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Exhibit 1.2

[Incorporating changes through April
7, 2008]

# THE COMPANIES LAWA COMPANY
LIMITED BY SHARES AMENDED AND RESTATED
ARTICLES OF ELLOMAY  CAPITAL LTD.

# I PRELIMINARY

|1. | Interpretation
|-- | --------------

| | 1.1. | In
          these Articles the following terms shall bear the meaning ascribed to them
          below:
| | ---- | --------------------------------------------------------------------------------------------------------

| | Alternate
Director defined in Article 37.1 herein.
| | ----------------------------------------------------

| | The
Articles shall mean the articles of association contained in the
Articles, as originally registered and as they may from time to time be amended.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
Board shall mean the Companys Board of Directors.
| | --------------------------------------------------------

| | The
Companyshall mean the above named company.
| | ------------------------------------------------

| | Determining
Majority as defined in Article 6 herein.
| | ------------------------------------------------------

| | External
Director as defined in the Law.
| | ------------------------------------------

| | Extraordinary
Meetings as defined in Article 21.1 herein.
| | -----------------------------------------------------------

| | Iska
Chariga as defined in the Law.
| | -------------------------------------

| | The
Law shall mean the Companies Law, 5759  1999, as the same may be
amended from time to time, and all the rules and regulations promulgated thereunder.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
Memorandum shall mean the Memorandum of Association of the Company, as
originally registered and as it may from time to time be amended.
| | ----------------------------------------------------------------------------------------------------------------------------------------------

| | Obligationas
defined in Article 13.1 herein.
| | ----------------------------------------------

| | The
Ordinance shall mean the Companies Ordinance [New Version], 5743-1983,
as the same may be amended from time to time.
| | --------------------------------------------------------------------------------------------------------------------------

| | The
Register of Members shall mean the Companys Register of Members.
| | -----------------------------------------------------------------------

| | Registered
Holder as defined in Article 10 herein.
| | ----------------------------------------------------

| | Securitiesas
defined in Article 18 herein.
| | --------------------------------------------

| | Terms
and expressions used in the Articles and not defined herein, shall bear the same meaning
as in the Law.
| | -------------------------------------------------------------------------------------------------------------

| | 1.2. | Sections
2, 3, 4, 5, 6, 7, 8 and 10 of the Interpretation Law, 5741-1981, shall           apply,
mutatis mutandis, to the interpretation of the Articles.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------

| | 1.3. | The
captions in the Articles are for convenience only and shall not be deemed a
          part hereof or affect the interpretation of any provision hereof.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------



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|2. | Name
|-- | ----

| | The
Name of the Company shall be Ellomay Capital Ltd, and in Hebrew:
| | --------------------------------------------------------------------

| | [Name
in Hebrew]
| | ------------------

|3. | Purpose
and Objective
|-- | ---------------------

| | 3.1. | The
objective of the Company shall be to undertake any lawful activity,           including
any objective set forth in the Memorandum (for as long as it is in           effect).
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3.2. | The
purpose of the Company is to operate in accordance with commercial
          considerations with the intention of generating profits. Such considerations
may           take into account, amongst others, public interest and the interests of the
          Companys creditors and employees. In addition, the Company may contribute
          reasonable amounts for any suitable purpose even if such contributions do not
          fall within the business considerations of the Company. The Board may determine
          the amounts of the contributions, the purpose for which the contribution is to
          be made, and the recipients of any such contribution.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# II SHARE CAPITAL

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

| | 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.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------

|5. | Limited
Liability
|-- | -----------------

| | The
liability of the shareholders of the Company for the indebtedness of the Company shall be
limited to payment of the nominal value of such shares.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------

|6. | Alteration
of Share Capital
|-- | ---------------------------

| | The
Company may, from time to time, by a resolution approved at a General Meeting by such
majority as is required to amend these Articles (as set forth in Article 25 below), or
such majority as shall be required to amend the Memorandum (for as long as it is still in
force) (collectively, a Determining Majority):
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6.1. | Increase
its share capital in an amount it considers expedient by the creation           of new
shares. The power to increase the share capital may be exercised by the           Company
whether or not all of the shares then authorized have been issued and           whether
or not all of the shares theretofore issued have been called up for           payment.
Such resolution shall set forth the amount of the increase, the number           of the
new shares created thereby, their nominal value and class, and may also           provide
for the rights, preferences of deferred rights that shall be attached to           the
newly created shares and the restrictions to which such shares shall be
          subject;
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6.2. | Consolidate
all or any of its issued or unissued share capital and divide same           into shares
of nominal value larger than the one of its existing shares;
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------

2

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| | 6.3. | Subdivide
all or any of its issued or unissued share capital, into shares of           nominal
value smaller than the one of its existing shares; provided, however,           that the
proportion between the amount paid and the amount unpaid on each share           which is
not fully paid-up shall be retained in the subdivision;
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6.4. | Cancel
any shares which, as at the date of the adoption of the resolution, have           not
been issued or agreed to be issued, and thereby reduce the amount of its           share
capital by the aggregate nominal value of the shares so canceled;
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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III SHARES

|7. | Rights
Attached to Shares
|-- | -------------------------

| | 7.1. | Subject
to any contrary provisions of the Memorandum (for as long as it is in           effect)
or the Articles, same rights, obligations and restrictions shall be           attached to
all the shares of the Company regardless of their denomination or           class.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 7.2. | If
at any time the share capital is divided into different classes of shares,           the
rights attached to any class may be modified or abrogated by a resolution
          adopted by a Determining Majority at a General Meeting and by the adoption of a
          resolution, supported by a Determining Majority, approving same modification or
          abrogation at a General Meeting of the holders of the shares of such class.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
provisions of the Articles relating to General Meeting of the Company shall apply,
mutatis mutandis, to any separate General Meeting of the holders of the shares of a
specific class, provided, however, that the requisite quorum at any such separate General
Meeting shall be one or more members present in person or by proxy and holding not less
than thirty three and one third percent (331/3%) of the issued shares of such class.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 7.3. | The
creation of additional shares of a specific class, or the issuance of
          additional shares of a specific class, shall not be deemed, for purposes of
          article 7.2, a modification or abrogation of rights attached to shares of such
          class or of any other class.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|8. | Issuance
of Shares
|-- | ------------------

| | Issuance
of shares of the Company shall be under the control of the Board, who shall have the
exclusive authority to issue the Companys shares or grant options to acquire
shares, to such persons and on such terms and conditions as the Board may think fit.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|9. | Share
Certificates
|-- | ------------------

| | 9.1. | Each
member shall be entitled, not later than 60 days from the date of issuance           or
the date of transfer, to receive from the Company one share certificate in
          respect of all the shares of any class registered in his name on the Register
of           Members or, if approved by the Board, several share certificates, each for
one           or more of such shares.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 9.2. | Each
share certificate issued by the Company shall be numerated, denote the           class
and serial numbers of the shares represented thereby and the name of the           owner,
thereof as registered on the Register of Members, and may also specify           the
amount paid-up thereon, A share certificate shall be signed by the Company.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 9.3. | A
share certificate denoting two or more persons as joint owners of the shares
          represented thereby shall be delivered to any one of the persons named on the
          Register of Members in respect of such joint ownership.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | 9.4. | A
share certificate defaced or defective, may be replaced upon being delivered           to
the Company and being canceled. A share certificate lost or destroyed may be
          replaced upon furnishing of evidence to the satisfaction of the Board proving
          such loss or destruction and subject to the submission to the Company of an
          indemnity letter and/or securities as the Board may think fit.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | A
member requesting the replacement of a share certificate shall bear all expenses incurred
by the Company in connection with the provisions of this Article.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------

|10. | Owners
of Shares
|--- | ----------------

| | The
Company shall be entitled to treat the person registered in the Register of Members as
the holder of any share, as the absolute owner thereof (a RegisteredHolder)
and shall also treat any other person deemed as a holder of shares pursuant to the Law,
as an owner of shares.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|11. | Calls
on Shares
|--- | ---------------

| | 11.1. | The
Board may, from time to time, make calls upon members to perform payment of           any
amount of the consideration of their shares not yet paid, provided same           amount
is not, by the terms of issuance of same shares, payable at a definite           date.
Each member shall pay to the Company the amount of every call so made upon           him
at the time(s) and place(s) designated in such call. Unless otherwise
          stipulated in the resolution of the Board, each payment with respect to a call
          shall be deemed to constitute a pro-rata payment on account of all of the
shares           in respect of which such call was made.
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 11.2. | A
call may contain a demand for payment in installments.
| | ----- | --------------------------------------------------------

| | 11.3. | A
call shall be made in writing and shall be delivered to the member(s) in
          question not less than fourteen (14) days prior to the date of payment
          stipulated therein. Prior to the due date stipulated in the call the Board may,
          by delivering a written notice to the member(s), revoke such call, in whole or
          in part, postpone the designated date(s) of payment or change the designated
          place of payment.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 11.4. | If,
according to the terms of issuance of any share, any amount is due at a
          definite date, such amount shall be paid on same date, and the holder of the
          same share shall be deemed, for all intents and purposes, to have duly received
          a call in respect of such amount.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 11.5. | The
joint holders of a share shall be bound jointly and severally to pay all           calls
in respect thereof. A call duly made upon one of the joint holders shall           be
deemed to have been duly made upon all of the joint holders.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

5

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| | 11.6. | Any
amount not paid when due shall bear an interest from its due date until its
          actual payment at a rate equal to the then prevailing rate of interest for
          unauthorized overdrafts as charged by Bank Hapoalim Ltd, unless otherwise
          prescribed by the Board.
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
provisions of this Article 11.6 shall in no way deprive the Company of, or derogate from
any other rights and remedies the Company may have against such member pursuant to the
Articles or any pertinent law.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 11.7. | The
Board may agree to accept prepayment by any member of any amount due with in
          respect to his shares, and may direct the payment of interest for such
          prepayment at a rate as may be agreed upon between the Board and the member so
          prepaying.
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 11.8. | Upon
the issuance of shares of the Company, The Board may stipulate similar or
          different terms with respect to the payment of the consideration thereof by
          their respective holders.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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|12. | Forfeiture
and Surrender
|--- | ------------------------

| | 12.1. | If
any member fails to pay when due any amount payable pursuant to a call, or
          interest thereon as provided for herein, the Company may, by a resolution of
the           Board, at any time thereafter, so long as said amount or interest remains
          unpaid, forfeit all or any of the shares in respect of which said call had been
          made. All expenses incurred by the Company with respect to the collection of
any           such amount of interest, including, inter-alia, attorneys fees and
costs           of legal proceedings, shall be added to, and shall constitute a part of
the           amount payable to the Company in respect of such call for all purposes
          (including the accrual of interest thereon).
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 12.2. | Upon
the adoption of a resolution of forfeiture, the Board shall cause the           delivery
of a notice thereof to the member in question. Same notice shall           specify that,
in the event of failure to pay the entire amount due within the           period
stipulated in the notice (which period shall be not less the thirty (30)           days),
same failure shall cause, ipso facto, the forfeiture of the shares. Prior           to
the expiration of such period, the Board may extend the period specified in           the
notice of forfeiture or nullify the resolution of forfeiture, but such
          nullification shall not estop nor derogate from the power of the Board to adopt
          a further resolution of forfeiture in respect of the non-payment of said
amount.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 12.3. | 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
together with the shares.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 12.4. | The
Company, by a resolution of the Board, may accept the voluntary surrender by
          any member of all or any part of his shares.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------

| | 12.5. | Any
share forfeited or surrendered as provided herein shall thereupon constitute
          the property of the Company, and may be resold. Such shares that have not yet
          been resold shall be considered dormant shares.
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 12.6. | 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 obligated to pay to the Company all amounts at the time of
          forfeiture or surrender due to the Company with respect thereof, including
          interest and expenses as aforesaid until actual repayment, whether the maturity
          date of same amounts is on or prior to the date of forfeiture or surrender or
at           any time thereafter, and the Board, in its discretion, may enforce payment
of           such amounts or any part thereof, unless such shares have been resold in
which           event the provisions of the Law shall apply. In the event of such
forfeiture or           surrender, the Company, by a resolution of the Board, may
accelerate the           maturity date(s) of any or all amounts then owed to the Company
by same member           and not yet due, however, arising whereupon all of such amounts
shall forthwith           become due and payable.
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
Board may, at any time before any share so forfeited or surrendered shall have been
reissued or otherwise disposed of to a third party, nullify the forfeiture or the
acceptance of the surrender on such conditions as it thinks fit, but such nullification
shall not estop nor derogate from the power of the Board to re-exercise its powers of
forfeiture pursuant to this Article 12.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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|13. | Lien
|--- | ----

| | 13.1. | The
Company shall have, at all times, a first and paramount lien upon all the
          shares registered in the name of each member on the Register of Members, upon
          all the dividends declared in respect of such shares and upon the proceeds of
          the sale thereof, as security for his obligations. For the purposes of this
          Article 13 and of Article 14, the term Obligation shall mean any
and           all present and future indebtedness owed to the Company by a member with
respect           to his shares, however arising, whether such indebtedness is absolute
or           contingent, joint or several, matured or unmatured, liquidated or
          non-liquidated.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 13.2. | Shall
a member fail to fulfill any or all of his Obligations, the Company may           enforce
the lien, after same member was provided with a period of fourteen (14)           days to
fulfill the Obligations so breached.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 13.3. | A
member shall be obliged to reimburse the Company for all expenses thereby
          incurred with respect to the enforcement of a lien upon same members
          shares, and such obligation shall be secured by the shares which are subject to
          same lien.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|14. | Sale
of Shares after Forfeiture or Surrender or in Enforcement of Lien
|--- | ----------------------------------------------------------------------

| | 14.1. | Upon
any sale of shares after forfeiture or surrender or in the course of
          enforcement of a lien, the Company may appoint any person to execute an
adequate           instrument of transfer or any other instrument required to effect the
sale, and           shall be entitled to register the purchaser on the Register of
Members as the           holder of the shares so purchased. The purchaser shall not be
obliged to check           the regularity of the proceedings of forfeiture, surrender or
enforcement of a           lien or the use that was made consideration thereby paid with
respect to the           shares.
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | As
of the entry of the purchasers name in the Register of Members in respect of such
shares, the validity of the sale shall not be rebutted, and the sole remedy of any person
aggrieved by the sale shall be in damages, and against the Company solely.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 14.2. | The
net proceeds of any such sale, after payment of the selling expenses, shall
          serve for repayment of the Obligations of the respective member, and the
balance           if any shall be paid to the member, his inheritors, the executors of
his will,           the administrators of his estate, and to persons on his behalf.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|15. | Redeemable
Securities
|--- | ---------------------

| | Subject
to the Law, the Company may issue redeemable securities and redeem the same.
| | ------------------------------------------------------------------------------------

|16. | Effectiveness
of Transfer of Shares
|--- | -----------------------------------

| | A
transfer of title to shares of the Company, whether voluntarily or by operation of law,
shall not confer upon the transferee any rights towards the Company as a Registered
Holder unless and until such time as the transfer has been registered in the Register of
Members.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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|17. | Procedure
on Voluntary Transfer of Shares
|--- | -----------------------------------------

| | A
person desiring to be registered as a Registered Holder, shall deliver to the Company an
instrument of transfer of shares according to which he is the transferee accompanied by a
notice to the effect, in a form to be prescribed by the Board, duly executed by such
person and the transferor, and subject to the prior fulfillment of the provisions of
Article 18 below, the Board shall instruct the registration of same in the Register of
Members.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|18. | Transfer
of Shares
|--- | ------------------

| | 18.1. | The
transfer of shares of the Company and any other securities issued by the
          Company and owned by a Registered Holder (in this Article 18, hereinafter, Securities)
shall be made in writing in a conventional manner           or as established by the
Board; it may be effected by the signature of the           transferor only, on the
condition that an appropriate share transfer deed shall           be submitted to the
Company.
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 18.2. | Shares
that are not paid up in full or are subject to any lien or pledge may not           be
transferred unless the transfer is approved by the Board, which may at its           sole
discretion withhold its approval without having to show grounds.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 18.3. | Any
transfer of shares that are not paid up in full shall be subject to the
          signature of the transferee and the signature of a witness in verification of
          the authenticity of the signatures on the share transfer deed.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 18.4. | The
transferor shall be deemed to be the Registered Holder of the transferred
          Securities until the name of the transferee is entered in the Register of
          Members.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 18.5. | The
share transfer deed shall be submitted to the office for registration           together
with the certificates to be transferred and such other evidence as the           Company
may require with regard to the transferors title or right to           transfer the
Securities. The share transfer deeds shall remain with the Company           after their
registration.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 18.6. | The
Company may demand payment of a transfer registration fee at a rate to be
          determined by the Board from time to time.
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------

| | 18.7. | The
Board may close the Register of Members for a period no longer than 30 days
          every year.
| | ----- | -----------------------------------------------------------------------------------------------------

| | 18.8. | Upon
the death of a Registered Holder of Securities of the Company, the Company
          shall recognize the guardians, administrators of the estate, executors of the
          will, and in the absence of such persons, the inheritors of the deceased person
          as the only ones entitled to be registered as the Registered Holders of
          Securities of the Company, subject to proof of their rights in a manner
          established by the Board.
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 18.9. | In
the event of the deceased member being a Registered Holder of a Security
          jointly with other persons, the surviving member shall be considered the sole
          Registered Holder of said Securities, upon the approval of the Company, without
          exempting the estate of the deceased joint holder from any of the obligations
          relating to the jointly held Securities.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

9

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| | 18.10. | A
person acquiring a right to a Security by virtue of his being a guardian or
          administrator of the estate or inheritor of the deceased member, or receiver,
          liquidator or trustee in liquidation proceedings regarding a corporate member,
          or by any operation of law, may be subject to submission of such proof of
          entitlement as the Board may establish be entered as the Registered Holder of
          the respective Security or transfer the Security subject to the provisions of
          the Articles with regard to such transfer.
| | ------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 18.11. | A
person acquiring a Security as a result of a transfer by operation of law           shall
be entitled to dividends and other rights in respect of the Security and           also
to receive and certify the receipt of dividends and other sums of money in
          connection with the said Security; however, such person shall not be entitled
to           receive notices of the convening of General Meetings of the Company or to
          participate or vote therein or to exercise any right conferred by the Security
          with the exception of the aforementioned rights, pending the registration of
          such person in the Register of Members.
| | ------ | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|19. | Issuance
of Shares
|--- | ------------------

| | The
Board may issue shares and other securities, convertible or exercisable into shares, up
to a maximum amount equal to the registered share capital of the Company; for this
purpose, securities convertible or exercisable into shares, shall be considered as having
been converted or exercised on the date of issuance.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# IV GENERAL MEETINGS

|20. | Annual
Meeting
|--- | --------------

| | 20.1. | An
Annual 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
          Meeting) and at such place as may be determined by the Board.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 20.2. | The
Annual Meeting shall:
| | ----- | -------------------------

| | 20.2.1. | Discuss
the audited financial statements of the Company for the last fiscal           year;
| | ------- | -------------------------------------------------------------------------------------------

| | 20.2.2. | Appoint
auditors and establish their remuneration, or empower the Board to           establish
their remuneration;
| | ------- | ------------------------------------------------------------------------------------------------------------------

| | 20.2.3. | Appoint
the directors as stipulated in Article 32 below, and establish their
          remuneration;
| | ------- | ----------------------------------------------------------------------------------------------------

| | 20.2.4. | Discuss
any other business to be transacted at a General Meeting according to           the
Articles or by operation of law.
| | ------- | ----------------------------------------------------------------------------------------------------------------------------

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|21. | Extraordinary
Meeting
|--- | ---------------------

| | 21.1. | All
General Meetings other than Annual Meetings shall be called           Extraordinary
Meetings.
| | ----- | ---------------------------------------------------------------------------------------------------

| | 21.2. | The
Board may, whenever it thinks fit, convene an Extraordinary Meeting, and           shall
be obligated to do so upon receipt of a requisition in writing in           accordance
with Section 63 of the Law.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 21.3. | Members
of the Company shall not be authorized to convene an Extraordinary           Meeting
except as provided in Section 64 of the Law.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------

|22. | Notice
of General Meetings
|--- | --------------------------

| | 22.1. | Prior
to any General Meeting a written notice thereof shall be delivered to all
          Registered Holders and to all other persons entitled to attend thereat, and
          shall be otherwise made public as required by Law. Such notice shall specify
the           place, the day and the hour of the General Meeting, the agenda of the
meeting           and the proposed resolutions and such other documents required under
law. The           notice will be delivered not less then twenty-one (21) days prior to
any General           Meeting.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 22.2. | The
accidental omission to give notice of a General Meeting, or the non-receipt           of
a notice by a member entitled to receive notices of General Meeting, shall           not
invalidate the proceedings of such a General Meeting.
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 22.3. | A
member entitled to receive notices of General Meeting may waive such right
          before such meeting of expost, and shall be deemed to have waived such right
          with respect to any General Meeting at which he was present, in person or by
          proxy.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|23. | Quorum
|--- | ------

| | 23.1. | Two
or more members present in person or by proxy and holding shares conferring           in
the aggregate more than thirty three and one third percent (33 1/3%) of the
          total voting power attached to the shares of the Company, shall constitute a
          quorum at General Meetings. No business shall be considered or determined at a
          General Meeting, unless the requisite quorum is present when the General
Meeting           proceeds to consider and/or determine same business.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 23.2. | If
within half an hour from the time appointed for the General Meeting a quorum           is
not present, the General Meeting shall, if convened upon requisition under
          Section 64 of the Law, be dissolved, but in any other case it shall stand
          adjourned on the same day, in the next week, at the same time and place. The
          requisite quorum at an adjourned General Meeting shall be one or more members,
          present in person or by proxy, holding not less than thirty three and a third
          percent (33 1/3%) of the total voting power attached to the shares of the
          Company. At an adjourned General Meeting the only businesses to be considered
          shall be those matters which might have been lawfully considered at the General
          Meeting originally called if a requisite quorum had been present, and the only
          resolutions to be adopted are such types of resolutions which could have been
          adopted at the General Meeting originally called.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

11

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|24. | Chairman
|--- | --------

| | The
Chairman, of the Board, or if there is no such chairman, or if he is not present, any
other person appointed by the members present, shall preside as Chairman at a General
Meeting of the Company. The Chairman of any General Meeting shall have no additional or
casting vote.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|25. | Adoption
of Resolution at General Meetings
|--- | ------------------------------------------

| | 25.1. | A
resolution shall be deemed adopted at a General Meeting if the requisite           quorum
is present and the resolution is supported by members present, in person           or by
proxy, vested with more than fifty percent (50%) of the total voting power
          attached to the shares whose holders were present, in person or by proxy, at
          such General Meeting and voted thereon, or such other percentage as is set
forth           in these Articles or as required by Law.
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 25.2. | Any
resolution to amend these Articles or to approve a merger of the Company,           shall
be deemed adopted at a General Meeting if supported by members,           participating
in person or by proxy, vested with a Determining Majority, which           shall be more
than fifty percent (50%) of the total voting power attached to the           shares whose
holders participated, in person or by proxy, at such General           Meeting.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 25.3. | Any
proposed resolution put to vote at a General Meeting shall be decided by a
          poll.
| | ----- | ----------------------------------------------------------------------------------------------

| | 25.4. | Subject
to approval by a General Meeting at which the requisite quorum is           present, the
chairman is obligated at the request of the General Meeting, to           adjourn the
General Meeting, and the adjourned meeting shall convene at such           date and place
as is decided by the General Meeting. If the General Meeting is           adjourned by
more than twenty-one (21) days, a notice of the adjourned meeting           shall be
given in the manner set forth in sections 67 through 69 of the Law. An
          adjourned meeting may only transact such business as left unfinished at the
          original meeting.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 25.5. | A
declaration by the Chairman of the General Meeting that a proposed resolution
          has been adopted or rejected, shall constitute conclusive evidence of the
          adoption or rejection, respectively, of same resolution, and no further proof
          verifying the contents of such declaration or the number or proportion of the
          votes recorded in favor of or against such resolution shall be required.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|26. | Voting
Power
|--- | ------------

| | 26.1. | Subject
to the provisions of Article 27.1 below and subject to any other           provision
hereof pertaining to voting rights attached or not-attached to shares           of the
Company, whether in general or in respect of a specific matter or           matters,
every member shall have one vote for each share registered in his name           on the
Register of Members, regardless of its denomination or class.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

12

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| | 26.2. | In
case of equality of votes, the resolution shall be deemed to have been
          rejected.
| | ----- | ---------------------------------------------------------------------------------------------

|27. | Attendance
and Voting Rights at General Meeting
|--- | -----------------------------------------------

| | 27.1. | Unless
provided otherwise by the terms of issue of the shares, no member shall           be
entitled to be present or vote at a General Meeting (or be counted as part of
          the quorum thereat) unless all amounts due as at the date designated for same
          General Meeting with respect to his shares were paid.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 27.2. | A
corporate body being a member of the Company and entitled to vote and/or           attend
at a General Meeting may exercise such rights by authorizing any person,
          whether in general or for a specific General Meeting, to be present and/or vote
          on its behalf. Upon the request of the Chairman of the General Meeting, a
          writing evidence of such authorization and its validity (in a form acceptable
to           the Chairman) shall be furnished thereto.
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 27.3. | A
member entitled to vote and/or attend at a General Meeting may appoint a           proxy,
whether is general or for a specific General Meeting, to exercise such           rights,
in a form approved by the Board.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 27.4. | The
instrument appointing a proxy shall be delivered to the Company not later           than
forty-eight (48) hours before the time designated for the General Meeting           at
which the person named in the instrument proposes to vote and/or attend.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 27.5. | A
member entitled to vote and/or attend at a General Meeting and is legally
          incapacitated, may exercise such rights by his custodian.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------

| | 27.6. | If
two or more persons are registered as joint owners of any share, the right to
          attend at a General Meeting, if attached to such share, shall be conferred upon
          all of the joint owners, but the right to vote at a General Meeting and/or the
          right to be counted as part of the quorum thereat, if attached to such share,
          shall be conferred exclusively upon the senior amongst the joint owners
          attending the General Meeting, in person or by proxy; and for this purpose
          seniority shall be determined by the order in which the names appear on the
          Register of Members.
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 27.7. | The
voting on the terms of the instrument of proxy shall be legal even in case           of
prior death or incapacity or bankruptcy of the principal, and in respect of a
          corporate principal, in case of its winding up or revocation of the instrument
          of proxy or transfer of the respective share, unless a notice in writing of
such           death or incapacity or bankruptcy or winding up or revocation of share
transfer           shall have been received by the Register of Members.
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
written notice of revocation of the proxy shall be valid if signed by the principal and
received by the Register of Members not later than one hour before the start of voting.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

13

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| | 27.8. | No
proxy shall be valid after the expiry of 12 months from the date of its           issue.
| | ----- | -------------------------------------------------------------------------------------------

# V BOARD OF DIRECTORS

|28. | Powers
of the Board
|--- | -------------------

| | 28.1. | The
Board shall be vested with the exclusive authority to exercise all of the
          Companys powers which are not, by Law, the Memorandum (for as long as it
          is in effect), the Articles or any applicable law, required to be exercised by
          the General Meeting, the General Manager, or any other organ of the Company as
          such term is defined in the Law.
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 28.2. | The
Board shall set the policy guidelines for the Company and shall supervise           the
performance and activities of the General Manager.
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------

|29. | Exercise
of Powers of the Board
|--- | -------------------------------

| | 29.1. | The
powers conferred upon the Board shall be vested in the Board as collective
          body, and not in each one or more of the directors individually, and all such
          powers may be exercised by the Board by adopting resolutions in accordance with
          the provisions of the Articles.
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 29.2. | A
resolution shall be deemed adopted at a meeting of the Board if supported by a
          majority of the directors attending such meeting and voting thereon. The
          Chairman of the Board shall have no casting vote.
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 29.3. | The
Board may hold meetings using any means of communication, provided that all           of
the directors participating can simultaneously hear one another.
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------

|30. | Committees
of Directors
|--- | -----------------------

| | 30.1. | The
Board may, subject to Section 112 of the Law, delegate any or all of its           powers
to committees, each consisting of two or more directors, one of which           shall be
an External Director, and it may, from time to time, revoke or alter           the powers
so delegated. Each committee shall, in the exercise of the powers so           delegated,
conform to any regulations and conditions prescribed by the Board           upon the
delegation or at any other time. Each resolution adopted by a committee           within
the powers delegated to it by the Board shall be deemed to have been held           by
the Board.
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 30.2. | The
Board will appoint from among its members an audit committee. All External
          Directors shall be members of the audit committee.
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------

| | 30.3. | The
provision of the Articles with respect to the meetings of the Board, their
          convening and adoption of resolutions thereat shall apply, mutatis mutandis, to
          the meetings of any such committee, unless otherwise prescribed by the Board.
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

14

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|31. | Number
of Directors
|--- | -------------------

| | Unless
otherwise prescribed by a resolution adopted at a General Meeting, the Board shall
consist of not less then four (4) nor more then twelve (12) directors (including the
External Directors appointed as required under the Law).
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|32. | Appointment
and Removal of Directors
|--- | ------------------------------------

| | 32.1. | The
directors shall be elected annually at a General Meeting as aforesaid and           shall
remain in office until the next Annual Meeting at which time they shall           retire,
unless their office is vacated previously as stipulated in the Articles,
          provided however that the External Directors shall be appointed, and shall
          remain in office, as prescribed in the Law.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 32.2. | The
elected directors shall assume office on the day of their election.
| | ----- | -----------------------------------------------------------------------

| | 32.3. | A
retiring director may be reelected. Pending the convening of an Annual Meeting
          at which the directors are to retire from office, all directors shall remain in
          office until the convening of the Annual Meeting of the Company except in case
          of prior vacation of a directors office according to the Articles.
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 32.4. | If
no directors are elected at the Annual Meeting, all the retiring directors
          shall remain in office pending their replacement by a General Meeting of the
          Company.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 32.5. | Except
with regard to a director whose tenure of office expires upon the           convening of
a General Meeting or a person recommended by the Board to serve as           director, no
motions for appointment of a candidate as a director shall be made           unless a
notice in writing signed by a member of the Company (other than the           candidate
himself) who is entitled to participate in and vote at the meeting,           stating the
intent of the said member to propose a candidate for election to the           office of
director, together with a document in writing by the candidate           expressing his
consent to be so elected, shall have been received at the office           of the Company
within a period of not less than forty-eight (48) hours and not           more than
forty-two (42) days before the appointed date of the General Meeting.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 32.6. | The
General Meeting may, by way of a resolution, remove a director from office
          before the expiry of his tenure, and appoint another person to serve as
director           of the Company in his place, and also appoint a number of directors in
the event           of the number of directors having decreased below the minimum
established by the           General Meeting.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 32.7. | The
provisions of this Article 32 shall not apply to External Directors, whose
          appointment and removal shall be pursuant to the relevant provisions of the
Law.
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|33. | 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 director in the past.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
provisions of this section 32 shall not apply to External Directors, whose qualifications
are as set forth in the relevant provisions of the Law.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------

15

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|34. | Vacation
of Directors Office
|--- | -----------------------------

| | The
office of a director shall be vacated:
| | ------------------------------------------

| | 34.1. | Upon
his death;
| | ----- | ---------------

| | 34.2. | On
the date at which he is declared a bankrupt;
| | ----- | -----------------------------------------------

| | 34.3. | On
the date he is declared legally incapacitated;
| | ----- | -------------------------------------------------

| | 34.4. | On
the date stipulated therefor in the resolution of his election or the notice           of
his appointment, as the case may be;
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------

| | 34.5. | On
the date stipulated therefor in the resolution or notice of his removal or on
          the date of the delivery of such notice to the Company, whichever is later;
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 34.6. | On
the date stipulated therefor in a written notice of resignation thereby
          delivered to the Company or upon its delivery to the Company, whichever is
          later.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 34.7. | If
he is convicted in a final judgment of an offence of a nature which
          disqualifies a person from serving as a director, as set forth in the Law.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------

| | 34.8. | If
a court of competent jurisdiction decides to terminate his office, in
          accordance with the provisions of the Law, in a decision or judgment for which
          no stay of enforcement is granted.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|35. | Remuneration
of Directors
|--- | -------------------------

| | The
directors shall be entitled to remuneration by the Company for their services as
directors. The remuneration may be established as a global sum or as a fee for
participation in meetings. In addition to such remuneration, every director shall be
entitled to a refund of reasonable expenses for travel, per diem money, and other
expenses related to the discharge of his duties as a director.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
provisions of this section 34 shall not apply to External Directors, whose remuneration
shall be in accordance with the relevant provisions of the Law.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------

|36. | Conflict
of Interests
|--- | ---------------------

| | 36.1. | Subject
to the provisions of the Law, the Company may consider and approve, by a
               resolution of the Board, each of the following transactions, which are not
               detrimental to the best interests of the Company:
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 36.1.1. | a
transaction to which the Company is a party to, and in which an officer of the
               Company has an interest; or
| | ------- | ---------------------------------------------------------------------------------------------------------------------------

| | 36.1.2. | a
transaction between the Company and officer of the Company; or
| | ------- | ----------------------------------------------------------------

| | 36.1.3. | such
other transactions that require special approval pursuant to the Law.
| | ------- | --------------------------------------------------------------------------

| | Notwithstanding
the foregoing, in the event of an extraordinary transaction (Iska Chariga as
defined in the Law) or the approval of the terms of service or employment (including any
waiver, insurance or indemnification) of an officer of the Company, such transaction
shall require such additional approval as stipulated by the Law. Any officer shall not
participate in the meeting of the Board or audit committee (whichever applicable), where
such resolution is considered and shall not vote in such meeting, unless the majority of
the members of the Board or audit committee shall have an interest in the approval of the
transaction, in which case such transaction must also be approved by the General Meeting.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

16

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|37. | Alternate
Director
|--- | ------------------

| | 37.1. | Subject
to the approval of the Board, a director may, by delivering a written           notice to
the Company, appoint an alternate for himself (hereinafter 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. The appointment           of the
Alternate Director shall be for an indefinite period and for all           purposes,
unless restricted to a specific period, to a specific meeting or act           of the
Board, to a specific matter or in any other manner, and same restriction           was
specified in the appointment instrument or in a written note delivered to           the
Company.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 37.2. | Any
notice delivered to the Company pursuant to Article 37.1 shall become           effective
on the date specified therefor therein or upon delivery thereof to the           Company
or upon approval of the Board, whichever is later.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 37.3. | An
Alternate Director shall be vested with all rights and shall bear all
          obligations of the director who appointed him, provided, however, that he shall
          not be entitled to appoint an alternate for himself (unless the instrument
          appointed him expressly provides otherwise), and provided further that the
          Alternate Director shall have no standing at any meeting of the Board or any
          committee thereof whereat the director who appointed him is present.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 37.4. | The
following may not be appointed nor serve as an Alternate Director: (i) a           person
not qualified to be appointed as a director, (ii) an actual director, or           (iii)
another Alternate Director.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 37.5. | The
office of an Alternate Director shall be vacated under the circumstances,
          mutatis mutandis, set forth in Article 34, and such office shall further be
ipso           facto vacated if the director who appointed such Alternate Director ceases
to be           a director.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|38. | Meeting
of the Board
|--- | --------------------

| | 38.1. | Subject
to Articles 40 and 41 below, the Board may meet, adjourn its meeting and
          otherwise determine and regulate such meetings and their proceedings as it
deems           fit.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 38.2. | Upon
the vacation of the office of a director, the remaining directors may           continue
to discharge their functions until the number of remaining directors           decreases
below the minimum established in the Articles. In the latter case the           remaining
directors may only act to convene a General Meeting of the Company.
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

17

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| | 38.3. | The
directors may at any time appoint any person to serve as director as
          replacement for a vacated office or in order to increase the number of
          directors, subject to the condition that the number of directors shall not
          exceed the maximum established in these Articles. Any so appointed director
          shall remain in office until the next General Meeting, at which he may be
          reelected.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|39. | Convening
Meetings of the Board
|--- | -------------------------------

| | 39.1. | The
Chairman of the Board may, at any time, convene a meeting of the Board, and
          shall be obliged to do so (i) at least once every three months, (ii) upon
          receipt of a written demand from any one director, or (iii) in accordance with
          section 122(4) or 169 of the Law. In the event there is no such Chairman or a
          meeting of the Board was not convened to a date which is no later then ten (10)
          days following delivery of such written demand or receipt of the relevant
notice           or report, any of the abovementioned directors may convene a meeting of
the           Board.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Convening
a meeting of the Board shall be made by delivering a notice thereof to all of the
directors within a reasonable length of time prior to the date thereof. Such notice shall
specify the exact time and place of the meeting so called and a reasonably detailed
description of the all of the issues on the agenda for such meeting.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 39.2. | A
resolution adopted at a meeting of the Board, which had not convened in
          accordance with the necessary requirements set forth in the Law or these
          Articles may be invalidated in accordance with the applicable provisions of the
          Law.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 39.3. | A
director may waive his right to receive prior notice of any meeting, in           general
or in respect of a specific meeting, and shall be deemed to have waived           such
right with respect to any meeting at which he was present.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|40. | Quorum
|--- | ------

| | A
majority of the number of directors then in office shall constitute a quorum at meetings
of the Board, except if and as otherwise required in accordance with the Law. No business
shall be considered or determined at any meeting of the Board unless the requisite quorum
is present when the meeting proceeds to consider or determine same business.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|41. | Chairman
of the Board
|--- | ---------------------

| | The
Board may from time to time elect one of its members to be the Chairman of the Board,
remove such Chairman from office and appoint another in his place. However, the General
Manager shall not serve as the Chairman of the Board, nor shall the Chairman of the Board
be vested with the powers designated to the General Manager, except in accordance with
section 121(3) of the Law. The Chairman of the Board shall preside at every meeting of
the Board, but if there is no such Chairman, or if he is not present or he is unwilling
to take the chair at any meeting, the directors present shall elect one of their members
to be chairman of such meeting. The Chairman of the Board shall have no casting vote.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

18

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# VI GENERAL MANAGER

|42. | General
Manager
|--- | ---------------

| | 42.1. | The
Board shall appoint one or more persons, whether or not directors, as           General
Manager(s) of the Company, either for a definite period or without any
          limitation of time, and may confer powers, authorities and rights and/or impose
          duties and obligations upon such person or persons and determine his or their
          salaries as the Board may deem fit and subject to the provisions of the Law.
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# VII MINUTES OF THE
BOARD

|43. | Minutes
|--- | -------

| | 43.1. | The
proceedings of each meeting of the Board and meeting of committee of the           Board
shall be recorded in the minutes of the Company. Such minutes shall set           forth
the names of the persons present at every such meeting and all resolutions
          adopted thereat and shall be signed by the chairman of the meeting.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 43.2. | All
minutes approved and signed by the chairman of the meeting or the Chairman           of
the Board, shall constitute prima facie evidence of its contents.
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------

# VIII INTERNAL AUDITOR

|44. | Internal
Auditor
|--- | ----------------

| | 44.1. | The
Board shall appoint an internal auditor in accordance with the provisions of
          the Law.
| | ----- | ---------------------------------------------------------------------------------------------------

| | 44.2. | The
Internal Auditor shall submit to the audit committee a proposal for an           annual
or periodic work program for its approval. The Audit Committee shall           approve
such proposal subject to the modifications which it considers necessary.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 44.3. | The
General Manager shall be in charge of and supervise the Internal           auditors
performance of its obligations.
| | ----- | ------------------------------------------------------------------------------------------------------------------------

# IX DIVIDENDS AND
PROFITS

|45. | Declaration
of Dividends
|--- | ------------------------

| | 45.1. | The
Board may, from time to time, subject to the provisions of the Law, declare           a
dividend at a rate as the Board may deem considering the accrued profits of           the
Company as set forth in its financial statements, and provided that the           payment
of such dividends will not reasonably prevent the Company from meeting           its
current and expected liabilities.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

19

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| | 45.2. | Subject
to any special or restricted rights conferred upon the holders of shares           as to
dividends, all dividends shall be declared and paid in accordance with the
          paid-up capital of the Company attributable to the shares in respect of which
          the dividends are declared and paid. The paid-up capital attributable to any
          share (whether issued at its nominal value, at a premium or at a discount),
          shall be nominal value of such share. Provided, however that if the entire
          consideration for same share was not yet paid to the Company, the paid-up
          capital attribute thereto shall be such proportion of the nominal value as the
          amount paid to the Company with respect to the share bears to its full
          consideration, and further provided the amounts which have been prepaid on
          account of shares and the Company has agreed to pay interest thereon shall not
          be deemed, for the purposes of this Article, to be payments on account of such
          shares. In the event no amount has been paid with respect to any shares
          whatsoever, dividends may be declared and paid according to the nominal value
of           the shares.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 45.3. | Notice
of the declaration of dividends shall be delivered to all those entitled           to
such dividends.
| | ----- | ------------------------------------------------------------------------------------------------------------

|46. | Rights
to Participate in the Distribution of Dividends
|--- | ------------------------------------------------------

| | 46.1. | Subject
to special rights with respect to the Companys profits to be           conferred
upon any person pursuant to these Articles and the Law, all the           profits of the
Company may be distributed among the members entitled to           participate in the
distribution of dividends.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 46.2. | Notwithstanding
for foregoing, a holder of shares shall not be attributed with           the right to
participate in the distribution of dividends which were declared           for a period
preceding the date of the actual issuance.
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|47. | Interest
on Dividends
|--- | ---------------------

| | The
Company shall not be obligated to pay, and shall not pay interest on declared dividends.
| | --------------------------------------------------------------------------------------------

|48. | Payment
of Dividends
|--- | --------------------

| | Subject
to Article 49, a declared dividend may be paid by wire transfer or a check made to the
order of the person entitled to receive such dividend (and if there are two or more
persons entitled to the dividend in respect of the same share  to the order of any
one of such persons) or to the order of such person as the person entitled thereto may
direct in writing. Same check shall be sent to the address of the person entitled to the
dividend, as notified to the Company.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|49. | Payment
in Specie
|--- | -----------------

| | Upon
the recommendation of the Board, dividends may be paid, wholly or partly, by the
distribution of specific assets of the Company and/or by the distribution of shares
and/or debentures of the Company and/or of any other company, or in any combination of
such manners.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

20

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|50. | Setting-Off
Dividends
|--- | ---------------------

| | The
Companys obligation to pay dividends or any other amount in respect of shares, may
be set-off by the Company against any indebtedness, however arising, liquidated or
non-liquidated, of the person entitled to receive the dividend.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
provisions contained in this Article shall not prejudice any other right or remedy vested
with the Company pursuant to the Articles or any applicable law.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------

|51. | Unclaimed
Dividends
|--- | -------------------

| | 51.1. | Dividends
unclaimed by the person entitled thereto within thirty (30) days after           the date
stipulated for their payment, may be invested or otherwise used by the           company,
as it deems fit, until claimed; but the Company shall not be deemed a           trustee
in respect thereof.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 51.2. | Dividends
unclaimed within the period of seven (7) years from the date           stipulated for
their payment, shall be forfeited and shall revert to the           Company, unless
otherwise directed by the Board
| | ----- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|52. | Reserves
and Funds
|--- | ------------------

| | 52.1. | The
Board may, before recommending the distribution of dividends, determine to           set
aside out of the profits of the Company or out of an assets revaluation fund
          and carry to reserve or reserves such sums as it deems fit, and direct the
          designation, application and use of such sums. The Board may further determine
          that any such sums which it deems prudent not to distribute as dividends will
          not be set aside for reserve, but shall remain as such at the disposal of the
          Company.
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 52.2. | The
Board may, from time to time, direct the revaluation of the assets of the
          Company, in whole or in part, and the creation of an assets revaluation fund
out           of the revaluation surplus, if any.
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|53. | Capitalization
of Profits
|--- | -------------------------

| | 53.1. | The
Board may capitalize all or any part of the sums or assets allocated to the
          credit of any reserve fund or to the credit of the profit and loss account or
          being otherwise distributable as dividends (including sums or assets received
as           premiums on the issuance of shares or debentures), and direct accordingly
that           such sums or assets be released for distribution amongst the members who
would           have been entitled thereto if distributed by way of dividends and in the
same           proportion; provided that same sums or assets be not paid in cash or in
specie           but be applied for the payment in full or in part of the unpaid
consideration of           the issued shares held by such members and/or for the payment
in full of the           consideration (as shall be stipulated in said resolution) for
shares or           debentures of the Company to be issued to such members subsequent to
the date of           said resolution, credited as fully paid up.
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

21

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| | 53.2. | In
the event a resolution as aforesaid shall have been adopted, the Board shall
          make all adjustments and applications of the moneys or assets resolved to be
          capitalized thereby, and shall do all acts and things required to give effect
          thereto. The Board may authorize any person to enter into agreement with the
          Company on behalf of all members entitled to participate in such distribution,
          providing for the issuance to such members of any shares or debentures,
credited           as fully paid, to which they may be entitled upon such capitalization
or for the           payment on behalf of such members, by the application thereto of the
          proportionate part of the money or assets resolved to be capitalized, of the
          amounts or any part thereof remaining unpaid on their existing shares, and any
          agreement made under such authority shall be effective and binding upon all
such           members.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# X ACCOUNTING BOOKS

|54. | Accounting
Books
|--- | ----------------

| | 54.1. | The
Board shall cause the Company to hold proper accounting books and to prepare           an
annual balance sheet, a statement of Profit and Loss, and such other           financial
statements as the Company may be required to prepare under law.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
accounting books of the Company shall be held at the office or at a place deemed fit by
the Board, and they shall be open to inspection by the directors.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 54.2. | The
Board may determine at its sole discretion the terms on which any of the
          accounts and books of the Company shall be open to inspection by members, and
no           member (other than a director) shall be entitled to inspect any account or
          ledger or document of the Company unless such right is granted by law or by the
          Board.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 54.3. | At
least once a year, the Board shall submit to the Annual Meeting financial
          statements for the period from the previous statement as required by Law. The
          balance sheet shall be accompanied by an auditors report and a report by
          the Board on the position of the Company.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

22

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XI BRANCH REGISTERS

|55. | Authority
to keep Branch Registers
|--- | ----------------------------------

| | The
Company may keep branch registers in any reciprocal state.
| | --------------------------------------------------------------

|56. | Provisions
in respect of keeping Branch Registers
|--- | -------------------------------------------------

| | Subject
to the provisions contained in the Law, the Board shall be authorized to make such rules
and procedures in connection with the keeping of branch registers as it may, from time to
time, think fit.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# XII SIGNATURES

|57. | The
Companys Signature
|--- | -----------------------

| | 57.1. | A
document shall be deemed signed by the Company upon the fulfillment of the
          following:
| | ----- | -------------------------------------------------------------------------------------------------

| | 57.1.1. | It
bears the name of the Company in print;
| | ------- | ------------------------------------------

| | 57.1.2. | It
bears the signature of one or more persons authorized therefor by the Board;
          and
| | ------- | ---------------------------------------------------------------------------------------------

| | 57.1.3. | The
act of the person authorized by the Board as aforesaid was within its           authority
and without deviation therefrom.
| | ------- | ------------------------------------------------------------------------------------------------------------------------------

| | 57.2. | The
signatory rights on behalf of the Company shall be determined by the Board.
| | ----- | -------------------------------------------------------------------------------

| | 57.3. | An
authorization by the Board as provided in Article 57.2 may be for a specific
          matter, for a specific document or for a certain sort of document or for all
the           Companys documents or for a definite period of time or for an
unlimited           period of time, provided that any such authority may be terminated by
Board, at           will.
| | ----- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 57.4. | The
provisions of this Article shall apply both to the Companys documents
          executed in Israel and the Companys documents executed abroad.
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------

# XIII NOTICES

|58. | Notices
in Writing
|--- | ------------------

| | 58.1. | Notices
pursuant to the Law, the Memorandum and the Articles shall be made in           the
manner prescribed by the Board from time to time.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------

| | 58.2. | Unless
otherwise prescribed by the Board, all notices shall be made in writing           and
shall be sent by mail.
| | ----- | -------------------------------------------------------------------------------------------------------------------

|59. | Delivery
of Notices
|--- | -------------------

| | 59.1. | Each
member and each director shall notify the Company in writing of his address           for
the receipt of notices, documents and other communications relating to the
          Company, its business and affairs.
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | 59.2. | Any
notice, document or other communication shall be deemed to have been           received
at the time received by the addressee or at its address, or if sent by
          registered mail to same address  within seven (7) days from its dispatch,
          whichever is earlier.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 59.3. | The
address for the purposes of Article 59.2 shall be the address furnished
          pursuant to Article 59.1, and the address of the Company for the purposes of
          Article 59.2 shall be its registered address or principal place of business.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# XIV INDEMNITY AND
INSURANCE

|60. | Indemnity
of Officers
|--- | ---------------------

| | 60.1. | The
Company may, from time to time and subject to any provision of law,
               indemnify an Officer in respect of a liability or expense set out below
which is                imposed on him or incurred by him as a result of an action taken
in his capacity                as an Officer of the Company:
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 60.1.1. | monetary
liability imposed on him in favor of a third party by a judgment,
               including a settlement or a decision of an arbitrator which is given the
force                of a judgment by court order;
| | ------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 60.1.2. | reasonable
litigation expenses, including legal fees, incurred by the Officer as                a
result of an investigation or proceeding instituted against such Officer by a
               competent authority, which investigation or proceeding has ended without
the                filing of an indictment or in the imposition of financial liability in
lieu of a                criminal proceeding, or has ended in the imposition of a
financial obligation in                lieu of a criminal proceeding for an offence that
does not require proof of                criminal intent (the phrases proceeding
that has ended without the filing                of an indictment and financial
obligation in lieu of a criminal                proceeding shall have the meanings
ascribed to such phrases in Section                260(a)(1a) of the Companies Law); and
| | ------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 60.1.3. | reasonable
litigation expenses, including legal fees, which the Officer has                incurred
or is obliged to pay by the court in proceedings commenced against him                by
the Company or in its name or by any other person, or pursuant to criminal
               charges of which he is acquitted or criminal charges pursuant to which he
is                convicted of an offence which does not require proof of criminal
intent.
| | ------- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 60.2. | The
Company may, from time to time and subject to any provision of the law:
| | ----- | ---------------------------------------------------------------------------

| | 60.2.1. | Undertake
in advance to indemnify an Officer of the Company for any of the
               following:
| | ------- | ----------------------------------------------------------------------------------------------------

| | (i) | any
liability as set out in Article 60.1.1 above, provided that
the undertaking to indemnify is limited to the classes of events which in the opinion of
the Board can be anticipated in light of the Companys activities at the time of
giving the indemnification undertaking, and for an amount and/or criteria which the Board
has determined are reasonable in the circumstances and, the events and the amounts or
criteria that the Board deem reasonable in the circumstances at the time of giving of the
undertaking are stated in the undertaking; or
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (ii) | any
liability stated in Article 60.1.2 or 60.1.3 above;
| | ---- | -------------------------------------------------------

| | 60.2.2. | indemnify
an Officer after the occurrence of the event which is the subject of                the
indemnity.
| | ------- | ------------------------------------------------------------------------------------------------------------

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|61. | Insurance
of Officer
|--- | --------------------

| | The
Company may enter into an agreement for the insurance of the liability of an officer, in
whole or in part, with respect to any liability which may imposed upon such officer as a
result of an act performed by same officer in his capacity as an officer of the Company,
for any of the following:
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 61.1.1. | A
breach of a cautionary duty toward the Company or toward another person;
| | ------- | --------------------------------------------------------------------------

| | 61.1.2. | A
breach of a fiduciary duty toward the Company, provided the officer acted in
               good faith and has had reasonable ground to assume that the act would not
be                detrimental to the Company;
| | ------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 61.1.3. | A
monetary liability imposed upon an officer toward another.
| | ------- | ------------------------------------------------------------

|61A. | Exemption
|---- | ---------

| | Subject
to the provisions of the Companies Law, including the receipt of all approvals as
required therein or under any applicable law, the Board may resolve in advance to exempt
an officer from all or part of such officers responsibility or liability for
damages caused to the Company due to any breach of such officers duty of care
towards the Company.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# XV WINDING UP

|62. | Distribution
of Assets
|--- | ----------------------

| | If
the Company be wound up, then, subject to provisions of any applicable law and to any
special or restricted rights attached to a share, the assets of the Company in excess of
its liabilities shall be distributed among the members in proportion to the paid-up
capital of the Company attributable to the shares in respect of which such distribution
is being made. The paid-up capital attributable to any share (whether issued at its
nominal value, at a premium or at a discount), shall be a nominal value of such share,
provided, however, that if the entire consideration for same share was not yet paid to
the Company, the paid-up capital attributable thereto shall be such proportion of the
nominal value as the amount paid to the Company with respect to the share bears to its
full consideration.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

*********

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