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MSCI 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

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