The document provides an executive summary of the Israel Asian Fund (IAF), a tailor-made venture capital fund dedicated to tapping into Israel's diverse innovation for Hong Kong investors. The IAF will have a target fund size of USD 100 million, with a minimum investment of USD 25 million and a 5-year investment period. It will focus on selected industries where Israel is an international leader in innovation, such as life sciences, software, internet, and cleantech. The IAF team has extensive experience in corporate finance, technology, and investing in Israel.

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© IAF Private & Confidential
THIS MATERIAL IS INTENDED FOR USE SOLELY BY PROFESSIONAL ADVISERS AND INSTITUTIONAL INVESTORS. STRICTLY NOT FOR PUBLIC DISTRIBUTION
A T A I L O R - M A D E P L A T F O R M D E D I C A T E D T O
H O N G K O N G I N V E S T O R S T O T A P I S R A E L ’ S
D I V E R S I F I E D I N N O V A T I O N
E X E C U T I V E S U M M A R Y

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Disclaimer
Important Legal Information
The information contained herein is provided for informational and discussion purposes only and is not, and may not be relied on in any manner as, legal, tax or investment advice or as an offer
to sell or a solicitation of an offer to buy an interest in Israel Asian Fund L.P (“IAF”). (together with any feeder or parallel funds, the "Fund"). A private offering of interests in the Fund will only be
made pursuant to a confidential private placement memorandum (the “Offering Memorandum”) and the Fund’s subscription and constitutional documents, which will be furnished to qualified
investors on a confidential basis at their request for their consideration in connection with such offering. The information contained herein is qualified in its entirety by reference to the Offering
Memorandum, which will contain additional information about the investment objective, terms and conditions of an investment in the Fund and will also contain tax information and risk
disclosures that are important to any investment decision regarding the Fund.
Before deciding to invest in the Fund, prospective investors should read the Offering Memorandum and pay particular attention to the risk factors contained in the Offering Memorandum.
Investors should have the financial ability and willingness to accept the risk characteristics of the Fund’s investments.
In considering any performance data contained herein, you should bear in mind that past, projected, or targeted performance is not indicative of future results, and there can be no assurance
that the Fund will achieve comparable results or that target returns will be met. The IRRs presented on a “gross” basis do not reflect any management fees, carried interest, taxes, and allocable
expenses borne by investors, which in the aggregate may be substantial. Nothing contained herein should be deemed to be a prediction or projection of future performance of the Fund.
Each prospective investor should consult its own attorney, business adviser, and tax adviser as to legal, business, tax, and related matters concerning the information contained herein and such
offering. Except where otherwise indicated herein, the information provided herein is based on matters as they exist as of the date hereof and not as of any future date, and will not be updated
or otherwise revised to reflect information that subsequently becomes available, or circumstances existing or changes occurring after the date hereof.
Certain information contained in this presentation constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,”
“expect,” “anticipate,” “target,” “project,” “estimate,” “intend,” “continue” or “believe,” or the negatives thereof or other variations thereon or comparable terminology. Due to various risks and
uncertainties, actual events or results or the actual performance of any the Fund may differ materially from those reflected or contemplated in such forward-looking statements.
Nothing contained herein is, or should be relied upon as, a promise or representation as to the external conditions or circumstances under which the Fund or any other person or entity will
operate (including, without limitation, overall market conditions, technology developments, regulatory developments, strategic alliances, and other matters outside the control of such parties).
Overall, prospective investors must not rely upon any matters described in this document. This document does not subject Israel Asian Fund L.P to binding obligations. Only those obligations
expressly set forth in a definitive agreement executed by IAF Advisor Ltd (“IAFA) shall be binding upon IAFA or the Fund.
Certain of the factual statements made in this document are based upon information from various sources believed by IAF Advisor Ltd to be reliable. IAFA and the Fund have not independently
verified any of such information and shall have no liability associated with the inaccuracy or inadequacy thereof.
Disclaimer

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Why invest in Israel ?
"It's no exaggeration to say that the kind of innovation going on in Israel is critical
to the future of the technology business.
Bill Gates, Founder Microsoft
"Some Americans have come to the Middle East looking for oil. We came to the
Middle East looking for brains, and we stopped at Israel.”
Warren Buffett, Bershire Hathaway
"Israel is an incredible opportunity for us. It provides a growth engine for
innovation for us.”
Richard Nottenburg, Executive VP Chief Strategy
“There is no question that Israel is one of the best locations in the world for
innovation in the areas of IT and communications.
Kai-Uwe Ricke CEO, Deutsche Telekom”
Most solutions to most IT problems will come from Israel,”
Gordon Graylish, VP & General Manager, Intel

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§ IAF is a Tailor-made Strategic & Industrial Innovation Venture Capital Fund
• Research & Business Intelligence capability
• Dedicated to Hong Kong/China investors
• Scouting Innovation, industrial partnership and achieving Capital Growth
§ Target Fund size USD [100] million, Minimum investment USD [25] million
§ [5]-year investment period from final closing, [8]-year total fund life
Israel Asian Fund
Highlights

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Israel’s Unparalleled
Leadership in Innovation &
Entrepreneurship
Source: IMD World Competitiveness Yearbook 2012, OECD and Grant Thornton
Entrepreneurship
§ Israel is ranked number #1 in the world for Entrepreneurship
§ Israel is the first country in the OECD in expenditure in R&D as % of GDP
§ 1st in the Global Dynamism Index for Science & Technology Globally
§ 2nd most educated country in the world
OECD Expenditure in R&D as percentage of GDP

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Government Support &
Incubators in Israel
§ 27 Incubators distributed across Israel
• 24 technological incubators
• 2 technology based industrial incubators
• 1 biotech designated incubator
§ Approximately 8 projects per incubator
• Every year approximately 85 new start-up
companies are established in the incubators
§ Government Support
• Average budget of project: $500K
• Government grant: 85% of budget
• Incubator’s investment: 15% of budget
• Payback: 3% royalties from revenue
• Support duration: 2 years
• Extended support to Biotech/Pharma & Clean-
Tech projects
• Annual Government Budget to the Program
approx. USD50m
Map of Incubators in Israel

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Israeli Private Equity and
VC Industry
§ A vibrant industry with in 2014 more than
USD 3.4 Billion funds raised by approx.
668 companies
§ In 2014, Israeli high-tech firms continued
to strongly attract local & International
buyers with “Exit” worth USD 15 Billion
(Vs. US 7.6 Billion in 2013)
§ In 2014, the most active sectors were:
• Internet (28%)
• Life Science (24%)
• Software (22%)
• Other (26%) includes Cleantech,
Semiconductors and Homeland
Security and Fintech
Capital Raised by Israel High-Tech Cos by SectorsTotal Capital Raised by Israel High-Tech Cos (2002-2014)
Source: IVC & PWC

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Venture Capital in
Israel
§ A dynamic and changing Israel Venture Capital Industry
§ The Israel VC Market is dominated by Israeli players and Foreign VCs, mainly
from the United States (Silicon Valley players), few Europeans VCs are
present in Israel, while Asian players are building stronger positions
§ According to market sources, within 5-10 years, competition will increase
between investors. It is forecasted that LPs present in Israel will come mainly
from the US (40%), Europe (20%), Asia (20%) and Israel (20%)
§ Usual and most feasible exits through M&A, IPOs activity is picking up strongly
§ IPOs, often considered more versatile, have been strong in 2014 especially in
foreign Stocks Exchanges (New-York, London)
§ Acquisitions are seen as the most viable exit alternative for Israeli companies
and their investors. As a result of extensive M&A activity, many Multinationals
now identify Israel as an innovation center and maintain R&D facilities in the
country

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Selected Israeli Private
Equity & VC sponsored*
Start-ups Success
IPO Exit (US & Israel)
Acquisition
(Apple)
(Black & Decker)
(Ebay)
(IBM)
(Cisco)
(Intel)
*Source: Globes
(Google)
(Facebook) (EMC)

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HK/China & Israel
growing investment
relationship
§ China two-way trade with Israel has increased more than 200 fold in two decades, reaching more
than USD 11 billion in 2013, making China Israel's third-largest trading partner after the European
Union and the United States.
§ According to the Israeli Ministry of Economy, Chinese investment in Israel in the past three years has
grown from zero to USD 4 billion.
§ Strong appetite from Chinese corporations and financial institutions to invest in Israel through
investment funds, M&A, R&D centers and Academic collaboration:
• Li Ka-Shing’s Hutchison Whampoa is leading the way (HWL’s Worldwide Water competences
center located in Israel, Horizon Ventures one of the most active VC in Israel with outstanding
Exit [Waze USD 1.1 Billion], Private donation in September 2013 of USD 130m to the Israeli
Technion Institute of Technology for setting up a branch in the Guangdong province)
• R&D and scouting of Technologies (Huawei, ZTE, Fosun, Haier)
• M&A: Chemchina bought Marteshim Agam for USD 1.4 Billion (Jan 2010) and Bright Food
bought a controlling 56% stake in Tnuva at a firm valuation of USD 2.5 Billion (May 2014)
• Key leading Chinese players such as Alibaba, Xiaomi, Baidu, Tecent have entered the market

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Singapore & Israel
growing investment
relationship
§ In February 2015, Infocomm Investments, part of Singapore Development Authority, launched a USD
200 million fund dedicated to Investments in Israel especially in the cyber-security and financial
technology fields
§ In November 2014, Temasek Holdings invested alongside Indian Tata Group in the Tel Aviv
University’s Technology Transfer Ramot Momentum Fund which invest in Technology developed by
the University researchers
§ In June 2014, SingTel's Israeli digital advertising unit Amobee Technologies Ltd. acquired Israeli
digital content intelligence and marketing solutions developer Kontera Ltd for USD 150 million
§ In May 2014, Singapore privately owned international industrial holding Kusto with varied interests in
construction, real estate, building materials and energy acquired Israeli Tambour paints company for
approx. USD 125 million
§ In March 2012, Singapore Telecommunications Ltd. (SingTel) acquired Israeli mobile advertising
solutions provider Amobee for USD 321 million in cash and in November 2012, SingTel through its
SingTel Innov8 fund invested in Everything.me which develops innovative HTML5-based dynamic
mobile app platforms.
§ In 1997, the Singapore Israel R&D Foundation (SIIRD) was established by the Singapore Economic
Development Board (ECB) and the Israeli Office of the Chief Scientist (OCS) to promote, facilitate
and fund joint R&D industrial projects

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Japan & Israel growing
investment relationship
§ In February 2014, Rakuten bought Viber’s instant messaging & communication application and its
300 million global users for USD 900 million.
§ In October 2014, Sony Pictures Television Networks acquired 50% of the Dori Media Group (diverse
TV channels) for an undisclosed amount.
§ In May 2013, Sony invested USD 10 million in Rainbow Medical a medical devices R&D developer
§ In 2008, Yaskawa bought for USD 8 million RoboGroup which is specialized in motion control
technologies and in September 2013 invested in Argo Medical Technology which develops medical
devices which help individual with lower limb disabilities to walk.
§ In the 2000’s Jafco, Nomura, Hitachi, NTT, Mitsubishi, Tokyo Ink, Seiko, CSK Venture Capital, Nippon
Investment and Finance, JAIC invested into an Israeli-related venture capital fund
§ In 1999, Marubeni opened an Israeli Technology investment desk
§ Toyota has an R&D center in Israel focus on the Information & Communication Technologies
§ Mitsui Global investment has a Israel office with an active investment portfolio (Autotalks, Valens,
eyeSight, Kaiima, Mo’Minis Ltd, Kaminario, Kalutura)

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South Korea & Israel
growing investment
relationship
§ Samsung has done numerous acquisitions and investments in Israel since 2007 Transchip (image
sensor), EarlySense (hardware monitoring patient medical devices), StoreDot (fast battery
charging), RePlay (three-dimensional 360O videos), Ronds (instant group video and chat
functionalities), Imperium (mobile security solutions).
Ø In 2013, Samsung boosted its presence in the innovation ecosystem by creating a USD 100
million seed fund focused on Israel and the United States.
Ø The company has two R&D centers specialized in telecommunication and semiconductors.
§ SK Group acquired in 2011 Camero a developer of ultrawideband (UWB) based technology which
generates image beyond obstacle such as walls.
§ In October 2010, POSCO joined Israel’s Government sponsored R&D Program
§ In 1999, LG Research and Development center was established

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India & Israel growing
investment relationship
§ In May 2015, Indian billionaire Mukesh Ambani's Reliance Industries has hosted Israeli companies
including SimilarWeb and Perion and plans to invest in Israeli innovation Eco-systems.
§ In February 2015, IT giant Infosys purchased Panaya, which provides automation technology for
large-scale enterprise software, for USD230 million.
§ In April 2013, Tata Group invested USD5 million in Ramot's Momentum Fund. Ramot is Tel Aviv
University’s technology transfer company, which invests in technology developed by the university's
researchers.
§ In May 2012, Indian firm Jain Irrigation bought Israeli Kibbutz’s firm Naan Irrigation Systems
specialized in water dripping technology for USD 60 million.
§ In 2007, the State Bank of India, India’s largest bank, opened a branch in Israel focused on servicing
clients involved in the Israeli-Indian relationship, including in the diamond and high-tech sectors.

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IAF Positioning
§ The Israel Asian Fund aims to discover disruptive Israeli innovative companies, through a thorough
methodology and process and with the expertise of World-Class Senior Advisors that enhance
value creation for IAF's Asian Investors
§ IAF Investment Universe is composed of selected Industries in which Israel is a recognized
International Player & Innovator
Investment Stage
Investment Universe

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Experienced Team with
Outstanding Track
Record
Mr. Lionel Friedfeld is an international investment banker (Hong Kong, Singapore, France, Israel) with 15 years of
experience in Corporate Finance and Coverage in various industries and especially in Technology, Telecom & Aerospace
industries. Mr. Friedfeld most recently worked at BNP Paribas Israel as a Banker and Head of Multinationals Coverage
(2006-2012), where he was responsible for the origination and execution of transactions in several industries including
Technology, Telecom, Electronics, IT Services & Software, Security, Defense & Aerospace, Renewable Energy (Water &
Solar) advising Israeli Corporates as well as International subsidiaries of Multinationals from the United States, Europe and
Asia . Prior to that, he worked at Société Générale Corporate & Investment Banking in various capacities in Equity
Corporate Finance (M&A, Private Equity Advisory, ECM) and Coverage in the Technology & Defense Group (2001-2006). Mr.
Friedfeld was educated at ESSCA & McGill University and holds a MSc. in Financial Engineering from La Sorbonne
University in Paris and received his Investment Representative license from the Hong Kong Securities and Futures
Commission (2002).
Lionel Friedfeld, CEO & Managing Director
Philippe is the CEO of Duotem a Hong Kong based Family office and Managing Director of AlfaSec an advisory company
specialized in the field of financial institutions. He is a former Member of the Executive Board of Clearstream and headed
Relationship Management for Asia-Pacific, Middle East and Africa with responsibility for offices in Hong Kong, Singapore,
Tokyo and Dubai. Philippe has lived in Hong Kong since 1989. He was the Chairman of the Clearstream Market Committee
and was a member of the Clearstream International Advisory Board and of the Deutsche Borse Asian Steering Committee.
Philippe has worked intensively with Asian Central Banks and regulators to improve the regional market infrastructure. In
1993, he became a member of a planning group, sponsored by the Asian Development Bank, to develop guidelines for
clearing and settlement in Asia. In 2009, He received the award of Asia-Pacific Custodian Banker of the Year. Philippe,
previously held positions at American Express Bank (Head of Investment Department) in Hong Kong and prior to that he
worked at TDB-American Express Bank in New York and Geneva. Philippe holds a Master in Econometrics and Finance from
the University of Grenoble and was educated at the University of Pennsylvania’s Wharton School
Philippe Metoudi, Executive Director

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Experienced Team with
Outstanding Track
Record (con’t)
Dr. David Harari brings to the Israel Asian Fund over 40 years of experience in the Aerospace, Security and Electronics
fields including Marketing, Business Development and R&D activities, over the world. Dr. Harari joined Israeli Aerospace
Industries (IAI) in 1970, as Head of the Reliability Department in the company's Engineering Division. In 1977, he was
appointed Program Manager for development and manufacturing of IAI's various Unmanned Aerial Vehicles (UAV) systems.
In 1988, Harari organized and managed IAI's UAV Division. In 1993, he became Managing Director for Business
Development, until he was appointed in 1997 to Deputy Corporate Vice President for Research & Development. From 2002
to 2009, Dr. David Harari, was named President of IAI Europe. Dr. Harari has received many international awards: the
Israel Defense Award (1981), the Israel Marketing Award (1991), the Unmanned Aerial Vehicles International Pioneer
U.S.A. Award (1991), the French Government “Award of Merit” (1997), was named by “Industries et Technique” as one of
the scientist that has most influenced the scientific world in the last decades (1998) and received for life accomplishment
the Israeli Engineers Federation award as well as the Israel Prize in the field of exact sciences (State of Israel highest
honor). Dr. Harari has many extra professional activities. He is the Israeli President of the Bilateral French-Israeli High
Council for Science and Technology, Member of the Board of Directors of the Chamber of Commerce & Industry Israel-
France, Member of the Board of Directors of the France-Israel Fondation and Special representative in Israel. Dr. Harari is
an electrical & mechanical Engineer, and has a Ph.D. degree in Physics and computer systems engineering from Paris
University, France.
Dr. David Harari, Senior Advisor Israel & Homeland Security
Barry Topf is an Economist and Financial Consultant including to the International Monetary Fund (IMF). He is a former
member of the Bank of Israel’s Monetary Policy Committee, and served as Senior Advisor to Governor Stanley Fisher
(current Vice-Chairman of the US Federal Reserve Board of Governors). He was a member of the Bank’s management
during 2002 – 2013. Until 2008, he served as Director of the Foreign Currency Department, and between 2008 and 2011
he served as Director of the Market Operations Department. In those roles, he was responsible for, among other things,
management of the country’s foreign exchange reserves and implementation of monetary and exchange rate policy. Mr.
Topf has more than thirty years of experience in economics, finance, and markets—including activity at all levels of
investment management, macroeconomic policy, financial stability, and project management—as well as considerable
experience as an advisor and lecturer, including serving as special advisor on behalf of international organizations to over
20 countries and central banks. He has written numerous articles and has been a member of several public committees on
economic issues. Mr. Topf earned his M.B.A. from the Hebrew University of Jerusalem
Barry Topf, Senior Advisor Israel & Financial Institutions

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Experienced Team with
Outstanding Track
Record (end)
Mitchell is a projects partner in the banking department and head of the U.S. China group in the New York office. Mitchell
concentrates on banking, project finance and direct investment matters and has significant experience in the energy and
infrastructure sectors. He advised on many of China's landmark project financings in a number of sectors. He has lectured
on project finance, energy, water and infrastructure development, foreign investment, banking law, tax administration and
enforcement, environmental protection and international law at various Chinese governmental agencies (in Chinese), as
well as at major conferences and universities in the U.S., Hong Kong, Taiwan, PRC and Korea. He taught international law
subjects at Beijing University, Shenzhen University and Shanghai Institute of Foreign Trade. He was posted in Beijing from
1986–87 and in Hong Kong from 1993 until 2005, where he was head of the Asia projects group from 2000–2003. Mitchell
is fluent in Mandarin and Cantonese Chinese.
Mitchel Silk, Allen & Overy, Partner
Henri Starkman is the founder and Chairman of Veolia in Israel. He created the company in 1992 and created a dynamic
and profitable Group with activities in Water (Treatment, Desalination), Waste Management (Waste Collection, Waste
Hazard Treatment, Incineration), Transport (Bus, Light Train) and Energy (Solar, IPP). It is considered as the largest
International Infrastructure companies in Israel with 2,000 employees. Mr. Starkman, previously work at Israel Corporation
(Israel’s largest holding company dealing wit fertilizers and specialty chemicals, energy, shipping and transportation) in
various capacity worldwide.
Henri Starkman, Senior Advisor Israel & Cleantec and Infrastructure
Yoelle Maarek is VP Research at Yahoo and serves as the head of Yahoo Israel Labs. The teams in Israel conduct research
around web search and data mining, machine learning, natural language processing, computational advertising, distributed
systems, and computer science theory. They impact multiple products such as Yahoo Mail, Answers, Search, etc. Prior to
this, Yoelle was the Director of Google Haifa Engineering Center, which she opened in 2006 and grew to close to 40 staff
members. There, she led the team in charge of "Suggest," Google's query completion feature deployed on google.com and
YouTube worldwide.
Yoelle Maarek, Senior Advisor Israel & Internet, Big Data & IT

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IAF Partners
§ The Israel Asian Fund utilizes* only Top Service Providers which are Key and Trusted
Business Partners
*Subject to final confirmation
International & Israel Legal Counsel
Audit/Tax/Consulting
Bank & Fund Administration Platform

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IAF Contact Persons
Lionel Friedfeld
CEO & Managing Director
Israel Asian Fund (IAF)
Tel: +972 54 234 1325
E-mail: lionel.friedfeld@israelasianfund.com
Philippe Métoudi
Managing Director
Duotem Capital Limited
Tel: +852 9155 1557
E-mail: philippe.metoudi@duotem.com