A. Employment

a. Speed of integration into the labor market

In terms of both the extent and also the speed with which the Nefesh
B'Nefesh olim joined the labor force, the situation may be simply summarized
as unprecedented in the history of aliyah.

Once again, this far-reaching characterization must be qualified by taking
into account the small numbers of people involved. But, by the same token,
two counter-qualifications need to be highlighted: firstly, finding
employment for well-educated and highly-qualified people is more difficult
than putting people with low or no skills in simple jobs; secondly, the
labor market which the Nefesh B'Nefesh olim sought to enter was in a state
of prolonged and deep recession in 2002 and early 2003. Even when conditions
improved, over the year from mid-2003 to mid-2004, jobs were by no means
plentiful. Achieving rapid entry and high rates of employment in these
market conditions is an extraordinary achievement, which seems to stem from
the intensive preparation and support provided by Nefesh B'Nefesh to "its"
olim.

The key data relating to this achievement are summarized in chart 5. They
are based on a survey of all Nefesh B'Nefesh olim, from 2002 to 2004, to
which 286 responses were received. Since the total number of households in
the olim population is around 900, the response rate was more than 30%, so
that the results may be considered representative and accurate.

Chart 5: Speed and extent of Nefesh B'Nefesh olim's entry into labor market
Year of Aliya and % who found employment

2002
Within 3 months 42% 6 months 49% Year 67% Over a year 76%
Still unemployed 11% Not seeking 13%

2003
Within 3 months 45% 6 months 60% Year 70% Over a year 76%
Still unemployed 16% Not seeking 8%

2004
Within 3 months 40% 6 months 45% Year 46% Over a year 46%
Still unemployed 27% Not seeking 27%
Source: Nefesh B'Nefesh data, I-Biz calculations

Among the many remarkable aspects of the data in Chart 5, the following
points stand out:

a. Among adult olim who arrived in both 2002 and 2003, no less than 76% were
employed by the time of the survey, in late 2004. This compares to a
national employment rate of just below 50%; even if some allowance is made
for the different age span of the adult olim population (18+) as compared
with the national labor force survey (which relates to everyone aged 15+),
the difference is dramatic.

b. Even more staggering is the fact that in each of the three years covered,
over 40% of the newcomers had found employment within three months. Since
many olim use their first few months for general orientation, primarily in
the framework of ulpan, this suggests that virtually every oleh who wanted
to work within this period was able to do so.

c. The next significant datum is that relating to finding work within a year
of arrival. This is not yet relevant for the 2004 olim, but for those
arriving in 2002 and 2003, the rate reached 67-70%. Once again, this
suggests that almost all those who finished ulpan, completed their academic
studies or concluded their period of non-employment, and then sought to
enter the labor market, were successful in finding employment.

It is worthwhile referring to other findings from the survey data that
relate to employment. Other than employment, the two other categories
relevant for adults are unemployment and participation. These findings are
summarized in the table below.

Unemployment: The rate of unemployment among the olim is very low. Indeed,
the rate of unemployment among those who arrived in 2002 is now 11%, and of
those who arrived in 2003 it is 16%. However, this relates to the total
adult oleh population, including those not seeking employment. Strictly
speaking, only those actively seeking employment but not yet successful in
their search should be counted as unemployed. This requires removing the
"not seeking" category and recalculating the unemployment rate, which then
rises to 12.6% for 2002 olim, 17.4% for 2003 arrivals and 37% for those who
came this year. The figure for 2004 is essentially meaningless, at this
early stage of the group's aliyah. The data for 2002 and 2003 are extremely
positive and, yet again, probably unparalleled by any previous group of
olim.

By way of comparison, the national rate of unemployment has been between
10-11% in recent years. Among Russian olim in the 1990's, the unemployment
rate did not fall to the national average for at least 4-5 years after their
aliyah, despite the efforts made to speed this process (including payment of
direct subsidies to employers taking on new olim) and despite the very
positive conditions prevailing in the labor market in the relevant
comparative period.

The participation rate is the combined total of employment and unemployment,
as a percentage of the total population (aged 15+). As noted above, the
participation rate in Israel is exceptionally low by global standards and
its recent rise to some 55% represents a small move in the right direction.
Immigrants generally have higher participation rates, either because they
have a higher work ethic than the native population, or because they simply
cannot afford not to work.

In the case of the Nefesh B'Nefesh population, the participation rate is
extremely high, at 87% for 2002 olim and 92% for 2003 olim. The fact that
the 2002 olim have a higher participation rate and also a lower unemployment
rate than the 2003 olim may be caused by some of the later arrivals still
actively seeking jobs (hence being counted in the labour force) but not
finding any (hence being counted as unemployed), while their counterparts in
the earlier group have given up this search and dropped out of the labor
force (the "discouraged worker" phenomenon). Ironically, dropping out leads
to a drop in measured unemployment - but also to a shrinkage in the overall
labor force.

b. Quality of employment

New immigrants frequently need to display great flexibility when entering
the labor market of their new country, in terms of adjusting their
qualifications to the jobs on offer. In many cases, their professions or
special knowledge are not in demand, and sometimes don't exist at all. The
"Russian aliyah" of the 1990's brought to Israel more immigrant doctors than
the total number in the country prior to that aliyah wave - and this in a
country which already had one of the highest ratios of doctors to the
general population in the world! Worse still was the position of Russian
engineers from sectors such as mining, oil and railways, in a country devoid
of mineral resources and with a minimal rail network.

It is therefore instructive to see the degree to which Nefesh B'nefesh olim
have been able to find work in their own fields or in closely-related ones.
The situation in this regard is summarized in the accompanying chart and
table.

Chart 6:

Table 2: Occupation structure of 2002-2003 olim, before and after aliyah
Occupation in US Current position
19% 26% Business
18% 09% Education
14% 13% Health
12% 09% High tech
09% 05% Professional
08% 20% Homemaker
07% 04% Student
05% 02% Other
03% 02% Finance services
02% 05% NGO
02% 01% Public sector
01% 02% Admin
00% 03% Retired

The main changes in occupation patterns are the sharp rise in the proportion
engaged in business and commerce (from 19% prior to aliyah to 26% today),
although there is probably considerable overlap between this category and
those of high tech and professionals, both of which registered a decline. By
far the most dramatic increase occurred in the proportion of homemakers
(from 8% to 20%), a phenomenon which seems closely linked to the fall (by
half, from 18% to 9%) in the number employed in education. The number of
students also fell, while employment in the NGO sector and in administration
rose. Interestingly, 3% of olim retired on arrival in Israel - something
none of them had felt free to do in the US.

An increase in the number of homemakers is, from the point of view of the
labor market, equivalent to a rise in the number of non-participants in the
labor force. The women who were not homemakers prior to aliyah were active
in the labor force, while after their aliyah they are not. In practice, many
wives and mothers (and perhaps some fathers) have probably made a conscious
decision to devote themselves for a period of time to overseeing the social
and logistic integration of their families, at the expense of immediately
pursuing career and employment opportunities. This suggests that the
potential for labor force participation is actually even higher than the
already extraordinarily high rate noted above.

c. Economic contribution

The immediate focus of this paper is on the value of the oleh's contribution
to the Israeli economy. This contribution is expressed primarily by his
production (of goods or services) and is measured by his income. This
economic fact has important social and even moral ramifications: the income
of teachers and social workers, for example, is much less than that of
people in the financial service sector or of computer programmers, yet the
importance of the former and their contribution to society is surely no
less - if not greater - than that of the latter. However, these issues are
beyond the scope of this paper; the economic contribution of any individual
can only be measured by his income, which is the value the market imputes to
his output.

Given the very varied employment structure of the olim, as seen in the chart
and table above, it is obviously difficult to arrive at an average income
level. Monthly salary levels for these sectors are likely to range between
as low as $1,000 and as high as $10,000 (or even more, in the case of
businessmen running their own firm).

However, given the very high educational and professional qualifications of
the olim, we can make the following very crude generalization: given that
the average pre-tax wage in the Israeli economy is currently some NIS 7,000
per month, the average income of the olim will surely be not less than
double that level, or NIS 14,000.

This figure has to be further adjusted, first to take account of the actual
cost of employment, which is generally some 30-40% higher than the pre-tax
salary paid, due to national insurance, health tax and other "social
payments" (severance pay etc.). The actual cost to the employer is therefore
likely to be some NIS 19,000. But the average income of all the olim has to
take account of those olim not in the labor force or temporarily unemployed,
which currently number some 24% of the 2002 and 2003 arrivals. We therefore
arrive at an average monthly income of NIS 14,400, or some $3,300 at current
exchange rates.

Using this figure (which is almost certainly understated) as our starting
point, we calculate that the average economic contribution of the Nefesh B'
Nefesh adult olim is some $40,000 per annum. However, for each adult oleh in
the 2002/3 cohort, there were 0.66 children, so that the gross product per
capita of the entire cohort must be reduced to approximately $24,000.

This datum should be compared to the GDP per capita of the entire Israeli
population - i.e. the country's gross product, divided by the number of
inhabitants - which is approximately $16 -17,000. This comparison provides a
useful cross-check on the foregoing calculation, since an assumption that
the per capita product of the olim is only 50% higher than that of the
overall population may be considered extremely conservative.

Nevertheless, using this assumption leads to the following conclusions:

1. the economic contribution of the average oleh is $24,000 per annum, or
almost $1/4 million over ten years.

2. the average oleh family, which contains two adults and (almost) two
children, registers an economic contribution approaching $1 million in its
first ten years in the country.

3. thereafter, as the children move past high school and army, they begin to
register their own contribution, while the output of the parents becomes
more valuable, so that the overall family output increases significantly.

These data regarding the economic contribution of individual olim and oleh
families should be compared to the cost of facilitating their aliyah, which
is usually measured in thousands or, at most, a few tens of thousands of
dollars.

d. Tax contribution

An alternative way of viewing the oleh's contribution to the country is via
the tax revenue he generates. Given the many taxes with which Israeli
citizens are blessed, this tax revenue will take many forms. However, for
the sake of simplicity, we will relate solely to income tax on earned
income, noting in passing that the oleh will also pay national insurance and
health tax on his earned income, as well as income tax on interest,
dividends and other unearned income, both in Israel and overseas. For this
reason, we ignore the fact that olim receive specific income tax benefits,
on both earned and unearned income, primarily in their first years in the
country.

Taking as our yardstick an average salary level of NIS 14,000 per month, and
using current (2004) tax rates and standard tax relief ("credit points"), we
estimate that the average employed adult oleh would pay some NIS 25,000 -
NIS 30,000 per annum of income tax (roughly $6-7,000). These tax revenues
fund the government budget, including defense, welfare, education, debt
repayment etc.

B. Consumption

In economic terms, an individual's production (i.e. his income) and his
expenditure are two sides of the same coin. In the same way as a country's
Gross Domestic Product can be calculated either from the production/ supply
side or the consumption/ demand side, so to can that of the individual
household. Therefore the economic contribution of olim via their expenditure
is, at least theoretically, identical to their contribution via their
production. Since the latter is easier to estimate, we have used that
approach.

Nevertheless, it is worth relating to the data provided by the Nefesh B'
Nefesh olim regarding their purchase of "big-ticket items", because of the
evidence it provides regarding their absorption. Overall, this evidence
strongly corroborates the findings of the employment data and, indeed, these
expenditure items are highly correlated to the employment picture: the
decision to purchase an apartment, and often the purchase of a car, stem
from the sense of security provided by having steady employment and the
feeling of becoming integrated into the labor force.

a. Apartment purchases

Data provided by Nefesh B'Nefesh olim in response to surveys show that these
olim move very quickly from the initial stage of absorption, wherein they
rent homes, to acquiring their own homes. The data regarding the attitudes,
plans and, in many cases, the actions of these olim, are summarized in Chart
7.

Chart 7: Attitudes of 2002-2004 Nefesh B'Nefesh olim regarding buying a home

Percentages of households, by purchase decision/intentions
2002 olim
Already purchased 51% Within 2 years 16% 5 years 22% Not planning 11%

2003 olim
Already purchased 25% Within 2 years 31% 5 years 30% Not planning 14%

2004 olim
Already purchased 21% Within 2 years 27% 5 years 35% Not planning 16%
Source: Nefesh B'Nefesh survey responses

As with other data provided by these olim, the figures relating to purchases
of homes must be considered remarkable, both in absolute terms and relative
to other groups of olim in recent years. The very high percentage of actual
purchases and the large additional group planning to buy homes within two
years, are strong evidence that these olim have succeeded in rapidly
resettling. They clearly feel confident enough about their prospects of
staying in Israel and, especially, about their ability to generate income
levels that are both reasonably secure and also high enough to cover the
monthly payments on the mortgage most of them will have taken to finance the
acquisition of their new home.

It is worth mentioning that many of the Nefesh B'Nefesh olim did not own
homes in the US prior to their aliyah. This was a deliberate decision to
avoid putting down roots in the US and instead to focus their efforts on
preparing themselves for aliyah. On the other hand, it may be assumed that
those who did (or still do) own homes in the US, and have therefore
benefited from the strong rise in real-estate prices in recent years, feel
in a better position, at least financially, to make large and long-term
commitments in Israel. Nevertheless, the key factor in any decision to buy a
home in Israel, even for olim with real-estate assets in the US, is likely
to be the degree of integration into the Israeli labor market that they feel
they have achieved.

With regard to the specific data emerging from the survey, the fact that
over half of the 2002 olim had already bought homes by late 2004 is
remarkable, and can only be explained by the data cited above regarding
employment levels. The level of home purchases achieved by 2003 olim is also
very high, but it is eclipsed by that of the 2004 olim, 20% of whom
purchased homes within a few months of their arrival.

It seems fair to relate to the intention to purchase a home "within two
years" as a serious declaration of intent which, if the 2002 data are
anything to go by, is likely to be realized. Even the large group who stated
that they were planning to buy "within five years" may be seen as having a
serious general intent to settle down in Israel, although they seem less
certain when that will be. In many cases, this reflects the fact that they
are students or singles, whose vagueness regarding settling down is not
necessarily a reflection of their confidence about staying in Israel.

Another insight into the rapid absorption of the olim may be derived from
the data regarding car purchases, summarized in Charts 8 and 9. These show,
first that some two-thirds of the olim households purchased a car in their
first year in the country. The fact that the proportion is the same for both
2002 and 2003 olim shows that the purchase is generally made in the first
year after aliyah, and this is supported by the fact that 37% of 2004 olim
had already bought a car - within 3-6 months of their arrival.

It may be argued that a car is regarded as such a necessity that olim feel
they cannot do without one - so that, despite the high price of cars
relative to the US (and even after accounting for tax benefits that olim
have in this respect), this purchase is made at the earliest possible
opportunity.

However, the data in Chart 9 show even among the minority of 2002 olim who
had not bought a car after one, or even two years in the country, most of
them intend to do so. Only 7% of all 2002 olim households declared that they
did not intend to buy a car, and they represent some 30% of those who had
not yet done so. Interestingly, a much higher proportion of 2003 olim felt
unable or unwilling to declare this intent after a year in Israel. It is
likely that there is a strong correlation between this group and the
"unemployed" and not seeking work" categories examined above in the context
of labor market integration.

Chart 8: 2002-2004 olim purchasing cars in Israel
Percentages of households, by year of aliyah
2002 olim
Already purchased 67% Within 2 years 2% Next year 13% Not planning 7% 5
years 11%

2003 olim
Already purchased 69% Within 2 years 3% Next year 1% Not planning 16% 5
years 11%

2004 olim
Already purchased 37% Within 2 years 5% Next year 18% Not planning 22% 5
years 19%
Source: Nefesh B'Nefesh survey responses

In terms of their contribution to the Israeli economy, olim's purchases of
"big-ticket" items are significant primarily because of the large tax
component of both apartments and cars. This is more prominent in the context
of cars, where the bulk of the price to consumers is comprised of taxes
although, as noted olim receive benefits, primarily the waiving of VAT. Even
so, an oleh family buying a (modest) new car will be paying at least $10,000
to the Treasury, and considerably more if the car is an MPV or an SUV.

Apartment prices, too, contain a hefty tax component which can reach 40-50%
of the toal cost. This includes tax paid on the purchase of the land from
the Israel Lands Authority, on raw materials and inputs used in building
and, at the last stage, VAT on the retail price of the apartment. All of
these are passed on to the purchaser, so that ultimately he is the one who
pays them. In any event, an oleh fanily spending $150,000 on an apartment
can be assumed to be "contributing" some $50,000 to the government, via its
various ministries and agencies.

However, after stripping out the tax component, the actual purchase of a car
represents primarily a "contribution" to the country of manufacture (usually
Japan), whereas the purchase of an apartment is primarily a transaction
conducted in the domestic market. Even here, however, much of the labor
costs end up being transmitted back to the countries of the foreign workers
employed in the construction sector, or to the Palestinian economy, whence
other workers are drawn.

C. Children

a. Consumption patterns

In light of the findings showing that the average oleh family arrives with
approximately two children, has high income and expenditure patterns and a
very high educational level, it may safely be assumed that these olim will
devote considerable resources to their children.

The primary expenditures on children will be in the form of services -
education, including extra-curricular activities, counseling etc.; health
(in the widest sense); leisure and entertainment. Most of this expenditure
will be on locally-produced goods and services and will represent a direct
contribution to the local economy.

If we make the very conservative assumption that this spending amounts to
$1,500 per child per year, and take into account the low average age of the
oleh children on arrival (see above), we may conclude that each oleh family
will generate demand for services worth at least $30,000 ($3,000 per family
over 10 years).

This amount represents an incremental contribution to the Israeli economy,
over and above the oleh's direct contribution stemming from his productive
output.

b. Number of children

One of the key findings arising from the aliyah figures is the fact that the
average number of children per oleh family is slightly less than two. This
is perhaps somewhat surprising, given the average age of the married olim
(which is presumably higher than the 35-year average age of all the adult
olim). On the other hand, given the high socio-economic category of the olim
and their intense commitment to both education and career, this number may
be seen as typical of a group of this nature.

However, data regarding aliyah generally, including the massive "Russian
aliyah" of the 1990's, demonstrate clearly that oleh families from developed
economies that achieve a successful absorption, in terms of jobs and
housing, tend to have larger families than their peers in their countries of
origin. Given the data showing a very successful pattern of absorption of
Nefesh B'Nefesh olim groups, it is entirely reasonable to expect these
families to have more children. This is especially so since most of the
families are settling down in communities with relatively high average
numbers of children per family.

We may therefore expect the olim families to expand over the next few years.
These additional children will, in themselves, represent a further
contribution to Israel. In a narrower and more immediate sense, they will
boost their parents' spending on the services noted above and, consequently,
raise the contribution of the oleh family to the economy made via
expenditure on locally-produced services for children.

D. Spin-offs

In addition to the main contribution of the olim to the economy, via their
work, and their contribution via their children and the expenditure these
children generate, the olim are likely to generate indirect contributions
from several other sources.

e. Family visits

Many of the olim are young couples or singles who, almost by definition,
have left behind parents, siblings and friends in the US. These family and
friends are now more likely to visit Israel or, if they were already among
the relatively narrow segment of US Jewry that visits Israel, they are
likely to do so more often in the future. Even in the event that they choose
not to visit more frequently than previously, they will certainly spend more
money during their visits.

The value of this extra spending is difficult to estimate. It depends, inter
alia, on whom the visitor is (parents spend more than friends) and whom the
visitee is (grandchildren elicit more spending than student children). In
terms of the Israeli economy, it matters greatly how many of the visitors
fly El Al, and whether they stay at hotels and/or indulge in other leisure
activities during their visit.

However, we can make some simple and conservative assumptions. If each oleh
household generates two additional visitors per annum (i.e. that would not
have been made had the olim in question not been in Israel), at least one of
whom flies El Al, and they spend (on hotels, restaurants, touring,
entertainment etc.) at least $500 each, and this pattern holds over 10
years, then the oleh household has created an additional "contribution" of
some $18,000. If we further assume that in this ten-year period, the oleh
household makes two family celebrations (bar- or bat-mitzvah, or wedding),
then we may reasonably add an additional $15,000 for each such "event".

Thus, by its mere presence in Israel, the oleh household has generated
almost $50,000 of additional "business" for "Israel Inc.", over and above
its own direct contribution. We would add that the economic value of this
kind of spending by visitors is particularly high, because almost all of the
money spent remains in the Israeli economy - and generates mostly
lower-income jobs, in tourism, hotels, restaurants, retail outlets etc.

f. Knowledge transfer

We have noted that part of the contribution of the oleh is the professional
knowledge and experience that he brings with him. This asset is a key
element in the oleh's own contribution to the economy, through his output in
his work, whatever that may be.

However, in most instances, this knowledge is a "public good", in that the
oleh can transfer it to others without losing any of its value himself.
Doctors and health professionals generally are an excellent example of this
process, but it exists in many spheres.

If, therefore, we have crudely estimated the value (on arrival in Israel) of
the average oleh's store of professional knowledge and experience at
$60,000, it may be conservatively suggested that he succeeds in passing on
at least an equivalent amount of value to his colleagues, employees etc., in
the course of his working career. More probably, the value of the knowledge
transfer is a multiple of the initial value, but even this highly
conservative approach results in the addition of a further indirect
contribution, worth $60,000 per adult oleh, to the Israeli economy.

g. Work ethic

The data cited above, as well as numerous other data and a vast amount of
anecdotal evidence, confirm that American olim have a generally high work
ethic - in every sense of that term. This fact is well-recognised by
employers and is a primary reason why these olim are sought-after and valued
as employees, partners, and stakeholders in business activities.

This work ethic often suffers erosion over the years, but it also "rubs off"
on others. How great this influence is and how lasting it proves is
impossible to ascertain. However, a very simple example will serve to
illustrate its value to employers, and hence to the economy as a whole.

Let us assume that an oleh is in a workplace environment in which he has
close contact with ten other people. Let us further assume that his higher
work ethic "rubs off" to the extent that the productivity of these ten
people is increased by 2%. Assuming these ten employees earn the average
wage of NIS 7,000 per month, their total annual wage bill is NIS 840,000.
The incremental productivity, generated indirectly by the oleh without any
extra action on his part, is therefore worth NIS 16,800 per annum, and thus
over ten years NIS 168,000 - or more than $38,000.

E. Non-monetary inputs

Finally, in terms of the contribution of olim, are items that are entirely
non-monetary, although they have economic and financial implications.

c. Encouragement of aliyah

Aliyah is infectious -- the more there is of it in a given community, the
more there is likely to be. Consequently, all olim act as role models for
other potential olim, even if the olim themselves are unaware of this and
don't know the potential olim. In the same way as failed olim, who have a
hard time settling down in Israel and eventually return to their country of
origin, become negative role models by default, so successful olim who
achieve a quick and smooth absorption into Israeli life serve as positive
ones.

Given the amazing success of the Nefesh B'Nefesh olim in the absorption
process - as evidenced in the data cited in earlier sections of this paper -
there can be no doubt that many other American Jews, who may have toyed with
the idea of aliyah with a greater or lesser degree of seriousness, will draw
considerable encouragement.

Whilst it is impossible to quantify the weight of this influence in future
aliyah decisions by families and singles across the United States and
Canada, it is impossible to deny its existence. And the more the record of
success is extended, the greater its impact on the thinking of others will
be. Nothing succeeds like success - especially in the US.

d. Strengthening of Israel-Diaspora links

By the same token, the successful absorption of growing numbers of US olim
in Israel will have a cumulative impact on the links between Israel and the
Diaspora as a whole, and the American Jewish community in particular. These
links are widely perceived as having weakened in recent years, as
differences in culture, perception, emphases - and the basic facts of
geography - gradually erode common values and old bonds.

The development of a thriving American oleh community in Israel is the most
effective antidote to this process of erosion. The variegated forms of
intensified interaction that this community will create with its former
home, family, friends, communities, schools and colleges, etc., are one of
the most important of the wider implications of the success of Nefesh B'
Nefesh and its activities - even if it cannot be measured in dollars and
cents.

Conclusions

1. On the basis of all the data available and using very conservative
assumptions, North American immigrants who made aliyah over the past 2-3
years under the auspices of Nefesh B'Nefesh, represent an extremely valuable
resource to the Israeli economy and represent, on a per capita basis, the
group with the greatest potential economic contribution in the history of
Israeli aliyah.

2. The average level of education among the olim is extremely high.
Almost all completed high-school, over half (55%) have a first degree, over
one-quarter (27%) a second degree and a significant number (7%) a third
degree. We have assessed the average value of this education at some $87,500
per adult oleh.

3. The adult olim arrived with a significant amount of practical
experience and know-how. The estimated value of this transfer of know-how
and experience at $60,000 per adult oleh.

4. The average oleh has financial assets on arrival of more than
$76,000; we estimate that, after making allowances for short-term
obligations and the need for a cash reserve, the average adult oleh has in
excess of $50,000 available for spending in Israel.

5. Summarising the above, the value to the Israeli economy of the
average Nefesh B'Nefesh oleh, on arrival in Israel, is close to $200,000.
This figure represents a one-time unilateral transfer from the US economy to
the Israeli economy.

6. The level of labor force participation among the olim is very high -
in the area of 90% of the adult oleh population, with most of the olim
obtaining employment in their professional fields.

7. The unemployment rate among Nefesh B'Nefesh olim has fallen almost
to the national average within two years of aliyah - an unprecedented
achievement.

8. The average adult oleh will produce goods and services worth $40,000
per annum over the first ten years following aliyah.

9. The estimated per capita production of the entire Nefesh B'Nefesh
oleh population (including children) is $24,000 per annum - considerably
higher than overall Israeli GDP per capita. Consequently, the average Nefesh
B'Nefesh oleh family will generate output worth almost $1 million, in the
course of its first ten years in the country.

10. Over 50% of the olim households who arrived in 2002 had purchased
apartments by late 2004, while some 20% of 2004 arrivals had bought a home
within 3-9 months of their arrival.

11. Average extra spending in the Israeli economy by visitors to oleh
families will approach $50,000 per family over the first ten years
following aliyah.

12. Knowledge transfer by olim is estimated to reach $60,000 per adult oleh
over his or her working lifetime.