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EXHIBIT 1.2

ARTICLES
OF ASSOCIATION

OF

SCITEX
CORPORATION LTD.

Revised
to incorporate amendments to and including 25th April 2004



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# THE COMPANIES ORDINANCE

# A COMPANY LIMITED BY
SHARES

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# ARTICLES OF ASSOCIATION

# OF

# SCITEX CORPORATION LTD.

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# PRELIMINARY

|1. | Second
Schedule Excluded
|-- | ------------------------

The
regulations contained in the second schedule to the Companies Ordinance (New Version)
5743-1983 (the Companies Ordinance) shall not apply to the Company.

|2. | Interpretation
|-- | --------------

(a)
          Unless the subject or the context otherwise requires: words and expressions
          defined in the Companies Ordinance in force on the date when these Articles, or
          any amendment thereto, as the case may be, first became effective shall have
the           same meanings herein; words and expressions importing the singular shall
include           the plural and vice versa; words and expressions importing the
masculine gender           shall include the feminine gender; and words and expressions
importing persons           shall include bodies corporate.

(b)
          The captions in these Articles are for convenience only and shall not be deemed
          a part hereof or affect the constructions of any provision hereof.

(c)
          Any reference in these Articles to the Companies Ordinance shall
          mean a reference to the Companies Ordinance or the Companies Law 5759-1999 (the
          Companies Law), as applicable in the context.

|3. | Non-Private
Company
|-- | -------------------

The
Company is a non-private company.



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# SHARE CAPITAL

|4. | Share
Capital
|-- | -------------

The share
capital of the Company is five million seven hundred and sixty thousand New Shekels
(NIS 5,760,000), divided into forty eight million (48,000,000) Ordinary Shares of a
nominal value of twelve Agora (NIS 0.12) each, all ranking pari passu.

|5. | Increase
of Share Capital
|-- | -------------------------

(a)
          The Company may, from time to time, by Special Resolution, whether or not all
          the shares then authorized have been issued, and whether or not all the shares
          theretofore issued have been called up for payment, increase its share capital
          by the creation of new shares. Any such increase shall be in such amount and
          shall be divided into shares of such nominal amounts, and such shares shall
          confer such rights and preferences, and shall be subject to such restrictions,
          as such Special Resolution shall provide.

(b)
          Except to the extent otherwise provided in such Special Resolution, such new
          shares shall be subject to all the provisions applicable to the shares of the
          original capital.

|6. | Special
Rights; Modification of Rights
|-- | --------------------------------------

(a)
          Subject to the provisions of the Memorandum of Association of the Company, and
          without prejudice to any special rights previously conferred upon the holders
of           existing shares in the Company, the Company may, from time to time, by
Special           Resolution, provide for shares with such preferred or deferred rights
or rights           of redemption or other special rights and/or such restrictions,
whether in           regard to dividends, voting, repayment of share capital or
otherwise, as may be           stipulated in such Special Resolution.

|(b) | (i) If at any time the share capital is divided into different classes of
          shares, the rights attached to any class, unless otherwise provided by these
          Articles, may be modified or abrogated by the Company, by Special Resolution,
          subject to the consent in writing of the holders of seventy-five percent (75%)
          of the issued shares of such class or the sanction of a Special Resolution
          passed at a separate General Meeting of the holders of the shares of such
class.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (ii)
          The provisions of these Articles relating to General Meetings shall, mutatis
          mutandis, apply to any separate General Meeting of the holders of the
shares           of a particular class, provided, however, that the requisite quorum at
any such           separate General Meeting shall be one or more members present in
person or proxy           and holding not less than seventy-five percent (75%) of the
issued shares of           such class.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (iii)
          Unless otherwise provided by these Articles, the enlargement of an existing
          class of shares, or the issuance of additional shares thereof, shall not be
          deemed, for purposes of this Article 6(b), to modify or abrogate the rights
          attached to the previously issued shares of such class or of any other class.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

- 2 -

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|7. | Consolidation,
Subdivision and Cancellation of Share Capital
|-- | ------------------------------------------------------------

(a)
          The Company may, from time to time, by Special Resolution (subject, however, to
          the provisions of Article 6(b) hereof and to applicable law):

| | (i)
          consolidate and divide all or any of its issued or unissued share capital into
          shares of larger nominal value than its existing shares,
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (ii)
          subdivide its shares (issued or unissued) or any of them, into shares of
smaller           nominal value than is fixed by the Memorandum of Association (subject,
however,           to the provisions of Section 144(4) of the Companies Ordinance),
or
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (iii)
          cancel any shares which, at the date of the adoption of such Special
Resolution,           have not been taken or agreed to be taken by any person, and
diminish the amount           of its share capital by the amount of shares so canceled.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

(b)
          With respect of any consolidation of issued shares into shares of larger
nominal           value, and with respect to any other action which may result in
fractional           shares, the Board of Directors may settle any difficulty which may
arise with           regard thereto, as it deems fit, including,inter alia,
          resort to one or more of the following actions:

| | (i)
          determine, as to the holder of shares so consolidated, which issued shares
shall           be consolidated into each share of larger nominal value;
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (ii)
          allot, in contemplation of or subsequent to such consolidation or other action,
          such shares or fractional shares sufficient to preclude or remove fractional
          share holdings;
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (iii)
          redeem, in the case of redeemable preference shares, and subject to applicable
          law, such shares or fractional shares sufficient to preclude or remove
          fractional share holdings;
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (iv)
          cause the transfer of fractional shares by certain shareholders of the Company
          to other shareholders thereof so as to most expediently preclude or remove any
          fractional shareholdings, and cause the transferees to pay the transferors the
          fair value of fractional shares so transferred, and the Board of Directors is
          hereby authorized to act as agent for the transferors and transferees with
power           of substitution for purposes of implementing the provisions of this
          sub-Article 7(b)(iv).
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

- 3 -

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# SHARES

|8. | Issuance
of Share Certificates; Replacement of Lost Certificates
|-- | ----------------------------------------------------------------

(a)
          Share certificates shall be issued under the seal or the rubber stamp of the
          Company and shall bear the signatures or two Directors (or if there be only one
          Director, the signature of such Director), or of any other person or persons
          authorized thereto by the Board of Directors.

(b)
          Each member shall be entitled to one numbered certificate for all the shares of
          any class registered in his name, and if the Board of Directors so approves, to
          several certificates, each for one or more of such shares. Each certificate may
          specify the serial numbers of the shares represented thereby and may also
          specify the amount paid up thereon.

(c)
          A share certificate registered in the names of two or more persons shall be
          delivered to the person first named on the Register of Members in respect of
          such co-ownership.

(d)
          If a share certificate is defaced, lost or destroyed, it may be replaced, upon
          payment of such fee, and upon the furnishing of such evidence of ownership and
          such indemnity, as the Board of Directors may think fit.

|9. | Registered
Holder
|-- | -----------------

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.

|10. | Allotment
of Shares
|--- | -------------------

The
unissued shares from time to time shall be under the control of the Board of Directors,
who shall have the power to allot shares or otherwise dispose of them to such persons, on
such terms and conditions (including inter alia terms relating to calls as set forth in
Article 12(f) hereof), and either at par or at a premium, or, subject to the
provisions of the Companies Ordinance, at a discount, and at such times, as the Board of
Directors may think fit, and the power to give to any person the option to acquire from
the Company any shares, either at par or at a premium, or, subject as aforesaid, at a
discount, during such time and for such consideration as the Board of Directors may think
fit.

|11. | Payment
in Installments
|--- | -----------------------

If
by the terms of allotment of any share, the whole or any part of the price thereof shall
be payable in installments, every such installment shall, when due, be paid to the Company
by the then registered holder(s) of the share or the person(s) entitled thereto.

- 4 -

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|12. | Calls
on Shares
|--- | ---------------

(a)
          The Board of Directors may, from time to time, make such calls as it may think
          fit upon members in respect of any sum unpaid in respect of shares held by such
          members which is not, by the terms of allotment thereof or otherwise, payable
at           a fixed time, and each member shall pay the amount of every call so made
upon           him (and of each installment thereof if the same is payable in
installments), to           the person(s) and at the time(s) and place(s) designated by
the Board of           Directors, as any such time(s) may be thereafter extended and/or
such person(s)           or place(s) changed. Unless otherwise stipulated in the
resolution of the Board           of Directors (and in the notice hereafter referred to),
each payment in response           to a call shall be deemed to constitute a pro rata
payment on account of all the           shares in respect of which such call was made.

(b)
          Notice of any call shall be given in writing to the member(s) in question not
          less than fourteen (14) days prior to the time of payment, specifying the time
          and place of payment, and designating the person to whom such payment shall be
          made, provided, however, that before the time for any such payment, the Board
of           Directors may, by notice in writing to such member(s), revoke such call in
whole           or in part, extend such time, or alter such person and/or place. In the
event of           a call payable in installments, only one notice thereof need be given.

(c)
          If, by the terms of allotment of any share or otherwise, any amount is made
          payable at any fixed time, every such amount shall be payable at such time as
if           it were a call duly made by the Board of Directors and of which due notice
had           been given, and all the provisions herein contained with respect to such
calls           shall apply to each such amount.

(d)
          The joint holders of a share shall be jointly and severally liable to pay all
          calls in respect thereof and all interest payable thereon.

(e)
          Any amount unpaid in respect of a call shall bear interest from the date on
          which it is payable until actual payment thereof, at such rate (not exceeding
          the then prevailing debitory rate charged by leading commercial banks in
          Israel), and at such time(s) as the Board of Directors may prescribe.

(f)
          Upon the allotment of shares, the Board of Directors may provide for
differences           among the allottees of such shares as to the amount of calls and/or
the times of           payment thereof.

|13. | Prepayment
|--- | ----------

With
the approval of the Board of Directors, any member may pay to the Company any amount not
yet payable in respect of his shares, and the Board of Directors may approve the payment
of interest on any such amount until the same would be payable if it had not been paid in
advance, at such rate and time(s) as may be approved by the Board of Directors. The Board
of Directors may at any time cause the Company to repay all or any part of the money so
advanced, without premium or penalty. Nothing in this Article 13 shall derogate from
the right of the Board of Directors to make any call before or after receipt by the
Company of any such advance.

- 5 -

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|14. | Forfeiture
and Surrender
|--- | ------------------------

(a)
          If any member fails to pay any amount payable in respect of a call, or interest
          thereon as provided for herein, on or before the day fixed for payment of the
          same, the Company, by resolution of the Board of Directors, may at any time
          thereafter, so long as the said amount or interest remains unpaid, forfeit all
          or any of the shares in respect of which said call had been made. Any expense
          incurred by the Company in attempting to collect any such amount or interest,
          including,inter alia, attorneys fees and costs of suits, shall be
          added to, and shall, for all purposes (including the accrual of interest
          thereon), constitute a part of, the amount payable to the Company in respect of
          such call.

(b)
          Upon the adoption of a resolution of forfeiture, the Board of Directors shall
          cause notice thereof to be given to such member, which notice shall state that,
          in the event of the failure to pay the entire amount so payable within a period
          stipulated in the notice (which period shall be not less than fourteen (14)
days           and which may be extended by the Board of Directors), such shares shall be
ipso factoforfeited, provided, however, that, prior to the expiration of
          such period, the Board of Directors may nullify such resolution of forfeiture,
          but no such nullification shall estop the Board of Directors from adopting a
          further resolution of forfeiture in respect of the non-payment of the same
          amount.

(c)
          Whenever shares are forfeited as herein provided, all dividends theretofore
          declared in respect thereof and not actually paid shall be deemed to have been
          forfeited at the same time.

(d)
          The Company, by resolution of the Board of Directors, may accept the voluntary
          surrender of any share.

(e)
          Any share forfeited or surrendered as provided herein shall become the property
          of the Company, and the same, subject to the provisions of these Articles, may
          be sold, re-allotted or otherwise disposed of as the Board of Directors thinks
          fit.

(f)
          Any member whose shares have been forfeited or surrendered shall cease to be a
          member in respect of the forfeited or surrendered shares, but shall,
          notwithstanding, be liable to pay, and shall forthwith pay, to the Company, all
          calls, interest and expenses owing upon or in respect of such shares at the
time           of forfeiture or surrender, together with interest thereon from the time
of           forfeiture or surrender until actual payment, at the rate prescribed in
          Article 12(e) above, and the Board of Directors, in its discretion, may
          enforce the payment of such moneys, or any part thereof, but shall not be under
          any obligation to do so. In the event of such forfeiture or surrender, the
          Company, by resolution of the Board of Directors, may accelerate the date(s) of
          payment of any or all amounts then owing to the Company by the member in
          question (but not yet due) in respect of all shares owned by such member,
solely           or jointly with another.

(g)
          The Board of Directors may at any time, before any share so forfeited or
          surrendered shall have been sold, re-allotted or otherwise disposed of, nullify
          the forfeiture or surrender on such conditions as it thinks fit, but no such
          nullification shall estop the Board of Directors from re-exercising its powers
          of forfeiture pursuant to this Article 14.

- 6 -

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|15. | Lien
|--- | ----

(a)
          Except to the extent the same may be waived or subordinated in writing, the
          Company shall have a first and paramount lien upon all the shares registered in
          the name of each member (without regard to any equitable or other claim or
          interest in such shares on the part of any other person), and upon the proceeds
          of the sale thereof, for his debts, liabilities and engagements to the Company
          arising from any amount payable by such member in respect of any unpaid or
          partly paid share, whether or not such debt, liability or engagement has
          matured. Such lien shall extend to all dividends from time to time declared in
          respect of such shares. Unless otherwise provided, the registration by the
          Company of a transfer of shares shall be deemed to be a waiver on the part of
          the Company of the lien (if any) existing on such shares immediately prior to
          such transfer.

(b)
          The Board of Directors may cause the Company to sell any shares subject to such
          lien when any such debt, liability or engagement has matured, in such manner as
          the Board of Directors may think fit, but no such sale shall be made unless
such           debt, liability or engagement has not been satisfied within fourteen (14)
days           after written notice of the intention to sell shall have been served on
such           member, his executors or administrators.

(c)
          The net proceeds of any such sale, after payment of the costs thereof, shall be
          applied in or toward satisfaction of the debts, liabilities or engagements of
          such member (whether or not the same have matured), and the residue (if any)
          shall be paid to the member, his executors, administrators or assigns.

|16. | Sale
After Forfeiture or Surrender or in Enforcement of Lien
|--- | ------------------------------------------------------------

Upon
any sale of shares after forfeiture or surrender or for enforcing a lien, the Board of
Directors may appoint some person to execute an instrument of transfer of the shares so
sold and cause the purchasers name to be entered in the Register of Members in
respect of such shares, and the purchaser shall not be bound to see to the regularity of
proceedings, or to the application of the purchase money, and after his name has been
entered in the Register of Members in respect of such shares, the validity of the sale
shall not be impeached by any person, and the remedy of any person aggrieved by the sale
shall be in damages only and against the Company exclusively.

|17. | Redeemable
Shares
|--- | -----------------

The
Company may, subject to applicable law, issue redeemable shares and redeem the same.

|18. | Conversion
of Shares into Stock
|--- | -------------------------------

(a)
          The Board of Directors may, with the sanction of the members previously given
by           Special Resolution, convert any paid-up shares into stock, and may, with
like           sanction, reconvert any stock into paid-up shares of any denomination.

- 7 -

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(b)
          The holders of stock may transfer the same, or any part thereof, in the same
          manner and subject to the same regulations, as the shares from which the stock
          arose might have been transferred prior to conversion, or as near thereto as
          circumstances admit, provided, however, that the Board of Directors may from
          time to time fix the minimum amount of stock so transferable, and restrict or
          forbid the transfer of fractions of such minimum, but the minimum shall not
          exceed the nominal value of each of the shares from which such stock arose.

(c)
          The holders of stock shall, in accordance with the amount of stock held by
them,           have the same rights and privileges as regards dividends, voting at
meetings of           the Company and other matters as if they held the shares from which
such stock           arose, but no such right or privilege, except participation in the
dividends and           profits of the Company, shall be conferred by any such aliquot
part of such           stock as would not, if existing in shares, have conferred that
right or           privilege.

(d)
          Such of the Articles of the Company as are applicable to paid-up shares shall
          apply to stock, and the words share and shareholder (or
          member) therein shall include stock and           stockholder.

# TRANSFER OF SHARES

|19. | Registration
of Transfer
|--- | ------------------------

No
transfer of shares shall be registered unless a proper writing or instrument of transfer
(in any customary form or any other form satisfactory to the Board of Directors) has been
submitted to the Company (or its transfer agent), together with the share certificate(s)
and such other evidence of title as the Board of Directors may reasonably require. Until
the transferee has been registered in the Register of Members in respect of the shares so
transferred, the Company may continue to regard the transferor as the owner thereof.

|20. | Record
Date for Notices of General Meetings
|--- | -------------------------------------------

Any
other provision of these Articles to the contrary notwithstanding, the Board of Directors
may fix a date, not exceeding Ninety (90) days prior to the date of any General Meeting,
as the date as of which shareholders entitled to notice of and to vote at such meeting
shall be determined, and all persons who were holders of record of voting shares on such
date and no others shall be entitled to notice of and to vote at such meeting.

# TRANSMISSION OF SHARES

|21. | DecedentsShares
|--- | ----------------

(a)
          In case of a share registered in the names of two or more holders, the Company
          may recognize the survivor(s) as the sole owner(s) thereof unless and until the
          provisions of Article 21(b) have been effectively invoked.

- 8 -

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(b)
          Any person becoming entitled to a share in consequence of the death of any
          person, upon producing evidence of the grant of probate or letters of
          administration or declaration of succession (or such other evidence as the
Board           of Directors may reasonably deem sufficient that he sustains the
character in           respect of which he proposes to act under this Article or of his
title), shall           be registered as a member in respect of such share, or may,
subject to the           regulations as to transfer herein contained, transfer such share.

|22. | Receivers
and Liquidators
|--- | -------------------------

(a)
          The Company may recognize the receiver or liquidator of any corporate member in
          winding-up or dissolution, or the receiver or trustee in bankruptcy of any
          member, as being entitled to the shares registered in the name of such member.

(b)
          The receiver or liquidator of a corporate member in winding-up or dissolution,
          or the receiver or trustee in bankruptcy of any member, upon producing such
          evidence as the Board of Directors may deem sufficient that he sustains the
          character in respect of which he proposes to act under this Article or of his
          title, shall with the consent of the Board of Directors (which the Board of
          Directors may grant or refuse in its absolute discretion), be registered as a
          member in respect of such shares, or may, subject to the regulations as to
          transfer herein contained, transfer such shares.

# GENERAL MEETINGS

|23. | Annual
General Meeting
|--- | ----------------------

An
Annual General Meeting shall be held once in every calendar year at such time (within a
period of not more than fifteen (15) months after the last preceding Annual General
Meeting) and at such place, either within or without the State of Israel, as may be
determined by the Board of Directors.

|24. | Extraordinary
General Meetings
|--- | ------------------------------

All
General Meetings other than Annual General Meetings shall be called Extraordinary
General Meetings. The Board of Directors may, whenever it thinks fit, convene an
Extraordinary General Meeting, at such time and place, within or without the State of
Israel, as may be determined by the Board of Directors, and shall be obliged to do so upon
a requisition in writing in accordance with Section 109 of the Companies Ordinance.

- 9 -

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|25. | Notice
of General Meetings; Omission to Give Notice
|--- | ---------------------------------------------------

(a)
          Not less than seven (7) days prior notice shall be given of every General
          Meeting, provided, however, that a Special Resolution shall not be passed
unless           at least twenty-one (21) days prior notice shall have been given
of the           meeting at which it is proposed to pass the same. Each such notice shall
specify           the place and the day and hour of the meeting and the general nature of
each           item to be acted upon thereat, said notice to be given to all members who
would           be entitled to attend and vote at such meeting. Anything herein to the
contrary           notwithstanding, with the consent of all members entitled to vote
thereon, a           resolution may be proposed and passed at such meeting although a
lesser notice           than hereinabove prescribed has been given.

(b)
          The accidental omission to give notice of a meeting to any member, or the
          non-receipt of notice sent to such member, shall not invalidate the proceedings
          at such meeting.

# PROCEEDINGS AT GENERAL
MEETINGS

|26. | Quorum
|--- | ------

(a)
          Two or more members (not in default in payment of any sum referred to in
          Article 32(a) hereof), present in person or by proxy and holding shares
          conferring in the aggregate thirty-three and one-third percent (331/3
          %) of the voting power of the Company, shall constitute a quorum at General
          Meetings. No business shall be transacted at a General Meeting, or at any
          adjournment thereof, unless the requisite quorum is present when the meeting
          proceeds to business.

(b)
          If within half an hour from the time appointed for a meeting a quorum is not
          present, the meeting, if convened upon requisition under Section 109 of
the           Companies Ordinance, shall be dissolved, but in any other case it shall
stand           adjourned to the same day in the next week, at the same time and place,
or to           such day and at such time and place as the Chairman may determine with
the           consent of the holders of a majority of the voting power represented at the
          meeting in person or by proxy and voting on the question of adjournment. No
          business shall be transacted at any adjourned meeting except business which
          might lawfully have been transacted at the meeting as originally called. At
such           adjourned meeting, any two (2) members (not in default as aforesaid)
present in           person or by proxy, shall constitute a quorum.

|27. | Chairman
|--- | --------

The
Chairman, if any, of the Board of Directors shall preside as Chairman at every General
Meeting of the Company. If there is no such Chairman, or if at any meeting he is not
present within fifteen (15) minutes after the time fixed for holding the meeting or is
unwilling to act as Chairman, the members present shall choose someone of their number to
be Chairman. The office of Chairman shall not, by itself, entitle the holder thereof to
vote at any General Meeting nor shall it entitle such holder to a second or casting vote
(without derogating, however, from the rights of such Chairman to vote as a shareholder or
proxy of a shareholder if, in fact, he is also a shareholder or such proxy).

- 10 -

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|28. | Adoption
of Resolutions at General Meetings
|--- | -------------------------------------------

|(a) | (i) An Ordinary Resolution shall be deemed adopted if approved by the holders
of           a majority of the voting power represented at the meeting in person or by
proxy           and voting thereon.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (ii)
          A Special or Extraordinary Resolution shall be deemed adopted if approved by
the           holders of not less than seventy-five percent (75%) of the voting power
          represented at the meeting in person or by proxy and voting thereon.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

(b)
          Every question submitted to a General Meeting shall be decided by a show of
          hands, but if a written ballot is demanded by any member present in person or
by           proxy and entitled to vote at the meeting, the same shall be decided by such
          ballot. A written ballot may be demanded before the proposed resolution is
voted           upon or immediately after the declaration by the Chairman of the results
of the           vote by a show of hands. If a vote by written ballot is taken after such
          declaration, the results of the vote by a show of hands shall be of no effect,
          and the proposed resolution shall be decided by such written ballot. The demand
          for a written ballot may be withdrawn at any time before the same is conducted,
          in which event another member may then demand such written ballot. The demand
          for a written ballot shall not prevent the continuance of the meeting for the
          transaction of business other than the question on which the written ballot has
          been demanded.

(c)
          A declaration by the Chairman of the meeting that a resolution has been carried
          unanimously, or carried by a particular majority, or lost, and an entry to that
          effect in the minute book of the Company, shall be conclusive evidence of the
          fact without proof of the number or proportion of the votes recorded in favor
of           or against such resolution.

|29. | Resolutions
in Writing
|--- | ----------------------

A
resolution in writing signed by all members of the Company then entitled to attend and
vote at General Meetings or to which all such members have given their written consent (by
letter, telegram, telex or otherwise) shall be deemed to have been unanimously adopted by
a General Meeting duly convened and held.

|30. | Power
to Adjourn
|--- | ----------------

(a)
          The Chairman of a General Meeting at which a quorum is present may, with the
          consent of the holders of a majority of the voting power represented in person
          or by proxy and voting on the question of adjournment (and shall if so directed
          by the meeting), adjourn the meeting from time to time and from place to place,
          but no business shall be transacted at any adjourned meeting except business
          which might lawfully have been transacted at the meeting as originally called.

(b)
          It shall not be necessary to give any notice of an adjournment, whether
pursuant           to Article 26(b) or Article 30(a), unless the meeting is
adjourned for           thirty (30) days or more in which event notice thereof shall be
given in the           manner required for the meeting as originally called.

- 11 -

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|31. | Voting
Power
|--- | ------------

Subject
to the provisions of Article 32(a) and subject to any provision hereof conferring
special rights as to voting, or restricting the right to vote, every member shall have one
vote for each share held by him of record, on every resolution, without regard to whether
the vote thereon is conducted by a show of hands, by written ballot or by any other means.

|32. | Voting
Rights
|--- | -------------

(a)
          No member shall be entitled to vote at any General Meeting (or be counted as a
          part of the quorum thereat), unless all calls then payable by him in respect of
          his shares in the Company have been paid, but this Article 32(a) shall not
          apply to separate General Meetings of the holders of a particular class of
          shares pursuant to Article 6(b).

(b)
          A company or other corporate body being a member of the Company may duly
          authorize any persons to be its representative at any meeting of the Company or
          to execute or deliver a proxy on its behalf. Any person so authorized shall be
          entitled to exercise on behalf of such member all the powers which the latter
          could have exercised if it were an individual shareholder. Upon the request of
          the Chairman of the meeting, written evidence of such authorization (in form
          acceptable to the Chairman) shall be delivered to him.

(c)
          Any member entitled to vote may vote either personally or by proxy (who need
not           be a member of the Company), or, if the member is a company or other
corporate           body, by a representative authorized pursuant to Article 32(b).

(d)
          If two or more persons are registered as joint holders of any share, the vote
of           the senior who tenders a vote, in person or by proxy, shall be accepted to
the           exclusion of the vote(s) of the other joint holder(s); and for this purpose
          seniority shall be determined by the order in which the names stand in the
          Register of Members.

# PROXIES

|33. | Instrument
of Appointment
|--- | -------------------------

(a)
          The instrument appointing a proxy shall be in writing and shall be
substantially           in the following form:

| | "I (Name of Shareholder)of
(Address of Shareholder)being a member of (Name of Company)hereby appoint (Name of Proxy)of (Address of Proxy)
as my proxy to vote for me and on my
behalf at the General Meeting of the Company to be held on the _______ day of ________
19 __ and at any adjournment(s) thereof.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Signed
 this _______ day of _______ 19 __.
| | ------------------------------------------

| | ____________________(Signature of Appointor)
| | ---------------------------------------------

- 12 -

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or in any usual or common form or in
such other form as may be approved by the Board of Directors. It shall be duly signed by
the appointor or his duly authorized attorney or, if such appointer is a company or other
corporate body, under its common seal or stamp or the hand of its duly authorized agent(s)
or attorney(s).

(b)
          The instrument appointing a proxy (and the power of attorney or other
authority,           if any, under which such instrument has been signed) shall either be
delivered           to the Company (at its Registered Office, or at its principal place
of business           or at the offices of its registrar and/or transfer agent or at such
place as the           Board of Directors may specify) not less than twenty-four (24)
hours before the           time fixed for the meeting at which the person named in the
instrument proposes           to vote, or presented to the Chairman at such meeting.

(c)
          The Board of Directors may determine, in its discretion, the matters that may
be           voted upon by ballot (without attendance in person or by proxy) at the
meeting,           in addition to the matters listed in Section 87(a) of the Companies
Law.

|34. | Effect
of Death of Appointor or Revocation of Appointment
|--- | ---------------------------------------------------------

A
vote cast pursuant to an instrument appointing a proxy shall be valid notwithstanding the
previous death of the appointing member (or of his attorney-in-fact, if any, who signed
such instrument), or the revocation of the appointment or the transfer of the share in
respect of which the vote is cast, provided no written intimation of such death,
revocation or transfer shall have been received by the Company or by the Chairman of the
meeting before such vote is cast and provided, further, that the appointing member, if
present in person at said meeting, may revoke the appointment by means of a writing, and
notification to the Chairman, or otherwise.

# BOARD OF DIRECTORS

|35. | Powers
of Board of Directors
|--- | ----------------------------

| | (a) | In
General
| | --- | ----------

The
management of the business of the Company shall be vested in the Board of Directors, which
may exercise all such powers and do all such acts and things as the Company is authorized
to exercise and do, and are not hereby or by law required to be exercised or done by the
Company in General Meeting. The authority conferred on the Board of Directors by this
Article 35 shall be subject to the provisions of the Companies Ordinance, of these
Articles and any regulation or resolution consistent with these Articles adopted from time
to time by the Company in General Meeting, provided, however, that no such regulation or
resolution shall invalidate any prior act done by or pursuant to a decision of the Board
of Directors which would have been valid if such regulation or resolution had not been
adopted.

- 13 -

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| | (b) | Borrowing
Power
| | --- | ---------------

The
Board of Directors may from time to time, in its discretion, cause the Company to borrow
or secure the payment of any sum or sums of money for the purposes of the Company, and may
secure or provide for the repayment of such sum or sums in such manner, at such times and
upon such terms and conditions in all respects as it thinks fit, and, in particular, by
the issuance of bonds, perpetual or redeemable debentures, debenture stock, or any
mortgages, charges, or other securities on the undertaking or the whole or any part of the
property of the Company, both present and future, including its uncalled or called but
unpaid capital for the time being.

| | (c) | Reserves
| | --- | --------

The
Board of Directors may, from time to time, set aside any amount(s) out of the profits of
the Company as a reserve or reserves for any purpose(s) which the Board of Directors, in
its absolute discretion, shall think fit, and may invest any sum so set aside in any
manner and from time to time deal with and vary such investments, and dispose of all or
any part thereof, and employ any such reserve or any part thereof in the business of the
Company without being bound to keep the same separate from other assets of the Company,
and may subdivide or redesignate any reserve or cancel the same or apply the funds therein
for another purpose, all as the Board of Directors may from time to time think fit.

| | (d) | Contributions
| | --- | -------------

The
Board may, from time to time, authorize the Company to make contributions in reasonable
amounts for charitable, public or other worthy causes which it deems appropriate.

|36. | Exercise
of Powers of Board of Directors
|--- | ----------------------------------------

(a)
          A meeting of the Board of Directors at which a quorum is present (in person, by
          means of a conference call or any other means enabling each director
          participating in such meeting to communicate orally or in writing in the course
          of the meeting with the other directors participating in such meeting, or in
any           other way the Board of Directors thinks fit) shall be competent to exercise
all           the authorities, powers and discretions vested in or exercisable by the
Board of           Directors.

(b)
          A resolution proposed at any meeting of the Board of Directors shall be deemed
          adopted if approved by a majority of the Directors present when such resolution
          is put to a vote and voting thereon.

(c)
          A resolution in writing signed by all Directors then in office and lawfully
          entitled to vote thereon (as conclusively determined by the Chairman of the
          Audit Committee (Vaadat Bikoret)and in the absence of such determination  by the Chairman of the Board
          of Directors) or to which all such Directors have given their consent (by
          letter, telegram, telex, facsimile (telecopier), electronic mail or otherwise,
          or by oral communication, telephone or otherwise, to the Chairman or Secretary
          of the Company and confirmed in writing by such officer) shall be deemed to
have           been unanimously adopted by a meeting of the Board of Directors duly
convened           and held.

- 14 -

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|37. | Delegation
of Powers
|--- | --------------------

(a)
          The Board of Directors may, subject to the provisions of the Companies
          Ordinance, delegate any or all of its powers to committees, each consisting or
          two or more persons (who are Directors), and it may from time to time revoke
          such delegation or alter the composition of any such committee. Any Committee so
          formed (in these Articles referred to as a Committee of the Board of
          Directors), shall, in the exercise of the powers so delegated, conform to
          any regulations imposed on it by the Board of Directors. The meetings and
          proceedings of any such Committee of the Board of Directors shall, mutatis
          mutandis, be governed by the provisions herein contained for regulating the
          meetings of the Board of Directors, so far as not superseded by any regulations
          adopted by the Board of Directors under this Article. Unless otherwise expressly
          provided by the Board of Directors in delegating powers to a Committee of the
          Board of Directors, such Committee shall not be empowered to further delegate
          such powers. Without limiting the scope of the foregoing, the Board of Directors
          may delegate to a committee its power, authority and discretion to approve
          transactions, which are not extraordinary transactions, of the type
          referred to in Section 270(1) of the Companies Law.

(b)
          Without derogating from the provisions of Article 50, the Board of
          Directors may from time to time appoint a Secretary to the Company, as well as
          officers, agents, employees and independent contractors, as the Board of
          Directors may think fit, and may terminate the service of any such person. The
          Board of Directors may, subject to the provisions of the Companies Ordinance,
          determine the powers and duties, as well as the salaries and emoluments, of all
          such persons, and may require security in such cases and in such amounts as it
          thinks fit.

(c)
          The Board of Directors may from time to time, by power of attorney or otherwise,
          appoint any person, company, firm or body of persons to be the attorney or
          attorneys of the Company at law or in fact for such purpose(s) and with such
          powers, authorities and discretions, and for such period and subject to such
          conditions, as it thinks fit, and any such power of attorney or other
          appointment may contain such provisions for the protection and convenience of
          persons dealing with any such attorney as the Board of Directors may think fit,
          and may also authorize any such attorney to delegate all or any of the powers,
          authorities and discretions vested in him.

|38. | Number
of Directors
|--- | -------------------

The
Board of Directors of the Company shall consist of such number of Directors (not less than
five nor more than fifteen) as may be fixed, from time to time, by Ordinary Resolution of
the Company.

- 15 -

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|39. | Election
and Removal of Directors
|--- | ---------------------------------

The
holders of a majority of the voting power represented at a General Meeting by person or by
proxy and voting on the election of Directors at said Meeting shall be entitled to elect
all or any of the Directors, may remove any Director(s) from office and may fill any
vacancy, however created, in the Board of Directors.

|40. | Qualification
of Directors
|--- | --------------------------

No
person shall be disqualified to serve as a Director by reason of his not holding shares in
the Company or by reason of his having served as a Director in the past.

|41. | Continuing
Directors in the Event of Vacancies
|--- | ----------------------------------------------

In
the event of one or more vacancies in the Board of Directors, the continuing Directors may
continue to act in every matter, and, pending the filling of any vacancy pursuant to the
provisions of Article 39, may temporarily fill any such vacancy, provided, however,
that if they number less than a majority of the number provided pursuant to
Article 38 hereof, they may only act in an emergency, and may call a General Meeting
of the Company for the purpose of electing Directors to fill any or all vacancies, so that
at least a majority of the number of Directors provided for pursuant to Article 38
hereof are in office as a result of said meeting.

|42. | Vacation
of Office
|--- | ------------------

(a)
          The office of a Director shall be vacated, ipso facto, upon his death,
or           if he be found lunatic or become of unsound mind, or if he become bankrupt,
or,           if the Director is a company, upon its winding-up.

(b)
          The office of a Director shall be vacated by his written resignation. Such
          resignation shall become effective on the date fixed therein, or upon the
          delivery thereof to the Company, whichever is later.

|43. | Remuneration
of Directors
|--- | -------------------------

No
Director shall be paid any remuneration by the Company for his services as Director except
as may be approved pursuant to the provisions of the Companies Ordinance.

- 16 -

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|44. | Conflict
of Interests
|--- | ---------------------

(a)
          Subject to the provisions of the Companies Ordinance, no Director shall be
          disqualified by virtue of his office from holding any office or place of profit
          under the Company or under any company in which the Company shall be a
          shareholder or otherwise interested, or from contracting with the Company as
          vendor, purchaser or otherwise, nor shall any such contract, or any contract or
          arrangement entered into by or on behalf of the Company in which any Director
          shall be in any way interested, be avoided, nor, other than as required under
          the Companies Ordinance, shall any Director be liable to account to the Company
          for any profit arising from any such office or place of profit or realized by
          any such contract or arrangement by reason only of such Directors holding
          that office or of the fiduciary relations thereby established, but the nature
of           his interest, as well as any material fact or document, must be disclosed by
him           at the meeting of the Board of Directors at which the contract or
arrangement is           first considered, if his interest then exists, or, in any other
case, no later           than the first meeting of the Board of Directors after the
acquisition of his           interest.

(b)
          Subject to the provisions of the Companies Law, the entering into of a
          transaction by the Company with an Office Holder or a third party in which an
          Office Holder has a personal interest (as more fully described in Section
270(1)           of the Companies Law), which is not an extraordinary transaction          shall,
if such Office Holder is a Director or the General Manager, be approved           in such
manner as may be prescribed by the Board of Directors, from time to           time, and
in the absence of thereof, will require the approval of the Board of           Directors.
If such Office Holder is not a Director, then such transaction shall           be
approved in such manner as may be prescribed by the General Manager from time
          to time and in the absence of any such determination, with the approval of the
          General Manager, according to guidelines from the Board of Directors.

|45. | Alternate
Directors
|--- | -------------------

(a)
          A Director may, by written notice to the Company, appoint an alternate for
          himself (in these Articles referred to as Alternate Director),
          remove such Alternate Director and appoint another Alternate Director in place
          of any Alternate Director appointed by him whose office has been vacated for
any           reason whatsoever. Unless the appointing Directors, by the instrument
appointing           an Alternate Director or by written notice to the Company, limits
such           appointment to a specified period of time or restricts it to a specified
meeting           or action of the Board of Directors, or otherwise restricts its scope,
the           appointment shall be for an indefinite period, and for all purposes.

(b)
          Any notice given to the Company pursuant to Article 45(a) shall become
          effective on the date fixed therein, or upon the delivery thereof to the
          Company, whichever is later.

(c)
          An Alternate Director shall have all the rights and obligations of the Director
          who appointed him, provided, however, that he may not in turn appoint an
          alternate for himself (unless the instrument appointing him otherwise expressly
          provides), and provided further than an Alternate Director shall have no
          standing at any meeting of the Board of Directors or any committee thereof
while           the Director who appointed him is present.

(d)
          Any natural person, whether or not he be a member of the Board of Directors,
may           act as an Alternate Director. One person may act as Alternate Director for
          several Directors, and in such event he shall have a number of votes (and shall
          be treated as the number of persons for purposes of establishing a quorum)
equal           to the number of Directors for whom he acts as an Alternate Director. If
an           Alternate Director is also a Director in his own right, his rights as an
          Alternate Director shall be in addition to his rights as a Director.

- 17 -

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(e)
          An Alternate Director shall alone be responsible for his own acts and defaults,
          and he shall not be deemed the agent of the Director(s) who appointed him.

(f)
          The office of an Alternate Director shall be vacated under the circumstances,
mutatis mutandis, set forth in Article 42, and such office shall ipso facto be
vacated if the Director who appointed such Alternate           Director ceases to be a
Director.

# PROCEEDINGS AT THE
BOARD OF DIRECTORS

|46. | Meetings
|--- | --------

(a)
          The Board of Directors may meet and adjourn its meetings and otherwise regulate
          such meetings and proceedings as the Directors think fit.

(b)
          Any Director may at any time, and the Secretary, upon the request of such
          Director, shall, convene a meeting of the Board of Directors, but not less than
          fourteen (14) days notice shall be given of any meeting so convened.

|47. | Quorum
|--- | ------

Until
otherwise unanimously decided by the Board of Directors, a quorum at a meeting of the
Board of Directors shall be constituted by the presence of a majority of the Directors
then in office who are lawfully entitled to participate in the meeting (as conclusively
determined by the Chairman of the Audit Committee (Vaadat Bikoret)
and in the absence of such determination  by the Chairman of the Board of Directors)
but shall not be less than two. No business shall be transacted at a meeting of the Board
of Directors unless the requisite quorum is present when the meeting proceeds to business.

|48. | Chairman
of the Board of Directors
|--- | ----------------------------------

The
Board of Directors may from time to time elect one of its members to be the Chairman of
the Board of Directors, remove such Chairman from office and appoint another in its place.
The Chairman of the Board of Directors shall preside at every meeting of the Board of
Directors, but if there is no such Chairman, or if at any meeting he is not present within
fifteen (15) minutes of the time fixed for the meeting, or if he is unwilling to take the
chair, the Directors present shall choose one of their number to be the chairman of such
meeting.

|49. | Validity
of Acts Despite Defects
|--- | --------------------------------

All
acts done bona fide at any meeting of the Board of Directors, or of a Committee of
the Board of Directors, or by any person(s) acting as Director(s), shall, notwithstanding
that it may afterwards be discovered that there was some defect in the appointment of the
participants in such meetings or any of them or any person(s) acting as aforesaid, or that
they or any of them were disqualified, be as valid as if there were no such defect or
disqualification.

- 18 -

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# GENERAL MANAGER

|50. | General
Manager
|--- | ---------------

The
Board of Directors may from time to time appoint one or more persons, whether or not
Directors, as General Manager(s) of the Company and may confer upon such person(s), and
from time to time modify or revoke, such title(s) (including Managing Director, Director
General or any similar or dissimilar title) and such duties and authorities of the Board
of Directors as the Board of Directors may deem fit, subject to such limitations and
restrictions as the Board of Directors may from time to time prescribe. Such
appointment(s) may be either for a fixed term or without any limitation of time, and the
Board of Directors may from time to time (subject to the provisions of the Companies
Ordinance and of any contract between any such person and the Company) fix his or their
salaries and emoluments, remove or dismiss him or them from office and appoint another or
others in his or their place or places.

# MINUTES

|51. | Minutes
|--- | -------

(a)
          Minutes of each General Meeting and of each meeting of the Board of Directors
          shall be recorded and duly entered in books provided for that purpose. Such
          minutes shall, in all events, set forth the names of the persons present at the
          meeting and all resolutions adopted thereat.

(b)
          Any minutes as aforesaid, if purporting to be signed by the chairman of the
          meeting or by the chairman of the next succeeding meeting, shall constitute prima
facie evidence of the matters recorded therein.

# DIVIDENDS

|52. | Declaration
of Dividends
|--- | ------------------------

Subject
to the provisions of the Companies Law, the Board of Directors may from time to time
declare, and cause the Company to pay, such dividends as may appear to the Board of
Directors appropriate. The Board of Directors shall determine, and may authorize, subject
to applicable law, any of its directors and/or officers to determine, the time for payment
of such dividends and the record date for determining the shareholders entitled thereto.

|53. | Funds
Available for Payment of Dividends
|--- | ----------------------------------------

No
dividend shall be paid other than as permitted under the Companies Law.

- 19 -

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|54. | Amount
Payable by Way of Dividends
|--- | ----------------------------------

Subject
to the rights of the holders of shares with special rights as to dividends, any dividend
paid by the Company shall be allocated among the members entitled thereto in proportion to
the nominal value of their respective holdings of the shares in respect of which such
dividend is being paid.

|55. | Interest
|--- | --------

No
dividend shall carry interest as against the Company.

|56. | Payment
in Specie
|--- | -----------------

Subject
to the provisions of the Companies Law, upon the declaration of the Board of Directors, a
dividend may be paid, wholly or partly, by the distribution of specific assets of the
Company or by distribution of paid up shares, debentures or debenture stock of the Company
or of any other companies, or in any one or more of such ways.

|57. | Capitalization
of Profits, Reserves, etc.
|--- | -----------------------------------------

Subject
to the provisions of the Companies Law, upon the resolution of the Board of Directors, the
Company (i) may cause any moneys, investments, or other assets forming part of the
undivided profits of the Company, standing to the credit of a reserve fund, or to the
credit of a reserve fund for the redemption of capital, or in the hands of the Company and
available for dividends, or representing premiums received on the issuance of shares and
standing to the credit of the share premium account, to be capitalized and distributed
among such of the shareholders as would be entitled to receive the same if distributed by
way of dividend and in the same proportion, on the footing that they become entitled
thereto as capital, or may cause any part of such capitalized fund to be applied on behalf
of such shareholders in paying up in full, either at par or at such premium as the
resolution may provide, any unissued shares or debentures or debenture stock of the
Company which shall be distributed accordingly, in payment, in full or in part, of the
uncalled liability on any issued shares or debentures or debenture stock; and (ii) may
cause such distribution or payment to be accepted by such shareholders in full
satisfaction of their interest in the said capitalized sum.

|58. | Implementation
of Powers Under Articles 56 and 57
|--- | -------------------------------------------------

For
the purpose of giving full effect to any resolution under Articles 56 or 57, and
without derogating from the provisions of Article 7(b) hereof, the Board of Directors
may settle any difficulty which may arise in regard to the distribution as it thinks
expedient, and, in particular, may issue fractional certificates, and may fix the value
for distribution to any members upon the footing of the value so fixed, or that fractions
of less nominal value than the nominal value of one Ordinary Share may be disregarded in
order to adjust the rights of all parties, and may vest any such cash, shares, debentures,
debenture stock or specific assets in trustees upon such trusts for the persons entitled
to the dividend or capitalized fund as may seem expedient to the Board of Directors. Where
requisite, a proper contract shall be filed in accordance with Section 130 of the
Companies Ordinance, and the Board of Directors may appoint any person to sign such
contract on behalf of the person entitled to the dividend or capitalized fund.

- 20 -

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|59. | Deductions
from Dividends
|--- | -------------------------

The
Board of Directors may deduct from any dividend or other moneys payable to any member in
respect of a share any and all sums of money then payable by him to the Company on account
of calls.

|60. | Retention
of Dividends
|--- | ----------------------

(a)
          The Board of Directors may retain any dividend or other moneys payable or
          property distributable in respect of a share on which the Company has a lien,
          and may apply the same in or toward the satisfaction of the debts, liabilities,
          or engagements in respect of which the lien exists.

(b)
          The Board of Directors may retain any dividend or other moneys payable or
          property distributable in respect of a share in respect of which any person is,
          under Articles 21 or 22, entitled to become a member, or which any persons
          is, under said Articles, entitled to transfer, until such person shall become a
          member in respect of such share or shall transfer the same.

|61. | Unclaimed
Dividends
|--- | -------------------

All
unclaimed dividends or other moneys payable in respect of a share may be invested or
otherwise made use of by the Board of Directors for the benefit of the Company until
claimed. The payment by the Directors of any unclaimed dividend or such other moneys into
a separate account shall not constitute the Company a trustee in respect thereof. The
principal (and only the principal) of an unclaimed dividend or such other moneys shall be,
if claimed, paid to a person entitled thereto.

|62. | Mechanics
of Payment
|--- | --------------------

Any
dividend or other moneys payable in cash in respect of a share may be paid by check or
warrant sent through the post to, or left at, the registered address of the person
entitled thereto or by transfer to a bank account specified by such person (or, if two or
more persons are registered as joint holders of such share or are entitled jointly thereto
in consequence of the death or bankruptcy of the holder or otherwise, to any one of such
persons or to his bank account), or to such person and at such address as the person
entitled thereto may by writing direct. Every such check or warrant shall be made payable
to the order of the person to whom it is sent, or to such person as the person entitled
thereto as aforesaid may direct, and payment of the check or warrant by the banker upon
whom it is drawn shall be a good discharge to the Company.

- 21 -

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|63. | Receipt
from a Joint Holder
|--- | ---------------------------

If
two or more persons are registered as joint holders of any share, or are entitled jointly
thereto in consequence of the death or bankruptcy of the holder or otherwise, any one of
them may give effectual receipts for any dividend or other moneys payable or property
distributable in respect of such share.

# ACCOUNTS

|64. | Books
of Account
|--- | ----------------

The
Board of Directors shall cause accurate books of account to be kept in accordance with the
provisions of the Companies Ordinance and of any other applicable law. Such books of
account shall be kept at the Registered Office of the Company, or at such other place or
places as the Board of Directors may think fit, and they shall always be open to
inspection by all Directors. No member, not being a Director, shall have any right to
inspect any account or book or other similar document of the Company, except as conferred
by law or authorized by the Board of Directors or by Ordinary Resolution of the Company.

|65. | Audit
|--- | -----

At
least once in every fiscal year the accounts of the Company shall be audited and the
correctness of the profit and loss account and balance sheet certified by one or more duly
qualified auditors.

|66. | Auditors
|--- | --------

The
appointment, authorities, rights and duties of the auditor(s) of the Company, shall be
regulated by applicable law. The Board of Directors shall have the authority to fix, in
its discretion, the remuneration of the auditor(s) for their auditing services and may
delegate such authority to the Audit Committee of the Company.

# BRANCH REGISTERS

|67. | Branch
Registers
|--- | ----------------

Subject
to an in accordance with the provisions of Sections 71 to 80, inclusive, of the
Companies Ordinance and to all orders and regulations issued thereunder, the Company may
cause branch registers to be kept in any place outside Israel as the Board of Directors
may think fit, and, subject to all applicable requirements of law, the Board of Directors
may from time to time adopt such rules and procedures as it may think fit in connection
with the keeping of such branch registers.

- 22 -

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# RIGHTS OF SIGNATURE,
STAMP AND SEAL

|68. | Rights
of Signature, Stamp and Seal
|--- | -----------------------------------

(a)
          The Board of Directors shall be entitled to authorize any person or persons
(who           need not be Directors) to act and sign on behalf of the Company, and the
acts           and signature of such person(s) on behalf of the Company shall bind the
Company           insofar as such person(s) acted and signed within the scope of his or
their           authority.

(b)
          The Company shall have at least one official stamp.

(c)
          The Board of Directors may provide for a seal. If the Board of Directors so
          provides, it shall also provide for the safe custody thereof. Such seal shall
          not be used except by the authority of the Board of Directors and in the
          presence of the person(s) authorized to sign on behalf of the Company, who
shall           sign every instrument to which such seal is affixed.

(d)
          The Company may exercise the powers conferred by Section 102 of the
          Companies Ordinance regarding a seal for use abroad, and such powers shall be
          vested in the Board of Directors.

# NOTICES

|69. | Notices
|--- | -------

(a)
          Any written notice or other document may be served by the Company upon any
          member either personally or by sending it by prepaid mail (airmail if sent
          internationally) addressed to such member at his address as described in the
          Register of Members or such other address as the member may have designated in
          writing for the receipt of notices and other documents. Such designation may
          include a broker or other nominee holding shares at the instruction of the
          shareholder. Proof that an envelope containing a notice was properly addressed,
          stamped and mailed shall be conclusive evidence that notice was given. A
          declaration of an authorized person on behalf of the stock transfer agent of
the           Company or other distribution agent stating that a notice was mailed to a
          shareholder will suffice as proof of notice for purposes of this Article.

(b)
          Any written notice or other document may be served by any member upon the
          Company by tendering the same in person to the Secretary or the General Manager
          of the Company at the principal office of the Company or by sending it by
          prepaid registered mail (airmail if mailed from outside Israel) to the Company
          at its Registered Address.

(c)
          Any notice of General Meeting shall be deemed to be properly served by the
          Company on the date of mailing (when initially sent by mail) or on the date of
          transmission (when initially sent via facsimile (telecopier), cablegram, email
          or other electronic means and confirmed by mail), irrespective of the date upon
          which it was actually received, provided mailing, transmission (by any of the
          aforesaid means) or tendering in person to such member commenced or took place
          at least twenty one (21) days prior to the date upon which the said General
          Meeting is to be held.

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(d)
          Subject to paragraph (c) above, any notice or other document referred to in
          paragraph (a) or (b) of this Article shall be deemed to have been served
          forty-eight (48) hours (or twenty-four (24) hours provided both days are
regular           business days) after it has been mailed (five (5) days if sent
internationally),           or when actually received by the addressee if sooner than
forty-eight hours,           twenty-four hours or five days, as the case may be, after it
has been mailed, or           when actually tendered in person, to such member (or to the
Secretary or the           General Manager), provided, however, that notice may be sent
by facsimile           (telecopier), cablegram, email or other electronic means and
confirmed by mail           as aforesaid, and such notice shall be deemed to have been
given twenty-four           (24) hours after such facsimile (telecopier), cablegram,
email or other           electronic means has been sent or when actually received by such
member (or by           the Company), whichever is the earlier.

(e)
          If a notice is, in fact, received by the addressee, it shall be deemed to have
          been duly served, when received, notwithstanding that it was defectively
          addressed or failed, in some other respect, to comply with the provisions of
          this Article 69.

(f)
          All notices to be given to the members shall, with respect to any share to
which           persons are jointly entitled, be given to whichever of such persons is
named           first in the Register of Members, and any notice so given shall be
sufficient           notice to the holders of such share.

(g)
          Any member whose address is not described in the Register of Members, and who
          shall not have designated in writing an address for the receipt of notices,
          shall not be entitled to receive any notice from the Company.

(h)
          The mailing date, actual transmission or delivery date or publication date and
          the date of the meeting shall be counted as part of the days comprising any
          notice period.

# INSURANCE AND INDEMNITY

|70. | Exculpation,
Indemnity and Insurance
|--- | ------------------------------------

(a)
          For purposes of these Articles, the term Office Holder shall mean
          every Director and every officer of the Company, including, without limitation,
          each of the persons defined as Nosei Misra in the Companies
          Law.

(b)
          Subject to the provisions of the Companies Law, the Company may prospectively
          exculpate an Office Holder from all or some of the Office Holders
          responsibility for damage resulting from the Office Holders breach of the
          Office Holders duty of care to the Company:

(c)
          Subject to the provisions of the Companies Law, the Company may indemnify an
          Office Holder in respect of an obligation or expense specified below imposed on
          the Office Holder in respect of an act performed in his or her capacity as an
          Office Holder, as follows:

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| | (i)
          a financial obligation imposed on him or her in favor of another person by a
          court judgment, including a settlement or an arbitrators award approved
by           court;
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (ii)
          reasonable litigation expenses, including attorneys fees, expended by an
          Office Holder or charged to the Office Holder by a court, in a proceeding
          instituted against the Office Holder by the Company or on its behalf or by
          another person, or in a criminal charge from which the Office Holder was
          acquitted, or in a criminal proceeding in which the Office Holder was convicted
          of an offense that does not require proof of criminal intent.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The
Company may (aa) undertake in advance to indemnify an Office Holder as aforesaid, provided
that the undertaking is limited to categories of events which in the opinion of the Board
of Directors can be foreseen when the undertaking to indemnify is given, and to an amount
set by the Board of Directors as reasonable under the circumstances and (bb) indemnify an
Office Holder as aforesaid following a determination to this effect made by the Company
after the occurrence of the event in respect of which such Office Holder will be
indemnified.

(d)
          Subject to the provisions of the Companies Law, the Company may enter into a
          contract for the insurance of all or part of the liability of any Office Holder
          imposed on the Office Holder by reason of an act performed in his or her
          capacity as an Office Holder, in respect of each of the following:

| | (i)
          a breach of his or her duty of care to the Company or to another person;
| | --------------------------------------------------------------------------------------

| | (ii)
          a breach of his or her duty of loyalty to the Company, provided that the Office
          Holder acted in good faith and had reasonable cause to assume that such act
          would not prejudice the interests of the Company;
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (iii)
          a financial obligation imposed on him or her in favor of another person.
| | ----------------------------------------------------------------------------------------

(e)
          The provisions of Article 70 above are not intended, and shall not be
          interpreted, to restrict the Company in any manner in respect of the
procurement           of insurance and/or in respect of indemnification for and/or
exculpating from           liability (i) in connection with any person who is not an
Office Holder,           including, without limitation, any employee, agent, consultant
or contractor of           the Company who is not an Office Holder, and/or (ii) in
connection with any           Office Holder to the extent that such insurance and/or
indemnification is not           specifically prohibited under law; provided that the
procurement of any such           insurance and/or the provision of any such
indemnification for and/or such           exculpating from liability shall be approved by
the Audit Committee of the           Company.

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# WINDING UP

|71. | Winding
Up
|--- | ----------

If
the Company be wound up, then, subject to applicable law and the rights of the holders of
shares with special rights upon winding up, the assets of the Company available for
distribution among the members shall be distributed to them in proportion to the nominal
value of their respective holdings of the shares in respect of which such distribution is
being made.

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