The information in this communication, and any attachments, are intended for use by qualified investors only, which according to the Israeli law, are as follows: joint investment trust fund, fund manager, provident fund, management company of provident fund, insurer, bank, holder of adviser's license/marketing license/portfolio management license, stock exchange member, underwriter and a corporation with equity exceeding 50 million NIS. The content of this communication, and any attachments, is not intended for retail clients. If you are not the intended recipient please notify the sender immediately, delete this message from your system and do not copy, transfer or disclose this message or its contents to any third party. The information and/or any part of it is not to be duplicated, reproduced, photocopied, printed, copied, distributed, transferred, transmitted or published, directly or indirectly, in any form, without the prior written consent of Migdal Capital Markets (1965) Ltd. ("MCM").

The information in this communication, and any attachments, (1) has not been prepared in accordance with regulatory provisions designed to promote the independence of investment research and should be treated as a marketing communication even if it contains a research recommendation; (2) is not based on your individual circumstances and should not be relied upon as an assessment of suitability for you of a particular product or transaction; (3) does not constitute investment advice and MCM makes no recommendation as to the suitability of any of the products or transactions mentioned.

MCM does not hold an adviser's license, a marketing license or a portfolio management license under the Israeli law, and does not hold a regulatory insurance applying on licensees pursuant to any law. MCM engages in marketing investments (only to qualified investors under the Israeli law, as mentioned above) and does not engage in investment advising. MCM is a related corporation to the following institutional organs: Migdal Mutual Funds Ltd., Migdal Insurance Company Ltd., Yozma Pension Fund for Self Employed Ltd., Migdal Makefet Pension and Provident Funds Ltd., as well as a related corporation to Migdal Investment Portfolio Management (1998) Ltd. Migdal Underwriting and Business Initiatives Ltd., Migdal Issuers Ltd. and Migdal Market Making Ltd. (hereinafter all these organs shall be referred to jointly as ("Related Corporations").

MCM is affiliated to financial assets managed and/or issued and/or marketed by the Related Corporations and/or by other entities as follows: NOVACAP Asset Management S.A. and/or Davy Global Fund Management Luxembourg S.A., Arctic Asset Management AS, Sculptor Credit Opportunities Overseas Fund GP, LP, the general partner of the SCCO Overseas Fund, Sculptor Institutional Income Overseas Fund GP, LP, the general partner of the SCII Overseas Fund, and Sculptor Real Estate Capital IV LP, the general partner of the SCRE4 Fund, Sculptor Capital LP, the investment manager of the SCCO Overseas Fund, SCMF Overseas Fund and SCEN Overseas Fund, Sculptor Loan Management LP, the investment manager of the SCII Overseas Fund, and Sculptor Real Estate Advisors LP, the investment manager of the SCRE4 Fund and affiliates thereof (hereinafter, jointly – "Financial Assets"), since MCM and/or any of the Related Corporations with which MCM has control relations may receive a benefit in regards with the execution of a transaction in these Financial Assets or in regards with the continuation of their holding, not from the purchaser or the holder of the Financial Assets, including benefits from the other entities as mentioned above; MCM may prefer these Financial Assets over other financial assets to which it is not affiliated, which are similar in terms of their suitability to the intended recipient.

The Financial Assets managed and/or issued by the Related Corporations, and to which MCM is related as above mentioned, are detailed at the following address –

https://www.msh.co.il/migdal-capital-markets/mutual-funds/mutual-funds/

https://www.msh.co.il/migdal-capital-markets/mutual-funds/migdal-tracking-funds/

https://www.msh.co.il/migdal-capital-markets/mutual-funds/etf/

The Financial Assets to which MCM is related as above mentioned, and are not managed and/or issued by the Related Corporations, are detailed at the following address –

https://www.msh.co.il/wp-content/uploads/2019/12/72427.pdf

In addition, the controlling shareholder of MCM is related to advanced education funds managed by Migdal Insurance Company Ltd. and/or Migdal Makefet Pension and Provident Funds Ltd. group. The advanced education funds are not marketed and/or managed by MCM and/or any of the corporations in the Migdal Capital Markets group with which MCM is associated.

Further to the above said, Migdal Underwriting and Business Initiatives Ltd. And/or Migdal Issuers Ltd. serves as the distributor in issuances and there might be a conflict of interests between the intended recipient and MCM or such company.

In case the information on this communication, and any attachments, refer to security and/or structured product and/or financial asset ("Product"), it is hereby clarified that MCM is not the issuer of the Product and does not accept any responsibility in connection with the Product and/or its issuers. MCM has not examined the Product and/or its issuer and makes no recommendation, opinion, advice or any representation as to the suitability of the Product and/or regarding the quality of the Product and/or its issuer, including in the matter of the issuer's status, financial strength and solvency, and shall not accept any liability to follow the issuer's status, financial strength and solvency, or regarding any damages, expense or loss, if any, incurred by the purchaser of the Product, due to any action, failure or omission on the part of the issuer and/or anyone on its behalf, including in the event of the issuer's inability to meet its obligations under the terms of the Product and/or in a situation in which it becomes insolvent. It is to be stressed that (1) the information included on this communication, and any attachments, will not deemed sufficient for any assessment of suitability for the intended recipient of any transaction; (2) the terms and conditions of the Product are in accordance with, and subject to, the full issuance prospectus and that the information hereby attached and/or contained in the full issuance prospectus are under the responsibility of the issuer only; (3) the information stated in the full issuance prospectus is binding for all intents and purposes and takes precedence over any other material and/or other information attached hereto. Any decision to purchase any Product or enter into any transaction referred to in this communication should be based upon the information stated in the full the full issuance prospectus and in other available reports and additional data about the Product and/or its issuer. This document does not constitute a substitute for personal advice considering the intended recipient specific needs and will not be consider as an order to purchase the Product

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