Affiliations

Pioneer Financial Planning (92) Ltd (“Pioneer Financial Planning”), a member of the Pioneer International Group, is licensed as an "Investment Marketing Agent" by the Israeli Securities Authority (ISA), and not as an "Investment Advisor", as both these terms are defined in the Regulation of Investment Advice, Investment Marketing and Investment Portfolio Management Law - 1995.

Please note that Pioneer Financial Planning is affiliated to the following entities under which it markets their products/services and to the financial products which are developed by the entities, or are available via them, and is likely to receive economic benefits from the entities in connection with the execution of transactions in financial products or in connection with a making a transaction in the said financial products or the continued holding thereof:

Abbey International, Amajaro Securities Ltd, Aurum, Banque Julius Baer, Bluebay, Bluesky Asset Management (Incapital), Capitalis, Clariden Leu Ltd, Diamond Capital, Envestnet Asset Management, Fairbairn Trust Company, Friends Provident Investments, GAM, Gems, GLG, Global Investor Services (GIS), Harbor Group International, Insight, Invesco, Intelligent Structured Investment Solutions (ISIS), Man Investment, Marriott, Old Mutual International, Permal, Portman Associates LLP, Reich & Tang, Royal Bank of Canada (RBC), Royal Bank of Scotland (formerly ABN Amro), Royal Skandia, Royal London 360, Tradition Securities & Futures/Paris OTC, Altshuler Shaham, Analyst, Clal Finance, Epsilon, Excellence Nessuah, Pasternak-Shoham, Psagot, Tamir Fishman, and Yalin Lapidot.

The essential nature of the affiliation is a monetary benefit payable to Pioneer by the Institutions and the abovementioned entities at up to 50% of the total fee paid by the client to such Institutions or entities for the client's investment in its financial assets and/or products.

Notwithstanding the aforesaid, with respect to financial products which are Structured Notes, such products may be provided from various issuers and the monetary benefit thereon to Pioneer varies from time to time and from issuer to issuer.

Pioneer Pension Insurance Agency (2009) Ltd. (“Pioneer Pensions”) is a pension insurance agency, licensed as a marketer of pension products, as defined by the Inspector of Insurance of the Israel Ministry of Finance.

Please note that Pioneer Pensions is affiliated to the following entities under which it markets their products/services: Altshuler Shaham, Analyst, Clal Finance Batucha, Dash Nihul Kupot Gemel Ltd., Epsilon, Excellence Nessuah, Psagot, Yalin Lapidot, Tamir Fishman and The Phoenix Insurance Company Ltd, and is likely to receive benefits from the entities in connection with the execution of transactions in the aforementioned products or in connection with the continued holding thereof, and that it is likely to prefer the products of the aforementioned entities over other products with which Pioneer is not affiliated, which are similar in their suitability to the client to the products of the entities.

Please note that the products provided by Pioneer Pensions are provident funds, severance provident funds and educational funds.

Updated: May 2012