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The Semi-Annual Financial Conference The Association of Publicly Traded Companies and DC Finance

The Semi-Annual Financial Conference The Association of Publicly Traded Companies and DC Finance. Going Public – Where and When. Ronit Harel Ben-Ze’ev, Senior Vice President Tel-Aviv Stock Exchange November 2006. TASE – No. of New Companies (Equity raised in NIS millions).

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The Semi-Annual Financial Conference The Association of Publicly Traded Companies and DC Finance

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  1. The Semi-Annual Financial Conference The Association of Publicly Traded Companies and DC Finance Going Public – Where and When Ronit Harel Ben-Ze’ev, Senior Vice President Tel-Aviv Stock Exchange November 2006

  2. TASE – No. of New Companies(Equity raised in NIS millions)

  3. The Home Market – 2 Alternatives: • IPO on the TASE • Dual Listing on the TASE – Following an IPO on U.S. Markets or LSE (official list).

  4. 1. IPO on the TASE • A leverage towards an offering abroad. • Timing – raise when you can (exiting in stages) • Low costs and a quick process.

  5. IPO Costs(1) ($k) (1) $ 50 mil offering (2), Lawyers, CPA, printing, fees, PR, etc.

  6. (2) (2) Annual Costs ($k) (1) Source: canaccordAsams, June, 2006 (2)Lawyers, CPA, IR, PR, fees, shareholders meetings, payments and options for directors

  7. 1. IPO on the TASE • A jumping board to offering abroad. • Timing – raise when you can (exiting in stages) • Low costs and a quick process. • Special rules for R&D companies.

  8. Special rules for R&D companies* • Post-IPO equity: At least NIS 8 million • Minimal distribution of public float: 35 shareholders • Public float: • R&D company: one that has invested at least NIS 3 million in R&D in the last three years, including funds raised from the Chief Scientist.

  9. Listing Procedures (excluding R&D companies)

  10. 1. IPO on the TASE • A jumping board to offering abroad. • Timing – raise when you can (exiting in stages) • Low costs and a quick process. • Special rules for R&D companies. • Tel-Tech Index, Bio-Med (in process) and other TASE indices • Dual listing law – following listing on U.S markets.

  11. 2. Dual Listing • 36 Israeli companies have dual-listed on the TASE since the dual-listing law was enacted • 2 companies, Partner and Perrigo, are included in the TA-25 Index • 9 companies are included in the Tel-Tech 15 Index • 14 companies are included in the TA-100 index • 12 additional companies are traded both in Tel Aviv and the U.S.

  12. The Benefits of Dual Listing • More Israeli investors - institutional and individual. • Index funds (TA 25, TA 100 and Tel-Tech funds). • TA-25 companies may benefit from trading in index-options. • Raising money on TASE (Partner). • The home market benefit • Blue-chip prominence on the TASE • Greater familiarity and exposure • 13-hour continuous trading from 10:00 a.m. to 11:00 p.m., local time • Options can be exercised by employees easily and at low cost

  13. Some Figures

  14. Thanks Ronit Harel Ben-Ze’ev, Senior VP Listing and Economic Department E-mail:harel@tase.co.il Phone: 5677424 – 03 New Website: www.tase.co.il

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