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					               Exchange
American Stock The Leading Exchange for Small &
                     Mid-Cap Companies


                The Semi Annual Economic Conference
                Tel Aviv, Israel




    Equities Department                       November 2006
Amex: The Most Diversified US Marketplace

  The American Stock Exchange is the only primary exchange
      offering trading across three distinct business lines:
  Equities
        – Capable, supportive ally to small and mid-cap companies seeking increased visibility
          and institutional ownership
        – Listed companies range from innovative start-ups to those in the S&P 500
        – Centralized trading routed through a single specialist firm ensures a fair and orderly
          market with enhanced depth and liquidity
  Options
        – One of the largest exchanges in the world for equity options trading

  Exchange Traded Funds (ETFs)
        – Created by the American Stock Exchange in 1993, ETFs are among the highest
          demand investment categories in the world
        – Of the approximately 320 ETFs in existence, 187 trade on the Amex,
          representing over $235 billion in assets


Source: American Stock Exchange; FactSet
Data as of 7/12/06                                                                                 2
American Stock Exchange                    Visit us at www.Amex.com
Amex Sectors

 % Based on Total Number of Listed Companies


                                                                                     Other 74%
                                    Consum er
                 Utilities         Discretionary           Consum er
                    1%                  13%                 Staples
                                                              5%
   Telecom m unication
        Services                                                    Energy
          2%                                                         11%

       Materials                                                                                                 Health Care
         13%                                                                                       Information      15%
                                                                                                   Technology
                                                                                                       13%
                                                                        Financials
                                                                           13%
 Inform ation
 Technology
                                                                                         28% of all Listed Companies on
     13%                                                                                       the Amex represent
                                                                 Health Care
                                                                                          Information Technology and
                                                                    15%                         Health Care Sector
                             Industrials
                                14%




Source: American Stock Exchange; S&P; FactSet Research Systems
Based on S&P GICS Classification System
Data as of 08 /31/06
             {      }




                                                                                                                               3
American Stock Exchange                                 Visit us at www.Amex.com
Amex Listed Healthcare Companies

  91 Healthcare companies currently listed on Amex.

  15% of Amex companies are in the Healthcare sector.

  IVAX Corp / TEVA Merger
        – IVAX Amex has been listed since 1987, grew to 8 billion dollar market capitalization.
        – Largest ever Israeli M&A, created the worlds largest generic pharmaceutical company.


                            Healthcare Compaines Relative Spread (%)

                                                                      4.20%



                           1.60%                   1.60%




                           Amex                Nasdaq GM           Nasdaq CM

                                                                                                  4
American Stock Exchange               Visit us at www.Amex.com
Amex Listed Healthcare Companies *

     As of August 31, 2006
           {                    }




 Symbol        Company Name                                  Symbol   Company Name                       Symbol   Company Name
 ANX
 {             ADVENTRX Pharmaceuticals Inc.
               {                                             AIS
                                                             {        Antares Pharma Inc.
                                                                      {                                  AXK
                                                                                                         {        Accelr8 Technology Corp.
                                                                                                                  {




 AKN           Akorn Inc.                                    BSM      BSD Medical Corp.                  ADH      Adherex Technologies Inc.
 KAD           Mojave Southern Inc.                          CVM      CEL-SCI Corp.                      ALT      Alteon Inc.
 BIO           Bio-Rad Laboratories Inc.                     CMD      Criticare Systems Inc.             ADL      AMDL Inc.
 BVX           Bovie Medical Corp.                           GTF      Cytomedix Inc.                     AMS      AMERICAN SHARED HOSPITAL SV COM
 CPD           Caraco Pharmaceutical Laboratories Inc.       DXR      Daxor Corp.                        HRT      Arrhythmia Research Technology Inc.
 CNU           Continucare Corp.                             ELI      Elite Pharmaceuticals Inc.         APY      Aspyra Inc.
 COR           Cortex Pharmaceuticals Inc.                   EAR      HearUSA Inc.                       BPA      BioSante Pharmaceuticals Inc.
 DIL           Dyadic International Inc.                     HEM      HemoSense Inc.                     KAL      Callisto Pharmaceuticals Inc.
 ESC           Emeritus Corp.                                IDP      Idera Pharmaceuticals Inc.         CTE      Cardiotech International Inc.
 FVE           Five Star Quality Care Inc.                   IMM      Immtech Pharmaceuticals Inc.       CLN      Celsion Corp.
 HTI           Halozyme Therapeutics Inc.                    INO      Inovio Biomedical Corp.            CTU      Chad Therapeutics Inc.
 HEB           Hemispherx Biopharma Inc.                     IPA      Interpharm Holdings Inc.           DIO      Diomed Holdings Inc.
 HH            Hooper Holmes Inc.                            LRP      Lorus Therapeutics Inc.            ECI      Encision Inc.
 DMX           I-Trax Inc.                                   MHA      Manhattan Pharmaceuticals Inc.     IMX      Implant Sciences Corp.
 ISV           InSite Vision Inc.                            MRY      Memry Corp.                        IOX      Iomed Inc.
 ILI           Interleukin Genetics Inc.                     MII      ALD Services Inc.                  IVD      IVAX Diagnostics Inc.
 IMA           Inverness Medical Innovations Inc.            NVD      NovaDel Pharma Inc.                LMZ      LMS Medical Systems Inc.
 ILE           Isolagen Inc.                                 PME      PreMD Inc.                         MZT      Matritech Inc.
 JAV           Javelin Pharmaceuticals Inc.                  PMD      Psychemedics Corp.                 MPP      MTS Medication Technologies Inc.
 LCI           Lannett Co. Inc.                              QD       QuadraMed Corp.                    NEP      Nephros Inc.
 MCU           Medicure Inc.                                 QSC      Questcor Pharmaceuticals Inc.      ONI      Oragenics Inc.
 MDV           Medivation Inc.                               RGX      Radiologix Inc.                    ONH      Orion HealthCorp Inc.
 MDF           Metropolitan Health Networks Inc.             RGN      RegeneRX Biopharmaceuticals Inc.   PLC      PLC Systems Inc.
 BUF           Minrad International Inc.                     RVP      Retractable Technologies Inc.      PRW      Pro-Pharmaceuticals Inc.
 NHC           National Healthcare Corp.                     LIV      Samaritan Pharmaceuticals          PZZ      Prospect Medical Holdings Inc.
 PRZ           PainCare Holdings Inc.                        SGN      Signalife Inc.                     SNT      Senesco Technologies Inc.
 PTN           Palatin Technologies Inc.                     SSY      SunLink Health Systems Inc.        UPI      Uroplasty Inc.
 DDD           SCOLR Pharma Inc.                             TTP      Titan Pharmaceuticals Inc.         VRA }    Viragen Inc.
                                                                                                                           }




 SVA           Sinovac Biotech Ltd.                          TTG      Tutogen Medical Inc.
 YMI   }       YM BioSciences Inc.   }                       REX }    ViRexx Medical Corp.
                                                                                         }




Includes all Amex Listed HealthCare Companies.
Source: American Stock Exchange; FactSet Research Systems.
                                                                                                                                                  5
American Stock Exchange                                      Visit us at www.Amex.com
Amex Listed Technology Companies*
          Symbol            Company Name                                     AEY      ADDvantage Technologies Group Inc.
          ATA             Apogee Technology Inc.                             API      Advanced Photonix Inc.
          CVV             CVD Equipment Corp.                                AMK      American Technical Ceramics Corp.
          TRT             Trio-Tech International                            TES      American Telecom Services Inc.
          NLX             Analex Inc.                                        AFT      Axesstel Inc.
          ASB             Ascendia Brands Inc.                               BI       Bell Industries Inc.
          AXO             AXS-One Inc.                                       BDR      Blonder Tongue Laboratories Inc.

          CVN             Conversion Services International Inc.             TQ       Cash Technologies Inc.

          GTE             GlobeTel Communications Corp.                      CSN      City Network Inc.
                                                                             CGN      Cognitronics Corp.
          GEX             Globix Corp.
                                                                             JCS      Communications Systems Inc.
          GVP             GSE Systems Inc.
                                                                             DOC      Digital Angel Corp.
          HX              Halifax Corp.
                                                                             EAG      Eagle Broadband Inc.
          ILC             iLinc Communications Inc.                          ASY      Elecsys Corp.
          IW              ImageWare Systems Inc.                             EMA      eMagin Corp.
          IIG             Imergent Inc.                                      HCO      HyperSpace Communications Inc.
          INS             Intelligent Systems Corp.                          IDN      Intelli-Check Inc.
          MGT             MedicSight Inc.                                    IIN      IntriCon Corp.
          ONT             ON2 Technologies Inc.                              ISO      ISCO International Inc.
          PNS             Pinnacle Data Systems Inc.                         ITI      Iteris Inc.
          DLK             Semotus Solutions Inc.                             RAE      RAE Systems Inc.
          SLP             Simulations Plus Inc.                              RWC      RELM Wireless Corp.

          SBN             SoftBrands Inc.                                    SNR      Sunair Electronics Inc.

          LOV             Spark Networks PLC                                 TKO      Telkonet Inc.
                                                                             TLX      Trans-Lux Corp.
          TWW             Terremark Worldwide Inc.
                                                                             VNX      VendingData Corp.
          THK             Think Partnership Inc.
                                                                             VII      Vicon Industries Inc.
          TCX             Tucows Inc.
                                                                             WEX      Winland Electronics Inc.
          UDW             US Dataworks Inc.
                                                                             WTT      Wireless Telecom Group Inc.
          WYY             Widepoint Corp.
                                                                             XWG      Wireless Xcessories Group Inc.       6
American Stock Exchange                                    Visit us at www.Amex.com
Outperforming Major Markets & Indices

                        Since October 2003 the Amex Composite Index has outpaced
                                        {                          }




                        both the NYSE Composite Index and the Nasdaq Composite
                                Index, as well as the major financial indices.

                              AMEX Composite Index                     NYSE Composite Index
                              NASDAQ Composite Index                   S&P 500 Index (Reported Basis)
                              Dow Jones Wilshire 5000 (Full cap)       Russell 2000
                                                                                                        220



                                                                                                        200

                                                                                                                 Amex Composite (92.5 %)           {               }




                                                                                                        180
                                                                                                                 NYSE Composite ( 50.1%)       {               }




                                                                                                        160
                                                                                                                 Nasdaq Composite ( 26.4%)                 {           }




                                                                                                        140      S&P 500 ( 34.1%)
                                                                                                                            {       }




                                                                                                                 Wilshire 5000 ( 38.3%){               }




                                                                                                        120

                                                                                                                 Russell 2000 ( 48.8%)
                                                                                                                                {           }




                                                                                                        100



                                                                                                        80
      Sep-03 Dec-03 Mar-04 Jun-04 Oct-04 Jan-05 Apr-05 Jul-05 Nov-05 Feb-06 May-06 Aug-06




Source: American Stock Exchange
Indexed price to 100 as of 9/30/03
                          {         }




                                                                                                                                                                            7
American Stock Exchange                                                  Visit us at www.Amex.com
Advantages for Israeli Companies to List on Amex

     Blue Sky Exempt – When a company is listed on Amex a National Exchange, it is exempt
       from registering its stock in each of the US states its securities are being offered in. This
       is a great advantage, as such a process can be costly and lengthy, and can be avoided
       by listing on Amex (unlike the NASDAQ Capital Market).
     AEMI Platform – Will offer market participants a greatly expanded range of automated
       transaction services for equities and ETFs and will combine the speed of an electronic
       market with the dedicated liquidity of a specialist-auction market.
     Real market intelligence - Specialist will make a point of proactively providing intelligence
       on the forces affecting your stock, breaking down trading into institutional, arbitrage and
       retail categories. They are in regular communication with their listings, giving those
       companies greater knowledge and therefore control over their trading profiles.
     Specialist – The Company chooses the AMEX specialist, that will act as a long-term
       partner with the company, providing the best possible execution and price discovery.
       The market maker has no obligation to the company and can step away from trading the
       company’s stock at any time, which can cause trading imbalances and volatility.
     Increased US Shareholder Ownership – Institutions and retail investors representing the
       majority of total equity investment in the US will only buy US listed, SEC-registered
       equities. The Company therefore has the opportunity to significantly increase US
       investor demand for its shares beyond direct investment by US international funds in the
       Home market.



                                                                                                       8
American Stock Exchange                Visit us at www.Amex.com
Great Technology. Renewed Commitment.

AEMI (Auction & Electronic Market Integration) combines the best features of the auction
   market with new capabilities only possible in an automated trading environment.
                                               With AEMI you can expect:

   Reg NMS Compliance         –
                              Under Reg NMS, Amex will qualify as an automated trading center and will
    publish “automated” quotes by default. Incoming orders will be executed within a fraction of a second
    without human intervention, maintaining our competitiveness in a fast-paced trading environment.
   Choice of execution method         –Investors can choose to have their orders executed automatically
    against published bids or offers with turnaround times measured in milliseconds, or handled by floor
    brokers with point of sale privileges.
   Immediate quote updates        –
                                 Quotes will be published automatically in response to order flow,
    removing the need for manual updates by specialists and allowing continuous automated trading.
   Automated price improvement            –
                                      Incoming orders may receive superior execution by interacting
    with orders already programmed to offer price improvement in the electronic environment.
   Price discovery in the auction market            –
                                                 The specialist auction market will continue to bring added
    liquidity, dampen volatility and enhance the stability of the market place
   Enhanced surveillance capabilities           –
                                              Automated trading rules and flexible access to trading activity
    will allow sophisticated surveillance and assured integrity across the market.

                 AEMI brings together the best qualities of the electronic market and the
                       auction market, to deliver the highest quality marketplace.


                                                                                                                9
American Stock Exchange                        Visit us at www.Amex.com
Hybrid Market Structure: Best of Both Marketplaces



                          AUTOMATED                                       AUCTION
           Orders trade automatically with electronic         Auto-ex is disabled in limited
             interest in the book                                  circumstances
           Price improvement and added liquidity              “Auction” quote published
             available                                         Orders may still enter the book or be
           Routed away if the best price is not                   cancelled
             matched or improved                               Specialist gaps the quote for large
           Handled in the auction market if not auto-             imbalances
             executable




                                                                                                        10
American Stock Exchange                 Visit us at www.Amex.com
Amex Investment Banks Support

       Over the last few years a number of leading investment banks have been advising their
         clients from a wide variety of industries, geographies, sizes and structures that the
                  American Stock Exchanges is the best market to meet their needs.


             Leading Global Investment Banks that have underwritten offerings on the Amex:

                         BB&T Capital Markets                                  Lehman Brothers
                         Broadband Capital Management LLC                      Maxim Group, LLC
                         CIBC World Markets                                    Merrill Lynch & Co.
                         Citigroup                                             Merriman Curhan Ford & Co.
                         Credit Suisse                                         Morgan Joseph & Co, Inc.
                         CRT Capital Group LLC                                 Oppenheimer & Co. Inc.
                         Deutsche Bank Securities Inc.                         RBC Capital Markets
                         EarlyBirdCapital, Inc.                                Rodman & Renshaw, LLC
                         Ferris, Baker Watts, Inc.                             ThinkEquity Partners LLC
                         I-Bank Securities                                     UBS Investment Bank
                         Lazard Capital Markets                                Wedbush Morgan Securities
                         Ladenburg Thalmann & Co, Inc.                         WR Hambrecht + Co



                                                                                                              11
American Stock Exchange                               Visit us at www.Amex.com
American Stock Exchange IR AllianceSM (AIRA)

Amex AIRA is a proprietary and complimentary investor relations program that offers:

   Dedicated Issuer Services Director
   “New on the Amex” updates
   AIRA “communications audit”
   Conferences and Shareholder Meetings
   Institutional Investor Meetings
   World Investor Link
   Educational Conferences/Seminars
   Online Investor Relations Resources
     – Amex Online
     – Amex.com




                                                                                   12
American Stock Exchange                  Visit us at www.Amex.com
Amex Dual Listing Initiative


      Amex Management intends to file a rule proposal with the SEC, whereas
                   all Amex Initial listings fees will be waived
        for companies whose securities are trading on the NASDAQ or those
                participating in the NASDAQ Dual Listing program.

                                          The Amex believes its…
                                      specialist-auction market structure,
                                     full service investor relations support,
                                       dedicated Issuer Services director,
                                        Amex Online investor database,
                                                    lower fees,
                                               blue sky exemption,
                              and our state-of-the-art hybrid market trading system
                          ...will make a big difference in the success of smaller
                                                 companies.

                                                                                      13
American Stock Exchange                     Visit us at www.Amex.com
Financial Guidelines for Listing

   Guidelines                                               Listing Guidelines

                                                                                                Maintenance    * The  applicable requirement must be
                               Standard 1       Standard 2       Standard 3       Standard 4     Standards 4   satisfied in either the last fiscal year or
                                                                                                               2 out of 3 most recent fiscal years.
                                                                                                               1 Issuers are required to maintain $2
   Pretax income*              $750,000             N/A                  N/A         N/A            N/A
                                                                                                               million in Stockholder’s Equity if the
                                                                                                               issuer has losses in 2 of the most
                                                                    $50 million                                recent 3 years; $4 million if the issuer
   Market Capitalization                                                          $75 million
                                                                                                               has losses in 3 of the most recent 4
                                                                                      OR                       years; or $6 million of the issuer has
   Total Assets*                  N/A               N/A                           $75 million       N/A        losses in the 5 most recent fiscal
                                                                                                               years.
                                                                                     AND                       2 Foreign companies which do not
   Total Revenue*                                                                 $75 million                  meet the distribution guidelines
                                                                                                               outlined above may alternatively
   Market Value of                                                                                             qualify with 800 round-lot public
                               $3 million       $15 million         $15 million   $20 million    $1 million    shareholders worldwide, 1,000,000
   Public Float                                                                                                publicly held shares worldwide and a
                                                                                                               $3,000,000 market value of public
                                                                                                               float worldwide.
   Minimum price                   $3                $3                  $2           $3            N/A
                                                                                                               3 Public float is defined as shares that
                                                                                                               are not held directly or indirectly by
   Operating history              N/A             2 years                N/A         N/A            N/A        any officer or director of the issuer or
                                                                                                               by any other person who is the
                                                                                                 $2,000,000    beneficial owner of more than 10
   Stockholders equity 1       $4,000,000       $4,000,000          $4,000,000       N/A         $4,000,000    percent of the total shares outstanding.
                                                                                                               4 A company with several years of
                                                                                                 $6,000,000    losses which is unable to satisfy the
                                                                                                               equity requirements, will not be
                                                                     2                                         subject to delisting if it has a market
                                          Distribution Guidelines
                                                                                                               cap of $50 million or total assets and
                                                                                                               revenue of $50 million each, and
                                                      Option A : 800                                           complies with enhanced distribution
   Public stockholders                                Option B: 400                                 300        criteria including mvpf of $15 million.

                                                      Option C: 400

                                                    Option A: 500,000
                           3
   Public float (shares)                           Option B: 1,000,000                            200,000
                                                    Option C: 500,000

   Average daily volume                              Option C: 2,000                                N/A
                                                                                                                                                             14
American Stock Exchange                                       Visit us at www.Amex.com
Comparative Listing Costs for Foreign Issuers

                                                 ORIGINAL LISTING FEES [1]                                        CONTINUING ANNUAL FEES [2]
                                                                           Nasdaq           Nasdaq                                              Nasdaq      Nasdaq
                 SHARES                                                    National         Capital                                             National    Capital
                 (MILLIONS)          Amex               NYSE               Market           Market           Amex             NYSE [3]          Market*     Market
                 Up to 1            $40,000          $150,000             $100,000          $25,000         $16,500           $38,000          $24,500     $17,500
                 1+ to 2             40,000           150,000             100,000            25,000         16,500             38,000           24,500      17,500
                 2+ to 3             40,000           150,000             100,000            25,000         16,500             38,000           24,500      17,500
                 3+ to 4             40,000           150,000             100,000            25,000         16,500             38,000           24,500      17,500
                 4+ to 5             40,000           150,000             100,000            25,000         16,500             38,000           24,500      17,500
                 5+ to 6             40,000           150,000             100,000            35,000         19,000             38,000           24,500      17,500
                 6+ to 7             40,000           150,000             100,000            35,000         19,000             38,000           24,500      17,500
                 7+ to 8             40,000           150,000             100,000            35,000         19,000             38,000           24,500      17,500
                 8+ to 9             40,000           150,000             100,000            35,000         19,000             38,000           24,500      17,500
                 9+ to 10            40,000           150,000             100,000            35,000         19,000             38,000           24,500      17,500
                 10+ to 11           40,000           150,000             100,000            45,000         21,500             38,000           30,500      21,000
                 11+ to 12           40,000           150,000             100,000            45,000         21,500             38,000           30,500      21,000
                 12+ to 13           40,000           150,000             100,000            45,000         21,500             38,000           30,500      21,000
                 13+ to 14           40,000           150,000             100,000            45,000         21,500             38,000           30,500      21,000
                 14+ to 15           40,000           150,000             100,000            45,000         21,500             38,000           30,500      21,000
                 15+ to 16           40,000           150,000             100,000            50,000         21,500             38,000           30,500      21,000
                 16+ to 20           40,000           150,000             100,000            50,000         21,500             38,000           30,500      21,000
                 20+ to 25           40,000     150,000+ to 157,500       100,000            50,000         21,500             38,000           30,500      21,000
                 25+ to 50           40,000     157,500+ to 250,000   100,000+ to 125,000    50,000         24,500        38,000+ to 46,500     34,500      21,000
                 50+ to 75           40,000         250,000 [4]            150,000           50,000         32,500        46,500+ to 69,750     39,150      21,000
                 75+ to 100          40,000          250,000               150,000           50,000         34,000        69,750+ to 93,000     44,500      21,000
                 100+ to 200         40,000          250,000               150,000           50,000         34,000       93,000+ to 186,000     75,000      21,000
                 Maximum             40,000          250,000               150,000           50,000         34,000           500,000 [5]        75,000      21,000

                 [1] The original listing fee for Amex and NYSE is based on the total number of shares listed, including all shares issued and outstanding, as well as shares
[1] The original listing fee for Amex and NYSE is based on the total number of shares listed, including all shares issued and outstanding, as well as shares reserved by the Board of
                         reserved by the Board of original fee for specific future issuance. The original SmallCap is based on total shares outstanding and applies based on total
    Directors for a specific future issuance. The Directors for a NASDAQ National Market and NASDAQfee for Nasdaq National Market and Nasdaq SmallCap isto all domestic shares
                         outstanding listing ordinary shares. Fees include one-time initial listing charges of ordinary shares. Fees include one-time initial listing charges of
    issuers and only foreign issuersand applies to all domestic issuers and only foreign issuers listing $5,000 for Amex, $37,500 for NYSE, $5,000 for NASDAQ National $5,000 for Amex,
                         $37,500 for NYSE, $5,000 for Nasdaq first class of securities listed for Nasdaq
    Market, and $5,000 for NASDAQ SmallCap, applied for theNational Market, and $5,000by an issuer SmallCap, applied for the first class of securities listed by an issuer.
                     [2] Newly listed companies fee on a the annual fee the end of the calendar year in of the calendar year
[2] Newly listed companies are billed the annualare billedpro-rata basis at on a pro-rata basis at the end which they are listed in which they are listed.
                     [3] payable are the greater of amounts greater of amounts shown schedule or a fee applied on a per share basis.
[3] NYSE annual feesNYSE annual fees payable are the shown under a minimum fee under a minimum fee schedule or a fee applied on a per share basis. Fee ranges shown
    Fee ranges shown here for 25+ million shares represent the maximum amount payable for each end of the share range shown.
                          here of the million shares represent the shares is amount $250,000, each end of the share range shown.
[4] The initial fee componentfor 25+original listings fee for common maximumcapped atpayable forincluding the $37,500 special charge.
                     [4] The initial fee component of applies to all securities for common shares is than derivative products,
[5] Maximum $500,000 continuing annual listing feethe original listings feelisted by an issuer, other capped at $250,000, including the $37,500 special charge.
                     [5] Maximum $500,000 continuing annual listing fee applies to all securities listed by an issuer, other than derivative products, fixed income products, and closed-end fund
    fixed income products, and closed-end funds.
                     Market Annual Fee Market Annual Fee Schedule for ADRs ranges between
* Nasdaq National * Nasdaq National Schedule for ADRs ranges between $ 21,225 and $ 30,000$ 21,225 and $ 30,000
                                                                                                                                                                                         15
American Stock Exchange                                                  Visit us at www.Amex.com
The Israeli Experience on the Amex

  American Israeli Paper Mills Ltd (AIP)
        – Listed since 1959


  Teva Pharmaceutical Industries Ltd. / IVAX Corporation Merger
        – Ivax listed since 1987, grew to 8 Billion dollars in market capitalization

        – Mega Merger, creating the world's largest generic pharmaceutical company.


  Gurunet Corporation
        – Successful IPO


  XFONE, Inc. (XFN)




                                                                                       16
American Stock Exchange                 Visit us at www.Amex.com
Case Study: Ivax Corp.

     •Ivax Pharmaceuticals merged with Teva creating the largest generic drug
     company in the world. This was the largest M&A transaction in Israeli history.
     •Ivax listed on the Amex in 1987 with a market capitalization of approximately
     $100 million and grew to almost $8 billion at the time of the merger with Teva.

       IVAX Corp
       Volume (Shrs. in Thousands)                                                                                   Price (USD)
       60,000                                                                                                                  40


                                                                                                                               35
       50,000

                                                                                                                               30     Ivax Corp.
       40,000                                                                                                                       Amex Listing Date
                                                                                                                               25
                                                                                                                                           to
       30,000                                                                                                                  20   Date of Acquisition
                                                                                                                               15
       20,000

                                                                                                                               10

       10,000
                                                                                                                               5


             0                                                                                                                 0
                  '88     '89   '90   '91   '92   '93   '94   '95    '96 '97   '98   '99   '00   '01   '02   '03   '04   '05


                                                                                                                                                          17
American Stock Exchange                                             Visit us at www.Amex.com
Case Study: Answers Corp (formerly know as GuruNet)

       During June 2005, Answers Corp. (GRU) began trading its shares on the Nasdaq National
       Market after moving from the American Stock Exchange. The following case study
       examines the performance and trading characteristics of the stock 65 days before and after
       transferring.

        Results:
                                                               Affect on Trading After Transferring from the Amex to Nasdaq
        Answers Corp. had                                                    (65 Trading Days Before and After)
        experienced substantial
        losses in their volume, liquidity                                   Trade Spread                       143.02%
        and price.

                                                               -75.60%                     Volume




                                                                         -37.50%           Price




                                                               -73.60%                     Liquidit
                                                                                           y




Source: Amex ERDB™, FactSet Research Systems, Inc.
*Percent Based on Intraday Volatility
                                                                                                                              18
American Stock Exchange                              Visit us at www.Amex.com
The Amex Advantage

 Auction Market Fosters Fairness & Growth
  Centralized market structure, characterized by enhanced liquidity, narrower spreads and lower
    volatility is conducive to creating, safeguarding and increasing shareholder value
  Trading participants compete to achieve best possible prices
  Increased access to capital and growth through Blue Sky Exemption and the protection of a
    National Exchange listing

 Broad Range of Visibility-Enhancing Services
  Tailored services help companies attain a heightened profile in the capital markets
  Support for building relationships with analysts and investors
  Frequent opportunities to bring your story to the market’s attention
  Exchange professionals, including Issuers Services Directors and Specialists work together to
    enhance the attractiveness of listed company stocks

 Professional Investor Relations Guidance
  Guidance from seasoned IR professionals and assistance for developing or updating an
    effective Investor Relations program
  Educational seminars on a variety of IR topics



                                                                                                   19
American Stock Exchange                Visit us at www.Amex.com
Contact Information:

                Senior Vice President—Head of Equities
                John McGonegal
                Phone: 212-306-1652

                European Managing Director
                Robert Wotczak
                Phone: 212-306-2263
                robert.wotczak@amex.com

                AMEX’s consultant in Europe and Israel
                Amira Bardichev
                Phone: +44-7956206270
                amira@global-equity-ir.co.uk

                Account Manager
                Catherine Elbe
                Phone: 212-306-8916
                catherine.elbe@amex.com

                                                                  20
American Stock Exchange                Visit us at www.Amex.com

				
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