---

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Exhibit 1.1

# NOVA MEASURING
INSTRUMENTS LTD.

# AMENDED AND RESTATED
ARTICLES OF ASSOCIATION

# Adopted September 25, 2008



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# TABLE OF CONTENTS

|                                                      |   
|----------------------------------------------------- | --
|INTERPRETATION                                        | 1 
|NAME OF THE COMPANY                                   | 2 
|PURPOSE                                               | 2 
|PUBLIC COMPANY                                        | 2 
|                                                     
|LIMITED LIABILITY                                     | 2 
|                                                     
|CAPITAL, SHARES AND RIGHTS                            | 2 
|                                                     
|SHARE CERTIFICATES                                    | 3 
|                                                     
|REGISTERED HOLDER                                     | 3 
|                                                     
|TRANSFER OF SHARES                                    | 3 
|                                                     
|TRANSMISSION OF SHARES                                | 4 
|                                                     
|ALTERATIONS OF THE REGISTERED CAPITAL                 | 4 
|                                                     
|MODIFICATION OF CLASS RIGHTS                          | 5 
|                                                     
|BORROWING POWERS                                      | 5 
|                                                     
|GENERAL MEETINGS                                      | 5 
|                                                     
|Notice of General Meetings                            | 6 
|                                                     
|PROCEEDINGS AT GENERAL MEETINGS                       | 6 
|                                                     
|Quorum                                                | 6 
|                                                     
|Chairman of the General Meeting                       | 6 
|                                                     
|VOTE OF SHAREHOLDERS                                  | 6 
|                                                     
|DIRECTORS                                             | 7 
|                                                     
|Powers, Number of Directors, Composition & Election   | 7 
|                                                     
|Remuneration                                          | 8 
|                                                     
|Chairman of the Board                                 | 8 
|                                                     
|PROCEEDINGS OF THE DIRECTORS                          | 8 
|                                                     
|Quorum                                                | 8 
|                                                     
|Methods of Attending Meetings                         | 8 
|                                                     
|Alternate Director                                    | 9 
|                                                     
|Committees                                            | 9 
|                                                     
|Approval of Certain Transactions with Related Parties | 9 
|                                                     
|Records & Validity of Acts                            | 9 
|                                                     
|Chief Executive Officer                               | 10
|                                                     
|INSURANCE, EXCULPATION, AND INDEMNITY                 | 10
|                                                     
|Insurance of Office Holders                           | 10
|                                                     
|Indemnity of Office Holders                           | 10
|                                                     
|Advance Indemnity                                     | 11
|                                                     
|Retroactive Indemnity                                 | 11
|                                                     
|Exculpation                                           | 11
|                                                     



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|                                               |   
|---------------------------------------------- | --
|Insurance, Exculpation and Indemnity - General | 11
|                                              
|APPOINTMENT OF AN AUDITOR                      | 11
|                                              
|INTERNAL AUDITOR                               | 11
|                                              
|MERGER AND REORGANIZATION                      | 12
|                                              
|SIGNATORIES                                    | 12
|                                              
|DISTRIBUTIONS                                  | 12
|                                              
|REDEEMABLE SECURITIES                          | 12
|                                              
|DONATIONS                                      | 12
|                                              
|NOTICES                                        | 12



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# AMENDED AND RESTATED
ARTICLES OF ASSOCIATIONofNOVA MEASURING
INSTRUMENTS LTD.

# INTERPRETATION

|1. | In these Articles the following terms shall bear the meanings set opposite to
          them, unless inconsistent with the subject or context:
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------

| |                              |                                                                        
| | ---------------------------- | -----------------------------------------------------------------------
| | T E R M S                    | M E A N I N G S                                                        
|
| | Articles                     | These Amended and Restated Articles of Association as may be amended   
| |                              | from time to time.                                                     
|
| | Auditor                      | As defined under the Law.                                              
|
| | Board                        | The Board of Directors of the Company.                                 
|
| | CEO                          | Chief Executive Officer, also referred to under the Law as the general 
| |                              | manager.                                                               
|
| | Class Meeting                | A meeting of the holders of a class of shares.                         
|
| | Chairman                     | Chairman of the Board.                                                 
|
| | Company                      | Nova Measuring Instruments Ltd.                                        
|
| | Companies Regulations        | All regulations promulgated from time to time under the Companies Law. 
|
| | Distribution                 | As defined under the Law.                                              
|
| | External Director            | As defined under the Law.                                              
|
| | The Law or the Companies Law | The Israeli Companies Law, 5759 - 1999 and the Companies Regulations.  
|
| | NIS                          | New Israeli Shekel                                                     
|
| | The Office                   | The registered office of the Company as may be re-located from time to 
| |                              | time.                                                                  
|
| | Office Holder                | As defined under the Law.                                              
|
| | Ordinary Shares              | The Company's Ordinary Shares, NIS 0.01 par value each.                
|
| | Register                     | Shareholders Register maintained by or on behalf of the Company.       
|
| | Shareholder                  | As defined under the Law.                                              
|
| | Simple Majority              | A majority of more than fifty percent (50%) of the votes cast by those 
| |                              | Shareholders present and voting, not taking into consideration         
| |                              | abstaining votes.                                                      
|
| | The Statutes                 | The Law, the Israeli Companies Ordinance (New Version) 1983,           
| |                              | the Securities Law, 5738  1968 (the Securities Law) and all         
| |                              | applicable laws and regulations applicable in any relevant jurisdiction
| |                              | (including without limitation U.S. Federal laws and regulations),      
| |                              | and rules of any stock market in which the Companys shares            
| |                              | are registered for trading as shall be in force from time to time and  
| |                              | to the extent applicable to the Company.                               

| | Except
as otherwise provided above or elsewhere under these Articles, any word or expression
mentioned herein shall have the meaning ascribed to them under the Law, and if not
applicable, the meaning ascribed to them under the Companies Regulations, and if not
applicable, the meaning ascribed to them under the Securities Law, and if not applicable,
the meaning ascribed to them under the Securities Regulations promulgated under the
Securities Law (herein the Securities Regulations), and if not applicable, the
meaning ascribed to them under any other applicable law  in all cases if the meaning
set forth therein does not contradict the purpose or the context of the relevant
provision.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Page 1 of 13



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|2. | Words importing the singular shall include the plural, and vice-versa. Words
          importing the masculine gender shall include the feminine gender; and words
          importing persons shall include corporate bodies.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Any
provision or part thereof of these Articles, prohibited by applicable law, shall be
ineffective, without invalidating any other part of these Articles.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------

| | Articles
3,4,5,6 and 7 of these Articles shall be deemed to be the Memorandum of Association of the
Company.
| | ------------------------------------------------------------------------------------------------------------

# NAME OF THE COMPANY

|3. | The
name of the Company is Nova Measuring Instruments Ltd.
|-- | ----------------------------------------------------------

# PURPOSE

|4. | The
purposes of the Company shall be to engage in the types of pursuits           specified
below:
|-- | --------------------------------------------------------------------------------------------------

| | 4.1. | To
invent, design, plan, develop, manufacture, market and trade in the field of
          measuring instruments in electronics, micro-electronics, medicine, chemistry,
          metallurgy, ceramics, and any other field.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4.2. | To
initiate, participate, manage, execute, import and export any kind of project
          within the boarders of the State of Israel and/or outside Israel.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4.3. | To
register patents, trademarks, trade names, intellectual property rights
          marketing rights and any other right of any kind whatsoever, both in Israel and
          abroad.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4.4. | To
engage in any legal activity, both in Israel and abroad.
| | ---- | -----------------------------------------------------------

All
purposes above shall be in addition to one another and none shall derogate from the other.

# PUBLIC COMPANY

|5. | The
Company is a public company pursuant to the Companies Law.
|-- | --------------------------------------------------------------

# LIMITED LIABILITY

|6. | The
liability of each Shareholder for the Companys debts is limited to the
          full payment of the original issue price of the shares first allotted to such
          Shareholder or his predecessors. Once such price is paid by the original owner
          of shares, there is no further liability of the holder and such holders
          transferees for the Companys debts.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# CAPITAL, SHARES AND
RIGHTS

|7. | The
registered share capital of the Company is NIS 400,000 (four hundred           thousand
New Israeli Shekels) divided into 40,000,000 (forty million) Ordinary           Shares of
par value NIS 0.01 each.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|8. | All
issued and outstanding shares of the Company of the same class are of equal
          rights between them for all intents and purposes concerning the rights set
forth           below.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|9. | Each
issued Ordinary Share entitles its holder to the rights as described below:
|-- | --------------------------------------------------------------------------------

| | 9.1. | The
equal right to participate in and vote at the Companys general           meetings,
whether ordinary meetings or special meetings, and each of the shares           in the
Company shall entitle the holder thereof, who is present at the meeting           and
participating in the vote, whether in person, or by proxy, to one vote.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 9.2. | The
equal right to participate in any Distribution.
| | ---- | ---------------------------------------------------

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| | 9.3. | The
equal right to participate in the distribution of assets available for
          distribution in the event of liquidation of the Company.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------

|10. | If
two or more persons are registered as joint holders of any shares, any one of
          such persons may give effectual receipts for any dividend or other monies in
          respect of such share and his or her confirmation will bind all holders of such
          share.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|11. | Any
payment for a share shall be initially credited against the par value of           said
share and any excess amount shall be credited as a premium for said share,
          unless determined otherwise in the conditions of the allocation.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|12. | A
Shareholder shall not be entitled to rights as a Shareholder, including the
          right to dividends, unless said Shareholder fully paid all sums in accordance
          with the conditions of the allocation, including interest, linkage and
expenses,           if any, and all unless otherwise determined in the conditions of the
allocation.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# SHARE CERTIFICATES

|13. | A
shareholder who is registered in the Register is entitled to receive from the
          Company, without payment and at such shareholders request, within a
period           of three months after the allocation or registration of the transfer,
one share           certificate with respect to all the shares registered in his name,
which shall           specify the aggregate number of the shares held by such
shareholder. In the           event of a jointly held share, the Company shall issue one
share certificate for           all the joint holders of the share, and the delivery of
such certificate to one           of the joint holders shall be deemed to be delivery to
all of them. Every           certificate shall bear the Companys seal or a
facsimile copy thereof and           be signed by two Office Holders of the Company, or
one director and the           Companys secretary or by any other person appointed
by the Board for such           purpose.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|14. | The
Company may issue a new certificate in lieu ofa certificate that was
          issued and was lost, defaced, or destroyed, on the basis of such proof and
          guarantees as the Company may require, and after payment of an amount that
shall           be prescribed by the Company, and the Company may also replace existing
          certificates with new certificates, free of charge, subject to such conditions
          as the Company shall stipulate.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# REGISTERED HOLDER

|15. | Except
as otherwise provided in these Articles, the Company shall be entitled to           treat
the registered holder of any share as the absolute owner thereof, and,
          accordingly, shall not, except as ordered by a court of competent jurisdiction,
          or as required by statute, be bound to recognize any equitable or other claim
          to, or interest in such share on the part of any other person.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|16. | To
the extent required by the Law a trustee must inform the Company of the fact
          that such trustee is holding shares of the Company in trust for another person
          at such time as may be required by the Law. The Company shall register that
fact           in the Register in respect of such shares. The trustee shall be deemed to
be the           sole holder of said shares.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# TRANSFER OF SHARES

|17. | Subject
to the Statutes, and subject to any applicable agreements or           undertakings of
any specific shareholder, the shares shall be freely           transferable.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|18. | Transfer
of registered shares shall be made in writing or any other manner, in a           form
specified by the Board or the transfer agent appointed by the Company, and           such
transfer form should be signed by both the transferee and the transferor           and
delivered to the Office or to such transfer agent, together with the
          certificates of the shares due to be transferred, if such certificates have
been           issued. The transferee shall be deemed to be the shareholder with respect
to the           transferred shares only from the date of registration of his name in the
          Register.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Page 3 of 13



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|19. | The
Board may close the Register and suspend the registration of transfers for           such
period of time as the Board shall deem fit, provided that the period of           closure
of any such book shall not exceed 30 days each year. The Company shall           notify
the shareholders of such decision.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# TRANSMISSION OF SHARES

|20. | In
the case of the death, liquidation, bankruptcy, dissolution, winding-up or a
          similar occurrence of a Shareholder, the legal successors of such Shareholder
          shall be the only persons recognized by the Company as having any title to such
          shares, but nothing herein contained shall release the estate of the
predecessor           from any liability in respect of such shares.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|21. | The
legal successors may, upon producing such evidence of title as the Board           shall
require, be registered themselves as holders of the shares, or subject to           the
provisions as to transfers herein contained, transfer the same to some other
          person.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# ALTERATIONS OF THE
REGISTERED CAPITAL

|22. | (a)  Subject to the Statutes, a general meeting of shareholders may from time to
          time resolve to:
|--- | -----------------------------------------------------------------------------------------------------------

| | (1) | Alter
or add classes of shares that shall constitute the Companys
               authorized capital, including shares with preference rights, deferred
rights,                conversion rights or any other special rights or limitations.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (2) | Increase
the Companys registered share capital by creating new shares                either
of an existing class or of a new class.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------

| | (3) | Consolidate
and/or split all or any of its share capital into shares of larger                or
smaller par value than the existing shares.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------

| | (4) | Cancel
any registered shares not yet allocated, provided that the Company has
               made no commitment to allocate such shares.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------

| | (5) | Reduce
the Companys share capital and any reserved fund for redemption of
          capital.
| | --- | ---------------------------------------------------------------------------------------------

| | (b)
 In executing any resolution adopted according to Article 22(a) above, the Board
                    may, at its discretion, resolve any related issues.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c)
 If as a result of a consolidation or split of shares authorized under these
                    Articles, fractions of a Share will stand to the credit of any
Shareholder, the                     Board is authorized at its discretion, to act as
follows:
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (1) | Determine
that fractions of shares that do not entitle their owners to a whole
               Share, will be sold by the Company and that the consideration for the sale
be                paid to the beneficiaries, on terms the Board may determine;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (2) | Allot
to every Shareholder, who holds a fraction of a Share resulting from a
          consolidation and/or split, shares of the class that existed prior to the
          consolidation and/or split, in a quantity that, when consolidated with the
          fraction, will constitute a whole Share, and such allotment will be considered
          valid immediately prior to the consolidation or split;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (3) | Determine
the manner for paying the amounts to be paid for shares allotted in           accordance
with Article 22(c)(2) above, including on account of bonus shares;           and/or
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (4) | Determine
that the owners of fractions of shares will not be entitled to receive           a whole
Share in respect of a Share fraction or that they may receive a whole           Share
with a different par value than that of the fraction of a Share.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|23. | Except
as otherwise provided by or pursuant to these Articles or by the           conditions of
issue, any new share capital shall be considered as part of the           original share
capital, and shall be subject to the same provisions of these           Articles with
reference to payment of calls, lien, transfer, transmission,           forfeiture and
otherwise, which applies to the original share capital.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Page 4 of 13



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# MODIFICATION OF CLASS
RIGHTS

|24. | If
at any time the share capital is divided into different classes of shares,           any
change to the rights and privileges of the holders of any such class of           shares
shall require the approval of a Class Meeting of such class of shares by           a
Simple Majority (unless otherwise provided by the Statutes or by the terms of
          issue of the shares of that class).
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|25. | The
rights and privileges of the holders of any class of shares shall not be           deemed
to have been altered by creating or issuing shares of any class,           including a
new class (unless otherwise provided by the terms of issue of the           shares of
that class).
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# BORROWING POWERS

|26. | The
Company may, by resolution of the Board, from time to time, raise or borrow           or
secure the payment of any sum or sums of money for the purposes of the           Company.
The Company, by resolution of the Board, may also raise or secure the           payment
or repayment of such sum or sums in such manner and upon such terms and
          conditions in all respects as it deems fit, and in particular by the issue of
          debentures or debenture stock of the Company charged upon all or any part of
the           property of the Company (both present and future) including its unissued
and/or           its uncalled capital for the time being. Issuance of any series of
debentures           shall require Board approval.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# GENERAL MEETINGS

|27. | Annual
general meetings shall be held at least once a calendar year, at such           place and
time as determined by the Board, but not later than fifteen (15)           months after
the last annual general meeting. Such general meetings shall be           called Annual
Meetings and all other general meetings of the Company           shall be called
Special Meetings. The Annual Meeting shall review           the Companys
financial statements and shall transact any other business           required pursuant to
these Articles or to the Law, and any other matter as shall           be determined by
the Board.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|28. | The
Board may convene a Special Meeting by its resolution, and is required to
          convene a Special Meeting should it receive a request, in writing, from a
person           or persons entitled, under the Companies Law, to request such meeting.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Any
request for convening a meeting must specify the purposes for which the meeting is to be
called, shall be signed by the persons requesting the meeting, and shall be delivered to
the Companys registered offices.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|29. | In addition, subject to the Law, the Board may accept a request of a shareholder
          holding not less than 1% of the voting rights at the general meeting to include
          a subject in the agenda of a general meeting, provided that such subject is a
          proper subject for action by shareholders under the Law and these Articles and
          only if the request also sets forth: (a) the name and address of the Shareholder
          making the request; (b) a representation that the Shareholder is a holder of
          record of shares of the Company, holding not less than 1% of the voting rights
          at the general meeting and intends to appear in person or by proxy at the
          meeting; (c) a description of all arrangements or understandings between the
          Shareholder and any other person or persons (naming such person or persons) in
          connection with the subject which is requested to be included in the agenda; and
          (d) a declaration that all the information that is required under the Law and
          any other applicable law to be provided to the Company in connection with such
          subject, if any, has been provided. In addition, if such subject includes a
          nomination to the Board in accordance with the Articles, the request shall also
          set forth the consent of each nominee to serve as a director of the Company if
          so elected and a declaration signed by each nominee declaring that there is no
          limitation under the Law for the appointment of such nominee. Furthermore, the
          Board, may, in its discretion to the extent it deems necessary, request that the
          Shareholders making the request provide additional information necessary so as
          to include a subject in the agenda of a general meeting, as the Board may
          reasonably require.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|30. | Subject to applicable law, the Board shall determine the agenda of any general
          meeting.
|--- | -------------------------------------------------------------------------------------------------

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| | Notice of General Meetings
| | --------------------------

|31. | Unless otherwise required by the Law and these Articles, the Company is not
          required to give notice under section 69 of the Companies Law.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------

# PROCEEDINGS AT GENERAL
MEETINGS

| | Quorum
| | ------

|32. | No
business shall be transacted at any general meeting of the Company unless a
          quorum of Shareholders is present at the opening of the Meeting.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------

| | Except
as provided in the following Article with regard to an adjourned Meeting, the quorum for
any general meeting shall be the presence of at least two Shareholders in person or by
proxy (including by voting deed) holding 33 ?% or more of the voting rights in the
Company. For this purpose, abstaining shareholders shall be deemed present at the
Meeting.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|33. | If
within half an hour from the time appointed for the holding of a general
          meeting a quorum is not present, the general meeting shall stand adjourned one
          day thereafter at the same time and place or to such other day, time and place
          as the Board may indicate in a notice to the Shareholders. At such adjourned
          Meeting any number of Shareholders shall constitute a quorum for the business
          for which the original Meeting was called.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Chairman of the General Meeting
| | -------------------------------

|34. | The
Chairman shall preside as the chairman at every general meeting, but if           there
shall be no such Chairman or if at any meeting the Chairman shall not be
          present within fifteen (15) minutes after the time appointed for holding the
          same, or shall be unwilling to act as chairman, then the Board members present
          at the meeting shall choose one of the Board members as chairman of the meeting
          and if they shall not do so then the Shareholders present shall choose a Board
          member, or if no Board member be present or if all the Board members present
          decline to take the chair, they shall choose any other person present to be
          chairman of the meeting.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|35. | The
chairman may, with the consent of a general meeting at which a quorum is
          present, and shall if so directed by the general meeting, adjourn any meeting,
          discussion or the resolution with respect to a matter that is on the agenda,
          from time to time and from place to place as the meeting shall determine.
Except           as may be required by the Law, no Shareholder shall be entitled to any
notice of           an adjournment or of the business to be transacted at an adjourned
meeting. No           business shall be transacted at any adjourned meeting other than
the business           which might have been transacted at the meeting from which the
adjournment took           place.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|36. | A
vote in respect of the election of the chairman of the meeting or regarding a
          resolution to adjourn the meeting shall be carried out immediately. All other
          matters shall be voted upon during the meeting at such time and order as
decided           by the chairman.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# VOTE OF SHAREHOLDERS

|37. | All
resolutions proposed at any general meeting will require a Simple Majority,
          unless otherwise required by the Statutes or these Articles. Except as
otherwise           required by the Statues or these Articles, alteration or amendment of
these           Articles shall require a Simple Majority.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|38. | A
declaration by the chairman of the meeting that a resolution has been carried,
          or has been carried unanimously or by a particular majority, or rejected, or
not           carried by a particular majority and an entry to that effect in the minutes
of           the meeting shall be prima facie evidence thereof.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|39. | The
chairman of the meeting will not have a second and/or a casting vote. If the
          vote is tied with regard to a certain proposed resolution such proposal shall
be           deemed rejected.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|40. | If
two or more persons are jointly entitled to a share, the vote of the senior           one
who tenders a vote, whether in person or by proxy, shall be accepted to the
          exclusion of the votes of the other registered holders of the share, and for
          this purpose seniority shall be determined by the order in which the names
stand           in the Register.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Page 6 of 13



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|41. | A
proxy need not be a Shareholder of the Company.
|--- | -------------------------------------------------

|42. | The
instrument appointing a proxy shall be in writing signed by the appointer or           of
his attorney-in-fact duly authorized in writing. A corporate entity shall           vote
by a representative duly appointed in writing by such entity.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Any
instrument appointing a proxy or a representative of a corporate entity (whether for a
specified meeting or otherwise) shall be in a form satisfactory to the Company.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|43. | Unless
otherwise determined by the Board, the instrument of appointment must be
          submitted to the Office no later than 48 hours prior to the first general
          meeting to be attended by such proxy or representative. The instrument of
          appointment shall automatically terminate and cease to be of any force or
affect           on the anniversary (12 months) of the date of the instrument of
appointment,           unless such instrument sets out a different expiry date.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|44. | A
proxy may be appointed in respect of only some of the shares held by a
          Shareholder, and a Shareholder may appoint more than one proxy, each empowered
          to vote by virtue of a portion of the shares.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|45. | A
Shareholder being of unsound mind or pronounced to be unfit to vote by a
          competent court of law may vote through a legally appointed guardian or any
          other representative appointed by a court of law to vote on behalf of such
          Shareholder.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|46. | A
Shareholder entitled to vote may signify in writing his approval of, or           dissent
from, or may abstain from any resolution included in a proxy instrument
          furnished by the Company. A proxy instrument may include resolutions pertaining
          to such issues which are permitted to be included in a proxy instrument
          according to the Statutes, and such other issues which the Board may decide, in
          a certain instance or in general, to allow voting through a proxy. A
Shareholder           voting through a proxy instrument shall be taken into account in
determining the           presence of a quorum as if such Shareholder is present at the
meeting.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|47. | The
chairman of the general meeting shall be responsible for recording the           minutes
of the general meeting and any resolution adopted.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------

|48. | The
provisions of these Articles relating to general meetings shall, mutatis
          mutandis, apply to Class Meetings.
|--- | -------------------------------------------------------------------------------------------------------------------------

# DIRECTORS

| | Powers, Number of Directors, Composition & Election
| | ---------------------------------------------------

|49. | The
Board shall have and execute all powers and/or responsibilities allocated to
          the Board by the Statutes and these Articles, including setting the
          Companys policies and supervision over the execution of the powers and
          responsibilities of the CEO. The Board may execute any power of the Company
that           is not specifically allocated by the Statutes or by these Articles to
another           organ of the Company.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|50. | The
number of directors on the Board shall be no less than five (5) but no more
          than nine (9) and shall include at least two External Directors.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------

|51. | The
directors of the Company shall be elected at each Annual Meeting by a Simple
          Majority and shall hold office until the end of the next Annual Meeting and so
          long as an Annual Meeting is not convened, unless their office is vacated prior
          thereto in accordance with the provisions of these Articles and the Law. This
          Article shall not apply to the election and tenure of External Directors, in
          respect of whom the provisions of the Law shall apply.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|52. | As
long as the number of directors serving on the Board is less than the maximal
          number of directors under Article 50, the Board can act to appoint directors to
          the Board of Directors.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Page 7 of 13



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|53. | Should
a director cease serving the remaining directors may continue to act,           provided
that their number shall be not less than the minimal number of           directors
mentioned under Article 50 above. In the event the number of directors           is less
than the minimal number, the directors can act to appoint directors so           the
number of directors in office shall be equal to or higher than the minimal
          number mentioned under Article 50 above or alternatively can act to call a
          Special Meeting to elect directors.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|54. | The
appointment of a director by the Board shall be in effect until the next           Annual
Meeting or until he or she shall cease serving in office pursuant to the
          provisions of these Articles.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|55. | The
term of office of a director shall commence on the date of such           directors
election by the general meeting or by the Board or on a later           date, should such
date be determined in the resolution of appointment of the           general meeting or
of the Board.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Remuneration
| | ------------

|56. | The
Company shall determine the remuneration of the directors, if any, in
          accordance with the Law.
|--- | ------------------------------------------------------------------------------------------------------------

| | Chairman of the Board
| | ---------------------

|57. | The
Board shall appoint one of its members to serve as the Chairman and may           replace
the Chairman from time to time. The Chairman shall preside at meetings           of the
Board, but if at any meeting the Chairman is not present within fifteen           (15)
minutes after the time appointed for holding the meeting, the present           directors
shall choose a present director to be chairman of such meeting.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# PROCEEDINGS OF THE
DIRECTORS

|58. | The
directors shall meet together for the dispatch of business, adjourn and
          otherwise regulate their meetings as they deem fit, subject to these Articles.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Unless
otherwise determined by the Board, written notice of any meeting of the Board and the
agenda setting out the matters to be discussed at such meeting, shall be given to all
directors at least seventy two (72) hours (or such shorter notice as all the directors
may agree) before the meeting. The directors may waive the necessity of such notice
either beforehand or retrospectively.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Quorum
| | ------

|59. | No
business shall be transacted at any meeting of the Board unless a quorum of
          directors is present when a meeting is called to order. A quorum shall be
deemed           to exist when there are present personally or represented by an
alternate           director at least half of the directors then in office.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | If
a quorum is not present at the meeting of the Board within half an hour after the time
scheduled for the meeting, the meeting may be adjourned to another time as shall be
decided by the Chairman, or in his absence, the directors present at the meeting,
provided that notice of twenty four (24) hours in advance shall be given to all the
directors of the time of the adjourned meeting. The quorum for the commencement of the
adjourned meeting shall be three members of the Board.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Methods
of Attending Meetings
| | -----------------------------

|60. | Some
or all of the directors may attend meetings of the Board through computer
          network, telephone or any other media of communication, enabling the directors
          to communicate with each other, in the deemed presence of all of them, provided
          that due prior notice detailing the time and manner of holding a given meeting
          is served upon all the directors. The directors may waive the necessity of such
          notice either beforehand or retrospectively.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Any
resolution adopted by the Board in such a meeting, pursuant to the provisions of these
Articles, will be recorded in writing and signed by the Chairman (or in his absence by
the chairman of the meeting), and shall be valid as if adopted at a meeting of the Board
duly convened and held.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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|61. | A
resolution in writing signed by all of the directors eligible to participate           in
the discussion and vote on such resolution, or in respect of which all such
          directors have agreed (in writing by mail, fax or electronic mail) not to
          convene, shall be as valid and effective for all purposes as if passed at a
          meeting of the Board duly convened and held.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Any
such resolution may consist of several counterparts, each signed by one or more
directors. Such resolution in writing shall be effective as of the last date appearing on
the resolution, or if the resolution is signed in two or more counterparts, as of the
last date appearing on the counterparts.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|62. | While
exercising his/her voting right, each director shall have one vote.           Resolutions
of the Board will be decided by a simple majority of the directors           present and
voting, not taking into consideration abstaining votes, except as           otherwise
provided in these Articles or by the Statutes. In the event the vote           is tied,
the Chairman of the Board shall not have a casting vote, and such           resolution
shall be deemed rejected.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Alternate
Director
| | ------------------

|63. | Subject
to the Law, a director shall be entitled at any time and from time to           time to
appoint in writing any person who is qualified to serve as a director,           to act
as his/her alternate and to terminate the appointment of such person. The
          appointment of an alternate director does not negate the responsibility of the
          appointing director and such responsibility shall continue to apply to such
          appointing director  taking into account the circumstances of the
          appointment.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Alternate
directors shall be entitled, while holding office, to receive notices of meetings of the
Board and to attend and vote as a director at any meetings at which the appointing
director is not present and generally to exercise all the powers, rights, duties and
authorities and to perform all functions of the appointing director.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
document appointing an alternate director must be submitted to the Chairman of the Board
at least 48 hours before the opening of the first Board meeting to be attended by such
alternate director.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Committees
| | ----------

|64. | The
Board may set up committees and appoint members to these committees subject           to
the Statutes. A resolution passed or an act done by such a committee pursuant
          to an authority granted to such committee by the Board shall be treated as a
          resolution passed or act done by the Board, unless expressly otherwise
          prescribed by the Board or the Statutes for a particular matter or in respect
of           a particular committee.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|65. | Meetings
of committees and proceedings thereat (including the convening of the           meetings,
the election of the chairman and the votes) shall be governed by the           provisions
herein contained for regulating the meetings and proceedings of the           Board so
far as the same are applicable thereto and unless otherwise determined           by the
Board, including by an adoption of a charter governing the committee
          proceedings.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Approval
of Certain Transactions with Related Parties
| | -----------------------------------------------------

|66. | Subject
to the Law, a transaction between the Company and an Office Holder,           including
transactions concerning compensation of non-director Office Holders,           and a
transaction between the Company and a third person in which an Office           Holder of
the Company has a personal interest, which is not an Extraordinary           Transaction
(as defined in the Law), will require only the approval of the Board           or a
committee authorized by the Board.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Records
& Validity of Acts
| | --------------------------

|67. | The
resolutions of the Board shall be recorded in the Companys Minutes           Book,
as required under the Statutes, signed by the Chairman or the chairman of           a
certain meeting. Such signed minutes shall be deemed prima facie          evidence
of the meeting and the resolutions resolved therein.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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|68. | All
acts done bona fide by any meeting of the Board or of a committee of the           Board
or by any person acting as a director, shall, notwithstanding it be           afterwards
discovered that there was some defect in the appointment of any such           director
or person acting as aforesaid, or that they or any of them were           disqualified,
be as valid as if every such person had been duly appointed and           was qualified
to be a director.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Chief Executive Officer
| | -----------------------

|69. | The
Board shall appoint at least one CEO, for such period and upon such terms as
          the Board deems fit.
|--- | ---------------------------------------------------------------------------------------------------------------

|70. | The
CEO shall have all managing and execution powers within the policies and
          guidelines set forth by the Board, and shall be under the supervision of the
          Board. The CEO may delegate any of his powers to his subordinates, subject to
          the approval of the Board.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# INSURANCE, EXCULPATION,
AND INDEMNITY

| | Insurance
of Office Holders
| | ---------------------------

|71. | The
Company may insure the liability of an Office Holder, to the fullest extent
                    permitted under the Statutes.
|--- | ---------------------------------------------------------------------------------------------------------------------------------

|72. | Without
derogating from the aforesaid, the Company may enter into a contract to
                    insure the liability of an officer therein for an obligation imposed
on him in                     consequence of an act done in his capacity as an Office
Holder, in any of the                     following cases:
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 72.1. | A
breach of the duty of care vis-a-vis the Company or vis-a-vis another person;
| | ----- | -------------------------------------------------------------------------------

| | 72.2. | A
breach of the fiduciary duty vis-a-vis the Company, provided that the Office
                    Holder acted in good faith and had a reasonable basis to believe that
the act                     would not harm the Company;
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 72.3. | A
monetary obligation imposed on him in favor of another person;
| | ----- | ----------------------------------------------------------------

| | 72.4. | Any
other matter in respect of which it is permitted or will be permitted under
                    applicable law to insure the liability of an Office Holder in the
Company.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Indemnity
of Office Holders
| | ---------------------------

|73. | The
Company may indemnify an Office Holder, to the fullest extent permitted
                    under the Statutes. Without derogating from the aforesaid, the
Company may                     indemnify an Office Holder for a liability or expense
imposed on him in                     consequence of an act done in his capacity as an
Office Holder in the Company,                     as follows:
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 73.1. | A
monetary obligation imposed on him or incurred by him in favor of another
                    person pursuant to a judgment, including a judgment given in
settlement or a                     court approved settlement or arbitrators award;
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 73.2. | Reasonable
legal fees, including attorneys fees, incurred by an Office
                    Holder in consequence of an investigation or proceeding filed against
him by an                     authority that is authorized to conduct such investigation
or proceeding,                     provided that such investigation or proceeding (i)
concludes without the filing                     of an indictment against the Office
Holder or (ii) concluded with the imposition                     of a monetary payment on
the Office Holder in lieu of criminal proceedings, but                     the criminal
offense in question does not require the proof of criminal intent,
                    all within the meaning of the Law.
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 73.3. | Reasonable
litigation costs, including attorneys fees, incurred by an
                    Office Holder or which he is ordered to pay by a court, in
proceedings filed                     against him by the Company or on its behalf or by
another person, or in a                     criminal charge of which he is acquitted, or
in a criminal charge of which he is                     convicted of an offence that does
not require proof of criminal intent.
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 73.4. | Any
other obligation or expense in respect of which it is permitted or will be
                    permitted under the Statutes to indemnify an Office Holder.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | Advance
Indemnity
| | -----------------

|74. | The
Company may give an advance undertaking to indemnify an Office Holder           therein
in respect of the following matters:
|--- | --------------------------------------------------------------------------------------------------------------------------------

| | 74.1. | Matters
as detailed in Article 73.1, provided however, that the undertaking is
          restricted to events, which in the opinion of the Board, are anticipated in
          light of the Companys activities at the time of granting the obligation
to           indemnify and is limited to a sum or measurement determined by the Board as
          reasonable under the circumstances. The indemnification undertaking shall
          specify such events and sum or measurement.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 74.2. | Matters
as detailed in Articles 73.2, 73.3 and 73.4.
| | ----- | ----------------------------------------------------

| | Retroactive
Indemnity
| | ---------------------

|75. | The
Company may indemnify an Office Holder retroactively with respect of the
          matters as detailed in Article 73, subject to any applicable law.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------

| | Exculpation
| | -----------

|76. | The
Company may exempt an Office Holder in advance for all or any of his           liability
for damage in consequence of a breach of the duty of care vis-a-vis           the
Company, to the fullest extent permitted under the Statutes. However, the
          Company may not exempt a director in advance from his liability toward the
          Company due to the breach of his duty of care in the event of a Distribution,
as           defined in the Statutes.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Insurance,
Exculpation and Indemnity  General
| | ----------------------------------------------

|77. | The
above provisions with regard to insurance, exemption and indemnity are not           and
shall not limit the Company in any way with regard to its entering into an
          insurance contract and/or with regard to the grant of indemnity and/or
exemption           in connection with a person who is not an Office Holder of the
Company,           including employees, contractors or consultants of the Company, all
subject to           any applicable law.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|78. | Articles
71 through 76 shall apply mutatis mutandis in respect of the grant of
          insurance, exemption and/or indemnification for persons serving on behalf of
the           Company as Office Holders in companies controlled by the Company, or in
which           the Company has an interest.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|79. | An
undertaking to insure, exempt and indemnify an Office Holder in the Company           as
set forth above shall remain in full force and effect even following the
          termination of such Office Holders service with the Company.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# APPOINTMENT OF AN AUDITOR

|80. | Subject
to the Statutes, the Annual Meeting shall appoint an Auditor for a           period
ending at the next Annual Meeting, or for a longer period, but no longer           than
until the third Annual Meeting after the meeting at which the Auditor has           been
appointed. The same Auditor may be re-appointed.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Subject
to the Statutes, the terms of service of the Auditor for the audit services shall be
determined by the Board, at its discretion, or a committee of the Board if such
determination was delegated to a committee, including undertakings or payments to the
Auditor. The Board shall report the fees of the Auditor to the Annual Meeting.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# INTERNAL AUDITOR

|81. | So
long as the Company is a public company, the Board shall appoint an Internal
          Auditor pursuant to the recommendation of the Audit Committee.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------

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|82. | The
organizational superior of the Internal Auditor shall be the Chairman. The
          Internal Auditor shall submit a proposed annual or periodic work plan to the
          Audit Committee, which will approve such plan with changes as it deems fit, at
          its discretion.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# MERGER AND REORGANIZATION

|83. | Notwithstanding
the provisions of section 327(a) of the Companies Law, the           majority required
for the approval of a merger by the general meeting or by a           class meeting shall
be an ordinary majority of the votes of the shareholders           entitled to vote and
voting themselves.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# SIGNATORIES

|84. | Signatory
rights on behalf of the Company shall be determined from time to time           by the
Board.
|--- | -------------------------------------------------------------------------------------------------------

# DISTRIBUTIONS

|85. | The
Board may decide on a Distribution, subject to the provisions set forth           under
the Law and these Articles.
|--- | -----------------------------------------------------------------------------------------------------------------------

|86. | The
Board will determine the method of payment of any Distribution. The receipt           of
the person whose name appears on the record date on the Register as the owner
          of any share, or in the case of joint holders, of any one of such joint
holders,           shall serve as confirmation with respect to all the payments made in
connection           with that share and in respect of which the receipt was received.
All dividends           unclaimed after having been declared may be invested or otherwise
used by the           Directors for the benefit of the Company until claimed, provided
however that           the Company shall not be required to accept any claim made
following the           7th anniversary of the declaration date, or an earlier
date as may be           determined by the Board. No unpaid dividend shall bear interest
or accrue           linkage differentials.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|87. | For
the purpose of implementing any resolution concerning any Distribution, the
          Board may settle, as it deems fit, any difficulty that may arise with respect
to           the Distribution, including determining the value for the purpose of the
said           Distribution of certain assets, and deciding that payments in cash shall
be made           to the Shareholders based on the value so determined, and determining
provisions           with respect to fractions of shares or with respect to the
non-payment of small           sums.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# REDEEMABLE SECURITIES

|88. | The
Company shall be entitled to issue redeemable securities which are, or at           the
option of the Company may be, redeemed on such terms and in such manner as
          shall be determined by the Board. Redeemable securities shall not constitute
          part of the Companys capital, except as provided in the Law.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# DONATIONS

|89. | The
Company may make donations of reasonable amounts of money for purposes which
          the Board deems to be worthy causes, even if the donations are not made in
          relation to business considerations for increasing the Companys profits.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# NOTICES

|90. | Subject
to the Statutes, notice or any other document which the Company shall           deliver
and which it is entitled or required to give pursuant to the provisions           of
these Articles and/or the Statutes shall be delivered by the Company to any
          person, in any one of the following manners as the Company may choose: in
          person, by mail, transmission by fax or by electronic form.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Any
notice or other document which shall be sent shall be deemed to have reached its
destination on the third day after the day of mailing if sent by registered mail or
regular mail, or on the first day after transmission if delivered in person, transmitted
by fax or electronic form.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | Should
it be required to prove delivery, it shall be sufficient to prove that the notice or
document sent contains the correct mailing, e-mail, or fax details as registered in the
Register or any other address which the Shareholder submitted in writing to the Company
as the address and fax or e-mail details for the submission of notices or other
documents.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Notwithstanding
anything to the contrary contained herein and subject to the provisions of the Statutes, a
notice to a Shareholder may be served, as general notice to all Shareholders, in
accordance with applicable rules and regulations of any stock market upon which the
Companys shares are listed.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | In
cases where it is necessary to give advance notice of a particular number of days or
notice which shall remain in effect for a particular period, the day the notice was sent
shall be excluded and the scheduled day of the meeting or the last date of the period
shall be included in the count.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Subject
to the Statutes, the Company shall not be required to send notices to any Shareholder who
is not registered in the Register or has not provided the Company with accurate and
sufficient mailing details.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|91. | Any
notice to be given to the Shareholders shall be given, with respect to joint
          shareholders, to the person whose name appears first in the Register as the
          holder of the said share, and any notice so given shall be sufficient notice
for           all holders of the said share.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|92. | Any
notice or other document served upon or sent to any Shareholder in           accordance
with these Articles shall, notwithstanding that he be then deceased           or
bankrupt, and whether the Company received notice of his death or bankruptcy           or
not, be deemed to be duly served or sent in respect of any shares held by him
          (either alone or jointly with others) until some other person is registered in
          his stead as the holder or joint holder of such shares, and such service or
          sending shall be a sufficient service or sending on or to his heirs, executors,
          administrators or assigns and all other persons (if any) interested in such
          share.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|93. | The
accidental omission to give notice to any Shareholder or the non-receipt of           any
such notice shall not cancel or annul any action made in reliance on the
          notice.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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