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

IPO Market Overview

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

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

5 ECM Activity Amount ($M) Number of Deals IPOs (1) Converts (3) P.I.P.E.s (2) Follow-ons 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

6 IPO Issuance Sector Breakdown ($62.1B) (2) Monthly 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 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

7 IPO Performance Source: Dealogic as of 3/28/08, Deal Value ≥ $20M, Excludes SPAC Share Offered Relative to Shares Filed Offer Price Relative to Filing Range  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

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

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

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

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

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

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

Exchange Comparison

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

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

Initial Public Offerings Source: Thomson Financial and IVC-Online

18 Israeli Listings on Various Exchanges Source: Thomson Financial

19 Israeli Listings on Nasdaq Source: Thomson Financial

20 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

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

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

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

25 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! Office: