Definitions: "Frost & Sullivan" – a company registered in California, USA with branches and subsidiaries in other regions, including in Israel, which includes any other relevant Frost & Sullivan entities, such as Frost & Sullivan Research & Consulting Ltd. "The Company" or "Participant" – the company that is analyzed in the Report (as defined herein) and participates in the TASE Program. "Report", "Research Note" or "Analysis" – the contents and any part thereof where applicable, contained in a document such as the Research Note and/or any other previous or subsequent document the author of which is Frost & Sullivan, regardless as to whether or not it has been authored within the framework of the "Analysis Program", if included in the database set out in www.frost.com and regardless of the Analysis format-online, whether a digital file or hard copy; "Invest", "Investment "or" Investment Decision" – any decision and/or a recommendation to Buy, Hold or Sell any security of the Company.
General: The purpose of this Report is to enable its reader to make a more informed Investment Decision. However, nothing in the Report shall constitute a recommendation or solicitation to make any Investment Decision, and accordingly, Frost & Sullivan assumes no responsibility and shall not be deemed responsible for any specific decision, including an Investment Decision, and will not be liable for any actual, consequential, or punitive damages, whether directly or indirectly relating to the Report. Without derogating from the generality of the above, you shall consider the following clarifications, disclosure recommendations and disclaimers. The Report does not include any personal advice or advice of a personalized nature, given that it cannot consider the particular investment criteria, needs, preferences, priorities, limitations, financial situation, risk aversion, and any other particular circumstances and factors that shall impact an investment decision. Frost & Sullivan neither provides any warranty nor makes any representation, express or implied, as to the completeness and accuracy of the Report at the time of any investment decision, and no liability shall attach thereto, in view of the following, among other reasons: The Report may not include the most updated and relevant information from all relevant sources, including subsequent Reports, if any, at the time of the investment decision. Accordingly, any investment decision shall take this into account; The Analysis considers data, information and assessments provided by the Company and from sources that were published by third parties (however, even reliable sources contain, from time to time, unknown errors); The aim of the methodology set out in the Analysis is to focus on major known products, activities and target markets of the Company that may have a significant impact on its performance based upon our discretion. It should be noted that the methodology may ignore other elements, including the fact that the Company was not allowed to share any inside information; Any investment decision must be based on a clear understanding of the technologies, products, business environments, and any other drivers and restraints of the Company's performance, regardless as to whether or not such information is mentioned in the Report. In this regard, an investment decision shall consider any relevant updated information, such as the Company’s website and reports on ISA's website ("Magna"). Information and assessments contained in the Report are obtained from sources believed by us to be reliable (however, it should be noted that any source may contain unknown errors). All expressions of opinions, forecasts or estimates reflect the judgment at the time of writing, based on the Company’s latest financial report, and some additional information (which are subject to change without any notice). Accordingly, you shall consider the entire analysis contained in the Report. No specific part of the Report, including any summary that is provided for convenience only, shall serve as a basis for any investment decision. In case you perceive a contradiction between any parts of the Report, you shall avoid any investment decision until such contradiction is resolved.
Risks, valuation and projections: Any stock price or equity value referred to in the Report may fluctuate. Past performance is not indicative of future performance, future returns are not guaranteed, and a loss of original capital may occur. Nothing contained in the Report is, or should be relied on as a promise or representation as to the future. The projected financial information is prepared expressly for use herein and is based upon the stated assumptions and Frost & Sullivan's analysis of information available at the time at which this Report was prepared. There is no representation, warranty, or other assurance that any of the projections will be realized. The Report contains forward-looking statements, such as "anticipate", "continue", "estimate", "expect", "may", "will", "project". "should", "believe“, and similar expressions. Undue reliance should not be placed on the forward-looking statements given that there is no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, they involve inherent risks and uncertainties. Forward-looking information or statements contain information that is based on assumptions, forecasts of future results, estimates of amounts not yet determinable, and therefore involve known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from current projections. Macro level factors that are not directly analyzed in the Report, such as interest rates and exchange rates, any events related to the eco-system, clients, suppliers, competitors, regulators and others may fluctuate at any time. An investment decision must consider the risks implied or described in the Report and any other relevant Reports, if any, including the latest financial reports of the Company. R&D activities shall be considered as high risk, even if such risks are not specifically discussed in the Report. Any investment decision shall consider the impact of negative and even worst case scenarios.
Agreement with the Tel Aviv Stock Exchange: The Report was authored by Frost & Sullivan Research & Consulting Ltd. ("Frost Consulting") within the framework of an Agreement between Frost Consulting and the Tel Aviv Stock Exchange (the "Agreement" and "TASE", respectively). The Agreement was signed as part the TASE analysis Program. The Agreement with the Tel-Aviv Stock Exchange Ltd. regarding participation in the Program for research analysis of public companies does not and shall not constitute an agreement on the part of the Tel-Aviv Stock Exchange Ltd. or the Israel Securities Authority to the content of the Research Notes. The purpose of the Program is for the activity of Technology and Biomed (Healthcare) companies, which are registered on the TASE, to be made known to investors in Israel and outside of Israel, by means of the analysis performed, inter alia, by Frost Consulting [more and updated information regarding the Program can be found at www.tase.co.il . Such analyses will be in respect of the Participants. According to the Agreement, Frost Consulting Ltd. is entitled to an annual fee to be paid directly by the TASE. The fee shall be in the range of USD 35 to 50 thousand for each participant. Each Participant shall pay the fee for its participation in the Program directly to the TASE. A summary of the Report shall also be published in Hebrew. The Report shall include a description of the Participant and its business activities, which shall inter alia relate to matters such as: shareholders; management; products; relevant intellectual property; the business environment in which the Participant operates; the Participant's standing in such an environment including current and forecasted trends; a description of past and current financial positions of the Participant; a forecast regarding future developments; and any other matter which, in the professional, view of Frost & Sullivan (as defined below) should be addressed in a research Report (of the nature published) and which may affect the decision of a reasonable investor contemplating an investment in the Participant's securities. To the extent it is relevant, the Analysis shall include a schedule of scientific analysis by an expert in the field of life sciences. An equity research abstract shall accompany each Equity Research Report, describing the main points addressed. A thorough analysis and discussion will be included in Reports where the investment case has materially changed. Short update notes, in which the investment case has not materially changed, will include a summary valuation discussion. The Equity Research Reports shall be distributed through various channels.
Disclosure Paragraph pursuant to the addendum to the Directive: I, Kobi Hazan, in whose name license number 6097 is registered, certify that the views expressed in the Report accurately reflect my personal views about the Company and its securities, and that no part of my compensation was, is, or will be directly or indirectly related to the specific recommendation or view contained in the Report. Neither the analyst nor Frost & Sullivan trade or directly own any securities in the Company.
Name of the Licensed Company: Frost & Sullivan Research & Consulting Ltd.;
Address: Abba Eban 1, Herzliya, PO Box 12495;
Phone Number: +972 (0) 9-9502888
Contact details: E-Mail: firstname.lastname@example.org Tel: +972-9-9502888
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