Disclosure

Dear unitholder/ insured,

A member of the Altshuler Shaham Group, Altshuler Shaham Pension Guidance Pension Insurance Agency Ltd. (hereinafter: the “Agency") is an insurance agency, which includes institutional entities managing pension and insurance products.

The Agency holds a corporate agent's license for pension insurance, in accordance with the provisions of the Supervision of Financial Services (Insurance) Law from 1981, operating as a pension agency, rather than a pension consultant (as defined in the Supervision of Financial Services Law (Pension Consulting, Marketing and Clearing Systems) from 2005 (hereinafter: "The Pension Consulting") and engages in providing pension marketing services.

The following is a list of the institutional entities the products of which the Agency markets and with which it is affiliated:

Altshuler Shaham Provident and Pension Ltd., Altshuler Shaham Insurance Company Ltd., Migdal Insurance Company Ltd., Clal Insurance Company Ltd. and Phoenix Insurance Company Ltd.

The nature of the affiliation between the Agency and the aforesaid institutional entities is that the Agency is compensated (by way of fees and commissions) by these entities for recruiting unitholders or policyholders, as the case may be, for certain products managed by them. The compensation may vary from one institutional entity and another, in accordance with agreements between the Agency and the particular financial institution. It should be clarified that the Agency is engaged in marketing pension products managed by the abovementioned institutional entities and in accordance with the Agency's preference in respect of these products when providing pension marketing services to its customers.

In addition, the Agency has additional affiliation with the following institutional entities, arising from control or ownership interests therein, by virtue of their being members of the same investment house as the Agency: Altshuler Shaham Provident and Pension Ltd., Altshuler Shaham Insurance Company Ltd., Altshuler Shaham Investment Portfolio Management Ltd.

We wish you and ourselves a continued fruitful and productive relationship.

At your service at all times,
Altshuler Shaham Pension Planning Pension Insurance Agency Ltd.