HOLY LAND INVESTMENT FUND

Bond Street Mercantile Spring 2020

1  A balanced fund which invests in -related equities and bonds

 Equity investments are focused on large cap, publicly traded, Israeli or Israel-related companies primarily in the areas of:

 Oil and gas  Financial Services  Technology  Real Estate  Infrastructure  Bonds  RRSP, RRIF and TFSA eligible

HOLY LAND INVESTMENT FUND 2 OIL AND GAS 9,5%% BONDS 0% FINANCIALS 35.51% CASH 9.126% TECHNOLOGY 24.14% OTHER 9.252% OIL AND GAS FINANCIALS TECHNOLOGY REAL ESTATE 11.69% REAL ESTATE BONDS CASH ► PORTFOLIO OTHER COMPOSITION

OTHER OIL AND SPRING 2020 10% CASH GAS 5% 15% BONDS 5% REAL ESTATE FINANCIALS 12% 28%

TECHNOLOGY 25%

3 HOLY LAND INVESTMENT FUND

OUR TOP 15 HOLDINGS INCLUDE:

• • Drilling • HaPoalim • Nice

• Bank Discount • Delek Group • Housing Corp. • Solaredge Technologies • • Elbit • International F&F • United Mizrahi Bank • Checkpoint Software • Elektra Israel Ltd • Matrix

4  TASE has consistently outperformed the TSX over the  HLIF has retained some of Israel’s best fund managers past 1, 3, 5 and 10 years

 HLIF has just concluded 88 months of excellent returns,  Investing in Israel is an excellent diversification strategy averaging 13.5% annual return (after fees) during this time

 Israel’s economy is booming in almost every sector  There is an excellent opportunity to “Buy Israel” as the Israeli market is still considerably underpriced relative to all major Western markets  HLIF is a balanced fund and is RRSP and TFSA eligible

HOLY LAND INVESTMENT FUND SUMMARY 5 Bond Street Mercantile offers an excellent way to diversify your investments. BSM has two unique investment options in Israel:

Holy Land Investment Fund Canada Israel Infrastructure Funds • Stocks and bonds • Rare access to lower risk Israeli Infrastructure Investments • CDN$ • US$ • RRSP , RRIFand TFSA eligible • 10 year investment • Entry and exit every month

BOND STREET: ISRAEL INVESTMENT SUMMARY 6