Dual Listing A Win-Win Strategy February 2015

31 Israeli companies are dually listed on the US and TASE The prominent companies: 4 companies are included in the TA -25 Index 17 companies are included in the TA -75 index 21 companies are included in the TA -100 index 22 companies are included in the Blue Tech Index 19 companies are included in the Tech-Elite Index 15 additional companies are traded both in Tel Aviv and the U.S. Dual Listing 2

More Israeli investors - institutional and individual and a better diversification of the investors base. Index funds (TA-25,TA-75,TA-100 and Tech funds) TA-25 companies benefit from index-options trading The home market benefit Blue-chip prominence on the TASE Greater familiarity 13-hour continuous trading in Tel-Aviv & the US from 09:45 am to 11 pm, local time Options can be exercised by employees easily and at low cost Raising money on TASE The Benefits of Dual Listing From the companies’ point of view:

More convenient trading hours. Lower transaction costs Easier access to trading TASE Portfolio diversification From the Israeli investor’s point of view: The Benefits of Dual Listing

Dual Listing – Harmonized Rules Regular track -Companies that have been traded on the NYSE, the NASDAQ Global Market or the NYSE MKT for at least one year. Fast Track - Companies with market capitalization exceeding US$ 150 million (regardless of how long they have been listed) Which companies can dual list?

Dual Listing – Harmonized Rules File a short, technical, registration form Enclose the latest 20-F report filed. Copies of the announcements the company has made since the publication of the latest annual report or prospectus - have to be enclosed No listing fees Trading opens two days after the registration form is published. How does a company dual list?

Dual Listing – Harmonized Rules All financial statements submitted and announcements published in the U.S. (No translation to Hebrew is required) Financial statements should be submitted by the date designated according to the U.S. law - i.e. Quarterly reports due 45 days (60 days By Israeli law) Corporate immediate releases should be submitted on days stipulated in Israeli Securities Law. What are the reporting requirements?

Dual Listing – Harmonized Rules Employees: according to U.S. regulations. Other: reports published in the U.S. will be submitted in Israel How are private placements to employees (and others) handled?

Prominent Dual Listed Companies 9 SymbolMarket Capitalization Feb 28, 2015 (USD millions) Total Daily Trading Volume on TASE & US Year 2014 (USD thousands) Share of TASE Trading Volume Year 2014 Israeli activity companies : Partner PTNR6122,95788% Cellcom CEL5972,85278% B Communications BCOM4531,06795% Alon Blue Square BSI %

Prominent Dual Listed Companies 10 SymbolMarket Capitalization Feb 28, 2015 (USD millions) Total Daily Trading Volume on TASE & US Year 2014 (USD Thousands) Share of TASE Trading Volume Year 2014 International activity companies : Teva Pharmaceutical TEVA 53, ,323 8% Perrigo PRGO 21, ,323 6% Nice Systems NICE 3,551 12,017 33% Elbit Systems ESLT 2,750 4,182 72% Tower Semiconductors TSEM 1,022 8,621 32% Ezchip Semiconductor EZCH 640 4,799 14% Ituran ITRN 489 1,079 57% Compugen CGEN 436 3,349 26% Sapiens SPNS 374 1,131 35% Nova measuring NVMI 304 1,337 33% Mazor Robotics MZOR 251 3,040 47% Gilat Satellite Networks GILT % Protalix PLX 187 1,348 31%