Mutual Fund External Investment Management

Fund Manager: Ayalon Mutual Funds Ltd.

External Investment Manager: Monitar Investment House Ltd.

MONITAR (2D) 70/30- US DOLLAR DENOMINATED

security no. 5127220

2 – The Fund’s exposure to equities shall not exceed, in absolute value, 30% of the Fund’s net asset value;

D – The Fund’s exposure to foreign currency shall not exceed, in absolute value, 120% of the Fund’s net asset value;

MONITAR (4D) FLEXIBLE

security no. 5127212

4 – The Fund’s exposure to equities shall not exceed, in absolute value, 120% of the Fund’s net asset value;

D – The Fund’s exposure to foreign currency shall not exceed, in absolute value, 120% of the Fund’s net asset value;

Monitar Investment House is the Fund’s external investment manager and Ayalon Mutual Funds Ltd. is the Fund’s manager.

This publication does not constitute an offer to purchase units in the Fund. Such purchase shall only be made pursuant to an annual report and immediate reports. The foregoing does not constitute a substitute for investment advising/marketing by a lawful licensee, taking into account the circumstances and needs of any person. Nothing in the foregoing shall be deemed an offer to acquire participation units in mutual funds.