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June 17th, 2013
Our 109002/4616/22
Your 130011045

RE:VALENS SEMICONDUCTOR LTD.
Telephone
972 9 762 69 00
Fax
972 9 762 69 01
P.O. Box 7152
8 Hanagar Street
Neveh Ne'eman Industrial Zone
HOD HASHARON
4501309 ISRAELHISTORY & LEGAL FORMATIONA private limited company, incorporated as per file No. 51-388704-2 on the 26.10.2006.
SHARE CAPITAL
Authorized share capital NIS 1,525,000.00, divided into 38,000,000 preference A shares (31,923,720 shares issued),
11,000,000 preference B1 shares (9,957,400 shares issued),
19,000,000 preference B2 shares (18,670,270 shares issued),
84,500,000 ordinary shares (10,027,520 shares issued), all of NIS 0.01 each,of which shares amounting to NIS 705,789.10 were issued.
SHAREHOLDERS
1. GENESIS PARTNERS, a local VC Fund,
2. MAGMA VENTURE PARTNERS, a local VC Fund,
3. ASUSPOWER INVESTMENTS, of Taiwan, part of PEGATRON CORP.,
4. AMITI VENTURES, a US VC Fund,
5. MITSUI GLOBAL VENTURE FUND, A Japanese VC Fund,
6. AVIV VENTURES, a local VC Fund,
7. Dror Jerushalmi,
8. Eyal Massad,
9. Eyran Lida,
10. Gaby Gur Cohen,
11. Nadav Benet,
12. Alon Benzaray.
DIRECTORS
1. Dror Jerushalmi, General Manager, founder,
2. Eyal Massad, founder,
3. Dr. Eyal Kishon, of GENESIS PARTNERS,
4. Ben Rabinowitz, of AMITI VENTURES,
5. Yahal Zilka, of MAGMA VENTURES,
6. Gideon Ben-Zvi, of AVIV VENTURES.
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VALENS SEMICONDUCTOR LTD.
BUSINESSDevelopers, manufacturers (via subcontractors), exporters and marketers of semiconductor products
for the distribution of uncompressed HD multimedia content.
Almost 100% of sales are export, mostly to the USA and to South East Asia (China, Taiwan, Japan).
Among clientele/partners: LG ELECTRONICS, SAMSUNG ELECTRONICS, SONY PICTURES
ENTERTAINMENT, EPSON, PIONEER, PANASONIC, ONKYO, and more.
Operating from rented premises, on an area of 2,500 sq. meters, in 8 Hanagar Street, Neveh Ne'eman
Industrial Zone, Hod Hasharon.
Having 80 employees in Israel and additional 10 employees abroad.
MEANSAccording to a report from July 2007, subject raised US$ 2 million in 2006 from GENESISPARTNERS, and in July 2007 additional US$ 7 million from GENESIS and MAGMA VC Funds.
In July 2011 it was reported that subject raised additional US$ 14 million from old and new investors(see shareholders). According to the report, subject raised a total of US$ 25 million to that date.
There is 1 charge for an unlimited amount, as well as 1 charge for the sum of NIS 30,000.00registered on the company's assets (all assets) in favor of Bank Leumi Le'Israel Ltd. (last charge
placed April 2009, prior charge placed March 2008).
REVENUES
Sales figures not forthcoming.
OTHER COMPANIESGENESIS PARTNERS, a local venture capital fund, established in 1996, an Israeli venture capital
firm focused on early stage companies in the information and communication technology (ICT)
sectors. Manages over US$500 million in capital commitments across three funds, and has madeover 70 investments with 21 successful exits.
AVIV VENTURES, invests in Israel related; revenue stage companies that bring breakthroughtechnologies to large established industries.

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VALENS SEMICONDUCTOR LTD.
MAGMA VENTURE PARTNERS, an Israeli Venture Capital Fund, invests in early stage
communication and semiconductor technology, wireless networking, network and internet
infrastructure, communication technology semiconductors, security and data storage, software
solutions and applications for carriers, enterprise and the consumers. Magma currently manages
US$ 300 million (after completing a recruit of US$ 100 million for a new fund in February 2013).
MITSUI GLOBAL VENTURE FUND, Japan, the venture investment arm of MITSUI & CO. LTD. and aprovider of early stage venture capital for various types of technology firms.
PEGATRON, a worldwide leader in electronic and computing DMS (Design and ManufacturingService) with extensive experience in product development and vertically integrated capabilities.
AMITI VENTURES, a venture capital firm based in Chicago that invests alongside leading Israeli
venture capital firms in late stage Israeli high tech companies.
BANKERSBank Leumi Le'Israel Ltd., Petach Tikva Business Branch (No. 707), Petach Tikva.
CHARACTER AND REPUTATION
Nothing unfavorable learned.
Subject's officials refused to disclose financial data.
Subject is invested by leading VC funds.
Subject is ISO 9001:2008 as well as ISO 14001 certified.
In 2010, subject together with SONY PICTURES, LG, and SAMSUNG created the HDBaseT Alliance,
for the delivering of uncompressed HD video, audio, Internet bandwidth, power and controls over a
single Cat5e/6 cable. The Alliance was joined by PIONEER and ONKYO in January 2103.
In January 2013 subject was chosen by FORBES as one of the most innovative products to watch for.

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VALENS SEMICONDUCTOR LTD.

In February 2013 'InAVate Magazine' chose subject's technology as the breakthrough of the year.
In April 2013 subject was chosen as a 2013 'Red Herring' Top 100 Europe Award Winner.
Most Venture Capital Funds investing in subject are well-known funds with remarkable successfulexits. In June 2013 GOOGLE acquired Israeli startup WAZE (mobile navigation application for iphoneor android) for US$ 1.1 billion, in which MAGMA fund held estimated 17%).
According to the Israel Association of Electronics & Software, hi-tech industries sales in 2012
summed up to US$ 25.6 billion, just over 3% rise from 2011 (then sales were US$ 24.825 billion, up
from US$ 23.5 billion in 2010 and US$ 22.85 billion in 2009). 2012 sales divided into export ofUS$ 21.5 billion (US$ 20.97 billion, US$19.9 billion & US$ 19.45 billion in 2011, 2010 & 2009,respectively) and US$ 4.1 billion of sales to the local market (US$ 3.855 billion, US$ 3.6 billion &US$ 3.4 billion in 2011, 2010 & 2009, respectively).
Breakdown of export in 2011 showed 3.4% increase in Electronic Components & Computers, and3.9% increase in Communications, Medical & Scientific Equipment.
The division of companies by production within the branches in 2011 was: 23% Civilian
Communications & Telecommunications, 22% Software, 18% Industrial Equipment, 16% Defense
Systems, 14% Components and 7% Medical Systems.
Division of export: 30% to North America, 29% to Asia, 27% - Europe, 13% to the rest of the world.
The Central Bureau of Statistics (CBS) published the sales for export by the Communication, Medical& Scientific Equipment for 2012: US$ 7,715 million, almost 3% down from 2011.
According to CBS, import of raw materials for the local Machine and Electronics Manufacturing rose in2012 by 8.5% from 2011 to US$ 9,976 million (though rise was higher in local NIS currency – by 17%).
This growth adds on to the growth trend in the recent couple of years – some 12% and 20% rise (inUS$ terms) in the years 2011 and 2010 from the previous years, respectively.

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VALENS SEMICONDUCTOR LTD.

Investments (capital formation) by the hi-tech industries in machinery and equipment (M&E) fromimport in 2012 fell by 28.6% from 2011, reaching NIS 6,294.2 million, which is after a 234% increasein 2011 (the remarkable increase in 2011 was attributed to the sharp jump in the ElectronicComponents segment of 942% on the background of the massive investment by INTEL ISRAEL in
upgrade of their M&E), an increase of 12% in 2010, but a 61% plunge in 2009.
A breakdown into segments in 2012 in investment in M&E from import:
Manufacture of Electronic Components decreased 40.5% to NIS 3,918.7 million; Equipment forControl rose 7.9% to NIS 1,799.3 million (10.7% in 2011); Office & Computing Equipment rose 3% toNIS 63.7 million (4.1% in 2011); Electronic Communications Equipment rose 3.7% to NIS 512.6
million (6% in 2011).
SUMMARY
Notwithstanding the refusal to disclose financial details, considered good for trade engagements.
Maximum unsecured credit recommended US$ 200,000.

Rime Information Bureau has made every effort to ensure that the information given is accurate and complete, however
no legal responsibility is accepted for any errors or omissions in the report. Some of the data is obtained from the subject
or othersources that cannot be confirmed or controlled by Rime Correspondents. All rights are reserved. This report is provided forinternal use only and cannot be re-sold or re-distributed.

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