----

----

| Whereas, | the Company and the Service Providers entered into a Management Services Agreement effective as of March 31, 2008 (the “Agreement”); |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------|

| Whereas, | on each of December 30, 2009, December 22, 2010 and December 20, 2011, the term of the Management Services Agreement was extended by the Company’s audit committee, board of directors and shareholders and by the Service Providers; and |
|----------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Whereas, | the parties to the Agreement wish to amend the Agreement as specifically set forth herein and such amendments were approved by the Company’s compensation committee, audit committee, board of directors and, on June 18, 2013, by the Company’s shareholders, and by the Service Providers. |
|----------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | Amendment of Section 2.1 |
|----|--------------------------|

|   | 1.1. | Section 2.1 of the Agreement is hereby amended and restated in its entirety to read as follows: “In consideration of the performance of the Management Services and the Board Services hereunder, the Company shall pay to the Service Providers an aggregate annual management services fee in the amount of four hundred thousand United States dollars (US$400,000) (the “Management Fee”), to be paid in equal quarterly installments of fifty thousand United States dollars (US$50,000) to each of Kanir and Meisaf. Each quarterly installment shall be paid not later than the seventh (7th) day of each calendar quarter for services rendered during the preceding calendar quarter.” |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | Amendment of Section 4 |
|----|------------------------|

|   | 2.1. | Section 4 of the Agreement is hereby amended and restated to read as follows: “Term and Termination.  This Agreement shall be deemed effective as of March 31, 2008 (the “Effective Date”) and shall continue to remain in effect until the earlier of: (i) June 17, 2016, (ii) the termination of service of either of the Kanir and Nechama Investments affiliates on our Board of Directors, or (iii) a date that is six (6) months following the delivery of a written termination notice by Meisaf and Kanir to the Company or by the Company to Meisaf and Kanir.” |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 3. | General |
|----|---------|

|   | 3.1. | Unless otherwise defined herein, capitalized terms used in this Amendment shall have the meaning ascribed to them under the Agreement. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.2. | Except as specifically modified and amended hereby, the Agreement shall remain in full force and effect. No provision of this Amendment may be modified or amended, nor shall any terms be waived, except expressly in a writing signed by the parties. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| Ellomay Capital Ltd. By:           /s/ Menahem Raphael_Name:      Menahem RaphaelTitle:        Director By:           /s/ Kalia WeintraubName:      Kalia WeintraubTitle:        Chief Financial Officer                                                              |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Kanir Joint Investments (2005) Limited Partnership By: Kanir Investments Ltd., its general partner By:           /s/ Menahem RaphaelName:      Menahem RaphaelTitle:        Director By:           /s/ Ran FridrichName:      Ran FridrichTitle:        Director |
|                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
| Meisaf Blue & White Holdings Ltd. By:           /s/ Shlomo NehamaName:      Shlomo NehamaTitle:        Director                                                                                                                                                                                                                                                                                     |

----

----