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BlueStar Israel Equity Update Fourth Quarter 2013 Q3 2013 in Review & Q4 2013 Outlook What’s Inside All major global developed and emerging m arket equity benchmarks rose strongly in Q3 2013 despite periods of increased geopolitical- and macroeconomic-related volatility. The BlueStar Israel Global Index rose 7.9% in Q3 2013 while the TA-100 and MSCI Israel 1. The indices were up 10.0% and 2.5%, respectively. BlueStar The rally in Israeli equities was broad based and in each of the three largest sectors: Israel Global Information Technology, Financials and Health Care. Each of these sectors rose strongly during the quarter indicating strength in the domestic economy and improving conditions in the Index in Q1 economies of Israel’s largest trading partners. 2013 The Israeli budget government deficit is shrinking faster than expected, bringing on the prospect of lower taxes and higher government spending in 2014. The unemployment rate in 2-5. About the Israel dropped to its lowest level in 20 years, while the labor force participation rate is on the rise. BlueStar Israel Mellanox Technologies has delisted its shares from the TASE and Opko Health, through a Global Index merger with Prolor Biotech, has become one of the largest companies on the TASE. and There were a few large IPOs by Israeli companies during Q3 2013 and there is a strong Risk/Return pipeline of companies coming to market in Q4 2013 and early 2014, including the do-it-yourself Data website designer Wix. While the macro economic fundamentals in the Israeli economy remain very strong, the U.S. 6-7 government is in the midst of a shut-down and is two weeks away from a technical default on . Technical its debt. The European economic outlook remains weak but improving. Analysis The U.S. and France threatened the Assad regime in Syria after it used chemical weapons against its own citizens; the Iranians are coaxing world powers to the negotiating table. 8. Israeli Sector BIGI Performance Highlights (BlueStar Israel Global Index, Jan 2010- Sept 2013) 160 9. Capital 150 Markets 140 130 120 10. Israeli S&P 500 110 Economic BIGI 100 Review 90 80 11. Geopolitical 70 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Environment 2010 2010 2010 2010 2011 2011 2011 2011 2012 2012 2012 2012 2013 2013 2013 1 © 2013 BlueStar Global Investors, LLC These are not recommendations to buy or sell any security About the BlueStar Israel Global Index The BlueStar Israel Global Index (’BIGI’) provides a benchmark for investors to track the broadest and deepest universe of Israeli public companies. The index is constructed using BlueStar Indexes’ unique methodology and proprietary database of Israeli and Israel-linked companies. BIGI includes the largest and most liquid companies as well as mid and small cap companies that display sufficient liquidity for global investors. The index methodology allows for the inclusion of Israeli companies listed on the Tel Aviv Stock Exchange as well as other exchanges such as the London Stock Exchange, New York Stock Exchange, and NASDAQ. The BlueStar Israel Global Index has been created to provide investors with an investable product allowing them to quickly take advantage of both event-driven news and long-term economic trends as the economy and companies of Israel continue to evolve. Comparative Sector Weights Comparative Risk MSCI - FTSE YTD Inception Sector BIGI TA-25 TA-100 1yr. 3yrs. 5yrs. 10yrs. 15yrs. EIS Israel 9/30/13 1 Information Technology 30.7% 7.5% 4.3% 5.5% 8.8% ACWI 10.50% 9.27% 14.69% 20.23% 16.67% 16.69% 15.61% Health Care 25.3% 22.6% 47.1% 18.4% 21.8% EAFE 14.04% 12.12% 17.31% 22.17% 18.36% 17.83% 16.91% Financials 19.2% 35.1% 23.8% 33.7% 32.5% MSCI EM 12.23% 11.77% 19.64% 26.35% 23.99% 23.76% 23.77% Energy 6.9% 4.9% 4.5% 15.1% 11.7% S&P 500 9.46% 9.04% 12.41% 18.08% 14.69% 15.69% 14.96% Materials 5.7% 10.8% 7.2% 10.4% 8.1% MSCI 8.62% 10.12% 18.79% 21.02% 18.89% 24.28% 23.94% Telecom Services 4.0% 8.5% 6.9% 11.3% 7.8% Israel Industrials 3.2% 5.5% 3.2% 2.9% 4.9% TA-100 12.41% 11.35% 18.41% 24.45% 21.83% 24.56% 24.52% Consumer Staples 2.2% 4.4% 2.5% 2.7% 3.3% TA-25 14.52% 13.02% 19.09% 24.47% 21.96% 24.77% 24.57% Consumer Discretionary 2.2% 0.7% 0.5% 0.0% 1.0% BlueStar 8.57% 7.68% 17.98% 23.03% 20.33% - - Utilities 0.5% 0.0% 0.0% 0.0% 0.0% Source: BlueStar Global Investors LLC *Annualized Sept 30, 2013 Inception Date: Dec. 1992 Source: BlueStar Global Investors LLC Sept 30, 2013 Long- Term Returns Five Year Correlations YTD MSCI 1yr. 3yrs. 5yrs. 10yrs. 15yrs. Inception1 ACWI MSCI EM EAFE S&P 500 TA-100 TA-25 9/30/13 Israel ACWI 1.00 ACWI 14.92% 18.37% 10.81% 8.30% 8.41% 5.94% 7.90% MSCI EM 0.93 1.00 EAFE 16.59% 24.29% 8.97% 6.85% 8.50% 5.89% 7.00% MSCI EM -4.05% 1.33% 0.00% 7.56% 13.16% 12.32% 8.24% EAFE 0.98 0.91 1.00 S&P 500 19.79% 19.34% 16.27% 10.02% 7.57% 5.33% 8.81% S&P 500 0.97 0.85 0.91 1.00 MSCI MSCI 5.24% 1.20% -8.46% -1.30% 6.60% 6.98% 5.33% 0.71 0.76 0.67 0.65 1.00 Israel Israel TA-100 15.24% 20.54% 1.81% 6.64% 12.78% 10.44% 7.57% TA-100 0.84 0.86 0.80 0.79 0.85 1.00 TA-25 12.90% 18.34% 2.47% 6.71% 14.43% 11.08% 7.87% TA-25 0.85 0.87 0.82 0.81 0.85 0.99 1.00 BlueStar 15.65% 22.09% 2.97% 9.07% 14.09% - - BlueStar 0.86 0.87 0.83 0.81 0.87 0.98 0.97 *Annualized Inception Date: Dec. 1992 Source: BlueStar Global Investors LLC Source: BlueStar Global Investors LLC Sept 30, 2013 Sept 30, 2013 2 © 2013 BlueStar Global Investors, LLC These are not recommendations to buy or sell any security BlueStar Israel Global Index Constituents and Weights Index Weight as Index Weight Company Name Ticker Exchange of Sept. 30, 2013 Company Name Ticker Exchange as of Sept. 30, 2013 1 Teva Pharmaceutical Industries TEVA TASE 11.42% 48 Opko Health Inc OPK NYSE 0.51% 2 Perrigo Co PRGO NYSE 8.39% 49 Rami Levi Chain Stores RMLI TASE 0.49% 3 Check Point Software CHKP NASDAQ 7.15% 50 Aloni Hetz Properties ALHE TASE 0.48% 4 Amdocs Ltd DOX NYSE 4.84% 51 Ratio Oil Exploration L.P. RATIp TASE 0.48% 5 Bank Hapoalim BM Reg POLI TASE 4.09% 52 Orbotech Ltd (US) ORBK NASDAQ 0.48% 6 Bank Leumi Le-Israel BM LUMI TASE 3.92% 53 888 Holdings Plc 888 LN 0.48% 7 VeriFone Systems Inc PAY NYSE 3.08% 54 Kamada KMDA TASE 0.47% 8 Israel Chemical Corp ICL TASE 2.97% 55 Delek Automotive Systems Ltd DLEA TASE 0.47% 9 BEZEQ ISRAELI TELECOM CORP BEZQ TASE 2.82% 56 ALLOT COMMUNICATIONS LTD ALLT NASDAQ 0.44% 10 Stratasys Ltd SSYS NASDAQ 2.59% 57 Ormat Industries ORMT TASE 0.43% 11 Nice Systems Ltd NICE TASE 2.06% 58 MELISRON Ltd. MLSR TASE 0.43% 12 VERINT SYSTEMS VRNT NASDAQ 1.65% 59 Clal Industries CII TASE 0.43% 13 Israel Corp ILCO TASE 1.55% 60 Shufersal Ltd. SAE TASE 0.42% 14 Playtech PTEC LN 1.41% 61 Ceva Inc CEVA NASDAQ 0.41% 15 MELLANOX TECH MLNX NASDAQ 1.28% 62 Protalix Biotherapeutics Inc PLX NYSE 0.41% 16 Israel Discount Bank 0.1 DSCT TASE 1.24% 63 NITSBA Hldgs (1995) Ltd NTBA TASE 0.40% 17 Mizrahi Tefahot Bank Ltd MZTF TASE 1.22% 64 Jerusalem Oil Exploration JOEL5 TASE 0.40% 18 Isramco Negev 2 LP ISRAp TASE 1.17% 65 Audiocodes Ltd AUDC NASDAQ 0.40% 19 Delek Group Ltd DLEKG TASE 1.13% 66 Syneron Medical Ltd ELOS NASDAQ 0.38% 20 Elbit Systems Ltd ESLT TASE 1.09% 67 Babylon Ltd. BBYL TASE 0.38% 21 Taro Pharmaceutical Industries TARO NYSE 1.08% 68 Menorah Insurance Co Ltd 1 MMHD TASE 0.38% 22 Gazit Globe 1982 Ltd GZT TASE 0.96% 69 Ituran Location & Control Ltd ITRN TASE 0.38% 23 SodaStream International Ltd SODA NASDAQ 0.90% 70 Evogene Ltd. EVGN TASE 0.37% 24 Azrieli Group AZRG TASE 0.87% 71 Oil Refineries Ltd ORL TASE 0.37% 25 First Intl Bank of Israel FTIN TASE 0.84% 72 Discount Investment Corp DISI TASE 0.37% 26 Avner Oil & Gas Ltd LP AVNRp TASE 0.82% 73 AMOT Investment Ltd AMOT TASE 0.35% 27 Delek US Holdings DK NYSE 0.77% 28 Imperva Inc IMPV NYSE 0.75% 74 Africa Israel Properties AFPR TASE 0.35% 29 Paz Oil Company Ltd PZOL TASE 0.71% 75 Cinema City International NV CCI Warsaw 0.35% 30 Osem Investment OSEM TASE 0.69% 76 Mazor Robotics Ltd.
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    Market Cap Close ADV 1598 67th Pctl $745,214,477.91 $23.96 225,966.94 801 33rd Pctl $199,581,478.89 $10.09 53,054.83 2399 Listing_ Revised Ticker_Symbol Security_Name Exchange Effective_Date Mkt Cap Close ADV Stratum Stratum AAC AAC Holdings, Inc. N 20160906 M M M M-M-M M-M-M Altisource Asset Management AAMC Corp A 20160906 L M L L-M-L L-M-L AAN Aarons Inc N 20160906 H H H H-H-H H-H-H AAV Advantage Oil & Gas Ltd N 20160906 H L M H-L-M H-M-M AB Alliance Bernstein Holding L P N 20160906 H M M H-M-M H-M-M ABG Asbury Automotive Group Inc N 20160906 H H H H-H-H H-H-H ABM ABM Industries Inc. N 20160906 H H H H-H-H H-H-H AC Associated Capital Group, Inc. N 20160906 H H L H-H-L H-H-L ACCO ACCO Brand Corp. N 20160906 H L H H-L-H H-L-H ACU Acme United A 20160906 L M L L-M-L L-M-L ACY AeroCentury Corp A 20160906 L L L L-L-L L-L-L ADK Adcare Health System A 20160906 L L L L-L-L L-L-L ADPT Adeptus Health Inc. N 20160906 M H H M-H-H M-H-H AE Adams Res Energy Inc A 20160906 L H L L-H-L L-H-L American Equity Inv Life Hldg AEL Co N 20160906 H M H H-M-H H-M-H AF Astoria Financial Corporation N 20160906 H M H H-M-H H-M-H AGM Fed Agricul Mtg Clc Non Voting N 20160906 M H M M-H-M M-H-M AGM A Fed Agricultural Mtg Cla Voting N 20160906 L H L L-H-L L-H-L AGRO Adecoagro S A N 20160906 H L H H-L-H H-L-H AGX Argan Inc N 20160906 M H M M-H-M M-H-M AHC A H Belo Corp N 20160906 L L L L-L-L L-L-L ASPEN Insurance Holding AHL Limited N 20160906 H H H H-H-H H-H-H AHS AMN Healthcare Services Inc.
  • Market Guide for Enterprise SBC

    Market Guide for Enterprise SBC

    Market Guide for Enterprise SBC Published: 29 December 2017 ID: G00343746 Analyst(s): Rafael A Benitez E-SBCs terminate SIP trunks from provider networks and provide enterprise communications security, interoperability, remote worker support, call control and resiliency capabilities. This report gives I&O leaders information on E-SBC vendors and the capabilities of their product lines. Key Findings ■ A software-defined-network-centric approach to E-SBC, including SBC as a VNF, vCPE support and alignment with NFV orchestration frameworks, is a priority to E-SBC vendors. ■ The market for E-SBCs is expanding beyond North America and EMEA to Asia/Pacific as enterprises deploy SIP trunk service globally. ■ Enterprises are expanding E-SBC use beyond SIP trunks to include user-side security and interoperability of endpoints with cloud services. ■ Increased adoption of WebRTC-based voice and video services has made WebRTC gateway functionality a key investment area among E-SBC vendors. ■ Leading E-SBC suppliers provide automation and deployment simplification of E-SBCs with configuration templates for the most prominent PBXs, and SIP trunk service providers. Recommendations When planning unified communications, I&O leaders should: ■ Use E-SBCs to provide secure connectivity and quality of service optimization to remote voice and video devices that do not use VPN access. E-SBCs are tailored for voice and video services, whereas standard firewalls are not. ■ Optimize call routing in global SIP trunking implementations by using E-SBCs with advanced dial plan and session management. Optimized routing can reduce cost and provide a better UX by selecting paths where media will have less delay, a higher class of service or both.