Gil Raz

Midroog Ltd. (A subsidiary of Moody's)

Midroog is a credit rating agency accredited by the State of Israel. Midroog launched its operations in 2003 with the aim of operating in all the relevant credit rating segments in the Israeli marketplace. Midroog was established in 2003 by institutional and private Israeli entrepreneurs in affiliation with the worldwide rating company, Moody's Investors Services (51%). Midroog provides Credit Rating Services and Other Permitted Services in the Israeli financial markets. A Credit Rating is an opinion from Midroog regarding the creditworthiness of an entity, a debt or financial obligation, debt security, preferred share or other financial instrument, or of an Issuer of such a debt or financial obligation, debt security, preferred share or other financial instrument, issued using an established and defined ranking system of rating categories. Credit Ratings are based on information Midroog obtained from sources Midroog believes to be accurate and reliable, including, but not limited to, Issuers and their agents, as well as sources independent of the Issuer. Midroog relies on Issuers and their agents to provide information that is true, accurate, timely, complete and not misleading. For further information on the rating policies of Midroog or of its rating committee, please refer to the relevant pages on Midroog's website.