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MSCI . 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

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