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**NUR MACROPRINTERS LTD.**


**CODE
  OF ETHICS
  FOR
  SENIOR FINANCIAL OFFICERS**

This Code of Ethics applies
  to the Chief Executive Officer, Managing Director, President, General Manager,
  Chief Financial Officer, Vice President of Finance, Controller and any other
  person bearing the title of Vice President or higher in the Finance Department
  or any person holding a position in finance and who is reporting to Chief Executive
  Officer, Managing Director, President or General Manager (collectively, the
  **Senior Financial Officers**) of NUR Macroprinters
  Ltd. and its subsidiaries (collectively, the **Company**).
  Its purpose is to promote honest and ethical conduct and compliance with the
  law, particularly as related to the preparation and maintenance of the Companys
  financial records and the preparation of financial statements filed with or
  submitted to the shareholders or any government agency. The obligations of this
  Code of Ethics supplement, but do not replace, the Code of Business Conduct
  and Ethics applicable to all Company directors, officers and employees.

|1. | Senior
      Financial Officers are expected to carry out their responsibilities honestly
      and with integrity, exercising at all times their best independent judgment.                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
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|2. | Senior
      Financial Officers should avoid, situations in which their own interests
      conflict, or appear to conflict, with the interests of the Company. In any
      case in which a Senior Financial Officer finds himself with an actual or
      apparent material conflict of interest, he should promptly disclose it to
      the Companys Legal Department, who will review the transaction or relationship.
      If the Legal Department determines that a conflict does exist, it will refer
      the matter to the Audit Committee of the Board of Directors, which shall
      determine how the situation should be resolved.
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|3. | Senior
      Financial Officers are responsible for assuring full, fair, accurate, timely
      and understandable disclosure of relevant financial and other information
      to shareholders and investors. In particular, they are responsible for ensuring
      that the Company complies with all legal requirements governing disclosure
      of financial information and that financial press releases and other public
      communications relating to the Companys finances are full, fair, accurate,
      understandable and timely made. Among other things, Senior Financial Officers
      should:                              
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|   | 3.1.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
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|   | 3.2.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                

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|                                                                                                                                                                                                                                                                                                                                                                                         | 3.3.                                                                                                                                                                                                      | Promptly
      disclose to their superiors and to the Audit Committee of the Board of Directors
      and the Companys independent auditors, any material weaknesses in, or concerns
      regarding, the Companys disclosure controls or internal control over financial
      reporting. Such disclosure may be reported, at the anonymously at Senior
      Financial Officers discretion, according to the Companys Whistle
      Blower Procedure.
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|4.                                                                                                                                                                                                                                                                                                                                                                                       | Senior
      Financial Officers should comply at all times with applicable governmental
      laws, rules and regulations.                                                                               
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|5.                                                                                                                                                                                                                                                                                                                                                                                       | Senior
      Financial Officers should promptly bring to the attention of the Audit Committee:                                                                                                           
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|                                                                                                                                                                                                                                                                                                                                                                                         | 5.1.                                                                                                                                                                                                      | Any
      matters that could compromise the integrity of the Companys financial reports;                                                                                                                                                                                                                                                                                                                                                                    
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|                                                                                                                                                                                                                                                                                                                                                                                         | 5.2.                                                                                                                                                                                                      | Any
      disagreement with respect to any material accounting matter; and                                                                                                                                                                                                                                                                                                                                                                                   
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|                                                                                                                                                                                                                                                                                                                                                                                         | 5.3.                                                                                                                                                                                                      | Any
      violation of this Code of Ethics or of any law or regulation related to
      the Companys business, operations or accounting or financial affairs.                                                                                                                                                                                                                                                                                               
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|6.                                                                                                                                                                                                                                                                                                                                                                                       | The
      approval of the Board of Directors shall be required for amendment to this
      Code of Ethics.                                                                                               
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|7.                                                                                                                                                                                                                                                                                                                                                                                       | Senior
      Financial Officers should recognize that a violation of the standards contained
      in this Code of Ethics will result in corrective action, including possible
      dismissal for cause.
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|While
      strict adherence to this Code of Ethics is required of all Senior Financial
      Officers, this document is not intended to be an exhaustive statement concerning
      matters of ethics. Senior Financial Officers are expected to apply the highest
      ethical standards in considering actions and decisions that are not directly
      addressed by this document.

***

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