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Exhibit 1.1

[Incorporating changes through April
7, 2008]

# THE COMPANIES ORDINANCE

# A COMPANY LIMITED BY
SHARES

# MEMORANDUM OF
ASSOCIATION

# OF

# ELLOMAY CAPITAL LTD.

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|1. | The
name of the Company is:
|-- | ---------------------------

| | ELLOMAY
CAPITAL LTD.
| | --------------------

|2. | The
objects for which the Company was formed (state the main objects).
|-- | ----------------------------------------------------------------------

| | (a) | Advertisement
on outdoor boards. Advertisement by means of computerized accessories. Advertisement in
points of sale such as stores, supermarkets and shopping malls.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) | Manufacturing of computerized
monitors on an international level.
| | --- | -----------------------------------------------------------------

| | (c) | Selling
patents in the field of outdoor advertisement.
| | --- | ------------------------------------------------------

| | (d) | Development
of sophisticated advertisement accessories.
| | --- | -------------------------------------------------------

| | (e) | To
manage any business of equity owners, property owners, concession owners,
                    financiers, agents, delegates, brokers, representatives and contractors,
to take                     upon itself, to manage and to execute any finance and
investment business.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (f) | To
borrow, raise, secure the repayment of, any money, in such manner and on such
                    terms and conditions as the Company may deem fit, and in particular
                    without derogating from the generality of the foregoing  by
the issue of                     mortgages on its lands and other immovable properties
and/or providing floating                     and/or fixed and special debentures and
pledges and liens on any part of its                     lands and other assets, charged
upon all or any of the property of the Company,                     present or future,
and to repay, discharge or redeem any such mortgage, pledge                     or lien.
The Company shall also be authorized to secure the repayment of monies
                    it borrowed or will borrow by the issuance of debentures or series of
                    debentures, new and otherwise, and to guarantee the repayment of such
debentures                     by placing a charge of any kind, without any limitation,
upon any part of the                     Companys lands an all other assets, in
whole or in part, present and                     future, including unpaid capital, and
to acquire, release and redeem any such                     debentures, series of
debentures or charges.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | (g) | To
lend money and to give advances or credit to, and to guarantee the debts and
                    contracts of, such persons, firms and companies and on such terms and
conditions                     as the Company may deem fit, and, in particular to
customers and other persons                     having dealings with the Company, and to
guarantee and be guarantor for such                     persons, firms or companies, and
to accept from those to whom the Company shall                     lend money or give
credit or guarantee all types of guarantees as the Company                     may deem
fit, including  without limiting the generality of the foregoing
                     mortgages as well as pledges, charges, floating charges or
security over                     any property of any kind, lands and chattels, and to
release and surrender any                     such securities or redeem them on such
terms as the Company may deem fit.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (h) | To
carry on the business of producing, manufacturing, working, improving,
                    developing, importing, exporting, transportation, supply, marketing,
                    distribution, trading, exploiting and dealing in technical and
mechanical                     equipment, apparatus, tools, utensils, appurtenances,
accessories, containers,                     packings, raw materials, products, good and
materials, of all kinds and                     description and for any use whatsoever.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (i) | To
deal in any research, exploration and development of natural resources, and
                    the exploitation thereof, to conduct researches with respect to this,
and to                     establish, hold and operate institutions, experimental
stations, laboratories                     and research associations.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (j) | To
carry on the business of transportation and moving and in any means of
                    transportation or transportation of any kind and type.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------

| | (k) | To
apply for, purchase or otherwise acquire and obtain and register rights of
                    use or inspection, to protect, extend and renew, in Israel or abroad,
all kinds                     of patents, patent rights, brevet dinvention,
licenses, protections,                     concessions (hereinafter  patent
rights) which may, in the                     opinion of the Company, be conducive
to the interests of the Company, and to use                     patent rights and work in
accordance therewith, to exploit the same in any                     manner, to enter
into any agreement and do any act whatsoever in connection with
                    patent rights; to sell and otherwise dispose of patent rights and to
grant                     licenses and privileges in connection with the same.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (l) | To
engage in any scientific, technical, mechanical and other research work,
                    experiments and tests, including for the purpose of improving or
attempting to                     improve any invention and patent rights which the
Company shall be entitled to,                     entitled to use or acquire or desire to
acquire for itself.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | (m) | To
apply for, obtain, acquire, maintain, exploit, sell, transfer in all parts of
                    the world, patterns, processes, know-how, trade secrets, permits,
licenses,                     rights of possession, concessions, tenements and any other
rights, privileges                     and benefits of any kind which may entitle,
authorize or assist the Company to                     carry on any of the businesses
which it is authorized to carry on.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (n) | To
enter into any arrangements with any governments or authorities, whether
                    central, municipal, local or otherwise, in all parts of the world,
that may seem                     conducive to the objects of the Company, or any of
them, and to obtain from any                     such government or authority any rights,
privileges and concessions which the                     Company may think desirable to
obtain, exploit or perform.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (o) | To
adopt such means of making known the activities of the Company as may seem
                    expedient, and, in particular, by advertising in the press, in the
radio and in                     other ways, by circulars, by conducting exhibitions and
advertising materials,                     and by granting prizes and grants.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (p) | To
purchase or otherwise acquire and undertake any business  whether as a
                    going concern or otherwise  and any property, assets,
good-will, rights                     and obligations of any person or company, if it may
benefit the Company or                     advance any interests that is within the
framework of the Companys                     objects.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (q) | To establish and incorporate,  or
to participate in the  establishment or incorporation of any company, so that such
company shall acquire or undertake any or all of the assets, rights and liabilities of the
Company, or for any other purpose which might, in the opinion of the Company, assist,
directly or indirectly, the Company to advance any interest that is within any of the
Companys objects.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (r) | To
amalgamate or merge with any company.
| | --- | ----------------------------------------

| | (s) | To
enter into partnership or any agreement for sharing of profits, combining of
                    profits or cooperation with any person or company carrying on or
entitled to                     carry on any business or businesses which the Company is
entitled to carry on.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (t) | To
sell and transfer the enterprise of the Company, in whole or in part, for
                    such consideration as the Company may deem fit, and, in particular,
in                     consideration for shares, debentures or other securities, to
another company                     with objects similar, in whole or in part, to the
objects of this Company.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | (u) | To
enter into any contract or agreement, and to execute any document, deed,
                    contract or agreement, within the framework of the Companys
objects.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (v) | To
insure the Company, its property, enterprises, plants and actions, in whole
                    or in part, against any damages, loss, risk or liability.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (w) | To
invest and deal with the monies of the Company not immediately required for
                    its business in such manner as the Company may from time to time
determine.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (x) | To
distribute its assets, in whole or in part, among its members in specie;
                    provided that such distribution would not cause a capital reduction
not in                     accordance with the Companies Ordinance.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (y) | To
provide pensions, grants and rewards to its employees and directors, or to
                    persons who were its employees or directors, and to their family
members, and to                     establish or support and assist with the opening of
schools, educational or                     scientific institutions or commercial
companies, whether related to the                     Companys objects or not at
all related, and the Company may also establish                     and maintain any club
or other establishment for the benefit of the                     Companys
businesses or for the enjoyment of its employees and managers.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (z) | To act in order to attain any of the aforementioned objects, by virtue of this
          Memorandum of Association  to do such acts in Israel the Company is
          authorized  by virtue of the law, in any parts of the world, and to do in
          any country and place in the world, to perform and fulfill any commerce or
          business  that in the Companys opinion could assist in the
          advancement of any issue within the framework of any object of the
          Companys objects.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (aa) | To
do all such actions related or connected to the objects included in this
                    Memorandum of Association, explicitly or implicitly, or that may
bring to the                     attainment of the above objects or any of them.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (bb) | To
do all or any of the above actions, whether in Israel or outside of Israel in
                    any part of the world, and either as principals, agents or trustees
or                     otherwise, and either alone or in conjunction with others, and
either by or                     through agents, contractors, trustees or otherwise.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (cc) | And
it is hereby agreed and declared that in this Memorandum of Association the
                    following expressions  whether appearing in the Memorandum of
Association                     itself or in the Second Schedule to the Companies
Ordinance1                     shall have the following meanings:
person
 includes company and corporation.company
or corporation  includes, unless it refers to this Company, any other
company, cooperative society, any other society, body politic, public or juristic,
association, partnership or body of persons, whether incorporated or not incorporated. land includes any right or interest in or to land, whether registrable
or not, buildings, plantations, and everything attached or affixed to and on land.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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1          Reference in
this Memorandum to the Second Schedule to the Companies           Ordinance is
to the Second Schedule of the Companies Ordinance (New           Version), 5743-1983.



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| | (dd) | And
it is hereby further agreed and declared that, unless it is expressly
               otherwise stated in this Memorandum of Association, each of the objects
and                powers specified in each of the sub-clauses of this Clause, including,
having                regard to the provisions of this sub-clause in each of the clauses
of the Second                Schedule to the Companies Ordinance, is a main and
independent object, and shall                in no way be limited or restricted by any
reference or inference from any other                sub-clause of this clause or any
clause of the Second Schedule to the Companies                Ordinance, or by any
reference to or inference from the name of the Company.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|3. | The
liability of the members is limited.
|-- | ----------------------------------------

|4. | The
Companys authorized share capital will be NIS 170,000,000 divided into
               170,000,000 ordinary shares of the Company, nominal value NIS 1.00 each.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------

We the undersigned, are desirous of
being formed into a Company pursuant to this Memorandum of Association, and we hereby
respectively agree to take the number of shares in the capital of the Company set opposite
our respective names:

|Subscribers' Names and ID Numbers | Address and Description | Number of Shares Taken2 | Signatures    
|--------------------------------- | ----------------------- | ----------------------- | --------------
|
|Moshe Nuri                        | 30 Lochamei Hagetaot,   | 1994 Ordinary Shares    | /s/ Moshe Nuri
|4657557                           | Pethach Tikva           | 5 Management Shares    
|                                 
|Henya Nuri                        | 30 Lochamei Hagetaot,   | 1 Ordinary Share        | /s/ Henya Nuri
|5407479                           | Pethach Tikva          
|                                 
|Total shares taken 2000          

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Dated May 10th, 1987

/s/ Moshe Nuri          /s/ Henya Nuri

WITNESS TO ABOVE SIGNATURES:

/s/ Chaim Greenvald, Adv.

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2  The
class of management shares has been abolished and the shareholdings have
          changed.



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