Elad Avshalom Fisher

Municipal Bank Ltd. is a bank and engages in financial services. It operates through the following segments: Short-term and long-term credit and Raising deposits. The Short-term and long-term credit segment grants credit mainly to local authorities and to water and sewage corporations, to urban economic companies, to municipal and public sector suppliers, and to other entities, primarily in the urban and public sectors in Israel, including infrastructure, income-producing real estate finance, leasing and public transportation. The Raising deposits segment is operates in raising deposits mainly from institutional investors, local authorities and other companies, and issues of debentures, subordinated deeds and commercial securities. The company was founded in 1953 and is headquartered in Tel Aviv, Israel.

Dexia Israel Issuance Ltd. provides banking services to local authorities. The company is headquartered in Tel Aviv Jaffa, Israel.

Discount Manpikim Ltd. engages in the issuance of promissory notes and the placement of the proceeds from the issuance in deposit accounts in Israel Discount Bank Ltd. at repayment terms that are identical to the promissory notes issued by the company with addition of margin. The company was founded on May 29, 1974 and is headquartered in Tel Aviv, Israel.