Analyst Portfolio Management Ltd

ITEM 5 – FEES AND COMPENSATION
    A. How we are compensated for Advisory Services

Separate Accounts:

Our Standard Separate Account Annual Fees are:

         Up to $300,000 - 1.15%

          $300,000 to $600,000 – 1.00%

          $600,000 to $900,000 – 0.9%

         $900,000 to $1,400,000 – 0.75%

         $1,400,000 to $2,700,000 – 0.6%

         Over $2,700,000 – 0.5%

All fees are subject to any relevant Value Added Tax.

Fees are calculated as a percentage of assets under management. Separate Account fees can generally be expected to
vary based on the amounts placed under our management, and other factors, which may result in modifications to the
rates stated above. The fees applicable to a client account are as stated in the account’s portfolio management
agreement.

As discussed further in Item 10, we do not charge our management fees to the extent we invest client assets in a mutual
fund sponsored by our affiliate.

    B.   Payment of Fees

The specific manner in which fees are charged by us is established in a client’s portfolio management agreement. We
will generally bill our fees on a monthly basis, in arrears. Clients may elect to be billed directly for fees or to authorize us
to have their fees debited directly from client accounts. Management fees will be prorated for each capital contribution
and withdrawal made during the applicable calendar month (with the exception of de minimus contributions and
withdrawals). Accounts initiated or terminated during a calendar month will be charged a prorated fee. Upon
termination of any account, any earned, unpaid fees will be due and payable without penalty or other deduction.

    C.   Clients Are Responsible for Third-Party Fees

Our fees are exclusive of brokerage commissions, transaction fees and other related costs and expenses which may be
incurred by the client. Clients may incur certain charges imposed by custodians, brokers, third party investments and
other third parties such as fees charged by custodial fees, deferred sales charges, odd-lot differentials transfer taxes,
wire transfer and electronic fund fees, and other fees and taxes on brokerage accounts and securities transactions.

When a client’s assets are invested in third-party mutual funds (or in funds sponsored by our affiliate), including

exchange traded funds, other types of funds, or other collective investment schemes, the client will be subject to fees
and charges as a fund shareholder or holder of units. Those will include fees and charges imposed on shareholders of
the fund or imposed on the fund and borne indirectly by shareholders. These expenses are disclosed in the fund’s
prospectus. All fund shares (including money market fund shares in which a client’s assets may be invested) bear a
management fee charged to the fund by the fund’s investment adviser, as well as other internal fees and charges. In
addition, some funds impose on shareholders additional fees and charges, such as sales loads, purchase or redemption
fees, transfer taxes, and wire transfer and electronic fund fees.

Such charges, fees and commissions are in addition to our fees, and, with the exception of those charged by our
affiliated funds as is discussed in Section E of this Item and Item 10, we do not receive any portion of these
commissions, fees, and other costs described in this section.

    D. Prepayment of Fees

Analyst does not bill fees in advance.

    E.   Incentives for Recommendations of Securities

Analyst receives a portion of the fees from mutual funds managed by its affiliate, Analyst IMS Mutual Funds
Management (1986) Ltd ("Analyst Mutual Funds"). This presents a conflict of interest to the extent that we have an
incentive to recommend these affiliated funds based on compensation received, rather than the client’s needs. As
discussed in more detail in Item 10.C, we will only recommend affiliated funds when, in our good faith determination,
they are suitable for our clients. These affiliated funds are not subject to “sales loads” or similar charges. Clients may
purchase these investment products through brokers or agents not affiliated with us. We do not charge our advisory
fee on the portion of client assets invested in these affiliated funds.

ITEM 7 – TYPES OF CLIENTS
We may provide services to a variety of client types. Clients may include:

        Individuals, Personal Trusts and Estates – Private investors, investing personal assets

        Charitable Organizations, Foundations and Endowments – Non-profit entities investing contributions to
         support a stated mission or mandate

        Corporations – Taxable entities organized for a specific business purpose, investing cash reserves

        Institutional Investors – Israeli institutional investors

The mix of clients may change as a result of our business operations. The relative percentage each client type currently

represents is available on our Form ADV Part 1.

The minimum account size for separate accounts is $ 300,000; however, in our sole discretion, we may agree to manage
Separate Accounts below our stated minimum account size. (Item 5 provides a discussion of advisory fees for Separate
Accounts).