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

2. IPO Market Overview

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

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

5. 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

6. 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

7. 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

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

9. IPO Sizing Analysis (cont.)
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

10. 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

11. 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

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

14. Exchange Comparison

15. 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

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

17. 2007 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

21. 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
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

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:

26. Thank You!
Office: