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Exhibit 1.2

# THE COMPANIES LAW 
A COMPANY LIMITED BY
SHARES 
AMENDED AND RESTATED ARTICLES
OF 
NUR MACROPRINTERS 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.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------

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

| | The
Name of the Company shall be NUR Macroprinters Ltd., and in Hebrew:  [     ]
| | --------------------------------------------------------------------------------



---

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|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 120,000,000 divided into 120,000,000
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;
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 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;
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

2

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

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

3

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| | 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 Registered
Holder) 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.
| | ----- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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

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

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

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

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

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

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

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

9

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

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

10

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

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

| | 31.2. | The Board will appoint from among its members an audit committee. All External
               Directors shall be members of the audit committee.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------

11

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

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

12

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

13

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

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

14

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

# 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.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

15

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

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

16

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

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

17

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

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

18

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

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

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| | 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 indemnify any officer for any of the following:
| | ----- | ---------------------------------------------------------------

| | 60.1.1. | A
monetary liability imposed upon an officer for the benefit of another person           by
a judgment, including a judgment giving effect to a compromise and an
          arbitration award approved by a court, with respect to an act performed by same
          officer in his capacity as an officer of the Company;
| | ------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 60.1.2. | Reasonable
litigation expenses, including attorneys fees, incurred by an           officer or
imposed upon him by a court, in a proceeding brought against him by           the Company
or on its behalf or by another person, or in a criminal proceeding           in which he
was acquitted, or in a criminal proceeding in which he was convicted           of a crime
that does not require proof of criminal intent, and all with respect           to an act
thereby performed in his capacity as an officer of the Company.
| | ------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 60.2. | The
Company may:
| | ----- | ----------------

| | 60.2.1. | Undertake
in advance to indemnify an officer, provided that the undertaking be           limited to
categories of events which in the Boards opinion can be           foreseen when the
undertaking to indemnify is given, and to an amount           established by the Board as
reasonable under the circumstances; or
| | ------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 60.2.2. | Indemnify
the officer retroactively.
| | ------- | ------------------------------------

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

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# 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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