The Israel Electric Corporation Ltd.

October, 2010

Disclaimer

“This document has been prepared solely for use at an institutional investors’ conference call (this document and the related conference call being referred to together as this

“Presentation”). By receiving and reading this document, or by participating in the related conference call, you agree to be bound by the following limitations.

This Presentation does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of The Israel

Electric Company Limited (the “Company”). It is solely for information purposes and is not an invitation or inducement to enter into any investment activity. In addition, it has no

regard to the specific investment objectives, financial situation, or particular needs of any recipient in any jurisdiction. No part of this Presentation, nor the fact of its distribution,

should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever.

This Presentation has not been prepared for use in connection with any possible offering of securities to be offered by the Company. Any purchase of securities of the Company

should be made solely on the basis of information contained in an offering circular and any supplemental offering circular to be distributed in respect of every future offering. The

information contained in this Presentation has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance

should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. It should not be treated as giving investment advice

nor should it be regarded by recipients as a substitute for the exercise of their own judgment. The Company shall have no liability whatsoever (in negligence or otherwise) for any

loss howsoever arising from any use of this Presentation or its contents or otherwise arising in connection with the Presentation.

This Presentation is only for persons having professional experience in matters relating to investments.

This Presentation is made to and directed only at (i) to qualified institutional buyers (as defined in Rule 144A under the Securities Act (“Rule 144A”)) (“QIBs”) in the United States

in reliance on Rule 144A, or (ii) outside the United States, in reliance on Regulation S.

This Presentation and its contents are confidential and must not be distributed, published or reproduced (in whole or in part) or disclosed by recipients to any other person. Failure

to comply with this restriction may constitute a violation of applicable securities laws. If you have received this document and you are not the intended recipient you must return it

immediately to the Company. This Presentation does not constitute a recommendation regarding the securities of the Company.

This Presentation includes forward-looking statements, including statements regarding the Company’s expectations and projections for future operating performance and business

prospects. The words “believe”, “expect”, “anticipate”, “estimate”, “project”, “plan”, “intend” and “may” and similar words or expressions identify forward-looking statements. In

addition, all statements other than statements of historical facts included in this Presentation are forward-looking statements. Such forward-looking statements involve known and

unknown risks, uncertainties and other factors which may cause actual results or performance of the Company to differ materially from those expressed or implied by such

forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the

environment in which the Company will operate in the future. Reliance should not be placed on these forward-looking statements. The Company expressly disclaims any

obligation or undertaking to release any updates or revisions to any forward-looking statement contained herein to reflect any change in the Company’s expectations with regard

thereto or any change of events, conditions or circumstances on which any such statement was based. The Company expressly disclaims any obligation or undertaking to update

any forward-looking statements contained herein.

The information and opinions contained in this document are provided as at the date of this Presentation and are subject to change without notice and the Company is not under

any obligation to update or keep current the information contained in the Presentation.

Furthermore, you should consult with your own legal, regulatory, tax, business, investment, financial and accounting advisers to the extent that you deem it necessary, and make

your own investment, hedging and trading decisions (including decisions regarding the suitability of an investment in securities issued by the Company) based upon your own

judgment and advice from such advisers as you deem necessary and not upon any view expressed in this Presentation.”

2

Contents

1. The Israel Electric Corporation Overview

2. Operating Environment

3. Financial Overview

4. Key Investment Highlights

5. Appendices – Summarized Financial Statements

3

1. The Israel Electric Corporation Overview

4

The Israel Electric Corporation Ltd.

The Israel Electric Corporation (IEC) was established in 1923

99.85% owned by the state of Israel

Generates, transmits and distributes substantially all the electricity in the State of Israel

The largest infrastructure company in Israel with the one of the largest turnovers in the Israel’s economy.

Thermal Power Plant

Gas Turbine

H1 2010 Customer Breakdown By Electricity Sales

29%

33%

8%

3%

21%

6%Residential

Public & Commercial

Palestinian Authority

Agricultural

Industrial

Water Pumping

IEC’s Operating Statistics

2009 H1 2010

Capacity (MW) 11,664 12,014

Peak Demand (MW) 9,900 10,700

Electricity Sales (GWh) 48,947 23,757

Population (Millions) 7.5 7.6

Customers (Millions) 2.5 2.5

5

IEC’s Organization Structure

Board ofDirectors

President& C.E.O

* Generation &Transmission

Customers EngineeringProjects

StrategicResources

Finance &Economics

Organization,Logistics,Security & Emergency

Generation

Transmission& Substations

Organization,Quality & Safety

Central Security

Marketing

NorthernDistrict

Regulation &Economics

Construction

Engineering

InformationSystems &

Communication

Planning,Development& Technology

BusinessInitiation

Accounting &Economics

Finance

SouthernDistrict

JerusalemDistrict

DanDistrict

HaifaDistrict

Supply &Stores

Logistics &Real Estate

SystemOperation

FuelAdministration

Secretary of the Board of Directors

Internal Auditor& IEC Ombudsman

General Counsel &Company Secretary

CompanySpokesman

Marketing &Communication& Advisor to the CEO on Strategy

Executive Vice President

HumanResources

Board ofDirectors

Legend

President& C.E.O

Executive/Senior Vice President

VP Division/District

Unit

Department

* Senior Vice President, Generation & Transmission serves as Executive Vice President.

6

Strong Government Ties and Corporate Governance

TariffRegulation(Electricity Authority)99.85%

State of IsraelOwnership

Appointmentof Board Members

Ownership of the

Coal Company

StrategicImportanceto Economy

Committed to Securing Reliable

Electricity Supplies

As a 99.85% State owned company, certain actions of the Company require the approval of the Government, the Government Companies Authority (GCA), the Ministry of National Infrastructures or the Ministry of Finance

IEC is subject to an audit by Israel’s State Controller

IEC is obliged to nominate at least three directors possessing professional accounting and financial skills

IEC has adopted IFRS (starting Q1 2008) in accordance with the provisions of the GCA regulations

7

2. Operating Environment

8

0

10,000

20,000

30,000

40,000

50,000

60,000

19

60

19

70

19

80

19

90

20

00

20

02

20

04

20

06

20

08

20

10

E

20

12

E

20

14

E

Elecricity Sales in 2009 48,947 GWH

Capacity Expansions and Electricity Sales

Continuing Reliability of the Electricity Supply is Crucial to Israel's Growth

14

,18

6

14

,18

6

13

,71

2

13

,32

61

2,7

69

11

,66

4

11

,64

91

1,3

23

10

,89

91

0,4

80

10

,08

31

0,1

17

9,9

02

9,6

79

9,1

29

6,9

20

5,0

65

4,0

61

2,7

37

2,1

82

1,2

32

72

7

41

0

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

19

60

19

70

19

80

19

90

20

00

20

02

20

04

20

06

20

08

20

10

E

20

12

E

20

14

E

IEC IPPs

Annual Electricity Demand 1960 – 2014E¹CAGR of 3.6% for the period 1999-2009

IEC Installed Capacity Growth1960 – 2014E2

GWH MW

1 According to base scenario. 2 Installed capacity for years 2011-2014 as in 5 year forecast prepared on September 2010. Not including the IPP’s that generate for their own consumption.

2013

E

200

9

201

1E

9

Improved Reliability of Supply

0

100

200

300

400

500

600

700

800

900

1988

1989

1990

1991

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

Interruptions from faults outside the grid Interruptions from faults in the grid Planned interruptions

725

839839

534

595 584

502463

348

The index of minutes of non-supply decreased in the last 21 years by 86%

The index of minutes of non-supply decreased in the last 21 years by 86%352 363

229 207 203 183 202 178151

135179

134 124

10

121

Operational efficiency(Cumulative change rates)

-5%

0%

5%

10%

15%

20%

25%

30%

35%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009

Installed capacity (MW) Electricity sales (GWH) Number of generation segment workers

Increase/decrease in%

11

Capex Program 2011 - 20151

IEC’s investment plan will accumulate to $5.6 billion by 2015 (Billions of USD as of June 30, 2010)

Note: Currency conversion based on the exchange rate of NIS3.875 = US$1 as of June 30, 2010.

0.1 0.1 0.1 0.1 0.1

0.3 0.3 0.3 0.3 0.3

0.2 0.2 0.2 0.2 0.2

0.6 0.60.5 0.5

0.4

-0.1

0.1

0.3

0.5

0.7

0.9

1.1

1.3

1.5

2011 2012 2013 2014 2015

Miscelleanous Distribution Transmission Generation

1.2 1.2

1.1 1.1

Cumulative Investment Program 2011 - 2015

Total of 2,006 MW (out of which 639 MW to be financed by IEC) of new generation capacity

Average annual investment of $ 1.1 billion (or the equivalent in other currency)

45% for generation projects

26% for distribution systems

16% for transmission

13% for miscellaneous

Average annual capital raising forecast of $ 0.8 billion (or the equivalent in other currency)

474 MW386 MW 516 MWTotal Generation Capacity Coming Online (MW)

Bill

ion

s o

f U

SD

3474 MW – 3263 MWEmergency Plan Capacity Only (MW)

1.0

3630 MW

12

2,006 MW

2737 MW

Total

1 All numbers derived from the 5 year preliminary forecast prepared on September 2010.2 Total generation capacity increased as a result of the emergency plan including 2009 (120 MW X 2) and 2010 (788 MW) will reach 1,765 MW.3 The assumption is that the financing of the second phase of the Emergency Plan and Project D will not be carried out by IEC.

–

– –

Financial Sources to Finance the Development Plan for the Years 2011 - 20151

(Billions of USD as of June 30, 2010)

Internal resources 6.3

Debt repayment (4.7)

Internal resources after debt repayment 1.51.5

External resources 3.8

TotalTotal 5.35.3

Note: Currency conversion based on the exchange rate of NIS3.875 = US$1 as of June 30, 2010.

1 All numbers derived from the 5 year preliminary forecast prepared on September 2010.

13

Operational Excellence: Emergency Plan

The Ministry of National Infrastructures approved an Emergency Plan to accelerate the development of the generation segment

The Emergency Plan scheduled for operation by 2013 is intended to increase the Company’s generation capacity by 1,765 MW until 2013

Account for a considerable delay in incorporation of Independent Power Producers ("IPPs")

Aggregate estimated cost: ¹NIS 9.2 billion

NIS 3.6 billion is for the first phase² of Emergency Plan. Financing the first phase: NIS 2 billion are collected via the electricity tariff , during the

years 2009-2010 3NIS 0.9 billion (€ 185 million) of the aggregate estimated

cost will be financed by consortiums of banks’ loan. The outstanding investment will be financed by reducing or

postponing other investments

NIS 5.6 billion is for the second phase of Emergency Plan. Financing for the second phase should not be carried out by IEC.

Overview Financing of the Emergency Plan

1. Including CCGT Alon Tavor 260 MW (2012) + 115 MW (2013).2. The first phase is planned to be completed by the end of 2010.

14 3. Currency conversion based on the exchange rate of NIS 4.7575 = EUR1 as of June 30, 2010.

Fuel Diversification: From Coal to Natural Gas

IEC uses natural gas as part of its fuel mix since February 2004

The increased use of natural gas is driven by the need to diversify IEC’s fuel mix, increase its generation capacity, as well as to maintain a low cost structure and limited pollution level

Coal45.9%

Fuel oil3.0%

Natural gas

48.4%

Diesel oil2.7%

Generation Mix by Fuel Type

2009 2013E

Coal64.7%Fuel oil

1.2%

Natural gas

32.6%

Diesel oil1.5%

IEC plans to significantly increase its use of natural gas during the coming years

Recently a new natural gas reservoir with almost 200 BCM (billion cubic meters) has been discovered off shore Israel (Tamar).

An additional natural gas reservoir has been discovered recently off shore Israel (Leviathan) with potential of 400 to 500 BCM (probability of 50%).

The Implications of the recent gas fields discoveries on IEC’s generation and transmission segments are being studied.

15

2006

Coal70.9%

Fuel oil5.5%

Natural gas

18.1%

Diesel oil5.5%

Tariff Regulation Principles

The average price per KWh sold is 10 USD cents as of February 2010.

Rates are set by the Electricity Authority based on IEC’s current basket of costs structure together with a fair rate of return on capital less an efficiency factor

Tariff is examined every two weeks by the PUA based on the publication of fuel prices and CPI

Current tariffs updated on the occurrence of the earliest of three possible events:

• A change to the costs of at least 5.5%

• A change to the costs basket of at least 3.5% (provided that three months have elapsed from the last update); and

• When six months have elapsed from the last update

Amortization factors per Kwh sold representing the expected efficiency and intended to reflect economies of scale at cumulative annual rates.

Note: Tariff components for February 15, 2010Source: IEC’s estimates.

Key Elements of Tariff Basket of Costs

The basket of costs used to determine the Tariff include:

• Fuel component – based on a cost pass-through basis

• Financing component – including currency hedging

• Operation and maintenance costs

16

Fuels46%

Others6%

Depreciation15%

Capital13%

Operation20%

.

Principles of the new tariff base for the generation segment for 2010-2014 - Fuel costs

Fuel mix

To define the fuel basket , the PUA made the following assumptions:Forced unavailability of generation units and maintenance schedulesNormative operation dates of the generation unitsOperation regime of the generation units

The fuel basket will be retroactively updated on the annual update for the period from January to December.

17

Principles of the new tariff base for the generation segment for 2010-2014 - Capital costs

Return on equity

Generation 7.8%

Transmission 5.5%

Low and high voltage 6.2%

Financing basket Weight

The NIS financing basket 50%

Hedged financing basket 36%

The NIS financing basket at higher interest rates 14%

1/3 Equity

2/3 Foreign capital

Financial

leverage

The hedged amount is approximately NIS 12.3 billion according to the determining basket of April 2010. This amount will be linked to the USD and the Euro at 75% and25% rates, respectively.

18

Tariff update

Current update

The current update of the tariff will be performed as follows:When the total cost per KWH sold changes by more than 5.5%. If three months has elapsed since the last update and the total cost changes by at least 3.5%.

Six months after the last update.

Annual update

In April of each year, the PUA carries out an annual update of the various components of the recognized costs:Financing rate of foreign capitalFuel mix.Compensation for delays in updating the tariff.Recognized assetsAmount of the recognized capital for hedging.

19

Supply of Electricity to the State of Israel Ensuring reliable supply of electricity to its consumers, while maintaining sufficient electricity reserve, long-

term profitability and financial stability of the Company by implementing an $ 5.6 billion investment program during 2011-2015

Fuel Diversification Diversify fuel mix, while maintaining an efficient and effective cost structure while minimizing pollution levels

Business growth drivers Leveraging the engineering and technological capabilities of the Company Entering business initiatives abroad Entering business initiatives in the field of renewable energy and other business developments (such as

Smart Grid)

Key Strategic Targets

20

Business growth drivers

Technological Incubator The Israel Electric Corporation (IEC) established an internal venture unit (“Technological Incubator”) to provide a framework of

investment and support services to develop, advance, and commercialize promising, innovative ideas. This unit will reach out to entrepreneurs, “innovators,” inventors, and others to submit ideas and proposals in energy field areas. The selected proposals will become very early stage business ventures operating within the Technological Incubator framework.

They will receive financial support, access to Israel’s largest team of experts, and business development assistance for a predefined period of time in order to achieve commercial success.

Cooperation with Projects Developers Abroad IEC is looking to expend it’s business by entering into partnerships The policy implementation includes:

– Integral assistance to IPPs – Readiness for joint initiatives and investments – Participation in renewable and energy efficiency projects

Transmission Services IEC is to submit to the Ministry of Communications a request for license, that would enable it to provide transmission services,

optic access network (FTTH - fiber to the home), and mobile access network (RAN – radio (wireless) access network) The Ministry of Communication approved the pilot in which the IEC successfully connected 150 residential homes in city of Kiryat

Shmona by FTTH.

The IEC will seek to expend its business operations and revenues via new business growth drivers that will utilize IEC’s knowledge, expertise and innovations as follows:

21

Potential Reorganization

Negotiations are taking place between IEC Management, IEC Workers Union, Israel Workers Union (Histadrut) and Government representatives.

Negotiations are focused on two main issues:The reform of the Israeli Electricity Sector, i.e. IEC reorganizationIncreasing Company efficiency and management flexibility by implementing

the “Compass Plan” (“Matzpen”)

22

3. Financial Overview

23

Financial Highlights

Source: financial reports for the six months ended June 30, 2010. IFRS Financials according to GCA regulations; Currency conversion based on the exchange rate of NIS 3.875 = US$ 1 as of June 30, 2010.

Moody’s: Baa2 (Stable) / S&P: BBB- (Credit Watch Negative)

Key Operating & Credit Statistics (Millions of USD as of June 30, 2010)

Investment Grade Ratings

24

2009 June 30,2009 June 30,2010

Total Revenues 4,859 2,481 2,049

Net Income 322 (14) (278)

Capex 962 555 425

EBITDA¹ 1,686 818 723

% EBITDA Margin 34.7% 33.0% 35.3%

Net Debt 9,979 10,916 9,809

Net Debt/EBITDA² 5.9 6.7 6.8

Total Debt 11,596 12,511 11,537

Total equity 4,372 4,036 4,094

Financial leverage 2.7 3.1 2.8

Total Debt / EBITDA² 6.9 7.6 8.0

Financial expenses, net.³ 621 317 341

EBITDA/ Financial expenses, net. 2.7 2.6 2.1

1. Income from current operations plus Depreciation and amortization 2. After normalization of EBITDA of H1 2009 and H1 2010 to annual terms.3. Source: P&L report

6 months ended

Relatively Low Rates of the Israeli Market

Comparative Electricity Rates

0

5

10

15

20

25

Ireland Portugal Hungary Slovakia Poland CzechRepublic

Switzerland Norway Turkey Israel USA

Residental Industrial

Source: Energy Information Administration

U.S Cents/KWh (December 31,2007)

25

Financial Statistics

Revenue Total Assets

Billions of USD as of June 30, 2010

3.33.6

3.94.3

4.95.1

5.4

4.9

2.52.0

6.3

0

1

2

3

4

5

6

7

2001

2002

2003

2004

2005

2006

2007

2008

2009

June

200

9

June

201

0

16.417.3

18.119.1

19.8 19.6 20.221.1 20.8 21.1

20.4

0

5

10

15

20

25

Note: Currency conversion based on the exchange rate of NIS3.875 = US$1 as of June 30, 2010.

26

125

981

224 302 194 182 181 186

510

1,141

638

121 126 77 44 120

58

777 780636

409539

283

8

294

539

125210

45

391

0

500

1,000

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032

Debt in Foreign Currency Debt in Local Currency

IEC Consolidated Debt Breakdown (as of September 30, 2010)

Annual Debt Maturities (Principal in Millions of USD)

EUR8%

ILS linked to CPI42%

USD39%

ILS not linked

2%

JPY9%

Debt by Currency Type of Instrument Interest Rate Exposure

Diversified debt portfolio per type of instrument

Foreign currency exposure substantially mitigated by function of tariff structure and hedging transactions

Bonds in Israel39%

Loans in ILS6%

Bonds abroad

35%

Loans in foreign currency

20%

USD fixed36%

ILS fixed44%

EUR floating

7%

Other4%

JPY fixed9%

Note: Figures as of September 30, 2010; Currency conversion based on the exchange rate of NIS3.665 = US$1 as of September 30, 2010

27

4. Key Investments Highlights

28

Key Investment Highlights of IEC

Strategic role as the sole integrated electricity utility in Israel

99.85% State ownership with strong support

Strong electricity demand growth

Proven track record of managing growth and development plans

IEC operates in a developed market:

on May 2010 Israel joined OECD 1

MSCI Inc 2. upgraded Israel’s status to developed market

29

1 Organization for Economic Co-operation and Development.

2 A provider of investment decision support tools to investment institutions which products include indices and portfolio risk and performance analysis.

30

5. Appendices – Summarized Financial Statements

Balance Sheet (Millions of USD as of June 30, 2010)

Note: All numbers are adjusted to June 30, 2010 purchasing power and were derived from the financial statements for H1 2010. The exchange rate used is NIS 3.875 = US$ 1 as of June 30, 2010.

31

AssetsDecember 31,

2009June 30,

2009June 30,

2010Current assets

Cash and cash equivalents 1,009 993 1,121Trade receivables for sales of electricity 836 1,113 773Other current assets 227 248 109

Inventory – fuel 431 439 499Regulatory assets, net 0 0 0Inventory – stores 58 65 65 2,562 2,858 2,567

Non-current assetsLong-term receivables 321 369 324Assets with respect to benefits afteremployment termination 1,741 1,725 1,771Fixed assets, net 15,830 15,911 15,551

Intangible assets, net 203 201 205

Total assets 20,658 21,063 20,419

Liabilities and shareholder’s equityDecember 31,

2009June 30,

2009June 30,

2010Current liabilitiesCredit from banks and other credit providers 449 1,058 1,307

Trade payables 379 404 434Other current liabilities 356 416 358Customer advances, net of work in progress 115 83 130Regulatory liabilities, net 587 198 706Provisions 209 212 205

2,093 2,371 3,138

Long-term and extended-term liabilities, netDebentures, net 7,891 8,145 7,229

Liabilities to banks 2,649 2,706 2,395Debenture to the State of Israel 607 602 606

Liabilities with respect to other benefits afteremployment termination 638 624 672Other long-term liabilities 2,408 2,579 2,285Shareholders’ equity 4,372 4,036 4,094Total liabilities and shareholders’ equity 20,658 21,063 20,419

Income Statement (Millions of USD as of June 30, 2010)

32 Note: All numbers are adjusted to June 30, 2010 purchasing power and were derived from the financial statements for H1 2010. The exchange rate used is NIS 3.875 = US$ 1 as of June 30, 2010.

For the year ended, December 31, 2009

For the six months ended June 30, 2009

For the six months ended June 30, 2010

Revenues 4,859 2,481 2,049

Total cost of operating the electricity system 3,842 2,012 1,890

Profit from operating the electricity system 1,017 469 159% margin 21% 19% 8%

Total expenses 351 171 170

Income from current operations 666 298 (11)% margin 14% 12% -1%

Financial expenses, net 621 317 341

Income (loss) before income taxes 46 (19) (351)

Total income taxes (276) (5) (73)

Net income (loss) 322 (14) (278)

Cash Flow Statement (Millions of USD as of June 30, 2010)

33 Note: All numbers are adjusted to June 30, 2010 purchasing power and were derived from the financial statements for H1 2010. The exchange rate used is NIS 3.875 = US$ 1 as of June 30, 2010.

For the year ended, December 31, 2009

For the six months ended June 30, 2009

For the six months ended June 30, 2010

Net cash provided by (used for) operating activities 1,738 656 495

Net cash used in investing activities (990) (595) (428)

Net cash provided by (used in) financing investing activities (693) (21) 44

Increase (decrease) in cash and cash equivalents 56 39 112

Balance of cash and cash equivalents at the beginning of the period 954 954 1,009

Balance of cash and cash equivalents at the end of the period 1,009 993 1,121

Disclaimer

“This document has been prepared solely for use at an institutional investors’ conference call (this document and the related conference call being referred to together as this

“Presentation”). By receiving and reading this document, or by participating in the related conference call, you agree to be bound by the following limitations.

This Presentation does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or acquire securities of The Israel

Electric Company Limited (the “Company”). It is solely for information purposes and is not an invitation or inducement to enter into any investment activity. In addition, it has no

regard to the specific investment objectives, financial situation, or particular needs of any recipient in any jurisdiction. No part of this Presentation, nor the fact of its distribution,

should form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever.

This Presentation has not been prepared for use in connection with any possible offering of securities to be offered by the Company. Any purchase of securities of the Company

should be made solely on the basis of information contained in an offering circular and any supplemental offering circular to be distributed in respect of every future offering. The

information contained in this Presentation has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance

should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. It should not be treated as giving investment advice

nor should it be regarded by recipients as a substitute for the exercise of their own judgment. The Company shall have no liability whatsoever (in negligence or otherwise) for any

loss howsoever arising from any use of this Presentation or its contents or otherwise arising in connection with the Presentation.

This Presentation is only for persons having professional experience in matters relating to investments.

This Presentation is made to and directed only at (i) to qualified institutional buyers (as defined in Rule 144A under the Securities Act (“Rule 144A”)) (“QIBs”) in the United States

in reliance on Rule 144A, or (ii) outside the United States, in reliance on Regulation S.

This Presentation and its contents are confidential and must not be distributed, published or reproduced (in whole or in part) or disclosed by recipients to any other person. Failure

to comply with this restriction may constitute a violation of applicable securities laws. If you have received this document and you are not the intended recipient you must return it

immediately to the Company. This Presentation does not constitute a recommendation regarding the securities of the Company.

This Presentation includes forward-looking statements, including statements regarding the Company’s expectations and projections for future operating performance and business

prospects. The words “believe”, “expect”, “anticipate”, “estimate”, “project”, “plan”, “intend” and “may” and similar words or expressions identify forward-looking statements. In

addition, all statements other than statements of historical facts included in this Presentation are forward-looking statements. Such forward-looking statements involve known and

unknown risks, uncertainties and other factors which may cause actual results or performance of the Company to differ materially from those expressed or implied by such

forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company’s present and future business strategies and the

environment in which the Company will operate in the future. Reliance should not be placed on these forward-looking statements. The Company expressly disclaims any

obligation or undertaking to release any updates or revisions to any forward-looking statement contained herein to reflect any change in the Company’s expectations with regard

thereto or any change of events, conditions or circumstances on which any such statement was based. The Company expressly disclaims any obligation or undertaking to update

any forward-looking statements contained herein.

The information and opinions contained in this document are provided as at the date of this Presentation and are subject to change without notice and the Company is not under

any obligation to update or keep current the information contained in the Presentation.

Furthermore, you should consult with your own legal, regulatory, tax, business, investment, financial and accounting advisers to the extent that you deem it necessary, and make

your own investment, hedging and trading decisions (including decisions regarding the suitability of an investment in securities issued by the Company) based upon your own

judgment and advice from such advisers as you deem necessary and not upon any view expressed in this Presentation.”

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