INVESTOR RELATIONS

With over $200 million under management, 77 portfolio companies and 23 successful exits (including nine IPO's and four successful M&A's), the Challenge Funds are among the leading private equity funds dedicated to investments in Israel-related ventures.

Consensus is a multi-faceted principal advisor to the trustees of the Family Trust, its ultimate beneficial owner. The core business includes structured finance; acquisition, management and development of commercial and residential real estate; and a substantial portfolio focused on the environment, new technologies and technology start-ups. Consensus Fund of Funds (CFF) was created as a result of the Group's continue entrepreneurial drive to be a principal investor in a broad range of synergistic activities.

Eucalyptus Ventures, is a $55-million fund raised in 1998. It became fully invested in the final quarter of 1999. Eucalyptus made 15 investments, leading all but one. So far, the fund has recorded five exits: XACCT Technologies (sold to Amdocs, NYSE: DOX), Radware (NASDAQ: RDWR), Chromatis Networks (sold for $4.75 billion to Lucent, NYSE: LU, the highest amount ever paid for an Israeli technology company), ViryaNet (NASDAQ: VRYA), and Veon (sold to Philips, NYSE: PHG).

Pitango is one of Israel's leading venture capital firms. Now in their thirteenth year, Pitango has helped cultivate over 100 companies in seed, early and expansion stage in a diversified range of technology sectors. We manage funds in excess of $1 billion in committed capital from well-established international investors from our offices in Israel and the Silicon Valley. Pitango, through its team of investment professionals, has earned a solid reputation for nurturing innovation and working hand-in-hand with entrepreneurs in building sustainable and successful businesses.

Star Ventures currently manages over $980 million, which was raised from reputable investors like Siemens, AG Germany. STAR's endeavors have encompassed investment in over a 180 portfolio companies which, to date, have culminated in 58 successful M&As and IPOs. These include companies like Ciena, Alvarion, Precise, and Orckit.

Valley Venture Capital is young yet firmly established Israel-based venture fund, based on a vibrant portfolio acquired from the well-known Mofet Israel Technology Fund. Valley is backed by leading global institutional investors, and specializes in turnaround investments in mature Israel-related companies in the IT and Communications space.