April 2, 2008 U.S. Listing Opportunities for Israeli Companies Presented by Guy Cohen Executive Director, Head of Israeli Investment Banking, Oppenheimer

IPO Market Overview

Capital Markets Performance Market Snapshot Capital Markets Performance Source: FactSet, Bloomberg as of 3/28/08

Market Snapshot (cont.) Economic/ Sentiment Indicators Source: FactSet, Bloomberg as of 3/28/08

ECM Activity Number of Deals Amount ($M) IPOs (1) Follow-ons P.I.P.E.s(2) Converts(3) Amount ($M) Source: Dealogic and Sagient Research as of 3/28/08 Deal values exclude overallotment; Excludes closed-end funds and non-SPAC unit offerings (1) Includes SPACs (2) ≥ $20M and excludes capital injections (3) Includes publicly marketed capital injections

Sector Breakdown ($62.1B)(2) IPO Issuance Pace of Issuance In 2008, 10 IPOs priced to raise $18.7B(1) compared to 41 IPOs priced in Q107 that raised $8.7 billion In 2007, 205 IPOs priced to raise $43.3B Recent IPOs – Visa, Cardionet, Heritage-Crystal Clean The current IPO Backlog has approximately 93 transactions that are expected to raise $18.4B Monthly Issuance Sector Breakdown ($62.1B)(2) Source: Dealogic as of 3/28/08, deal values ≥ $20M and exclude overallotment, market caps ≥ $50M Excludes SPACs (1) Including the IPO of VISA Inc. that raised $17.9 billion (2) Sector breakdown by $ amount

IPO Performance Since 2007, 27.9% of IPOs priced above their initial filing ranges IPOs have performed well on their first day of trading, up an average of 12.9% With the recent volatility in the markets, current performance has suffered; since 2007, IPOs are down an average of 11.0% from their offer prices Offer Price Relative to Filing Range Share Offered Relative to Shares Filed Source: Dealogic as of 3/28/08, Deal Value ≥ $20M, Excludes SPAC

IPO Sizing Analysis Source: Dealogic as of 3/28/08, deal values ≥ $20M and exclude overallotment, excludes SPACs

IPO Sizing Analysis (cont.) 2007-08 YTD IPOs # of Deals by Market Cap $ Amount by Market Cap Source: Dealogic as of 3/28/08, deal values ≥ $20M and exclude overallotment, excludes SPACs

2007- 2008 YTD Israeli IPOs in the US Source: Dealogic as of 3/24/08, Shaded deals represent Oppenheimer bookrun offerings (includes Oppenheimer plus CIBC World Markets) Deal Value ≥$20M and excludes overallotment (1) IPO % Change Price Initial / Offer is calculated from mid-point of filing range to offer price

Recent IPO Filings – SPAC dominance SPAC Fillings: Majority of recent filings NASDAQ and NYSE proposed rule changes Bulge Bracket sponsored SPACs Investor appetite changes Source: Dealogic as of 3/28/08 Deal Value ≥ $20M Excludes closed-end funds and non-SPAC unit offerings * represents SPAC

TM&T IPOs in Registration Note: Deals filed within last 120 days Source: Dealogic as of 3/28/08, Deal Value ≥ $20M

Healthcare IPOs in Registration Note: Deals filed within last 120 days Source: Dealogic as of 3/28/08, Deal Value ≥ $20M

Exchange Comparison

Investor and Exchange Stages Maturity PE Expansion Growth Initial Sales R&D Concept VC Exchange/ Investor Type Venture Capital Private Equity AIM Candidates TSX Candidates NASDAQ Candidates Note: Qualitative graph

IPO Exchange Comparison Source: Thomson Financial, IVC-Online and Exchange websites (1) Performance based on 60 days post-IPO

2007 Initial Public Offerings Source: Thomson Financial and IVC-Online

Israeli Listings on Various Exchanges Source: Thomson Financial

Israeli Listings on Nasdaq Source: Thomson Financial

US Listing Advantages Liquidity Research Coverage Technology and Healthcare Orientation Shares as Acquisition Currency Valuation Israeli Companies Acceptance Consideration point: Regulatory Enviroment

US IPO Opportunity

IPO Issues for Consideration Selection of underwriters Structure of IPO Corporate governance Professional services Timing Costs

US IPO Timeline A US IPO Process Typically Takes 12 – 14 Weeks amendments

Introduction to Oppenheimer Oppenheimer Investment Bank Oppenheimer Wealth Management > Investment bank focused on Mid and > 7 th largest independent U.S. Small cap companies investment bank based on # of > Leading underwriter of Mid and Small registered brokers cap equity transactions with global > Robust retail distribution network with distribution ~1,300 financial advisors servicing high > Leading financial advisor dedicated to net worth individuals providing best - in - class advice and > Manages ~$62 billion in Client Assets M&A services globally > Proven equity, convert and high yield sales and trading Oppenheimer Asset Management > Leading provider of corporate and > Provides traditional asset management executive services services and alternative investment > The Leading Israeli Investment Bank strategies > 40 years of operation in Israel > ~$17 billion in Assets under Management > Most active underwriter of U.S. - listed Israeli companies > Broad institutional distribution network throughout Europe > Offices in China and Hong Kong > Leading underwriter of U.S. - listed IPOs for Chinese companies

Strong Commitment to Israel Over 65 financings since 1997 for $6.7 billion in gross proceeds Over 10 M&A advisory assignments for $3.6 billion Selected Transaction:

Thank You! guy.cohen@opco.com Office: +972 3 5262627