Excellence Securities Limited Legal Notice

Information herein reflects current market practices and is not intended to constitute legal, tax or accounting advice; clients should consult their own clients on such matters. Additional information is available on request. This document is being submitted to selected recipients only, it is provided only to institutional investors and professional investors on the basis that each of them acknowledges that is able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in such financial instruments. It is provided on the basis that it may not be reproduced, in whole or in any part, to any other person without prior written permission of Excellence Nessuah. Although the information in this document has been prepared in good faith from sources which Excellence Nessuah believes are reliable we don not represent or warrant its accuracy and such information may be incomplete or condensed. Opinions and estimates constitute our judgment and are subject to change without notice. The material is not intended as an offer or a solicitation for the purchase or sale of any financial instruments. Excellence Nessuah and/or its subsidiaries and/or its related corporations and/or their stockholders (hereinafter "Excellence Nessuah") may hold a position or act as market maker in the financial instruments discussed herein or act as an advisor or lender to such issuer. Transactions should be executed through an Excellence Nessuah entity qualified in the client’s home jurisdiction unless governing law permits execution elsewhere. This document is not intended to provide basis for any evaluation of the financial instruments discussed herein. In particular, information in this document regarding any issue of new financial instruments should be regarded as indicative, preliminary and or for illustrative purposes only, and evaluation of any such financial instruments should be made solely on the basis of the relevant prospectus when available.

Excellence Nessuah does not act as a fiduciary for or an advisor to any prospective purchaser of the financial instruments discussed herein and is not responsible for determining the legality or suitability of an investment in the financial instruments by any prospective purchaser. The financial instruments discussed in this document have not been and will not be registered under the us securities act of 1933, as amended (the “Act”) and may not be person in any jurisdiction in which an offer, solicitation, purchase or sale would be lawful under the securities law of such jurisdiction. At any time offered, sold, pledged, assigned, delivered, transferred, exchanged, exercised or redeemed within the united states or to or for the account or benefit of any person (as defined in the Act or the us internal revenue code of 1986, as amended).

Excellence investments Ltd. and KSM financial instruments Ltd. are authorized by the Israeli securities Authority in Israel. Financial instruments issued by Excellence Nessuah are in conformity with a license to make use of an index given by third parties who are the index formulators. The ILN and financial instrument products are not sold nor promoted by the index formulators. The latter do not provide any presentation or warranty, implied or explicit, to the product owners or to anyone from the public as to the advisability of trading in the product. The sole connection between the index formulators and Excellence Nessuah and/or K.S.M. is the licensing of certain index trademarks and trade names. The index formulators do not provide any warranty as to the accuracy and/or intactness of the index or any other data included therein, and they shall not be liable for any errors, omissions or disruptions in connection therewith. The index formulators provide no warranty, implied or explicit, regarding the results to be achieved by license holders, product owners, or any other person or entity in consequence of the use of the index, or the data contained therein, or in determining index negotiability or appropriateness, or the data connected therewith, for any specific purpose or use. Without derogating from the foregoing, the index formulators shall not assume, in any case, any responsibility for damage stemming from or connected with the index or products, including but not only indirect damage, penal damage, unique or consequential damage (including loss of profits), even if they had been notified that such damage was likely to occur. References herein to “Excellence Nessuah” shall mean Excellence Investments Ltd. or any of its affiliates or subsidiaries including, but without limitation to the generality of the foregoing, and KSM financial Instruments Ltd.

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