Sphera Fund

Fund Investment Objectives

Sphera Fund is an off-shore private hedge fund investing primarily in a range of long/short equities of Israeli companies traded in U.S., Israel and European markets. Sphera's investment style is predicated on combining fundamental, bottom-up research and analysis of portfolio companies with a variety of hedging strategies to reduce the Fund's market risk and volatility. The long-standing track record of the Fund's principals investing in Israeli companies provides Sphera with a strong edge in identifying and accessing attractive investment opportunities in this particular universe of companies. Sphera Fund currently has approximately $200 million capital under management with an average annual net return of over 20% since 2001. The principals of the Fund have previously managed the proprietary capital of Shrem Fudim Group Ltd, and have consistently outperformed comparable benchmarks while showing lower risk parameters. AUM is not disclosed.