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Bluestar Israel Equity Update Fourth Quarter 2012

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Bluestar Israel Equity Update Fourth Quarter 2012 BlueStar Israel Equity Update Fourth Quarter 2012 Q3 2012 in Review & Year End Outlook Global equities continued to rise in Q3 2012. Global Israeli What’s equities rebounded in September after testing 52-week lows in Q1, Inside Q2 and again in Q3 2012. During Q3 2012, the BlueStar Israel Global Index (BIGI) gained 5.46% while the S&P 500 gained 6.53%, MSCI EAFE gained 6.98%, 1. The BlueStar and the MSCI EM Index rose by 7.89%. Israel Global Israel’s technology companies led the recovery in Israeli equities Index in 2012 higher, though financials, oil & gas companies, and basic materials YTD companies were relatively strong into the close of the quarter as the Euro-zone recession and debt debacle along with slower global 2-4. About the economic growth weighed on Israel’s technology exporters. BlueStar Israel Volume on the TASE has been steadily declining throughout 2012. Global Index and Foreign investors’ appetite for locally listed shares picked up a bit in Risk/Return data July but fell sharply in August. Major geopolitical risks seem to have been deferred after PM 5-6. Technical Netanyahu’s address to the UN general assembly, and economic Analysis policy management has been rewarded with credit-rating affirmations and stable outlooks granted by Moody’s and Standard & Poor’s. 7. Earnings Round-Up 8. Israeli Sector BIGI Performance Highlights (BlueStar Israel Global Index Jan 2010- September 2012) 9. Capital Markets 10. Israeli Economic Review 11. Geopolitical Environment 1 © 2012 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 Source: BlueStar Global Investors LLC *Annualized Sept 28 2012 Inception Date: Dec. 1992 Source: BlueStar Global Investors LLC Sept 28 2012 Long- Term Returns Five Year Correlations *Annualized Source: BlueStar Global Investors LLC Inception Date: Dec. 1992 Sept 28 2012 Source: BlueStar Global Investors LLC Sept 28 2012 © 2012 BlueStar Global Investors, LLC These are not recommendations to buy or sell any security BlueStar Israel Global Index Constituents and Weights Index Weight Index Weight as Company Name Ticker Exchange Company Name Ticker Exchange as of Sept 30 of Sept 30 2012 1 Teva Pharmaceutical Industries TEVA TASE 12.64%2012 48 Orbotech Ltd (US) ORBK NASDAQ 0.47% 2 Perrigo Co PRGO NASDAQ 9.10% 49 Delek Energy Systems Ltd DLEN TASE 0.47% 3 Check Point Software (US) CHKP NASDAQ 6.97% 50 Retalix Ltd RTLX TASE 0.47% 4 Amdocs Ltd DOX NYSE 5.09% 51 Syneron Medical Ltd ELOS NASDAQ 0.46% 5 Israel Chemical Corp ICL TASE 4.82% 52 Oil Refineries Ltd ORL TASE 0.45% 6 Bank Hapoalim BM Reg POLI TASE 3.39% 53 Cinema City International NV CCI WARSAW 0.45% 7 MELLANOX TECH MLNX NASDAQ 3.36% 54 Ceva Inc CEVA NASDAQ 0.44% 8 Bank Leumi Le-Israel BM LUMI TASE 3.29% 55 Given Imaging Ltd GIVN NASDAQ 0.43% 9 VeriFone Systems Inc PAY NYSE 2.79% 56 Clal Insurance Enterprises Hldgs CLIS TASE 0.42% 10 Israel Corp ILCO TASE 2.33% 57 PROLOR Biotech Inc. PBTH AMEX 0.41% 11 BEZEQ ISRAELI TELECOM CORP BEZQ TASE 2.11% 58 Ormat Industries ORMT TASE 0.41% 12 Nice Systems Ltd NICE TASE 2.01% 59 Babylon Ltd. BBYL TASE 0.40% 13 Comverse Technology, Inc. CMVT NASDAQ 1.36% 60 HOT Telecommunication HOT TASE 0.40% 14 Isramco Negev 2 LP ISRAp TASE 1.15% 61 Gilat Satellite Networks GILT TASE 0.39% 15 Mizrahi Tefahot Bank Ltd MZTF TASE 1.15% 62 AMOT Investment Ltd AMOT TASE 0.38% 16 Israel Discount Bank 0.1 DSCT TASE 1.07% 63 Clal Industries CII TASE 0.38% 17 LivePerson Inc LPSN NASDAQ 0.98% 64 MELISRON Ltd. MLSR TASE 0.38% 18 Ezchip Semiconduct EZCH TASE 0.95% 65 NITSBA Hldgs (1995) Ltd NTBA TASE 0.38% 19 Playtech PTEC LN 0.94% 66 Clicksoftware Technologies Ltd CKSW NASDAQ 0.37% 20 Avner Oil & Gas Ltd LP AVNRp TASE 0.94% 67 Rami Levi Chain Stores RMLI TASE 0.37% 21 Elbit Systems Ltd ESLT TASE 0.93% 68 Ituran Location & Control Ltd ITRN TASE 0.36% 22 Gazit Globe 1982 Ltd GLOB TASE 0.92% 69 Naphtha Israel Petroleum Corp NFTA TASE 0.35% 23 Electronics For Imaging EFII NASDAQ 0.91% 70 Caesar Stone Sdot Yam Ltd CSTE NASDAQ 0.34% 24 SodaStream International Ltd SODA NASDAQ 0.83% 71 Delek Automotive Systems Ltd DLEA TASE 0.34% 25 Azrieli Group AZRG TASE 0.83% 72 Menorah Insurance Co Ltd 1 MMHD TASE 0.33% 26 Delek Group Ltd DLEKG TASE 0.81% 73 Shufersal Ltd. SAE TASE 0.33% 27 VERINT SYSTEMS VRNT NASDAQ 0.73% 74 Space-Communication Ltd. SCC TASE 0.33% 28 First Intl Bank of Israel FTIN TASE 0.73% 75 Airport City Ltd ARPT TASE 0.32% 29 Delek Drilling LP DEDRp TASE 0.71% 76 Bayside LandCorp 1 BYSD TASE 0.32% 30 Cellcom Israel Ltd. CEL TASE 0.66% 77 Silicom Limited SILC NASDAQ 0.31% 31 Paz Oil Company Ltd PZOL TASE 0.66% 78 Matrix MTRX TASE 0.31% 32 Delek US Holdings DK NYSE 0.64% 79 Electra (Israel) ELTR TASE 0.30% 33 Radware Ltd RDWR NASDAQ 0.64% 80 Kamada KMDA TASE 0.30% 34 Partner Communications PTNR TASE 0.63% 81 Jerusalem Oil Exploration JOEL5 TASE 0.29% 35 Osem Investment OSEM TASE 0.61% 82 Avgol Industries 1953 Ltd AVGL TASE 0.29% 36 Imperva Inc IMPV NYSE 0.58% 83 Formula Systems (1985) Ltd FORT TASE 0.29% 37 Alon Usa Energy ALJ NYSE 0.55% 84 HADERA PAPER LTD HAP TASE 0.29% 38 Ratio Oil Exploration L.P. RATIp TASE 0.54% 85 Ceragon Networks [US Listing] CRNT NASDAQ 0.28% 39 Strauss Group STRS TASE 0.53% 86 Tower Semiconductor Ltd TSEM TASE 0.28% 40 Migdal Insurance Hdlgs MGDL TASE 0.51% 87 Israel Phoenix Assurance 1 PHOE1 TASE 0.27% 41 Ormat Technologies ORA NYSE 0.50% 88 Clal Biotechnology Industrie CBI TASE 0.26% 42 Frutarom FRUT TASE 0.50% 89 Africa Israel Properties AFPR TASE 0.25% 43 Aloni Hetz Properties ALHE TASE 0.49% 90 Koor Industries KOR TASE 0.24% 44 888 Holdings Plc 888 LN 0.48% 91 Givot Olam Oil Exploration L.P. GIVOp TASE 0.23% 45 Harel Insurance Inv Ltd 1 HARL TASE 0.48% 92 Discount Investment Corp DISI TASE 0.23% 46 Shikun & Binui Ltd. SKBN TASE 0.48% 93 Jerusalem Economic Corp (ECJ) ECJM TASE 0.23% 47 Protalix Biotherapeutics Inc PLX AMEX 0.47% 94 Africa-Israel Inv Ltd AFIL01 TASE 0.23% 3 © 2012 BlueStar Global Investors, LLC These are not recommendations to buy or sell any security BlueStar Israel Global Index Performance Attribution BIGI Relative Performance Attribution BIGI vs TA-100 BIGI vs MSCI Israel Capped (MXIL) Q3 2012 BIGI Q3 2012 BIGI BIGI Relative Weight (As BIGI Relative Weight (As Company Name Relative Weight Company Name Relative Weight of Sept 30 2012) of Sept 30 2012) Attribution Attribution ILDC Energy -3.30% 2.55% Amdocs +5.09% 0.56% Mellanox Technologies +2.57% 1.11% Alon USA Energy +0.55% 0.34% Amdocs +5.09% 0.56% Delek US Holdings +0.64% 0.29% Alon USA Energy +0.55% 0.34% 888 Holdings +0.48% 0.25% Delek US Holdings +0.64% 0.29% Mellanox Technologies -4.25% (1.84%) 888 Holdings +0.48% 0.25% Israel Chemicals -5.91% (0.68%) Israel Corp -1.51% (0.20%) Bank Hapoalim -3.77% (0.48%) Verifone Systems +2.79% (0.44%) Verifone Systems +2.79% (0.44%) Teva Pharm. -17.02% (0.65%) Teva Pharm. -8.93% (0.34%) Israel Chemicals -7.24% (0.83%) Cellcom -0.85% (0.33%) BIGI Internal Characteristics Attribution Currency Attribution Exchange-Related Attribution Total Index Attribution of Local Currency Total Index Attribution of Category Domicile-Currency Weight Listed on Currency Performance vs Category Weight as of to BIGI Performance (Exchanges) Local Exchange(s) Performance to USD (Q3 2012) Sept 30 2012 (Q3 2012) as of Sept 30 2012 BIGI Performance Dual-Listed 34.71% 1.82% Israel – New Israeli Constituents Shekel 58.6% 0.67% 0.39% (TASE) Non-TASE 41.40% 2.50% Constituents US - US Dollar (NYSE, NASDAQ, 39.53% 0.00% 0.00% Non-TASE AMEX) Technology 25.43% 1.27% Constituents UK – GB Pound 1.42% 3.80% 0.05% (London) Poland – Polish Zolty 0.46% 7.10% 0.03% (Warsaw) Total Direct Effect of Currency Fluctuation - - 0.47% on BIGI Price Level The tables above labeled “BIGI vs TA-100” and “BIGI vs MSCI Israel Capped” provide investors insight into precisely what factors cause BIGI, the global Israeli index, to outperform or underperform.
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