#1MSCI Consultation on the Regional Classification of the MSCI Israel Index DECEMBER 2021 This consultation may or may not lead to the implementation of any or all of the proposed changes in the highlighted or any other MSCI indexes. Consultation feedback will remain confidential. MSCI may publicly disclose feedback if specifically requested by specific market participants. In that case, the relevant feedback would be published together with the final results of the consultation. © 2021 MSCI Inc. All rights reserved. Please refer to the disclaimer at the end of this document.#2Summary ⚫ The MSCI Israel Index was reclassified from Emerging Markets to Developed Markets coinciding with the May 2010 Semi-Annual Index Review after a public consultation that began in July 2008. - The index was included in the MSCI World Index, the MSCI EAFE Index, and the MSCI Europe & Middle East Index. ⚫ On June 2012, a survey was launched as part of the MSCI 2012 Annual Market Classification Review requesting feedback on the regional classification of the MSCI Israel Index and whether it should be part of the European investment opportunity set. - Based on feedback received from international institutional investors, most of them did not consider Israel to be part of their European investment opportunity set. -As a result, MSCI announced as part of the MSCI 2013 Annual Market Classification Review that Israel's regional classification was to remain unchanged. • MSCI is now seeking feedback from market participants on whether they still consider the MSCI Israel Index as part of the Middle East investment opportunity set in terms of index inclusion or if it should be regionally classified elsewhere. MSCI invites feedback from market participants on or before January 31, 2022 and will announce the results of the consultation on or before February 28, 2022. To participate in the consultation, please provide your feedback through an online survey available on: https://www.msci.com/consultation-Israel MSCI Information Classification: GENERAL 2#3Current MSCI Regional Classification ♥ MSCI classifies Israel as Middle East as per the Index Country Membership. - Israel is the only market classified as Middle East in the MSCI World Index. - The MSCI Israel Index is not included in the MSCI Europe nor MSCI Pacific Indexes, as it is not classified in these regions. However, the MSCI Israel Index is included in the MSCI EAFE and the MSCI Europe & Middle East Indexes, with the latter being launched as part of the discussions with the global investment community in 2010. Related MSCI Regional Indexes Index name Europe Markets DM Europe Regional Classification* DM: Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, United Kingdom Europe EM: Czech Republic, Greece, Hungary, Poland, Russia, Turkey Europe & Middle East Pacific EAFE GCC Countries Arabian Markets Combined DM Europe + Israel DM APAC APAC DM Europe + DM APAC + Israel EM Middle East + Bahrain + Oman EM Middle East + Bahrain + Jordan + Oman + Egypt + Morocco + Tunisia DM: Australia, Hong Kong, Japan, New Zealand, Singapore EM: China, India, Indonesia, Korea, Malaysia, Philippines, Taiwan, Thailand DM: Israel Middle East EM: Kuwait, Qatar, Saudi Arabia, United Arab Emirates FM: Bahrain, Jordan, Oman MSCI *MSCI's market classifications as of December 2021. Information Classification: GENERAL 3#4Key Findings . The MSCI Israel Index has more economic exposure to Europe than to the Pacific and Middle East regions, however, the market's largest economic exposure comes from North America. • The information technology sector index weight has relatively increased in the MSCI Israel Index in recent years, making it more aligned to the Europe and Pacific Indexes in terms of active sector exposure. When looking at the regional and country level correlations, both in USD and local currency levels, Israel is relatively uncorrelated to the Pacific, Europe and EM GCC clusters. The 3-year pairwise rolling correlations between weekly index returns show a higher absolute correlation and similar co-movements through time between the MSCI Israel Index and the World, Europe and Pacific Indexes, in contrast to the EM GCC Index, both in USD and local currency levels. MSCI Information Classification: GENERAL#5Economic Exposure to Region Sector Analysis & Economic Exposure • Health Care's index weight predominance has declined since 2016. IT's share has been steadily rising since the same period, while financials preserve the second position by weight in the index. Source of Revenue of the MSCI Israel Index (November 2021) 40% 34.3% 35% 30% 25% 20% 15% 10% 5% 10.5% 32.1% Sector weight in MSCI Israel Index (%) Evolution of Sector Weights in the MSCI Israel Index 100 80 40 40 20 20 ■ Reclassification to DM 1.5% 0.5% 0% 0 T Domestic Revenue European Revenue Pacific Revenue GCC Countries Revenue North America Revenue '07 '08 '09 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 . Data as of November 30, 2021, using FY2020 consolidated revenues in Israeli Shekels Consumer Discretionary Consumer Staples Health Care Materials • Industrials Energy Financials · Information Technology . Real Estate Telecommunication Services MSCI Data from November 30, 2006 to November 30, 2021. Based on index closing weights Source of revenue comes from MSCI Economic Exposure data. Please see the disclosure at the end of this document regarding simulated and back tested data. Information Classification: GENERAL 5#6Sector Comparison Analysis The below exhibit shows the active sector exposure of the MSCI Israel Index against select regional indexes as of November 30, 2021. The exhibit on the right shows the yearly standard deviation of all active sector exposures between Israel and each regional index, plotted during the relevant history. Sector Weight MSCI Israel Index MSCI Europe Index MSCI Pacific Index Active Sector Exposure Energy Materials 0.0% 4.6% 1.1% MSCI EM GCC Countries Index 6.2% 5.8% 2.1% 0.8% 9.6% Industrials 3.7% 11.1% 14.1% -1.4% Cons. disc. 0.0% 11.7% 15.0% 1.3% Cons. stap. 0.0% 12.8% 6.0% 1.6% Health care 8.6% 6.0% 0.7% -7.5% Financials 35.3% -19.6% -16.9% 21.4% IT 43.0% -34.2% -31.7% -43.0% Comm. serv. 0.0% 3.7% 6.6% 10.1% Utilities 0.0% 4.3% 1.9% Real estate 3.7% -2.4% 2.3% 1.7% -0.1% Snapshot as of November 30, 2021 Standard deviation of active sector exposures Active Sector Exposure Deviations of Select Indexes Against MSCI Israel Index MSCI Europe Index 0.275 MSCI Pacific Index MSCI EM GCC Countries Index 0.250 0.225 0.200 0.175 0.150 0.125 0.100 I '07 '08 '09 110 '11 '12 '13 '14 '15 '16 '17 '18 19 '20 '21 Data from November 30, 2006 to November 30, 2021 MSCI Please see the disclosure at the end of this document regarding simulated and back tested data. Information Classification: GENERAL Historical Average: 0.183 Historical Average: 0.154 Historical Average: 0.166 6#7Market Accessibility Median* Market Accessibility Ratings (June 2021) Israel EM Middle East DM Europe ++ ++ EM Europe DM APAC (Pacific) ++ ++ ++ + ++ ++ ++ EM APAC ++ ++ ++ ++ ++ ++ Market Accessibility Assessments • Israel has a ++ rating for all criteria except for: Criteria Investor qualification requirement ++ Foreign ownership limit (FOL) level Foreign room level ++ -/? ++ ++ ++ + ++ Equal rights to foreign investors ++ ++ ++ ++ ++ ++ Capital flow restriction level ++ ++ ++ ++ ++ ++ Foreign exchange market ++ ++ ++ liberalization level Investor registration & account set ++ up Market regulations ++ Information flow + Clearing and settlement + Custody ++ Registry/Depository ++ Trading ++ Transferability ++ Stock lending ++ Short selling ++ Availability of investment ++ ++ instrument + ‡ ‡ + + ‡ ‡ ‡ ++ ++ + ++ ++ ++ ++ + ++ ++ ++ + ++ + ++ ++ ++ ++ ++ ++ ++ ++ ++ ++ ++ ++ ++ ++ -/? ++ ++ ++ + • -/? ++ + ++ + -/? ++ + ++ + ++ ++ ++ ++ Stability of institutional framework ++ + ++ ++ ++ + - Information Flow: Corporate actions information is occasionally incomplete or not always disclosed in a timely manner. - Clearing and Settlement: The settlement cycle is set at T+1 and the DVP mechanism is different from international standards. Trading at the Tel Aviv Stock Exchange occurs from Sunday to Thursday. MSCI * The median for each criteria was calculated by ordering each market's ratings from highest to lowest. Based on the MSCI 2021 Global Market Accessibility Review Report. Information Classification: GENERAL 7#8Index Levels (USD Levels) Gross USD index levels for the MSCI Israel Index and other select regional indexes are shown below. USD Index Levels Index Levels (Base=100) 400 350 300 250 200 150 100 50 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 EUROPE ISRAEL WORLD PACIFIC MSCI EUROPE & MIDDLE EAST Data from May 27, 2010 to November 30, 2021 Local index levels are available in the appendix. The MSCI Europe & Middle East Index was launched on May 27, 2010. Please see the disclosure at the end of this document regarding simulated and back tested data. Information Classification: GENERAL Или 8#9Key Metrics Key metrics MSCI Israel Index MSCI Europe & Middle East Index MSCI Europe Index MSCI Pacific Index Total return* (%) Total risk (%) Return/risk 2.1 7.9 8.0 7.2 18.9 16.9 16.9 13.6 0.11 0.47 0.47 0.53 Sharpe ratio 0.08 0.44 0.44 0.49 Active return (%) 0.0 5.8 5.9 5.1 Tracking error (%) 0.0 16.4 16.6 15.6 Information Ratio 0.35 0.36 0.33 Historical beta 1.00 0.52 0.52 0.42 Number of constituents*** 11 455 444 462 Turnover** (%) 6.5 2.3 2.2 2.3 Price to book*** 1.6 1.7 1.7 1.4 Price to earnings*** Dividend yield*** (%) 15.5 2.2 16.3 16.3 16.3 3.4 3.4 2.7 Period: May 31, 2010 to November 30, 2021. * Gross returns annualized in USD ** Annualized one-way index turnover over index reviews *** Monthly averages The MSCI Europe & Middle East Index was launched on May 27, 2010. MSCI Please see the disclosure at the end of this document regarding simulated and back tested data. MSCI IndexMetrics®. Information Classification: GENERAL 9#10Rolling Correlations (Local Returns) ⚫ The exhibit below shows the 3-year pairwise rolling correlations between weekly gross local index returns of the MSCI Israel Index against select standard regional indexes. 3-Year Pairwise Rolling Correlations of Israel Against Select Regional Indexes Correlation 0.7 0.6 0.5 0.4 0.3 0.2 0.1 Reclassification to DM 0.0 '10 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 World Europe Pacific EM GCC Countries MSCI Data from November 30, 2006 to November 30, 2021 in local index returns The GCC Countries International Indexes were launched on June 4, 2015, with index levels history since June 2014. Rolling correlations in USD index returns are available in the appendix. Please see the disclosure at the end of this document regarding simulated and back tested data. Information Classification: GENERAL 10 10#11MSCI ISRAEL WORLD PACIFIC SINGAPORE HONG KONG AUSTRALIA JAPAN NEW ZEALAND EUROPE FRANCE DENMARK UNITED KINGDOM NETHERLANDS SWITZERLAND GERMANY SWEDEN ITALY NORWAY FINLAND AUSTRIA BELGIUM PORTUGAL SPAIN IRELAND UNITED ARAB EMIRATES QATAR KUWAIT ISRAEL WORLD PACIFIC SINGAPORE HONG KONG DM Asian Cluster DM European Cluster . Regional and Country Level Correlations (Local Returns) • The correlation matrices below depict the correlations in local gross monthly returns for each period between every country and regional standard index. AUSTRALIA JAPAN NEW ZEALAND EUROPE FRANCE DENMARK GERMANY SWITZERLAND NETHERLANDS UNITED KINGDOM ITALY SWEDEN NORWAY FINLAND AUSTRIA BELGIUM PORTUGAL SPAIN IRELAND QATAR UNITED ARAB EMIRATES Please see the disclosure at the end of this document regarding simulated and back tested data. KUWAIT EM GCC Cluster ISRAEL WORLD PACIFIC AUSTRALIA SINGAPORE HONG KONG JAPAN NEW ZEALAND EUROPE NETHERLANDS GERMANY FRANCE SWITZERLAND SWEDEN SWEDEN IRELAND IRELAND UNITED KINGDOM FINLAND FINLAND BELGIUM TTALT ITALY SPAIN DENMARK ORWAY NORWAY AUSTRIA PORTUGAL EM GCC COUNTRIES INTRIES UNITED ARAB EMIRATES SAUDI ARABIA KUWAIT QATAR DM Asian Cluster Data from November 30, 2006 to June 29, 2012 in local index returns Data from June 30, 2015 to November 30, 2021 in local index returns The Saudi Arabia and GCC Countries International Indexes were launched in June 2015. Indexes are ordered from highest to lowest within their region depending on their correlation level with the MSCI Israel Index. For simplicity, market classifications as of December 2021 were historically applied for the analysis. Regional and country correlations in USD index returns are available in the appendix. Information Classification: GENERAL ISRAEL WORLD PACIFIC AUSTRALIA SINGAPORE HONG KONG JAPAN EUROPE NEW ZEALAND NETHERLANDS GERMANY FRANCE SWEDEN IRELAND SWITZERLAND UNITED KINGDOM FINLAND BELGIUM ITALY SPAIN DENMARK NORWAY AUSTRIA PORTUGAL EM GCC COUNTRIES DM European Cluster QATAR UNITED ARAB EMIRATES KUWAIT SAUDI ARABIA 11 -0.2 -0.3 -0.4 EM GCC Cluster Correlation 1.0 -0.5 -0.6 -0.7 -0.8. -0.9#12Discussion Points • From an investment opportunity set perspective, how do you view Israel's regional classification in terms of index inclusion? As part of the Middle East, European, Asian or other investment opportunity sets? • In general, how do you consider regional classifications? In terms of geographical proximity, shared macroeconomic characteristics, or other? • Should MSCI change the index regional classification for the MSCI Israel Index? MSCI MSCI invites feedback from market participants on or before January 31, 2022 and will announce the results of the consultation on or before February 28, 2022. To participate in the consultation, please provide your feedback through an online survey available on: https://www.msci.com/consultation-Israel Information Classification: GENERAL 12#13MSCI Appendix#14Index Levels (Local Levels) Gross local index levels for the MSCI Israel Index and other select regional indexes are shown below. Local Index Levels Index Levels (Base=100) 400 350 300 250 200 150 100 50 '11 '12 '13 '14 '15 '16 '17 '18 '19 '20 '21 EUROPE ISRAEL WORLD PACIFIC MSCI EUROPE & MIDDLE EAST Data from May 27, 2010 to November 30, 2021 The MSCI Europe & Middle East Index was launched on May 27, 2010. Please see the disclosure at the end of this document regarding simulated and back tested data. Information Classification: GENERAL 14#15MSCI . ISRAEL WORLD PACIFIC AUSTRALIA SINGAPORE NEW ZEALAND HONG KONG JAPAN EUROPE FRANCE DENMARK SWEDEN GERMANY NORWAY NETHERLANDS UNITED KINGDOM ITALY FINLAND SWITZERLAND AUSTRIA BELGIUM SPAIN PORTUGAL IRELAND UNITED ARAB EMIRATES QATAR KUWAIT ISRAEL WORLD PACIFIC AUSTRALIA SINGAPORE Regional and Country Level Correlations (USD Returns) The correlation matrices below depict the correlations in USD gross monthly returns for each period between every country and regional standard index. DM Asian Cluster DM European Cluster EM GCC Cluster DM Asian Cluster DM European Cluster EM GCC Cluster Correlation -1.0 NEW ZEALAND HONG KONG JAPAN EUROPE FRANCE DENMARK SWEDEN GERMANY NORWAY NETHERLANDS UNITED KINGDOM ITALY FINLAND SPAIN AUSTRIA BELGIUM SWITZERLAND PORTUGAL IRELAND UNITED ARAB EMIRATES QATAR KUWAIT ISRAEL WORLD PACIFIC AUSTRALIA SINGAPORE HONG KONG NEW ZEALAND JAPAN JAPAN EUROPE NETHERLANDS GERMANY ERMANY SWEDEN FRANCE FRANCE SWITZERLAND UNITED KINGDOM KINGDOM IRELAND BELGIUM FINLAND ITALY SPAIN NORWAY ORWAY DENMARK AUSTRIA PORTUGAL EM GCC COUNTRIES UNITED ARAB EMIRATES SAUDI ARABIA KUWAIT QATAR Data from November 30, 2006 to June 29, 2012 in USD index returns Data from June 30, 2015 to November 30, 2021 in USD index returns The Saudi Arabia and GCC Countries International Indexes were launched in June 2015. Indexes are ordered from highest to lowest within their region depending on their correlation level with the MSCI Israel Index. For simplicity, market classifications as of December 2021 were historically applied for the analysis. Please see the disclosure at the end of this document regarding simulated and back tested data. Information Classification: GENERAL ISRAEL WORLD PACIFIC AUSTRALIA SINGAPORE HONG KONG NEW ZEALAND JAPAN EUROPE NETHERLANDS GERMANY SWEDEN FRANCE SWITZERLAND UNITED KINGDOM IRELAND BELGIUM FINLAND ITALY SPAIN NORWAY AUSTRIA DENMARK PORTUGAL EM GCC COUNTRIES QATAR UNITED ARAB EMIRATES SAUDI ARABIA KUWAIT 15 -0.2 -0.3 0.4 -0.5 - 0.6 -0.7 -0.8 -0.9#16Rolling Correlations (USD Returns) The exhibit below shows the 3-year pairwise rolling correlations between weekly gross USD index returns of the MSCI Israel Index against select standard regional indexes. 3-Year Pairwise Rolling Correlations of Israel Against Select Regional Indexes MSCI Correlation 0.7 Reclassification to DM 0.6 0.5 0.4 0.3 0.2 0.1 0.0 '10 '11 '12 '13 '14 '15 '16 '17 '18. '19 '20 '21 World Europe Pacific EM GCC Countries Data from November 30, 2006 to November 30, 2021 in USD index returns The GCC Countries International Indexes were launched on June 4, 2015, with index levels history since June 2014. Rolling correlations in local index returns are available in the appendix. Please see the disclosure at the end of this document regarding simulated and back tested data. Information Classification: GENERAL 16#17Evolution of the MSCI Israel Index In 2021, the predominant sector is IT, with a weight of 37.3%, followed by Financials with 31.4%. The index now has 7 US foreign listings, as the market met the foreign listing materiality requirement in the May 2015 Semi-Annual Index Review. Security Name Index Segment Index Sec FIF Index Sector Mcap* TEVA PHARMACEUTICAL IND Large 37,838 Weight 60.73% Security Name Index Segment Index Sec FIF Mcap* Index Weight Sector Health care NICE Mid 18,713 15.43% IT ISRAEL CHEMICALS Large 4,715 7.57% Materials BANK HAPOALIM Large 3,591 5.76% Financials BANK LEUMI LE-ISRAEL CHECK POINT SOFTW (USD) Mid 14,239 11.74% Financials Large 11,702 9.65% IT BANK HAPOALIM Mid 11,270 9.29% Financials BANK LEUMI LE-ISRAEL Large 3,480 5.59% Financials TEVA PHARMA IND ADR Mid 9,018 7.43% Health care BEZEQ ISRAEL TELECOM. Large 3,321 5.33% Comm. serv. WIX.COM Large 8,206 6.77% IT NICE SYSTEMS Mid 2,026 3.25% IT KORNIT DIGITAL Mid 7,390 6.09% Industrials ISRAEL CORP Large 1,536 2.47% Materials ISRAEL DISCOUNT BANK Mid 7,258 5.98% Financials ISRAEL DISCOUNT BANK Mid 1,176 1.89% Financials CYBERARK SOFTWARE (USD) Mid 6,681 5.51% IT ICL GROUP Mid 6,308 5.20% Materials ELBIT SYSTEMS Mid 1,001 1.61% Industrials MIZRAHI TEFAHOT BANK Mid 5,261 4.34% Financials MIZRAHI TEFAHOT BANK Mid 996 1.60% Financials AZRIELI GROUP Mid 3,951 3.26% Real estate CELLCOM ISRAEL (IL) Mid 937 1.50% DELEK GROUP Mid 861 1.38% PARTNER COMMUNICATIONS Mid 825 1.32% Comm. serv. Industrials Comm. serv. ELBIT SYSTEMS Mid 3,933 3.24% Industrials FIVERR INTERNATIONAL Mid 3,856 3.18% Cons. disc. INMODE Mid 3,505 2.89% Health care Data as of December 1, 2011 Data as of December 1, 2021 MSCI * In USD Millions. Information Classification: GENERAL 17#18Risk and Return Metrics Definitions Risk and return metrics Definition Total return (%) Total risk (%) Return/risk Sharpe ratio Active return (%) Tracking error (%) Information Ratio Historical beta Average number of constituents Turnover (%) Price to book Price to earnings Dividend yield (%) Annualized index return Annualized index risk (based on monthly returns) Ratio of annualized return and annualized risk The Sharpe ratio is computed as the ratio of index excess returns and annualized total risk where excess return is defined as the difference between the annualized total index return and the risk free rate corresponding to the currency of analysis Difference of the annualized index return and the annualized benchmark return Annualized standard deviation of active returns (based on monthly data) Ratio of index active return and tracking error (based on monthly data) Beta is a measure of the level of co-movement between an index and its benchmark. It is calculated as the correlation between index and benchmark returns multiplied by the ratio of total risk of the index and its benchmark (based on monthly data) Average number of constituents (based on monthly data) Annualized Average one-way index turnover over rebalancing dates Price to book harmonic average (based on monthly data) Price to earnings harmonic average (based on monthly data) Dividend yield (%) average (based on monthly data) MSCI MSCI IndexMetrics®. 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