 1.74x (2.1) 0.00x (9.3) 0.00x

FY+1

0.60 27.78 -31.25% -9.82% 0.601 6 2.667 34'801 37'063 31'959 FY+2

FQ+1

FQ+2

12/13 Y 12/14 Y 09/13 Q3 12/13 Q4 373.3 410.0 93.5 99.5 8.6 27.2 1.3 16.85x 5.33x (17.6) 3.1 (3.8) (1.4) 37.31x S&P Issuer Ratings

0.28 -3.82 30.5% 23.3% 41.19

Sales/Revenue/Turnover

500.0 450.0

1.00

400.0 350.0

0.80 0.60 0.40

300.0 250.0 200.0 150.0 100.0

0.20

50.0 0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Ceragon Networks Ltd Holdings By:

All

Holder Name ZISAPEL ZOHAR PARNASSUS INVESTMENT INVEKTA INVICTA CAPITAL MANA ZISAPEL YEHUDA MIGDAL LIFE INSURANC DIKER MANAGEMENT LLC EARNEST PARTNERS LLC MIGDAL PROVIDENT FUN ROYAL BANK OF CANADA PALTI IRA PAW CAPITAL PARTNERS SPOT TRADING LLC LOMSHA LTD NORGES BANK RENAISSANCE TECHNOLO VANGUARD GROUP INC TECHNICAL FINANCIAL PIA-LEUMI FUND MANAG D E SHAW & COMPANY I

Firm Name EVA Dimensions Jefferies Barclays Canaccord Genuity Corp Oppenheimer & Co Pacific Crest Securities Stephens Inc

Portfolio Name n/a #N/A N/A #N/A N/A INVICTA CAPITAL MANA n/a #N/A N/A DIKER MANAGEMENT LLC #N/A N/A #N/A N/A n/a n/a PAW CAPITAL PARTNERS SPOT TRADING LLC n/a NORGES BANK RENAISSANCE TECHNOLO n/a TFS CAPITAL LLC Multiple Portfolios D E SHAW & CO

Analyst ANDREW S ZAMFOTIS PETER J MISEK JOSEPH WOLF T MICHAEL WALKLEY ITTAI KIDRON JAMES FAUCETTE STEPHEN FERRANTI

Source EXCH EXCH EXCH 13F EXCH EXCH 13F EXCH EXCH ULT-AGG EXCH 13F 13F 13D 13F 13F ULT-AGG 13F MF-AGG 13F

Recommendation underweight hold equalweight hold market perform sector perform suspended coverage

Amt Held 5'135'682 3'003'724 2'552'557 2'270'829 2'238'000 1'859'107 1'855'199 1'854'390 1'130'377 930'351 836'245 695'000 498'421 467'153 315'495 192'102 139'354 108'868 103'579 97'651

% Out 14.09 8.24 7 6.23 6.14 5.1 5.09 5.09 3.1 2.55 2.29 1.91 1.37 1.28 0.87 0.53 0.38 0.3 0.28 0.27

Weighting

Change

1 3 3 3 3 3 #N/A N/A

D M M M M M M

Latest Chg 288'813 (241'728) (37'969) (122) 28'283 125'000 29'900 49'800 (3'907) (15'215) (12'696)

Target Price #N/A N/A 1'245 1'423 1'204 #N/A N/A #N/A N/A #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 30.06.2013 30.09.2013 30.09.2013 30.06.2013 30.09.2013 30.09.2013 30.06.2013 30.09.2013 30.06.2013 30.06.2013 08.09.2011 31.12.2012 30.06.2013 30.06.2013 30.06.2013 31.05.2013 30.06.2013

Date Not Provided 12 month Not Provided Not Provided Not Provided Not Provided Not Provided

Inst Type n/a Investment Advisor Other Hedge Fund Manager n/a Insurance Company Investment Advisor Investment Advisor Investment Advisor Bank n/a Hedge Fund Manager Investment Advisor Corporation Government Hedge Fund Manager Investment Advisor Investment Advisor Investment Advisor Hedge Fund Manager

Date 10.09.2013 13.08.2013 13.08.2013 12.08.2013 12.08.2013 28.06.2013 05.08.2010

01.10.2013

Blue Square Real Estate Ltd Blue Square Real Estate Ltd owns and leases real estate properties.

Price/Volume 16000

.5 M .5 M .4 M .4 M .3 M .3 M .2 M .2 M .1 M .1 M .0 M

14000 12000 10000 8000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (23.09.2013) 52-Week Low (14.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BLSR IT EQUITY YTD Change BLSR IT EQUITY YTD % CHANGE

12/2012 06/yy 13'830.00 7'355.00 717.00 13470 -2.60% 83.14% 94.44% 12.6 1'691.04 2'254.26 0.0 0.0 213.74 3'506.14

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

4000 2000 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.12.2008 126.6 11.59x 111.1 13.21x 67.3 9.11x

6000

31.12.2009 31.12.2010 145.2 188.7 15.41x 15.14x 132.5 152.2 16.89x 18.77x 230.4 191.3 3.74x 6.19x Profitability

LTM-4Q 31.12.2011 209.9 12.22x 188.6 13.60x 79.1 10.90x

31.12.2012 214.9 14.22x 176.8 17.29x 218.4 4.65x 176.76 176.76 26.01% 126.60% 4.07% 10.93% 4.46% 0.06% 88.3% 101.6% 54.26% 150.30% -

Price/ Cash Flow

06/yy 209.9 51.09x 186.0 14.54x 128.4 6.75x

LTM 06/yy 214.5 58.15x 189.3 17.01x 157.8 8.91x

1.06 3.14 90.94% 72.59% 1.060 1 1.000 5'065 3'572 7'798

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

1.46 -0.45 9.59 11.68 150.3% 60.0% 0.06 -

Sales/Revenue/Turnover

45.00

250.0

40.00

200.0

35.00 30.00

150.0

25.00 20.00

100.0

15.00

50.0

10.00 5.00 0.00 31.12.2009

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Blue Square Real Estate Ltd Holdings By:

All

Holder Name ALON HOLDINGS BLUE S CLAL INSURANCE PROVI CLAL LIFE INSURANCE YELIN LAPIDOT MEITAV FUND MANAGERS MENORA MIVTACHIM HOL STEIN ZEEV ALTSHULER SHAHAM MUT MEMORA ASSET MANAGEM PSAGOT MUTUAL FUNDS MIGDAL ASSET MANAGEM GAON MUTUAL FUNDS MA ISRAEL BROKERAGE INV AXA ROSENBERG INTL QUATTRO MUTUAL FUNDS EPSILON MUTUAL FUNDS CABIN ASSET MANAGEME PIA-LEUMI FUND MANAG DS MUTUAL FUNDS MANA EPSILON INVESTMENT H

Firm Name EVA Dimensions

Portfolio Name #N/A N/A #N/A N/A #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst DOUG WALTERS

Source EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation underweight

Amt Held 9'385'417 504'383 447'689 77'705 29'114 28'977 27'931 25'567 10'221 7'709 5'635 4'548 4'378 3'805 3'327 1'997 1'562 1'498 1'000 988

% Out 74.76 4.02 3.57 0.62 0.23 0.23 0.22 0.2 0.08 0.06 0.04 0.04 0.03 0.03 0.03 0.02 0.01 0.01 0.01 0.01

Weighting

Change 1

Latest Chg 4'809 (3) (355) 850 413 1'171 303 55 (114) -

Target Price #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 31.05.2013 31.05.2013 31.05.2013 30.09.2013 31.03.2013 31.05.2013 31.03.2013 31.05.2013 31.05.2013 31.05.2013 31.12.2012 31.05.2013 30.09.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013

Date Not Provided

Inst Type Corporation Unclassified Insurance Company Investment Advisor Investment Advisor Insurance Company n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 03.07.2013

01.10.2013

Alrov Properties and Lodgings Ltd Alrov Properties and Lodging builds and manages shopping malls, residential buildings, hotels, and office buildings.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (12.08.2013) 52-Week Low (02.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ALRPR IT EQUITY YTD Change ALRPR IT EQUITY YTD % CHANGE

12/2012 06/yy 9'236.00 5'806.00 2'498.00 9126 -1.17% 57.18% 95.83% 23.0 2'101.18 5'878.34 0.0 279.8 207.80 7'846.22

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 478.0 626.3 9.66x 9.58x 236.2 280.3 19.55x 21.41x 191.2 221.2 5.27x 7.42x Profitability

LTM-4Q 31.12.2011 755.3 8.95x 313.9 21.54x 151.5 9.05x

31.12.2012 818.5 9.26x 286.0 26.49x 146.8 11.07x 285.98 200.67 24.52% 25.61% 1.31% 5.15% 0.09% 41.8% 30.5% 19.3% 17.9% 0.13 0.08 55.24% 220.80% 14.61 24.09

Price/ Cash Flow

06/yy 765.9 35.59x 303.2 23.01x 92.7 13.90x

.1 M .1 M .1 M .0 M .0 M .0 M n-12

d-12

j-13

f-13 m-13

LTM 06/yy 869.0 34.54x 264.6 28.73x 129.3 14.39x

a-13 m-13

j-13

a-13

s-13

1.37 4.84 49.70% 29.34% 1.367 1 1.000 11'365 6'800 5'259

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

2.26 -1.61 20.71 21.36 220.8% 66.6% 0.09 0.23 24.98 15.15 73.35 -71.13

Sales/Revenue/Turnover

16.00

900.0

14.00

800.0

12.00

700.0 600.0

10.00

500.0

8.00

400.0

6.00

300.0

4.00

200.0

2.00

100.0

0.00 31.12.2009

.1 M

Fiscal Year Ended 31.12.2008 417.4 8.52x 224.4 15.86x (45.8) -

10000 9000 8000 7000 6000 5000 4000 3000 2000 1000 0 o-12

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Alrov Properties and Lodgings Ltd Holdings By:

All

Holder Name ALROV ASSETS ALROV CLAL INSURANCE PROVI CLAL LIFE INSURANCE AKIROV HOLDINGS CLAL INSURANCE HOLDI ISRAEL BROKERAGE INV BLACKROCK PSAGOT MUTUAL FUNDS PIA-LEUMI FUND MANAG MIGDAL ASSET MANAGEM CLAL FINANCE MUTUAL ILANOT BATUCHA ALTSHULER SHAHAM MUT PRISMA MEITAV FUND MANAGERS GAON MUTUAL FUNDS MA EXCELLENCE NESSUAH F ROTHSCHILD EPSILON MUTUAL FUNDS

Firm Name EVA Dimensions

Portfolio Name #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios #N/A N/A

Analyst DOUG WALTERS

Source EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH

Recommendation sell

Amt Held 13'060'935 4'726'504 1'239'576 928'234 399'573 51'373 28'068 22'449 18'970 16'637 14'392 12'892 12'892 8'991 5'195 5'064 4'940 3'966 3'600 2'830

% Out 56.73 20.53 5.38 4.03 1.74 0.22 0.12 0.1 0.08 0.07 0.06 0.06 0.06 0.04 0.02 0.02 0.02 0.02 0.02 0.01

Weighting

Change 1

Latest Chg 18'637 108 (445) 3'100 750 (2) 1'223 19 -

Target Price #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 31.05.2013 27.09.2013 31.05.2013 31.05.2013 31.05.2013 30.09.2013 31.05.2013 31.03.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 30.09.2013

Date Not Provided

Inst Type Other Other Unclassified Insurance Company Other Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 06.06.2013

01.10.2013

Givot Olam Oil Exploration LP Givot Olam Oil Exploration LP acquires, explores, and develops oil and gas properties. The Company is developing an oil field located in Israel.

Price/Volume 6

350.0 M

300.0 M 250.0 M

Latest Fiscal Year: LTM as of: 52-Week High (28.10.2012) 52-Week Low (02.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GIVOL IT EQUITY YTD Change GIVOL IT EQUITY YTD % CHANGE

12/2012 06/yy 5.50 3.30 22'439'386.00 4 -27.27% 21.21% 31.82% 10'569.0 422.76 0.00 0.0 0.0 42.34 408.01

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

(3.8) (4.0) -

150.0 M

100.0 M

50.0 M

0 o-12

31.12.2009

31.12.2010

(46.7) (46.6) Profitability

(43.0) (43.4) -

LTM-4Q 31.12.2011 34.2 14.43x 10.2 48.44x 11.2 48.02x

31.12.2012 37.8 12.39x 4.7 99.55x (1.6) 4.71 -2.34 -6.17% -11.40% -16.75% 9.8% -4.3% 5.97 2.72 0.00% 0.00% 3.89

Price/ Cash Flow

06/yy 61.9 29.29x 35.8 9.04x 29.9 12.96x

d-12

j-13

f-13 m-13

LTM 06/yy 47.1 35.49x 6.0 0.00x (14.5) 0.00x

a-13 m-13

j-13

a-13

s-13

0.57 10'091.63 21.21% -14.89% 0.571 0 22'383'960 29'390'210 34'320'800

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

0.0% 0.0% 93.93 38.83 -

Sales/Revenue/Turnover

90.00

40.0

80.00

35.0

70.00

30.0

60.00

25.0

50.00

20.0

40.00

15.0

30.00

10.0

20.00

5.0

10.00 0.00 31.12.2009

.0 M n-12

Fiscal Year Ended 31.12.2008

200.0 M

Valuation Analysis

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Givot Olam Oil Exploration LP Holdings By:

All

Holder Name GIVOT OLAM OIL MIGDAL ASSET MANAGEM ISRAEL BROKERAGE INV GAON MUTUAL FUNDS MA BEN DAVID NOGA MEITAV FUND MANAGERS PSAGOT MUTUAL FUNDS DBM ASSET MANAGEMENT YASHIR EXCELLENCE NESSUAH F GAMBLE JONES MORPHY FIRST MANHATTAN CO A

Firm Name

Portfolio Name #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios GAMBLE JONES INVESTM FIRST MANHATTAN COMP

Analyst

Source EXCH MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG 13F 13F

Recommendation

Amt Held 473'929'067 22'993'458 14'561'508 6'656'346 3'473'251 1'599'253 1'327'855 1'000'000 800'000 488'664 10'000 -

% Out 4.48 0.22 0.14 0.06 0.03 0.02 0.01 0.01 0.01 0 0 0

Weighting

Change

Latest Chg 1'643'917 1'377'017 3'348'792 3'096 202'253 42'968 (700'000)

Target Price

#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 31.05.2013 31.05.2013 31.05.2013 30.09.2013 31.05.2013 31.03.2013 31.05.2013 31.05.2013 31.03.2013 30.06.2013 30.06.2013

Date

Inst Type Private Equity Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date

01.10.2013

Plasson Industries Ltd Plasson Industries Ltd. operates in Israel and abroad in the fields of development, manufacturing and marketing of technical products made of plastics, such as plastic tube joints and plastic instruments, as well as sanitary products.

Price/Volume 14000

.1 M

12000

.1 M

10000

.1 M

8000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (13.03.2013) 52-Week Low (16.12.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PLSN IT EQUITY YTD Change PLSN IT EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 838.4 882.8 1.07x 1.06x 148.0 147.6 6.05x 6.35x 91.0 69.6 8.62x 11.97x Profitability

.0 M

2000 0 o-12

LTM-4Q 31.12.2011 975.1 0.97x 193.0 4.88x 96.1 8.28x

31.12.2012 947.6 1.18x 168.1 6.66x 99.0 10.28x 168.05 114.09 12.04% 11.98% 6.94% 12.65% 0.74% 39.8% 17.5% 11.8% 10.4% 1.96 1.20 28.26% 52.18% 3.39 2.06

Price/ Cash Flow

06/yy 978.8 4.09x 180.9 5.56x 100.1 8.65x

.0 M n-12

d-12

j-13

f-13 m-13

LTM 06/yy 939.9 5.00x 164.9 7.64x 88.4 13.01x

a-13 m-13

j-13

a-13

s-13

0.78 2.95 19.67% 7.63% 0.782 1 5.000 4'217 10'139 6'213

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

10.39 7.66 0.47 1.94 52.2% 33.3% 0.74 2.94 107.74 176.99 59.45 210.39

Sales/Revenue/Turnover

12.00

1'200.0

10.00

1'000.0

8.00

800.0

6.00

600.0

4.00

400.0

2.00

200.0

0.00 31.12.2009

.0 M

4000

Fiscal Year Ended 31.12.2008 918.9 0.63x 139.2 4.14x 34.9 10.40x

.1 M

6000

12/2012 06/yy 12'900.00 9'734.00 196.00 11160 -13.57% 14.65% 45.04% 9.5 1'065.55 352.89 0.0 29.0 280.80 1'174.30

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Plasson Industries Ltd Holdings By:

All

Holder Name KIBBUTZ MAAGAN MIHAE CLAL INSURANCE PROVI CLAL LIFE INSURANCE ALTSHULER SHAHAM MUT PSAGOT MUTUAL FUNDS ANALYST IMS INVESTME YELIN LAPIDOT BLACKROCK MIGDAL ASSET MANAGEM MEITAV FUND MANAGERS PIA-LEUMI FUND MANAG GAON MUTUAL FUNDS MA EPSILON MUTUAL FUNDS FOREST ASSET MANAGEM COMPASS ASSET MANAGE ISRAEL BROKERAGE INV DIMENSIONAL FUND ADV CABIN ASSET MANAGEME MENORA MIVTACHIM HOL DBM ASSET MANAGEMENT

Firm Name EVA Dimensions

Portfolio Name #N/A N/A #N/A N/A #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst TIMOTHY STANISH

Source EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy

Amt Held 6'602'200 352'585 242'308 55'036 41'450 31'200 25'489 24'207 9'601 8'789 5'269 2'288 2'194 2'050 1'900 1'873 1'541 1'537 1'457 1'200

% Out 69.15 3.69 2.54 0.58 0.43 0.33 0.27 0.25 0.1 0.09 0.06 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.01

Weighting

Change 5

Latest Chg 20'469 (808) (2'239) 132 508 978 700 467 723 (74) (50)

Target Price #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 31.05.2013 31.05.2013 31.03.2013 31.05.2013 27.09.2013 31.05.2013 31.05.2013 31.03.2013 31.05.2013 30.09.2013 31.05.2013 31.05.2013 31.03.2013 30.04.2013 31.05.2013 31.03.2013 31.05.2013

Date Not Provided

Inst Type Other Unclassified Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor

Date 05.08.2013

01.10.2013

Brack Capital Properties NV Brack Capital Properties NV owns and manages a real estate portfolio. The Company owns residential, office, commercial and hotel properties in Germany. Brack Capital Properties NV also invests in energy related projects and venture capital investments.

Price/Volume 25000

.1 M .1 M

20000

.1 M .1 M

15000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (11.03.2013) 52-Week Low (23.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BCNV IT EQUITY YTD Change BCNV IT EQUITY YTD % CHANGE

12/2012 06/yy 21'190.00 16'200.00 3'637.00 18780 -11.28% 15.93% 52.10% 6.1 1'150.46 465.04 0.0 76.7 57.54 858.59

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.0 M .0 M .0 M

5000

.0 M 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 25.2 14.3 16.4 -

.1 M

10000

31.12.2009 31.12.2010 25.8 26.7 10.20x 16.4 13.6 19.96x 17.3 12.2 9.16x Profitability

LTM-4Q 31.12.2011 39.3 14.98x 20.9 28.20x 34.3 3.95x

31.12.2012 55.4 12.74x 28.8 24.51x 14.7 14.70x 28.80 28.80 28.87% 38.08% 2.14% 8.47% 4.04% 0.07% 52.3% 26.5% 58.91% 219.09% -

Price/ Cash Flow

06/yy 54.0 45.19x 17.5 37.33x 16.6 8.96x

LTM 06/yy 58.5 50.77x 30.6 28.07x 17.8 13.66x

0.78 1.59 13.20% 5.27% 0.785 0 2'515 2'224 1'590

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

2.25 1.23 16.95 18.60 219.1% 61.7% 0.07 -

Sales/Revenue/Turnover

14.00

60.0

12.00

50.0

10.00

40.0

8.00

30.0 6.00

20.0 4.00

10.0

2.00 0.00 31.12.2009

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Brack Capital Properties NV Holdings By:

All

Holder Name WEINTRAUB SHIMON Politna PELED RONEN WP AG REALTY BARAK FIRST MARANY WILENTZ AVIGDOR RAHAMIM OFIR PSAGOT MUTUAL FUNDS ELADE HOLDINGS TENENBAUM GAL LILIUM FINANCE MIGDAL ASSET MANAGEM GAON MUTUAL FUNDS MA ISRAEL BROKERAGE INV CABIN ASSET MANAGEME AYALON ASSET MANAGEM SPRINT MEITAV FUND MANAGERS

Firm Name

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a Multiple Portfolios n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation

Amt Held 1'035'843 705'755 562'287 521'623 521'566 430'301 352'048 298'474 94'581 8'196 7'354 6'537 4'482 4'463 1'556 1'103 993 900 550 290

% Out 16.91 11.52 9.18 8.51 8.51 7.02 5.75 4.87 1.54 0.13 0.12 0.11 0.07 0.07 0.03 0.02 0.02 0.01 0.01 0

Weighting

Change

Latest Chg 1'970 404 747 508 (31) 900 550 28

Target Price

#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 24.01.2011 24.01.2011 24.01.2011 24.01.2011 24.01.2011 24.01.2011 24.01.2011 24.01.2011 24.01.2011 31.05.2013 24.01.2011 24.01.2011 24.01.2011 31.05.2013 31.05.2013 31.03.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013

Date

Inst Type n/a n/a n/a Corporation Other Other Other n/a n/a Investment Advisor Holding Company n/a Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date

01.10.2013

Elco Holdings Ltd Elco Holdings Ltd. is an industrial group involved in a wide range of business activities: household appliances, air-conditioning, mechanical and electro-mechanical contracting, electricity infrastructure products, retail consumer electronics and real estate.

Price/Volume 4500

1.4 M

4000

1.2 M

3500

1.0 M

3000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (24.09.2013) 52-Week Low (02.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ELCO IT EQUITY YTD Change ELCO IT EQUITY YTD % CHANGE

12/2012 06/yy 4'326.00 1'539.00 24'974.00 3930 -9.62% 155.36% 87.33% 26.5 1'040.18 4'881.76 0.0 947.9 781.66 5'983.31

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.8 M

2000

.6 M

1500

.4 M

1000

.2 M

500 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 7'319.9 1.52x 859.6 12.96x 19.3 -

2500

31.12.2009 31.12.2010 6'984.8 6'829.6 1.52x 1.31x 738.2 643.6 14.36x 13.87x (211.5) (44.7) Profitability

LTM-4Q 31.12.2011 6'092.7 1.06x 378.1 17.00x 27.3 24.99x

31.12.2012 6'593.1 0.85x 382.4 14.67x (30.1) 382.41 287.41 4.36% 1.28% -1.61% -16.54% 0.66% 18.9% 6.0% 4.8% -0.5% 1.05 0.48 47.76% 472.10% 6.09 4.04

Price/ Cash Flow

LTM

06/yy 5'396.1 4.77x 237.0 25.57x 132.7 2.78x

06/yy 6'760.6 2.60x 408.4 14.49x (165.8) 0.00x

1.69 8.10 155.19% 84.77% 1.690 2 4.000 259'482 55'280 37'461

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

1.37 0.88 9.79 11.40 472.1% 71.1% 0.66 22.99 59.95 90.44 86.02 71.19

Sales/Revenue/Turnover

9.00

12'000.0

8.00

10'000.0

7.00

8'000.0

6.00 5.00

6'000.0

4.00

4'000.0

3.00 2.00

2'000.0

1.00 0.00 31.12.2009

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Elco Holdings Ltd Holdings By:

All

Holder Name SALKIND GERSHON CLAL INSURANCE PROVI CLAL LIFE INSURANCE YELIN LAPIDOT ANALYST IMS INVESTME CLAL FINANCE MUTUAL NORGES BANK APEX PSAGOT MUTUAL FUNDS MIGDAL ASSET MANAGEM MEITAV FUND MANAGERS PIA-LEUMI FUND MANAG VANGUARD GROUP INC EPSILON MUTUAL FUNDS TAMIR GAON MUTUAL FUNDS MA ROTHSCHILD ILANOT BATUCHA AFRICA ASSET MANAGEM EPSILON INVESTMENT H

Firm Name EVA Dimensions Psagot Investment House Ltd

Portfolio Name n/a #N/A N/A #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst CRAIG STERLING NOAM PINCU

Source EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation hold buy

Amt Held 18'368'042 934'031 647'598 397'483 171'500 106'712 49'290 30'078 24'613 20'221 19'475 17'045 16'380 10'063 9'580 8'299 8'022 7'400 7'381 5'326

% Out 69.4 3.53 2.45 1.5 0.65 0.4 0.19 0.11 0.09 0.08 0.07 0.06 0.06 0.04 0.04 0.03 0.03 0.03 0.03 0.02

Weighting

Change 3 5

U M

Latest Chg 6'750 (6'750) 3'015 591 1'092 5 (1'050) 3'519 (200) 2'156

Target Price #N/A N/A 3'800

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 31.05.2013 31.05.2013 31.05.2013 31.12.2012 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.03.2013 30.06.2013 30.09.2013 31.05.2013 31.05.2013 31.05.2013 31.03.2013 31.05.2013 31.05.2013

Date Not Provided 12 month

Inst Type n/a Unclassified Insurance Company Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 02.08.2013 27.12.2012

01.10.2013

AL-ROV Israel Ltd Al-Rov (Israel) Ltd. is a real estate holding company.

Price/Volume 12000

.1 M

10000

.1 M .1 M

8000

Latest Fiscal Year: LTM as of: 52-Week High (10.06.2013) 52-Week Low (02.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ALRO IT EQUITY YTD Change ALRO IT EQUITY YTD % CHANGE

12/2012 06/yy 11'450.00 7'800.00 2'223.00 10220 -10.83% 31.03% 65.21% 13.6 1'391.41 6'306.80 0.0 893.9 550.26 7'837.64

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.1 M

4000

.0 M

2000

.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 455.4 8.82x 225.5 17.80x (409.9) -

.1 M

6000

Valuation Analysis

31.12.2009 31.12.2010 530.7 652.6 10.50x 10.20x 193.5 281.5 28.80x 23.65x 437.8 193.1 3.54x 9.76x Profitability

LTM-4Q 31.12.2011 803.2 8.86x 325.0 21.88x (42.8) -

31.12.2012 839.9 9.39x 293.7 26.85x 140.6 8.78x 293.73 198.68 23.66% 28.01% 1.47% 7.09% 0.08% 41.2% 28.6% 16.1% 16.7% 0.20 0.16 55.26% 265.30% 14.25 24.66

Price/ Cash Flow

06/yy 835.1 34.70x 337.6 21.85x (105.1) 0.00x

LTM 06/yy 853.8 36.46x 243.8 32.13x 154.4 8.98x

1.67 3.41 32.09% 12.65% 1.670 1 1.000 18'289 10'536 8'131

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

2.01 -1.34 22.88 24.78 265.3% 65.8% 0.08 0.22 25.62 14.80 72.76 -12.18

Sales/Revenue/Turnover

14.00

900.0

12.00

800.0 700.0

10.00

600.0

8.00

500.0

6.00

400.0 300.0

4.00

200.0

2.00 0.00 31.12.2009

100.0 0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

AL-ROV Israel Ltd Holdings By:

All

Holder Name AKIROV HOLDINGS AKIROV INVESTMENTS DIMENSIONAL FUND ADV ALTSHULER SHAHAM MUT BLACKROCK RAMCO INVESTMENT MAN ILANOT BATUCHA MIGDAL ASSET MANAGEM EXCELLENCE NESSUAH F PIA-LEUMI FUND MANAG PRISMA PSAGOT MUTUAL FUNDS PERFECT MUTUAL FUNDS MEITAV FUND MANAGERS GAON MUTUAL FUNDS MA GOLDMAN SACHS GROUP ISRAEL BROKERAGE INV MENORA MIVTACHIM HOL CABIN ASSET MANAGEME POALIM MUTUAL FUNDS

Firm Name EVA Dimensions

Portfolio Name #N/A N/A #N/A N/A n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst DOUG WALTERS

Source EXCH EXCH ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation underweight

Amt Held 9'570'371 631'767 95'778 78'638 19'344 18'484 17'989 15'841 14'185 12'034 8'604 7'434 5'000 3'856 2'723 2'359 2'251 2'202 1'817 1'653

% Out 70.3 4.64 0.7 0.58 0.14 0.14 0.13 0.12 0.1 0.09 0.06 0.05 0.04 0.03 0.02 0.02 0.02 0.02 0.01 0.01

Weighting

Change 1

Latest Chg 2'100 94 560 146 573 2'237 (1) 1'161 (1'178) 463 (72) 500

Target Price #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.04.2013 31.05.2013 27.09.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.03.2013 31.05.2013 31.03.2013 31.05.2013 31.05.2013 31.05.2013 31.01.2013 31.03.2013 31.05.2013 31.05.2013 31.05.2013

Date Not Provided

Inst Type Other Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor

Date 10.06.2013

01.10.2013

Kerur Holdings Ltd Kerur Holdings Ltd. is a diversified holding company.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (15.09.2013) 52-Week Low (02.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance KRUR IT EQUITY YTD Change KRUR IT EQUITY YTD % CHANGE

12/2012 06/yy 6'223.00 3'775.00 1'953.00 6001 -3.58% 58.97% 90.97% 12.6 754.78 3.42 0.0 190.7 37.88 842.18

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.4 M

6000

.3 M

5000

.3 M

4000

.2 M

3000

.2 M

2000

.1 M

1000

.1 M

0 o-12

31.12.2009 31.12.2010 864.6 944.0 0.60x 0.79x 136.1 153.8 3.80x 4.87x 47.6 54.4 8.47x 12.04x Profitability

LTM-4Q 31.12.2011 904.2 0.69x 133.1 4.70x 44.0 12.85x

31.12.2012 938.6 0.81x 136.0 5.60x 60.4 10.03x 136.01 95.27 10.15% 13.74% 8.07% 17.79% 1.34% 40.6% 15.8% 11.6% 6.4% 2.84 1.05 0.47% 0.99% 5.34 9.11

Price/ Cash Flow

06/yy 906.8 2.60x 123.1 4.07x 51.9 9.09x

d-12

j-13

f-13 m-13

LTM 06/yy 968.7 2.67x 153.3 4.55x 58.2 10.50x

a-13 m-13

j-13

a-13

s-13

0.63 4.33 68.25% 32.89% 0.628 1 1.000 2'968 6'857 7'727

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

239.45 179.54 -0.63 0.00 1.0% 0.6% 1.34 4.84 68.29 40.08 94.26 14.49

Sales/Revenue/Turnover

8.00

1'000.0

7.00

900.0 800.0

6.00

700.0

5.00

600.0

4.00

500.0 400.0

3.00

300.0

2.00

200.0

1.00

100.0

0.00 31.12.2009

.0 M n-12

Fiscal Year Ended 31.12.2008 878.4 0.51x 121.5 3.67x 30.0 8.65x

7000

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Kerur Holdings Ltd Holdings By:

All

Holder Name SHIPMENT AND SUPPLY MIGDAL LIFE INSURANC MIGDAL PROVIDENT FUN ANALYST IMS INVESTME PSAGOT MUTUAL FUNDS ALTSHULER SHAHAM MUT CLAL FINANCE MUTUAL MIGDAL INSURANCE HOL MENORA MUTUAL FUNDS MIGDAL ASSET MANAGEM MEITAV FUND MANAGERS YASHIR GAON MUTUAL FUNDS MA EXCELLENCE NESSUAH F CABIN ASSET MANAGEME PIA-LEUMI FUND MANAG ISRAEL BROKERAGE INV MAOR ASSET MANAGEMEN AFRICA ASSET MANAGEM COMPASS ASSET MANAGE

Firm Name EVA Dimensions

Portfolio Name #N/A N/A #N/A N/A #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios #N/A N/A #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst CRAIG STERLING

Source EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation sell

Amt Held 8'244'716 749'193 299'060 71'776 56'533 53'598 39'417 39'304 19'183 16'733 12'827 7'932 5'874 5'276 3'684 3'300 3'129 2'892 2'858 2'721

% Out 65.55 5.96 2.38 0.57 0.45 0.43 0.31 0.31 0.15 0.13 0.1 0.06 0.05 0.04 0.03 0.03 0.02 0.02 0.02 0.02

Weighting

Change 1

Latest Chg (724) 10'699 14'625 934 (2) 2'653 1'609 748 734 -

Target Price #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 30.09.2013 30.09.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.03.2013 31.03.2013 31.05.2013 31.05.2013 31.05.2013

Date Not Provided

Inst Type Other Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 10.09.2013

01.10.2013

Avgol Industries 1953 Ltd Avgol Industries 1953 Ltd. manufactures and markets nonwoven fabrics. The Company has production facilities in the United States, Israel, and the People's Republic of China.

Price/Volume 400

6.0 M

350

5.0 M

300 4.0 M

250 200

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.03.2013) 52-Week Low (02.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance AVGL IT EQUITY YTD Change AVGL IT EQUITY YTD % CHANGE

12/2012 06/yy 386.50 276.50 57'589.00 309 -20.05% 11.75% 28.45% 300.2 927.69 214.52 0.0 10.1 54.72 451.70

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2.0 M

100 1.0 M

50 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 254.2 0.81x 37.4 5.53x 10.0 8.65x

3.0 M

150

31.12.2009 31.12.2010 211.3 277.5 1.41x 1.39x 42.3 51.3 7.06x 7.54x 15.5 20.3 10.25x 11.20x Profitability

LTM-4Q 31.12.2011 329.6 1.20x 59.0 6.73x 22.7 9.84x

31.12.2012 315.1 1.42x 56.8 7.90x 20.2 13.76x 56.76 36.30 11.52% 9.43% 5.98% 21.84% 0.76% 20.0% 17.3% 10.4% 6.4% 1.80 1.21 50.79% 165.35% 6.67 6.38

Price/ Cash Flow

06/yy 320.4 4.99x 59.1 6.66x 12.6 15.86x

LTM 06/yy 326.4 5.48x 56.5 8.44x 25.7 11.11x

0.65 162.66 13.89% -7.39% 0.649 1 1.000 105'108 351'762 314'195

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

5.59 2.87 3.32 4.50 165.3% 60.5% 0.76 1.34 54.74 57.17 35.60 67.02

Sales/Revenue/Turnover

12.00

350.0

10.00

300.0 250.0

8.00

200.0 6.00

150.0

4.00

100.0

2.00

50.0

0.00 31.12.2009

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Avgol Industries 1953 Ltd Holdings By:

All

Holder Name HFH BV BANK LEUMI LE-ISRAEL HAREL PROVIDENT FUND MIGDAL LIFE INSURANC MIGDAL PROVIDENT FUN CLAL INSURANCE PROVI CLAL LIFE INSURANCE PSAGOT MUTUAL FUNDS HAREL INVESTMENTS HAREL ETF MIGDAL INSURANCE HOL BLACKROCK BANK OF NEW YORK MEL MERKAZIT MUTUAL FUND HAREL LIFE INSURANCE MIGDAL ASSET MANAGEM MENORA MIVTACHIM HOL HAREL MUTUAL FUNDS PITANGO GAON MUTUAL FUNDS MA

Firm Name EVA Dimensions

Portfolio Name n/a #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A Multiple Portfolios #N/A N/A #N/A N/A #N/A N/A n/a Multiple Portfolios #N/A N/A #N/A N/A Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios

Analyst CRAIG STERLING

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG EXCH EXCH EXCH ULT-AGG MF-AGG EXCH EXCH MF-AGG MF-AGG EXCH MF-AGG MF-AGG

Recommendation sell

Amt Held 137'563'182 59'570'718 14'951'425 14'855'102 8'986'448 8'180'894 7'891'297 3'690'103 1'345'597 1'248'130 925'819 594'882 411'996 277'183 274'952 235'036 114'378 107'439 94'014 85'630

% Out 45.82 19.84 4.98 4.95 2.99 2.72 2.63 1.23 0.45 0.42 0.31 0.2 0.14 0.09 0.09 0.08 0.04 0.04 0.03 0.03

Weighting

Change 1

Latest Chg (30'190) 3'050 17'224 30'704 41'729

Target Price #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 31.05.2013 30.09.2013 30.09.2013 30.09.2013 27.09.2013 27.09.2013 30.09.2013 30.09.2013 31.05.2013 31.03.2013 30.09.2013 31.05.2013 31.05.2013

Date Not Provided

Inst Type n/a Bank Investment Advisor Insurance Company Investment Advisor Unclassified Insurance Company Investment Advisor Other Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Insurance Company n/a Investment Advisor Investment Advisor

Date 15.01.2013

01.10.2013

Big Shopping Centers 2004 Ltd Big Shopping Centers Ltd. develops and manages open air shopping centers.

Price/Volume 16000

.1 M

14000

.1 M

12000

.1 M .1 M

10000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (01.10.2013) 52-Week Low (02.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BIG IT EQUITY YTD Change BIG IT EQUITY YTD % CHANGE

12/2012 06/yy 14'160.00 8'370.00 2'866.00 14160 -0.56% 69.18% 97.68% 11.8 1'674.70 3'424.96 0.0 180.2 261.27 3'857.20

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 170.5 240.0 11.62x 15.83x 119.6 160.4 16.57x 23.69x 177.2 266.1 4.45x 4.05x Profitability

.0 M

4000

.0 M

2000

.0 M

0 o-12

LTM-4Q 31.12.2011 367.5 10.34x 235.5 16.13x 91.3 10.65x

31.12.2012 433.8 10.29x 281.7 15.84x 277.6 4.03x 281.71 278.94 64.30% 85.87% 5.54% 17.56% 0.08% 77.6% 61.2% 60.4% 64.0% 0.83 0.51 60.58% 237.05% 24.68 -

Price/ Cash Flow

06/yy 397.3 35.78x 271.1 15.22x 176.0 5.72x

.0 M n-12

d-12

j-13

f-13 m-13

LTM 06/yy 367.0 42.35x 224.4 15.74x 266.8 5.05x

a-13 m-13

j-13

a-13

s-13

0.75 2.41 77.33% 49.26% 0.746 1 5.000 6'600 6'795 5'211

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

1.62 1.57 8.96 9.31 237.0% 67.8% 0.08 10.80 14.79 -

Sales/Revenue/Turnover

16.00

500.0

14.00

450.0 400.0

12.00

350.0

10.00

300.0

8.00

250.0 200.0

6.00

150.0

4.00

100.0

2.00

50.0

0.00 31.12.2009

.0 M

6000

Fiscal Year Ended 31.12.2008 148.9 10.54x 101.6 15.44x 92.5 5.05x

.1 M

8000

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Big Shopping Centers 2004 Ltd Holdings By:

All

Holder Name NAFTALI YEHUDA NAFTALI RONI BAR ZEEV EITAN ANALYST IMS INVESTME YELIN LAPIDOT ALTSHULER SHAHAM MUT MIGDAL ASSET MANAGEM RAMCO INVESTMENT MAN MENORA MIVTACHIM HOL PSAGOT MUTUAL FUNDS ILANOT BATUCHA ROTHSCHILD MORE ASSET MANAGEMEN MEMORA ASSET MANAGEM EXCELLENCE NESSUAH F GAON MUTUAL FUNDS MA PIA-LEUMI FUND MANAG ISRAEL BROKERAGE INV GONEN AZRIEL MODUS ASSET MANAGEME

Firm Name EVA Dimensions I.B.I.

Portfolio Name n/a n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst DOUG WALTERS SHAY LIPMAN

Source EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG

Recommendation buy neutral

Amt Held 5'599'508 2'960'724 849'631 230'362 98'934 18'000 15'078 14'924 14'368 6'253 5'817 5'471 3'500 3'403 2'503 2'465 2'141 1'937 1'912 1'488

% Out 47.35 25.03 7.18 1.95 0.84 0.15 0.13 0.13 0.12 0.05 0.05 0.05 0.03 0.03 0.02 0.02 0.02 0.02 0.02 0.01

Weighting

Change 5 3

M N

Latest Chg (3'800) 3'054 372 (444) (449) 9 1'139 274 -

Target Price #N/A N/A 10'000

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 31.05.2013 31.05.2013 31.03.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.03.2013 31.05.2013 31.05.2013 31.05.2013 31.03.2013 31.05.2013 31.05.2013 31.05.2013 30.09.2013 31.05.2013

Date Not Provided Not Provided

Inst Type n/a n/a n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor

Date 06.06.2013 27.01.2011

01.10.2013

Space Communication Ltd Space Communication Ltd. supplies and markets satellite communication services.

Price/Volume 7000

.9 M

6000

.8 M .7 M

5000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.09.2013) 52-Week Low (03.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SCC IT EQUITY YTD Change SCC IT EQUITY YTD % CHANGE

12/2012 06/yy 6'300.00 4'225.00 983.00 6000 -4.17% 42.01% 81.49% 20.6 1'233.21 378.54 0.0 0.0 24.38 693.27

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.5 M

3000

.4 M

31.12.2009 31.12.2010 70.0 77.3 6.34x 7.95x 49.6 39.7 8.96x 15.48x (1.4) (26.6) Profitability

.2 M

1000

.1 M

0 o-12

.0 M n-12

LTM-4Q 31.12.2011 83.1 7.15x 34.9 17.01x 6.8 45.17x

31.12.2012 86.1 7.51x 53.1 12.19x (2.3) 53.08 15.77 18.31% -6.41% 1.25% 5.71% 0.15% 35.6% 65.5% 24.3% -2.6% 0.66 0.59 64.13% 290.87% 5.26 -

Price/ Cash Flow

06/yy 82.1 28.05x 35.0 15.56x 11.2 23.51x

d-12

j-13

f-13 m-13

LTM 06/yy 93.6 26.63x 61.3 10.45x 7.9 37.35x

a-13 m-13

j-13

a-13

s-13

0.89 18.84 40.12% 12.36% 0.886 3 4.333 25'442 20'871 17'967

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

1.64 1.63 5.60 6.72 290.9% 74.4% 0.15 0.24 69.45 -

Sales/Revenue/Turnover

16.00

100.0

14.00

90.0 80.0

12.00

70.0

10.00

60.0

8.00

50.0 40.0

6.00

30.0

4.00

20.0

2.00

10.0

0.00 31.12.2009

.3 M

2000

Fiscal Year Ended 31.12.2008 52.5 7.40x 38.8 10.00x 14.2 9.28x

.6 M

4000

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Space Communication Ltd Holdings By:

All

Holder Name CLAL INSURANCE PROVI SATELLITE SERVICES C MER INDUSTRIES LTD CLAL INSURANCE HOLDI PSAGOT MUTUAL FUNDS PIA-LEUMI FUND MANAG MIGDAL ASSET MANAGEM GAON MUTUAL FUNDS MA POLLACK DAVID ILANOT BATUCHA EPSILON MUTUAL FUNDS MODUS ASSET MANAGEME MEITAV FUND MANAGERS ISRAEL BROKERAGE INV PRINCIPAL FINANCIAL QUATRO EPSILON INVESTMENT H SIGMA MERCANTILE MUTUAL FU EXCELLENCE NESSUAH F

Firm Name DS Securities & Investments I.B.I. EVA Dimensions

Portfolio Name #N/A N/A #N/A N/A #N/A N/A #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst MEIR SLATER ORI LICHT ANDREW S ZAMFOTIS

Source EXCH EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG EXCH MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation outperform buy hold

Amt Held 991'201 854'676 850'987 240'666 34'948 10'671 8'827 6'668 5'675 4'272 4'080 2'350 2'337 2'176 757 746 540 420 234 192

% Out 4.82 4.16 4.14 1.17 0.17 0.05 0.04 0.03 0.03 0.02 0.02 0.01 0.01 0.01 0 0 0 0 0 0

Weighting

Change 5 5 3

N M M

Latest Chg 994 (1'000) 544 2'612 (50) 117 757 (27)

Target Price 8'100 6'600 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 30.09.2013 31.05.2013 31.03.2013 31.05.2013 31.05.2013 30.09.2013 31.03.2013 30.09.2013 31.05.2013 31.05.2013 31.03.2013 30.06.2013 31.05.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013

Date 12 month Not Provided Not Provided

Inst Type Unclassified Other Corporation Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 02.04.2013 04.02.2013 17.01.2013

01.10.2013

Property & Building Corp Property & Building Corporation LTD. itself and through its subsidiaries, principally Bayside Land Corporation, Hadarim Properties Limited and others, is engaged in a wide spectrum of real estate activities, such as initiation, development, construction, marketing of residential neighborhoods as well as real estate management, sport complexes construction and management.

Price/Volume 25000

.1 M .1 M

15000

.1 M 10000

Latest Fiscal Year: LTM as of: 52-Week High (22.09.2013) 52-Week Low (10.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance PTBL IT EQUITY YTD Change PTBL IT EQUITY YTD % CHANGE

12/2012 06/yy 23'000.00 14'500.00 534.00 22980 -0.04% 58.48% 98.12% 6.3 1'447.26 9'501.00 0.0 1'054.0 922.00 11'625.26

.1 M .0 M

5000

.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.1 M

20000

Valuation Analysis

31.12.2008 1'238.8 5.86x 646.3 11.23x (119.4) -

.2 M

31.12.2009 31.12.2010 1'451.4 1'424.0 6.05x 6.95x 442.8 492.0 19.83x 20.12x (204.9) 136.0 15.55x Profitability

LTM-4Q 31.12.2011 801.0 11.94x 425.0 22.50x (453.0) -

31.12.2012 1'148.0 9.38x 650.0 16.57x 85.0 13.38x 650.00 648.00 26.83% 36.93% -0.28% -3.07% 0.67% 0.07% 22.8% 7.4% 70.29% 815.54% -

Price/ Cash Flow

06/yy 1'346.0 28.09x 478.0 20.99x (327.0) 0.00x

LTM 06/yy 1'044.0 42.08x 238.0 48.05x (40.0) 0.00x

1.11 1.48 66.38% 33.03% 1.110 2 3.000 1'228 2'978 2'739

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

1.91 1.00 38.21 40.37 815.5% 81.1% 0.07 -

Sales/Revenue/Turnover

3.50

1'600.0

3.00

1'400.0 1'200.0

2.50

1'000.0 2.00

800.0 1.50

600.0

1.00

400.0

0.50

200.0

0.00 31.12.2009

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Property & Building Corp Holdings By:

All

Holder Name DISCOUNT INVESTMENT CLAL LIFE INSURANCE CLAL INSURANCE PROVI ISRAEL BROKERAGE INV ANALYST IMS INVESTME ILANOT BATUCHA PSAGOT MUTUAL FUNDS MEITAV FUND MANAGERS MIGDAL ASSET MANAGEM BLACKROCK NORGES BANK VANGUARD GROUP INC EXCELLENCE NESSUAH F KIVUN ASSET MANAGEME TAMIR PIA-LEUMI FUND MANAG GAON MUTUAL FUNDS MA PRISMA LEHAVA ASSET MANAGEM CLAL FINANCE MUTUAL

Firm Name EVA Dimensions I.B.I.

Portfolio Name #N/A N/A #N/A N/A #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst DOUG WALTERS SHAY LIPMAN

Source EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG ULT-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation sell buy

Amt Held 4'814'915 158'861 36'206 19'617 19'225 10'277 9'796 9'631 9'434 9'070 8'937 7'482 5'058 4'449 3'995 3'669 3'337 2'564 2'300 2'171

% Out 76.45 2.52 0.57 0.31 0.31 0.16 0.16 0.15 0.15 0.14 0.14 0.12 0.08 0.07 0.06 0.06 0.05 0.04 0.04 0.03

Weighting

Change 1 5

D M

Latest Chg 7'031 (146) (900) (185) (1) 2'003 46 535 349 580 324 200 (200) 182

Target Price #N/A N/A 23'500

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 27.09.2013 31.12.2012 30.06.2013 31.05.2013 31.05.2013 31.05.2013 31.03.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013

Date Not Provided Not Provided

Inst Type Corporation Insurance Company Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Government Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 31.07.2013 04.02.2013

01.10.2013

Fox Wizel Ltd Fox Wizel Ltd. designs, manufactures and markets fabrics and fashion accessories through its chain of retail stores and wholesalers.

Price/Volume 9000

.2 M .2 M .2 M .1 M .1 M .1 M .1 M .1 M .0 M .0 M .0 M

8000 7000 6000 5000 4000

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (21.08.2013) 52-Week Low (02.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance FOX IT EQUITY YTD Change FOX IT EQUITY YTD % CHANGE

12/2012 06/yy 8'589.00 3'707.00 3'954.00 8185 -4.82% 120.80% 91.46% 12.9 1'053.64 149.59 0.0 0.0 147.14 1'054.13

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

2000 1000 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.12.2008 684.5 0.14x 71.2 1.34x 23.2 3.12x

3000

31.12.2009 31.12.2010 593.3 727.1 0.24x 0.45x 36.5 114.4 3.95x 2.84x 30.3 58.1 5.21x 6.68x Profitability

LTM-4Q 31.12.2011 819.1 0.59x 131.8 3.67x 75.5 6.40x

31.12.2012 1'064.6 0.57x 147.8 4.11x 82.0 7.37x 147.77 116.81 10.97% 10.09% 11.32% 19.68% 1.38% 57.4% 13.6% 10.8% 7.7% 2.10 1.14 18.38% 33.43% 11.88 2.64

Price/ Cash Flow

06/yy 874.5 2.33x 125.8 4.30x 83.1 7.20x

LTM 06/yy 1'068.9 2.71x 145.6 6.56x 87.9 10.87x

0.30 3.61 133.34% 83.10% 0.302 1 5.000 10'275 17'621 16'569

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

14.75 8.38 0.00 0.93 33.4% 25.1% 1.38 6.88 30.73 138.39 67.98 133.62

Sales/Revenue/Turnover

10.00

1'200.0

9.00

1'000.0

8.00 7.00

800.0

6.00

600.0

5.00 4.00

400.0

3.00 2.00

200.0

1.00 0.00 31.12.2009

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Fox Wizel Ltd Holdings By:

All

Holder Name WIESEL HOLDINGS FOX ABRAHAM LEVIEV LEV CLAL LIFE INSURANCE CLAL INSURANCE PROVI MEITAV FUND MANAGERS ALTSHULER SHAHAM MUT YELIN LAPIDOT PSAGOT MUTUAL FUNDS CLAL FINANCE MUTUAL ILANOT BATUCHA ANALYST IMS INVESTME WIEZEL IFTACH YASHIR ELIEZER WIESEL HAREL ROTHSCHILD DIRECT ASSET MANAGEM ISRAEL BROKERAGE INV FOREST ASSET MANAGEM FOX SHAUL ODED

Firm Name CLAL Finance Betucha

Portfolio Name #N/A N/A n/a n/a #N/A N/A #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios #N/A N/A Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a

Analyst BRURIT FEIN

Source EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG EXCH MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG EXCH

Recommendation buy

Amt Held 3'374'177 3'320'961 2'533'000 501'987 466'641 82'264 68'439 48'172 41'031 37'061 30'061 25'408 15'000 11'730 9'756 8'780 8'700 7'641 7'045 4'893

% Out 26.21 25.8 19.68 3.9 3.63 0.64 0.53 0.37 0.32 0.29 0.23 0.2 0.12 0.09 0.08 0.07 0.07 0.06 0.05 0.04

Weighting

Change 5

Latest Chg (528) 1'589 (1'525) (200) (355) (220) (200) (19'745) -

Target Price

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

8'200

File Dt 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 31.05.2013 31.05.2013 31.05.2013 31.03.2013 30.09.2013 31.05.2013 31.03.2013 30.09.2013 31.05.2013 30.09.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 30.09.2013

Date Not Provided

Inst Type Other n/a n/a Insurance Company Unclassified Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a

Date 19.05.2013

01.10.2013

Villar International Ltd Villar International Ltd. builds and manages industrial, residential, and community properties and construction. Villar also rents industrial and constructional equipment. In addition the company provides storage services for different types of information.

Price/Volume 7000

.5 M .5 M .4 M .4 M .3 M .3 M .2 M .2 M .1 M .1 M .0 M

6000 5000 4000

Valuation Analysis

3000

Latest Fiscal Year: LTM as of: 52-Week High (20.05.2013) 52-Week Low (02.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance VILR IT EQUITY YTD Change VILR IT EQUITY YTD % CHANGE

12/2012 06/yy 6'148.00 3'796.00 9'626.00 5650 -8.10% 48.84% 77.55% 17.8 1'003.26 493.10 0.0 16.4 57.60 1'371.81

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1000 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.12.2008 118.6 3.29x 66.3 5.89x 21.1 5.66x

2000

31.12.2009 31.12.2010 137.9 130.0 4.18x 7.84x 68.6 75.5 8.41x 13.50x 92.2 145.7 3.19x 3.34x Profitability

LTM-4Q 31.12.2011 153.7 6.30x 91.0 10.64x 41.2 12.95x

31.12.2012 205.3 5.54x 106.0 10.72x 74.9 9.15x 106.05 93.08 45.34% 50.89% 4.80% 8.80% 0.13% 58.7% 49.5% 43.9% 36.5% 1.12 0.67 30.21% 56.30% 11.55 -

Price/ Cash Flow

06/yy 172.4 23.10x 95.4 11.04x 50.6 11.68x

LTM 06/yy 222.0 21.77x 109.9 12.34x 81.2 10.85x

0.51 4.44 51.74% 26.60% 0.507 0 4'109 3'673 5'069

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

3.98 3.13 3.20 4.68 56.3% 35.6% 0.13 1.24 31.60 -

Sales/Revenue/Turnover

14.00

250.0

12.00

200.0

10.00

150.0

8.00 6.00

100.0

4.00

50.0 2.00 0.00 31.12.2009

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Villar International Ltd Holdings By:

All

Holder Name TISSER SHLOMO ALTSHULER SHAHAM PRO ALTSHULER SHAHAM MUT PSAGOT MUTUAL FUNDS RAMCO INVESTMENT MAN PERFECT MUTUAL FUNDS ROTHSCHILD MEITAV FUND MANAGERS MORE ASSET MANAGEMEN APEX ANALYST IMS INVESTME EXCELLENCE NESSUAH F PRISMA

Firm Name

Analyst

Source EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation

Amt Held 13'313'859 1'370'000 506'720 157'401 58'490 41'000 9'750 5'990 5'970 5'836 4'655 2'139 2'000

% Out 74.98 7.72 2.85 0.89 0.33 0.23 0.05 0.03 0.03 0.03 0.03 0.01 0.01

Weighting

Change

Latest Chg 22'753 (400) (787) -

Target Price

#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.03.2013 31.03.2013

Date

01.10.2013

Otzar Hityashvuth Hayehudim Otzar Hityashvuth Hayehudim Limited focuses on the purchase of the right of settlement in the Land of Israel from the government and in the financial field, such as in granting credits.

Price/Volume 800000

.0 M

700000

.0 M

600000

.0 M

500000

Latest Fiscal Year: LTM as of: 52-Week High (29.09.2013) 52-Week Low (02.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance OHH IT EQUITY YTD Change OHH IT EQUITY YTD % CHANGE

12/2012 06/yy 692'900.00 507'400.00 4.00 682600 -1.49% 34.53% 91.91% 0.1 709.45 0.00 0.0 0.0 1.61 707.32

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20 1.00

.0 M

300000 200000

.0 M

100000

.0 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13 a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 88.1 2.27x 84.6 2.36x 83.3 3.99x

.0 M

400000

Valuation Analysis

31.12.2009 31.12.2010 3.7 31.6 231.82x 1.7 521.50x 1.3 27.2 701.27x 36.21x Profitability

LTM-4Q 31.12.2011 51.2 9.36x 45.5 10.53x 45.7 11.18x

31.12.2012 7.4 79.08x 4.1 142.69x 3.3 175.84x 4.09 52.35% 52.35% 0.39% 0.41% 0.41% 0.01% 55.2% 44.9% 0.00% 0.00% -

06/yy 5.0 420.76x 0.7 697.90x 0.7 708.26x

LTM 06/yy 7.5 306.09x 4.2 140.79x 3.6 162.16x

1.16 0.04 34.50% 21.31% 1.156 0 21 23 21

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

-0.51 0.00 0.0% 0.0% 0.01 188.50 -

Sales/Revenue/Turnover

140.0 120.0 100.0

0.80 0.60 0.40

80.0 60.0 40.0 20.0

0.20 0.00

0.0 -20.0

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Otzar Hityashvuth Hayehudim Holdings By:

All

Holder Name HOLOCAUST VICTIMS AS ZIONIST ORGANIZATION YEKET TRUSTEES HAREL PROVIDENT FUND BANK LEUMI LE-ISRAEL CLAL INSURANCE PROVI CLAL LIFE INSURANCE PIA-LEUMI FUND MANAG HAREL-PIA ASSET MANA HAREL ETF MENORA MIVTACHIM HOL HAREL INVESTMENT HOU MEMORA ASSET MANAGEM MIGDAL ASSET MANAGEM GAON MUTUAL FUNDS MA HAREL LIFE INSURANCE QUATRO ISRAEL BROKERAGE INV MEITAV FUND MANAGERS QUATTRO MUTUAL FUNDS

Firm Name

Portfolio Name #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A Multiple Portfolios #N/A N/A #N/A N/A Multiple Portfolios #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG EXCH EXCH MF-AGG EXCH MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation

Amt Held 25'762 18'309 16'401 9'276 8'958 3'552 3'214 935 789 497 336 251 104 81 60 32 29 20 19 19

% Out 24.79 17.62 15.78 8.92 8.62 3.42 3.09 0.9 0.76 0.48 0.32 0.24 0.1 0.08 0.06 0.03 0.03 0.02 0.02 0.02

Weighting

Change

Latest Chg (29) 8 23 7 5 (1) -

Target Price

#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 31.05.2013 30.09.2013 30.09.2013 31.05.2013 30.09.2013 31.05.2013 31.05.2013 31.05.2013 30.09.2013 31.05.2013 31.03.2013 31.05.2013 31.05.2013

Date

Inst Type Other Other Other Investment Advisor Bank Unclassified Insurance Company Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date

01.10.2013

Electra Consumer Products 1970 Ltd Electra Consumer Products (1970) Ltd. offers a wide range of apliances. The Company offers products that include air conditioning systems, washing machines and dryers, refrigerators, ovens and microwaves, and a full complement of home entertainment systems and personal grooming devices. Electra Consumer Products is also offers cellular phones and personal computers.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.09.2013) 52-Week Low (06.11.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ECP IT EQUITY YTD Change ECP IT EQUITY YTD % CHANGE

12/2012 06/yy 5'000.00 2'711.00 420.00 4536 -8.72% 67.32% 81.83% 21.7 982.05 125.22 0.0 4.7 61.87 1'139.25

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

31.12.2009 31.12.2010 2'522.7 2'382.2 0.47x 159.5 141.8 7.85x 110.2 93.0 12.57x Profitability

.0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M .0 M n-12

LTM-4Q 31.12.2011 2'066.4 0.40x 114.1 7.21x 55.5 13.31x

31.12.2012 2'488.6 0.28x 143.9 4.90x 38.6 10.19x 143.86 98.90 3.97% 3.01% 4.02% 12.58% 1.76% 27.6% 5.0% 3.8% 1.6% 1.25 0.58 8.23% 25.25% 5.71 3.34

Price/ Cash Flow

06/yy 2'154.9 1.43x 127.7 5.08x 37.1 11.23x

d-12

j-13

f-13 m-13

LTM 06/yy 2'775.3 1.11x 138.7 6.68x 63.5 10.67x

a-13 m-13

j-13

a-13

s-13

0.84 7.51 77.14% 59.83% 0.835 1 1.000 3'923 6'796 6'267

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

7.61 6.08 1.13 1.27 25.3% 20.0% 1.76 22.32 63.88 109.34 106.06 72.73

Sales/Revenue/Turnover

30.00

3'000.0

25.00

2'500.0

20.00

2'000.0

15.00

1'500.0

10.00

1'000.0

5.00

500.0

0.00 31.12.2009

.0 M

Fiscal Year Ended 31.12.2008 2'522.6 165.1 88.1 -

5000 4500 4000 3500 3000 2500 2000 1500 1000 500 0 o-12

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Electra Consumer Products 1970 Ltd Holdings By:

All

Holder Name ELCO HOLDINGS BANK LEUMI LE-ISRAEL OLD PENSION FUNDS PSAGOT PROVIDENT FUN PSAGOT ETF PSAGOT MUTUAL FUNDS MIGDAL ASSET MANAGEM GAON MUTUAL FUNDS MA MEITAV FUND MANAGERS ROTHSCHILD CABIN ASSET MANAGEME ISRAEL BROKERAGE INV MENORA MIVTACHIM HOL RECANATI PIA-LEUMI FUND MANAG EPSILON INVESTMENT H EXCELLENCE NESSUAH F

Firm Name EVA Dimensions

Portfolio Name #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst CRAIG STERLING

Source EXCH EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation underweight

Amt Held 14'140'644 1'947'965 1'365'439 931'938 130'436 101'338 13'634 8'062 7'077 4'987 4'936 3'031 1'877 1'317 1'202 1'013 266

% Out 65.31 9 6.31 4.3 0.6 0.47 0.06 0.04 0.03 0.02 0.02 0.01 0.01 0.01 0.01 0 0

Weighting

Change 1

Latest Chg 892 3'589 5 864 (302) 24

Target Price #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013

Date Not Provided

Inst Type Other Bank Other Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 26.07.2013

01.10.2013

Clal Biotechnology Industries Ltd Clal Biotechnology Industries Ltd., invests in companies within the biological sector.

Price/Volume 1400

3.0 M

1200

2.5 M

1000

2.0 M

800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (16.10.2012) 52-Week Low (08.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance CBI IT EQUITY YTD Change CBI IT EQUITY YTD % CHANGE

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.20

1.0 M

400

.5 M

200 0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 3.2 (52.8) (83.0) -

1.5 M

600

12/2012 06/yy 1'368.14 643.00 241'985.00 805.3 -41.78% 25.24% 15.87% 121.0 974.69 25.47 0.0 441.2 144.25 1'658.07

31.12.2009 31.12.2010 4.7 3.5 279.53x 539.31x (74.8) (100.4) 65.4 350.9 19.21x Profitability

LTM-4Q 31.12.2011 9.1 187.94x (103.8) 87.3 21.11x

31.12.2012 7.7 162.50x (86.8) (93.6) -86.83 -87.55 -1141.27% -1625.97% -5.79% -10.13% 0.01% -1204.1% -1226.9% -1219.6% 4.56 3.25 1.46% 2.67% -

06/yy 9.9 575.89x (83.0) 0.00x 92.2 10.66x

LTM 06/yy 9.0 612.15x (108.2) 0.00x (103.6) 0.00x

1.44 34.95 -24.38% -8.58% 1.440 0 161'262 111'536 120'493

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

-20.11 -20.29 -0.39 2.7% 1.8% 0.01 1.23 -

Sales/Revenue/Turnover

10.0 9.0

1.00

8.0 7.0

0.80 0.60 0.40

6.0 5.0 4.0 3.0 2.0

0.20

1.0 0.0

0.00

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Clal Biotechnology Industries Ltd Holdings By:

All

Holder Name CLAL INDUSTRIES AND TEVA PHARMACEUTICAL MIGDAL LIFE INSURANC MIGDAL PROVIDENT FUN ISRAEL BROKERAGE INV MIGDAL INSURANCE HOL NORGES BANK ILANOT BATUCHA PIA-LEUMI FUND MANAG YELIN LAPIDOT ARTE VENTURE GROUP L MERKAZIT MUTUAL FUND MIGDAL ASSET MANAGEM CLAL FINANCE MUTUAL APEX ANALYST IMS INVESTME MEITAV FUND MANAGERS HALMAN-ALDUBI MUTUAL DIMENSIONAL FUND ADV GAON MUTUAL FUNDS MA

Firm Name

Portfolio Name #N/A N/A #N/A N/A #N/A N/A #N/A N/A Multiple Portfolios #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios #N/A N/A #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios

Analyst

Source EXCH EXCH EXCH EXCH MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG

Recommendation

Amt Held 68'807'938 17'114'751 5'174'587 2'149'637 2'047'759 507'920 446'391 426'161 275'196 174'466 161'058 114'451 91'466 73'415 69'785 63'464 50'160 48'650 43'376 38'876

% Out 56.85 14.14 4.28 1.78 1.69 0.42 0.37 0.35 0.23 0.14 0.13 0.09 0.08 0.06 0.06 0.05 0.04 0.04 0.04 0.03

Weighting

Change

Latest Chg 352'571 21'689 17'548 (39'258) (740) (10'329) 11'019 63'464 8'188 (19'850) 18'946

Target Price

#N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 30.09.2013 31.05.2013 30.09.2013 31.12.2012 31.05.2013 31.05.2013 31.05.2013 30.09.2013 30.09.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 30.04.2013 31.05.2013

Date

Inst Type Holding Company Corporation Insurance Company Investment Advisor Investment Advisor Insurance Company Government Investment Advisor Investment Advisor Investment Advisor Venture Capital Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date

01.10.2013

Union Bank of Israel Union Bank of Israel Ltd. attracts deposits and offers commercial banking services. The Bank offers private banking services, mortgage loans, lease financing, securities brokerage services, portfolio management services, and trade financing, and manages mutual funds. Union Bank operates branches in Tel Aviv, Ramat Gan, Jerusalem, and Haifa.

Price/Volume 1800 1400 1200 1000 800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.09.2013) 52-Week Low (02.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance UNON IT EQUITY YTD Change UNON IT EQUITY YTD % CHANGE

12/2012 06/yy 1'605.00 1'170.00 8'119.00 1596 -1.00% 36.41% 93.56% 73.6 1'174.39 3'173.00 0.0 0.0 8'246.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

600 400 200 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.12.2008 1'692.0 54.0 7.85x

.5 M .5 M .4 M .4 M .3 M .3 M .2 M .2 M .1 M .1 M .0 M

1600

31.12.2009 31.12.2010 1'559.0 1'224.0 115.0 142.0 9.34x 9.62x Profitability

LTM-4Q 31.12.2011 2'302.0 132.0 5.98x

31.12.2012 1'773.0 127.0 7.09x 14.95% 14.95% 0.35% 6.53% 2.69% 0.04% 12.5% 8.17% 144.82% -

Price/ Cash Flow

06/yy 2'305.0 0.00x 0.0 0.00x 114.0 7.13x

LTM 06/yy 1'661.0 0.00x 0.0 0.00x 140.0 7.62x

1.19 21.66 35.71% 30.39% 1.187 1 5.000 44'642 36'679 35'214

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

144.8% 59.2% 0.04 4.28 -

Sales/Revenue/Turnover

120.00

2'500.0

100.00

2'000.0

80.00

1'500.0

60.00

1'000.0 40.00

500.0

20.00 0.00 31.12.2009

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Union Bank of Israel Holdings By:

All

Holder Name LANDAU YESHAYAHU ELIAHU SHLOMO DAVID LUBINSKI LTD SHERODAR ASSETS LTD ELIAHU INSURANCE COM DIMENSIONAL FUND ADV ISRAEL BROKERAGE INV MIGDAL INSURANCE CO MENORA MIVTACHIM HOL YELIN LAPIDOT PIA-LEUMI FUND MANAG PRISMA PSAGOT MUTUAL FUNDS MERKAZIT MUTUAL FUND ALTSHULER SHAHAM MUT ILANOT BATUCHA TAMIR MIGDAL ASSET MANAGEM MEMORA ASSET MANAGEM MEITAV FUND MANAGERS

Firm Name EVA Dimensions

Portfolio Name n/a n/a #N/A N/A #N/A N/A #N/A N/A n/a Multiple Portfolios #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst DOUG WALTERS

Source EXCH EXCH EXCH EXCH EXCH ULT-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation buy

Amt Held 18'232'572 16'864'720 12'141'199 4'677'730 3'092'368 586'416 518'525 306'345 186'656 167'453 123'949 104'768 82'139 69'053 66'598 66'001 58'230 48'266 45'832 42'106

% Out 24.78 22.92 16.5 6.36 4.2 0.8 0.7 0.42 0.25 0.23 0.17 0.14 0.11 0.09 0.09 0.09 0.08 0.07 0.06 0.06

Weighting

Change 5

Latest Chg 15'557 1'222 162'953 (16'891) (355) 202 (2'000) 12'610 2'431 (4)

Target Price #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.04.2013 31.05.2013 30.09.2013 31.05.2013 31.05.2013 31.03.2013 31.05.2013 31.03.2013 30.09.2013 31.03.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013

Date Not Provided

Inst Type n/a n/a Corporation Other Insurance Company Investment Advisor Investment Advisor Insurance Company Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 25.09.2013

01.10.2013

Golf & Co Ltd Golf & Co. Limited operates a chain of retails stores throughout Israel that offers a wide range of apparel products, textiles, and home design products.

Price/Volume 1400

.9 M

1200

.8 M .7 M

1000

.6 M

800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (22.05.2013) 52-Week Low (25.12.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance GOLF IT EQUITY YTD Change GOLF IT EQUITY YTD % CHANGE

12/2012 06/yy 1'320.00 921.00 13'351.00 1279 -2.88% 38.87% 91.98% 40.3 515.44 0.00 0.0 0.0 120.23 380.96

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

.3 M

400

.2 M

200

.1 M

0 o-12

.0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Fiscal Year Ended 31.12.2008 705.9 0.45x 151.1 2.12x 101.0 4.23x

.5 M .4 M

600

31.12.2009 31.12.2010 665.6 657.2 0.96x 1.05x 132.8 116.8 4.83x 5.89x 87.5 77.9 9.10x 10.83x Profitability

LTM-4Q 31.12.2011 694.3 0.58x 98.8 4.09x 65.4 8.45x

31.12.2012 693.4 0.38x 79.6 3.29x 48.0 7.96x 79.58 62.02 8.94% 9.35% 10.91% 15.13% 1.60% 59.0% 11.5% 9.0% 6.9% 3.07 1.81 0.00% 0.00% 9.16 2.18

Price/ Cash Flow

06/yy 686.9 2.37x 89.1 3.42x 58.9 7.45x

LTM 06/yy 691.8 1.85x 79.3 4.12x 47.3 9.76x

1.02 15.11 20.99% 46.37% 1.019 1 5.000 17'962 16'220 37'787

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

-1.70 0.00 0.0% 0.0% 1.60 14.92 39.83 167.63 52.08 181.50

Sales/Revenue/Turnover

14.00

800.0

12.00

700.0 600.0

10.00

500.0 8.00

400.0 6.00

300.0

4.00

200.0

2.00

100.0

0.00 31.12.2009

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Golf & Co Ltd Holdings By:

All

Holder Name CLAL INDUSTRIES AND HAREL PROVIDENT FUND PHOENIX LIFE INSURAN EXCELLENCE PROVIDENT ABERDEEN ASSET MGMT ANALYST IMS INVESTME EXELLENCE ETF PHOENIX PROVIDENT FU HAREL ETF HAREL INVESTMENT HOU KAUFMAN ILANA PIA-LEUMI FUND MANAG GAON MUTUAL FUNDS MA MIGDAL ASSET MANAGEM PHOENIX HAREL LIFE INSURANCE HAREL-PIA ASSET MANA MEITAV FUND MANAGERS ROTHSCHILD EXCELLENCE MUTUAL FU

Firm Name EVA Dimensions Psagot Investment House Ltd

Portfolio Name #N/A N/A #N/A N/A #N/A N/A #N/A N/A Multiple Portfolios Multiple Portfolios #N/A N/A #N/A N/A #N/A N/A #N/A N/A n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios #N/A N/A #N/A N/A #N/A N/A Multiple Portfolios Multiple Portfolios #N/A N/A

Analyst CRAIG STERLING TAL SHIRIZLY

Source EXCH EXCH EXCH EXCH MF-AGG MF-AGG EXCH EXCH EXCH EXCH EXCH MF-AGG MF-AGG MF-AGG EXCH EXCH EXCH MF-AGG MF-AGG EXCH

Recommendation buy hold

Amt Held 25'000'000 2'432'732 1'700'377 520'179 519'253 514'288 498'350 405'579 209'931 204'357 193'783 74'006 62'103 42'901 42'499 37'700 33'545 30'552 26'900 23'708

% Out 62.03 6.04 4.22 1.29 1.29 1.28 1.24 1.01 0.52 0.51 0.48 0.18 0.15 0.11 0.11 0.09 0.08 0.08 0.07 0.06

Weighting

Change 5 3

N D

Latest Chg 8'000 (10'883) 13'244 (18'570) (10'218) (3'400) -

Target Price #N/A N/A 1'600

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.06.2013 31.05.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 31.05.2013 31.05.2013 31.05.2013 30.09.2013 30.09.2013 30.09.2013 31.05.2013 31.05.2013 30.09.2013

Date Not Provided 12 month

Inst Type Holding Company Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Other Insurance Company Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 26.07.2013 14.05.2012

01.10.2013

Alon Blue Square Israel Ltd Alon Blue Square Israel Ltd. owns and operates supermarkets and specialty stores in Israel. The Company sells consumer products including food and beverages, apparel, housewares, electronics, and cosmetics.

Price/Volume 1600

1.0 M .9 M .8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M .0 M

1400 1200 1000 800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (29.05.2013) 52-Week Low (02.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance BSI IT EQUITY YTD Change BSI IT EQUITY YTD % CHANGE

12/2012 06/yy 1'504.00 755.00 13'603.00 1375 -8.05% 82.12% 81.31% 66.0 906.87 5'380.51 0.0 412.9 610.35 5'629.17

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

400 200 0 o-12

n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.12.2008 7'429.1 0.34x 419.1 6.04x 104.6 8.86x

600

31.12.2009 31.12.2010 7'349.1 8'503.7 0.46x 0.79x 406.2 448.4 8.30x 14.92x 77.2 47.8 21.48x 32.55x Profitability

LTM-4Q 31.12.2011 12'482.6 0.48x 550.6 10.84x 59.5 17.23x

31.12.2012 12'850.4 0.45x 470.9 12.24x (3.2) 30.15x 470.88 184.13 1.43% 0.62% -1.33% -10.73% 1.33% 22.1% 3.3% 1.0% 0.0% 0.96 0.58 56.68% 450.84% 8.31 15.39

Price/ Cash Flow

LTM

06/yy 12'638.5 1.87x 444.0 12.70x (27.0) 0.00x

06/yy 12'376.1 1.80x 409.2 13.48x (123.2) 0.00x

1.18 16.28 79.86% 56.23% 1.176 1 1.000 17'736 23'608 38'995

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

1.48 0.85 10.50 12.66 450.8% 77.0% 1.33 4.64 43.92 23.71 51.16 21.46

Sales/Revenue/Turnover

12.00

14'000.0

10.00

12'000.0 10'000.0

8.00

8'000.0 6.00

6'000.0

4.00

4'000.0

2.00

2'000.0

0.00 31.12.2009

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Alon Blue Square Israel Ltd Holdings By:

All

Holder Name BRONFMAN-ALON LTD MENORA PROVIDENT FUN IDB DEVELOPMENT CORP MENORA LIFE INSURANC WIESSMAN DAVID APEX PSAGOT MUTUAL FUNDS MIGDAL ASSET MANAGEM UBANK GAON MUTUAL FUNDS MA PRISMA ISRAEL BROKERAGE INV DS MUTUAL FUNDS MANA CABIN ASSET MANAGEME MODUS ASSET MANAGEME MENORA MUTUAL FUNDS EPSILON INVESTMENT H RECANATI PIA-LEUMI FUND MANAG BESSEMER GROUP INCOR

Firm Name EVA Dimensions Psagot Investment House Ltd I.B.I.

Portfolio Name #N/A N/A #N/A N/A n/a #N/A N/A n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios #N/A N/A Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst CRAIG STERLING EHUD NIR DORIN ZELNIR

Source EXCH EXCH 13G EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation sell market perform Under Review

Amt Held 47'957'264 4'531'266 1'021'120 943'103 699'117 75'220 59'888 36'637 26'600 20'116 18'194 17'663 16'952 11'948 6'171 6'108 5'623 4'152 3'014 2'967

% Out 72.71 6.87 1.55 1.43 1.06 0.11 0.09 0.06 0.04 0.03 0.03 0.03 0.03 0.02 0.01 0.01 0.01 0.01 0 0

Weighting

Change

1 3 #N/A N/A

M M M

Latest Chg (2'675) 2'683 (1'250) 8'593 (1'806) 719 (1'725) (645) 2'042

Target Price #N/A N/A 3'900 #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 30.09.2013 30.09.2013 31.12.2010 30.09.2013 30.09.2013 31.05.2013 31.03.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 31.05.2013 30.04.2013 31.05.2013 31.05.2013 30.09.2013 31.05.2013 31.05.2013 31.03.2013 30.04.2013

Date Not Provided 12 month Not Provided

Inst Type Holding Company Investment Advisor Holding Company Insurance Company n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor

Date 06.06.2013 23.03.2011 27.01.2011

01.10.2013

Meitav DS Investments Ltd Meitav DS Investments Ltd. offers investment management services. The Company manages cental compensation, training, and pension funds, and underwrites securities issues.

Price/Volume 1800

1.0 M .9 M .8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M .0 M

1600 1400 1200 1000 800

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (28.03.2013) 52-Week Low (13.06.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance MTDS IT EQUITY YTD Change MTDS IT EQUITY YTD % CHANGE

12/2012 06/yy 1'618.00 1'045.00 63.00 1184 -27.81% 13.30% 23.39% 67.3 797.01 564.00 0.0 3.0 15'394.00 -

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

400 200 0 o-12

31.12.2009 31.12.2010 305.9 389.9 2.71x 1.76x 95.0 103.2 8.73x 6.66x 148.2 77.2 6.42x 10.72x Profitability

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

LTM-4Q 31.12.2011 459.1 136.6 71.9 7.63x

31.12.2012 436.0 101.0 27.0 23.29x 101.00 93.00 21.33% 13.07% 0.10% 4.52% 0.02% 24.8% 19.5% 6.2% 1.02 0.72 2.51% 125.33% 17.99 -

Price/ Cash Flow

06/yy 450.1 1.35x 116.8 0.00x 26.8 18.70x

LTM 06/yy 521.8 0.00x 129.5 0.00x 23.5 16.83x

1.07 20.75 24.75% 2.59% 1.072 1 1.000 10'566 11'799 12'807

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

3.88 3.77 -195.13 7.40 125.3% 55.5% 0.02 28.99 20.29 -

Sales/Revenue/Turnover

50.00

500.0

45.00

450.0

40.00

400.0

35.00

350.0

30.00

300.0

25.00 20.00

250.0 200.0

15.00

150.0

10.00

100.0

5.00

50.0

0.00 31.12.2009

n-12

Fiscal Year Ended 31.12.2008 267.6 0.57x 92.9 1.65x (104.4) -

600

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Meitav DS Investments Ltd Holdings By:

All

Holder Name BRM GROUP LTD STEPAK ZVI IDI PSAGOT MUTUAL FUNDS ILAN RAVIV STEPAK AVNER ANALYST IMS INVESTME MIGDAL ASSET MANAGEM GAON MUTUAL FUNDS MA TOP ASSET MANAGEMENT DIMENSIONAL FUND ADV CABIN ASSET MANAGEME AVRAHAM BASHER TAMIR ISRAEL BROKERAGE INV AYALON ASSET MANAGEM MENORA MIVTACHIM HOL MEITAV FUND MANAGERS EPSILON INVESTMENT H QUATRO

Firm Name EVA Dimensions

Portfolio Name n/a n/a n/a Multiple Portfolios n/a n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios n/a Multiple Portfolios n/a Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios Multiple Portfolios

Analyst DOUG WALTERS

Source EXCH EXCH EXCH MF-AGG EXCH EXCH MF-AGG MF-AGG MF-AGG MF-AGG ULT-AGG MF-AGG EXCH MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG MF-AGG

Recommendation sell

Amt Held 19'160'790 18'410'515 8'261'597 845'258 390'069 329'126 57'931 53'087 24'552 20'276 18'809 14'774 14'500 9'385 7'352 6'877 3'959 2'919 2'675 2'670

% Out 28.46 27.35 12.27 1.26 0.58 0.49 0.09 0.08 0.04 0.03 0.03 0.02 0.02 0.01 0.01 0.01 0.01 0 0 0

Weighting

Change 1

Latest Chg (12'268) 3'092 12'520 985 (2'400) 1'706 945 2'670

Target Price #N/A N/A

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 24.06.2013 24.06.2013 24.06.2013 31.05.2013 24.06.2013 24.06.2013 31.05.2013 31.05.2013 31.05.2013 31.03.2013 31.07.2012 31.05.2013 24.06.2013 31.05.2013 31.03.2013 31.03.2013 31.03.2013 31.05.2013 31.03.2013 31.05.2013

Date Not Provided

Inst Type Other n/a Venture Capital Investment Advisor n/a n/a Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor Investment Advisor n/a Investment Advisor Investment Advisor Investment Advisor Insurance Company Investment Advisor Investment Advisor Investment Advisor

Date 26.07.2013

01.10.2013

Ashtrom Properties Ltd Ashtrom Properties Ltd. plans, establishes, and manages shopping malls, commercial centers, and office buildings.

Price/Volume

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.08.2013) 52-Week Low (11.10.2012) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 30.06.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance ASPR IT EQUITY YTD Change ASPR IT EQUITY YTD % CHANGE

12/2012 06/yy 887.00 626.00 28'980.00 844 -4.85% 34.82% 84.25% 78.5 662.31 2'368.84 0.0 138.9 387.50 2'691.30

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

1.0 M .9 M .8 M .7 M .6 M .5 M .4 M .3 M .2 M .1 M .0 M n-12

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

Market Data

Fiscal Year Ended 31.12.2008 83.5 9.30x 52.2 14.87x 52.6 2.33x

1000 900 800 700 600 500 400 300 200 100 0 o-12

31.12.2009 31.12.2010 111.0 184.8 13.61x 12.51x 70.0 121.8 21.59x 18.98x 112.7 107.0 2.88x 6.23x Profitability

LTM-4Q 31.12.2011 204.3 12.21x 129.4 19.28x 84.7 7.33x

31.12.2012 234.0 11.64x 157.4 17.30x 20.1 29.06x 157.39 156.23 66.78% 23.35% 1.75% 7.81% 0.07% 81.0% 67.1% 66.6% 8.6% 1.04 0.71 67.53% 320.66% -

Price/ Cash Flow

06/yy 206.0 43.80x 130.3 17.49x 9.9 37.78x

LTM 06/yy 228.3 45.90x 153.2 17.17x 56.8 10.58x

0.89 21.99 30.26% 11.84% 0.892 1 5.000 37'837 40'631 65'707

FY+1

FY+2

FQ+1

FQ+2

12/13 Y

12/14 Y

09/13 Q3

12/13 Q4

S&P Issuer Ratings

1.32 1.30 12.29 14.00 320.7% 73.0% 0.07 30.32 -

Sales/Revenue/Turnover

40.00

250.0

35.00

200.0

30.00 25.00

150.0

20.00

100.0

15.00 10.00

50.0

5.00 0.00 31.12.2009

0.0 30.06.2010

31.12.2010

30.06.2011

31.12.2011

30.06.2012

31.12.2012

30.06.2013

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Ashtrom Properties Ltd Holdings By:

All

Holder Name ASHTRUM HOLDINGS ASHTRUM GROUP HAREL PROVIDENT FUND YEHEZKEL AND BATYA N ASHTRUM INDUSTRY PSAGOT PROVIDENT FUN ASHTRUM GIRON RINA ASHTRUM INDUSTRIES ELADE HOLDINGS ASHLON HOTELS MESHORER LIPA PSAGOT MUTUAL FUNDS ASHTRUM PROJECTS PSAGOT ETF HAREL INVESTMENT HOU ROBIN LIMOR ROBIN NEHEMYA ROBIN YORAM LIFSHITZ VARDA

Firm Name Psagot Investment House Ltd

Portfolio Name #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A #N/A N/A n/a #N/A N/A #N/A N/A #N/A N/A n/a #N/A N/A #N/A N/A #N/A N/A #N/A N/A n/a n/a n/a n/a

Analyst NOAM PINCU

Source EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH EXCH

Recommendation buy

Amt Held 17'850'000 13'887'500 7'613'430 4'596'651 4'500'000 3'757'970 3'472'301 2'326'016 2'200'265 2'050'000 1'922'014 1'068'448 745'485 608'454 465'874 294'343 254'261 254'259 254'259 247'746

% Out 22.75 17.7 9.7 5.86 5.73 4.79 4.42 2.96 2.8 2.61 2.45 1.36 0.95 0.78 0.59 0.38 0.32 0.32 0.32 0.32

Latest Chg -

Weighting

Change

Target Price

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

975

File Dt 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013 30.09.2013

Date 12 month

Inst Type Other Unclassified Investment Advisor Other Other Investment Advisor Other n/a Unclassified Holding Company Corporation n/a Investment Advisor Other Investment Advisor Investment Advisor n/a n/a n/a n/a

Date 30.07.2013

01.10.2013

Suzlon Energy Ltd Suzlon Energy Ltd. designs, manufactures, operates, and maintains wind generating equipment. The Company constructs large wind parks.

Price/Volume 30

180.0 M 160.0 M

140.0 M

Valuation Analysis Latest Fiscal Year: LTM as of: 52-Week High (06.02.2013) 52-Week Low (28.08.2013) Daily Volume Current Price (10/dd/yy) 52-Week High % Change 52-Week Low % Change % 52 Week Price Range High/Low Shares Out 25.09.2013 Market Capitalization Total Debt Preferred Stock Minority Interest Cash and Equivalents Enterprise Value Relative Stock Price Performance SUEL IB EQUITY YTD Change SUEL IB EQUITY YTD % CHANGE

03/2013 06/yy 26.90 5.72 366'111.00 6.53 -75.65% 14.16% 3.64% 2'162.1 14'118.76 151'907.70 59.4 781.1 19'589.50 147'277.46

Total Revenue TEV/Revenue EBITDA TEV/EBITDA Net Income P/E

100.0 M 80.0 M

60.0 M 40.0 M

20.0 M

0 o-12

31.03.2010 31.03.2011 206'196.6 178'791.3 1.04x 0.99x 11'658.8 10'122.5 18.32x 17.46x (9'825.6) (13'239.7) Profitability

LTM-4Q 31.03.2012 210'823.7 0.75x 18'998.4 8.38x (4'785.8) -

31.03.2013 187'431.4 0.84x (9'520.4) (47'239.6) -

-9'520.40 -16'925.10 -9.03% -23.38% -15.38% -160.67% 0.61% -5.1% -9.0% -25.2% 0.90 0.29 52.37% 1683.97% 4.66 -

Price/ Cash Flow

d-12

j-13

f-13 m-13

a-13 m-13

j-13

a-13

s-13

.0 M o-13

LTM

FY+1

0.00 1.55 1'148.44 -63.62% -64.80% 1.545 8 2.125 940'024 1'610'849 1'539'388 FY+2

FQ+1

FQ+2

06/yy 06/yy 03/14 Y 03/15 Y 09/13 Q2 12/13 Q3 215'030.9 178'478.7 237'936.0 254'136.3 1.57x 1.73x 0.58x 0.47x 10'810.9 (13'719.9) 8'494.3 19'431.3 0.00x 0.00x 17.34x 7.58x (13'876.7) (49'338.9) (11'521.7) (3'775.3) 0.00x 0.00x S&P Issuer Ratings Long-Term Rating Date Long-Term Rating Long-Term Outlook Short-Term Rating Date Short-Term Rating Credit Ratios EBITDA/Interest Exp. (EBITDA-Capex)/Interest Exp. Net Debt/EBITDA Total Debt/EBITDA Reference Total Debt/Equity Total Debt/Capital Asset Turnover Net Fixed Asset Turnover Accounts receivable turnover-days Inventory Days Accounts Payable Turnover Day Cash Conversion Cycle

-0.62 -1.07 -15.96 1684.0% 93.9% 0.61 4.67 78.36 -

Sales/Revenue/Turnover

60.00

300'000.0

50.00

250'000.0

40.00

200'000.0

30.00

150'000.0

20.00

100'000.0

10.00

50'000.0

0.00 04.04.2010

n-12

Fiscal Year Ended 31.03.2009 260'817.0 0.81x 33'284.1 6.35x 2'364.8 26.83x

120.0 M

0.0 04.10.2010

04.04.2011

04.10.2011

04.04.2012

04.10.2012

04.04.2013

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

01.10.2013

Suzlon Energy Ltd Holdings By:

All

Holder Name SANMAN HOLDINGS PVT TANTI HOLDINGS LTD INDUSTRIAL DEV BANK TANTI TULSI R TANTI GIRISH R MORGAN STANLEY TANTI SANGITA V TANTI LINA J TANTI GITA T TANTI PRANAV T STATE BANK OF INDIA LIFE INSURANCE CORP TANTI BRIJ J SAMANVAYA HOLDING PV TANTI VINOD R BLACKROCK DIMENSIONAL FUND ADV TANTI JITENDRA R CITICORP INTERNATION PUNJAB NATIONAL BANK

Firm Name Batlivala & Karani Securities HSBC EVA Dimensions JPMorgan Prabhudas Lilladher Pvt Ltd KR Choksey Shares & Sec Pvt Ltd Ambit Capital Pvt Ltd IIFL Keynote Capitals Ltd

Portfolio Name n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a n/a

Source EXCH Co File Co File Co File Co File ULT-AGG Co File Co File Co File Co File Co File Co File Co File Co File Co File ULT-AGG ULT-AGG Co File Co File Co File

Analyst BHALCHANDRA SHINDE CHARANJIT SINGH TIMOTHY STANISH SUMIT KISHORE KUNAL SHETH ANKUSH MAHAJAN BHARGAV BUDDHADEV HARSHAWARDHAN S DOLE TEAM COVERAGE

Recommendation underperform neutral sell restricted reduce reduce suspended coverage reduce buy

Amt Held 172'748'588 154'626'093 120'903'018 107'135'000 100'019'000 73'626'259 70'182'000 70'182'000 64'512'000 59'067'000 44'035'104 39'624'328 37'117'000 33'001'495 30'267'000 30'238'671 25'537'056 25'123'000 25'000'000 24'200'437

% Out 7.99 7.15 5.59 4.96 4.63 3.41 3.25 3.25 2.98 2.73 2.04 1.83 1.72 1.53 1.4 1.4 1.18 1.16 1.16 1.12

Weighting

Change

1 3 1 #N/A N/A 2 2 #N/A N/A 2 5

M U M M M U M M M

Latest Chg 2'109'916 -

Target Price 5 10 #N/A N/A #N/A N/A 20 22 #N/A N/A 18 32

Q.M.S Advisors | tel: +41 (0)78 922 08 77 | e-mail: info@qmsadv.com |

File Dt 07.09.2011 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 30.06.2013 27.09.2013 30.04.2013 30.06.2013 30.06.2013 30.06.2013

Date Not Provided Not Provided Not Provided Not Provided 12 month Not Provided Not Provided 12 month Not Provided

Inst Type Other Investment Advisor Government n/a n/a Investment Advisor n/a n/a n/a n/a Government Government n/a Other n/a Investment Advisor Investment Advisor n/a Other Government

Date 05.08.2013 11.07.2013 06.06.2013 20.03.2013 18.02.2013 18.02.2013 11.10.2012 11.10.2012 08.10.2012