Makor Securities Makor Securities London Ltd (Paris Rep. Office) 336 rue Saint Honore 75001 Paris, FRANCE +33 1 42 33 02 05 Makor Capital Markets Makor Securities London Ltd (Geneva Rep Office) 27 rue de la Croix-d’Or 1204 Geneve, SWITERLAND +41 223 106 916 Makor Capital Rogovin Tower Menachem Begin 11 52689 Ramat Gan, ISRAEL +972 3 545 3777 Makor Securities London Ltd 7/8 Savile Row 2nd Floor London W1S 3PE, ENGLAND +44 207 290 5777 Main risks include: (1) long sales and development cycles, (2) lack of management’s ability to further improve profitability (3) highly competitive environment and pricing pressure (4) currency fluctuations and (5) low trading liquidity.