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Exhibit 2.32

# REGISTRATION RIGHTS
AGREEMENT

This
Registration Rights Agreement (this Agreement) is made as of March 7,
2005 by and among NUR Macroprinters Ltd., a company organized under the laws of the State
of Israel, registered under number 52-003986-8, with its offices at 12 Abba Hillel Silver
Street, Lod, Israel (the Company) and Dan Purjes with his address at
830 Third Avenue, 14th Floor, New York, NY 10022, United States (the
Holder).

Whereas,        
in consideration for the Holders agreement to enter into the Voting Trust Agreement
of March 7, 2005 (the Voting Trust Agreement), the Company will,
subject to the Companys shareholders approval, grant to the Holder five-year
warrants (the Warrants) to purchase up to 3,000,000 ordinary shares of
the Company (the Warrant Share) at an exercise price per share of
$0.75; and

Whereas,        
this Agreement supersedes and cancels in all respects the Registration Rights Agreement of
January 23, 2005 which was entered between the parties; and

Whereas,        
the Company undertakes, subject to its shareholder approval, to register the Warrants and
the Warrant Shares underlying the Warrants, on the terms described in this Agreement.

Now,
Therefore, in consideration of the foregoing, the parties agree as follows:

1.        
          Definitions. As used herein, the following terms have the
          following meanings, unless the context specifically requires otherwise:

| | 1.1.               Commission means
the United States Securities and Exchange           Commission.
| | -----------------------------------------------------------------------------------------------------

| | 1.2.                 Effective
Date means the date on which the Companys           shareholders approve
the grant of the Warrants to the Holder and the terms of           this Agreement, which
approval shall be sought at the next succeeding meeting of           the shareholders
immediately following the execution of this Agreement,           solicited by way of
proxy or otherwise, but no later than ninety (90) days from           the date hereof.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 1.3.                     Form
F-3 means such form under the Securities Act as in           effect on the date
hereof or substantially similar thereto and available to the           Company or any
registration form under the Securities Act subsequently adopted           by the
Commission, which permits inclusion or incorporation of substantial           information
by reference to other documents filed by the Company with the           Commission.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 1.4.                     Register,
registered, and           registration means a
registration effected by filing a           registration statement in compliance with the
Securities Act and the declaration           or ordering by the Commission of
effectiveness of such registration statement,           or the equivalent actions under
the laws of another jurisdiction.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 1.5.                     Registrable
Shares means the Warrants granted to the Holder           in accordance with
the provisions of the Voting Trust Agreement, any Warrant           Shares issuable upon
exercise of the Warrants, any existing warrants to purchase           ordinary shares,
NIS 1.0 par value per share, of the Company and any other           ordinary shares, NIS
1.0 par value per share, of the Company owned by the           Holder.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



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| | 1.6.                     Securities
Act means the United States Securities Act of           1933, as amended, or
any similar federal statute, and the rules and regulations           of the Commission
thereunder, all as the same shall be in effect at the time.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

2.        
          Incidental Registration

| | 2.1.                     If
the Company proposes, at any time after the Effective Date, to register any           of
its securities (other than a registration statement on Form S-8, S-4 or any
          equivalent or successor form), for its own account or for the account of any
          other person, it shall give notice to the Holder of such intention. Upon the
          written request of the Holder, given within twenty (20) days after receipt of
          any such notice, the Company shall include in such registration all of the
          Registrable Shares indicated in such request, so as to permit the disposition
of           the shares so registered in the manner requested by the Holder.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2.2.                     Notwithstanding
any other provision of this Section 2, with respect to an           underwritten public
offering by the Company, if the managing underwriter advises           the Company in
writing that marketing or other factors require a limitation of           the number of
shares to be underwritten, then there shall be excluded from such           registration
and underwriting to the extent necessary to satisfy such           limitation, shares
held by the Holder and by other shareholders of the Company           who are entitled to
have their shares included in such registration, pro rata           among them to the
extent necessary to satisfy such limitation. To the extent           Registrable Shares
are included in such underwriting, the Holder shall agree not           to sell their
Registrable Shares included in the registration statement for such           period, not
to exceed 180 days, as may be required by the managing underwriter,           and the
Company shall keep effective and current such registration statement for           such
period as may be required to enable the Holder to complete the distribution           and
resale of their Registrable Shares; provided, however, that each key officer
          and director of the Company and each person who, at the time of the proposed
          filing of such public offering, beneficially owns 1% or more of the outstanding
          share capital of the Company, on a fully-converted, fully-diluted basis, shall
          enter into the same agreement. Notwithstanding the provisions of this Section
2,           the Company shall have the right at any time after it shall have given
notice to           the Holder, to elect not to file any such proposed registration
statement.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2.3.                     The
Company represents as at the date hereof that it satisfies the Registrant
          Requirements (as defined in the general instructions for Form F-3) for the use
          of Form F-3 for the registration of the resale of securities under the
          Securities Act.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

3.        
Termination Of Registration Rights

| | 3.1.                     The
right of the Holder to request registration pursuant to Section 2 shall
          terminate upon earlier of such date: (i) that all Registrable Shares held,
          issuable or entitled to be held upon exercise by the Holder (or an affiliate of
          Holder) may be sold under Rule 144(k) (or any successor rule) in any 90 day
          period and (ii) that all Registrable Shares have been registered hereunder and
          sold in a public offering.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

4.        
          Expenses. All expenses incurred in connection with any
          registration under Section 2 shall be borne by the Company, other than the
          Holders pro rata share of underwriters fees and discounts payable to
          any underwriter and fees, and costs of legal counsel for the Holder.

5.        
          Indemnities. If any Registrable Shares are included in a
          registration statement pursuant to this Agreement:

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| | 5.1.                     The
Company will indemnify and hold harmless, to the fullest extent permitted by
          law, the Holder, any underwriter (as defined in the Securities Act) for the
          Holder, and each person, if any, who controls the Holder or such underwriter
          (collectively and individually referred to as the Indemnified
          Party), from and against any and all losses, damages, claims,
          liabilities, joint or several, costs, and expenses (including any amounts paid
          in any settlement effected with the Companys consent, which consent will
          not be unreasonably withheld) to which such Indemnified Party may become
subject           under applicable law or otherwise, insofar as such losses, damages,
claims,           liabilities (or actions or proceedings in respect thereof), costs, or
expenses           arise out of are based upon (i) any untrue statement or alleged untrue
statement           of any material fact contained in the registration statement or
included in the           prospectus, as amended or supplemented (including, in each
case, all documents           incorporated by reference therein, as such documents may
have been updated by           later dated documents), (ii) the omission or alleged
omission to state therein a           material fact required to be stated therein or
necessary to make the statements           therein, in light of the circumstances in
which they are made, not misleading,           or (iii) any violation or alleged
violation by the Company of the Securities Act           or the Securities Exchange Act
of 1934, as amended (the Exchange           Act), or any rules or
regulations promulgated thereunder, and the           Company will reimburse each
Indemnified Party, promptly upon demand, for any           reasonable legal or any other
expenses incurred by them in connection with           investigating, preparing to
defend, or defending against, or appearing as a           third-party witness in
connection with such loss, claim, damage, liability,           action, or proceeding;
provided, however, that the Company will not be liable in           any such case to the
extent that any such loss, damage, liability, cost, or           expense arises out of or
is based upon an untrue statement or alleged untrue           statement, or omission or
alleged omission, so made in conformity with           information furnished to the
Company by the Indemnified Party, in writing,           specifically for inclusion
therein; provided, further, that this indemnity shall           not be deemed to relieve
any underwriter of any of its due diligence           obligations; and provided, further,
that the indemnity agreement contained in           this Section 5.1 shall not apply to
amounts paid in settlement of any such           claim, loss, damage, liability, or
action if such settlement is effected without           the Companys consent, which
consent will not be unreasonably withheld.           Such indemnity shall remain in full
force and effect regardless of any           investigation made by or on behalf of the
Indemnified Party, and regardless of           any sale in connection with such offering
by the Holder. Such indemnity shall           survive the transfer of securities by the
Holder.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5.2.                     The
Holder will indemnify and hold harmless, to the fullest extent permitted by
          law, the Company, the Company, its officers, directors, any underwriter for the
          Company, and each person, if any, who controls the Company or such underwriter
          (collectively and individually, the Indemnifiable Parties),
          from and against any and all losses, damages, claims, liabilities, costs, or
          expenses (including any amount paid in any settlement effected with the
          Holders consent, which consent will not be unreasonably withheld) to any
          Indemnifiable Party may become subject under applicable law or otherwise,
          insofar as such losses, damages, claims, liabilities or actions or proceedings
          in respect thereof, costs, or expense arise out of or are based on (i) any
          untrue statement or alleged untrue statement of any material fact contained in
          the registration statement or included in the prospectus, as amended or
          supplemented, including, in each case, all documents incorporated by reference
          therein, as such documents may have been updated by later dated documents, or
          (ii) the omission or alleged omission to state therein a material fact required
          to be stated therein or necessary to make the statements therein, in light of
          the circumstances in which they are made, not misleading, and the Holder will
          reimburse each Indemnifiable Party, promptly upon demand, for any reasonable
          legal or other expenses incurred by such Indemnifiable Party in connection with
          investigating, preparing to defend, or defending against, or appearing as a
          third-party witness in connection with such loss, claim, damage, action, or
          proceeding; in each case to the extent, but only to the extent, that such
untrue           statement or alleged untrue statement or omission or alleged omission
was so           made in conformity with written information furnished by the Holder
specifically           for inclusion therein. The foregoing indemnity agreement is
subject to the           condition that, insofar as it relates to any such untrue
statement (or alleged           untrue statement), or omission (or alleged omission) made
in the preliminary           prospectus but eliminated or remedied in the amended
prospectus at the time the           registration statement becomes effective in the
final prospectus, such indemnity           agreement shall not inure to the benefit of
(a) the Company, and (b) any           underwriter, if a copy of the final prospectus was
not furnished to the person           or entity asserting the loss, liability, claim, or
damage at or prior to the           time such furnishing is required by the Security Act;
provided, further, that           this indemnity shall not be deemed to relieve any
underwriter of any of its due           diligence obligations; provided, further, that
the indemnity agreement contained           in this Section 5.2 shall not apply to
amounts paid in settlement of any such           claim loss, damage, liability, or action
if such settlement is effected without           the consent of the Holder, as the case
may be, which consent shall not be           unreasonably withheld; and provided,
further, that the maximum amount of           liability in respect of such
indemnification shall be limited, in the case of           the Holder, to an amount equal
to the net proceeds actually received by the           Holder from the sale of
Registrable Shares sold pursuant to such registration.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | 5.3.                     Promptly
after receipt by an Indemnified and/or Indemnifiable Party pursuant to           the
provisions of Section 5.1 or 5.2 of notice of the commencement of any action
          involving the subject matter of the foregoing indemnity provisions, such
          Indemnified and/or Indemnifiable Party will, if a claim thereof is to be made
          against the indemnifying party pursuant to the provisions of said Section 5.1
or           5.2, promptly notify the indemnifying party of the commencement thereof; but
the           omission to notify the indemnifying party shall only relieve it from any
          liability which it may have to any Indemnified and/or Indemnifiable Party to
the           extent that such indemnifying party has been damaged by such omission to
notify           hereunder. In case such action is brought against any Indemnified and/or
          Indemnifiable party and it notifies the indemnifying party of the commencement
          thereof, the indemnifying party shall have the right to participate in, and, to
          the extent that it may wish, jointly with any other indemnifying party
similarly           notified, to assume the defense thereof with counsel reasonably
satisfactory to           such Indemnified or Indemnifiable Party; provided, however,
that if the           defendants in any action include both the Indemnified or
Indemnifiable Party and           the indemnifying party and if in the reasonable
judgment of the Indemnified or           Indemnifiable party there are separate defenses
that are available to the           Indemnified or Indemnifiable party or there is a
conflict of interest which           would prevent counsel for the indemnifying party
from also representing the           Indemnified or Indemnifiable party, the Indemnified
or Indemnifiable Party(ies)           shall have the right to select, at the expense of
the indemnifying party,           separate counsel to participate in the defense of such
action; provided,           further, however, that if the Holder is the Indemnified
Party, the Holder shall           be entitled to one (1) separate counsel at the expense
of the Company and if           underwriters are also Indemnified parties who are
entitled to counsel separate           from the indemnifying party, then all underwriters
as a group shall be entitled           to one (1) separate counsel at the expense of the
Company. After notice from the           indemnifying party of its election so to assume
the defense thereof, the           indemnifying party will not be liable to such
Indemnified or Indemnifiable Party           pursuant to the provisions of said Section
5.1 or 5.2 above for any legal or           other expense subsequently incurred by such
Indemnified or Indemnifiable Party           in connection with the defense thereof,
unless (i) the Indemnified or           Indemnifiable Party shall have employed counsel
in accordance with the provision           of the preceding sentence, (ii) the
indemnifying party shall not have employed           counsel reasonably satisfactory to
the Indemnified or Indemnifiable Party to           represent the same within a
reasonable time after the notice of the commencement           of the action and within
fifteen (15) days after written notice of the           Indemnified or Indemnifiable Partys
intention to employ separate counsel           pursuant to the previous sentence, (iii)
the indemnifying party has authorized           the employment of counsel for the
Indemnified or Indemnifiable Party at the           expense of the indemnifying party, or
(iv) the indemnifying party has authorized           the employment of counsel but such
party or counsel fails to vigorously defend           the action. No indemnifying party
will consent to entry of any judgment or enter           into any settlement, which does
not include as an unconditional term thereof the           giving by the claimant or
plaintiff to such Indemnified or Indemnifiable Party           of a release from all
liability in respect to such claim or litigation.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | 5.4.                     If
recovery is not available under the foregoing indemnification provisions, for
          any reason other than as specified therein, the parties entitled to
          indemnification by the terms thereof shall be entitled to contribution to
          liabilities and expenses. In determining the amount of contribution to which
the           respective parties are entitled, there shall be considered the parties          relative
knowledge and access to information concerning the matter with respect           to which
the right to indemnification was asserted, the opportunity to correct           and
prevent any statement or omission, and any other equitable consideration
          appropriate under the circumstances. In no event shall any party that is found
          liable for fraudulent misrepresentation within the meaning of Section 1(f) of
          the Securities Act be entitled to contribution hereunder from any party not
          found so liable.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

6.        
          Obligations of the Company. Whenever required under this
          Agreement to effect the registration of any Registrable Shares, the Company
          shall use it best efforts, as expeditiously as possible:

| | 6.1.                     Prepare
and file with the Commission a registration statement with respect to           such
Registrable Shares and use its best efforts to cause such registration
          statement to become effective with the Commission or pursuant to the blue sky
          laws of such jurisdictions as shall be reasonably requested by the Holder, and,
          upon the request of the Holder, keep such registration statement effective for
a           period of up to two (2) years for any registration under Form F-3 (which
shall           be kept effective subject to the provisions of Rule 415), or for nine (9)
months           for any registration under F-1, or if sooner until the distribution
contemplated           in the registration statement has been completed.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6.2.                     Prepare
and file with the Commission such amendments and supplements to such
          registration statement and the prospectus used in connection with such
          registration statement as may be necessary to comply with the provisions of the
          Securities Act with respect to the disposition of all Registrable Shares
covered           by such registration statement.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6.3.                     Furnish
to the Holder and each duly authorized underwriter such numbers of           copies of a
prospectus, including a preliminary prospectus, in conformity with           the
requirement of the Securities Act, and such other documents as they may
          reasonably request in order to facilitate the disposition of Registrable Shares
          owned by the Holder.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6.4.                     In
the event of any underwritten public offering, enter into and perform its
          obligations under an underwriting agreement, in usual and customary form, with
          the managing underwriter of such offering. The Holder, if participating in such
          underwriting, shall also enter into and perform its obligations under such
          agreement.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6.5.                     Notify
the Holder of Registrable Shares covered by such registration statement           at any
time when a prospectus relating thereto is required to be delivered under           the
Securities Act of the happening of any event as a result of which the
          prospectus included in such registration statement, as then in effect, includes
          an untrue statement of a material fact or omits to state a material fact
          required to be stated therein or necessary to make the statements therein not
          misleading in light of the circumstances then existing, and promptly amend such
          prospectus by filing a post effective supplement so that such prospectus does
          not contain an untrue statement of material fact or omit to state a material
          fact required to be stated therein or necessary to make the statements therein
          not misleading in light of the circumstances then existing, and deliver copies
          thereof to the Holder.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6.6.                     Cause
all Registrable Shares registered pursuant hereunder to be listed on each
          securities exchange on which similar securities issued by the Company are then
          listed.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | 6.7.                     Provide
a transfer agent and registrar for all Registrable Shares registered           pursuant
to this Agreement and a CUSIP number for all such Registrable Shares,           in each
case not later than the effective date of such registration.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6.8.                Furnish,
at the request of the Holder, on the date that such Registrable Shares           are
delivered to the underwriters for sale in connection with a registration
          pursuant to this Agreement, if such securities are being sold through
          underwriters, or, if such securities are not being sold through underwriters,
on           the date that the registration statement with respect to such securities
becomes           effective (i) an opinion, dated such date, of the counsel representing
the           Company for the purposes of such registration, in form and substance as is
          customarily given to underwriters in an underwritten public offering, addressed
          to the underwriters, if any, and to the Holder, and (ii) a letter dated such
          date, from the independent certified public accountants of the Company, in form
          and substance as is customarily given by independent certified public
          accountants to underwriters in an underwritten public offering addressed to the
          underwriters, if any, and to the Holder.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6.9             Promptly
notify the Holder, if the Holder is selling Registrable Shares covered by a registration
statement, of the issuance by the Commission of any stop order suspending the
effectiveness of the registration statement or the initiation of any proceedings for that
purpose. The Company shall use its reasonable best efforts to obtain the withdrawal of
any order suspending the effectiveness of the registration statement.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

7.        
          Conditions to Registration. The Company shall not be
          obligated to effect the registration of the Registrable Shares pursuant to this
          Agreement unless the Holder participating therein consent to customary
          conditions of a reasonable nature that are imposed by the Company, including,
          but no limited to, the following:

| | 7.1.                     Conditions
requiring the Holder to comply with all applicable provisions of the           Securities
Act and the Exchange Act, including, but not limited to, the           prospectus
delivery requirements; and
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 7.2.                     Conditions
prohibiting the Holder, upon receipt of written notice from the           Company that it
is required by law to correct or update the registration           statement or
prospectus, from effecting sales of the Registrable Shares until           the Company
has completed the necessary correction or updating.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

8.        
Furnish Information. It shall be a condition precedent to the obligations of the
Company to take any action pursuant to Section 2 that the Holder participating
in such registrations shall furnish to the Company such information regarding
himself, the Registrable Shares held by them, and the intended method of
disposition of such securities as shall be required to timely effect the
registration of their Registrable Shares.

9.        
          Customary Arrangements. The Holder may not participate in
          any underwritten offering pursuant to a registration filed hereunder unless such
          person (a) agrees to sell such persons securities on the basis provided in
          customary underwriting arrangements, and (b) provides all relevant information
          and completes and executes all questionnaires, powers of attorney, indemnities,
          underwriting agreements, and other documents required under the terms of such
          underwriting arrangements; provided, however, that the Holder participating in
          the underwritten registration may appoint one legal or other representative to
          negotiate the underwriting arrangements, at the Holders expense.

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10.        
          Public Information. The Company shall undertake to make
          publicly available and available to the Holder adequate current public
          information within the meaning of, and as required pursuant to, Rule 144 and
          shall use its reasonable best efforts to satisfy the Registrant Requirements for
          the use of Form F-3 during the term of this Agreement.

11.        
          Non-United States Offering. In the event of a public
          offering of securities of the Company outside of the United States, the Company
          will afford the Holder registration rights in accordance with applicable law and
          comparable in substance to the foregoing registration rights.

12.        
          Assignment of Registration Rights. The rights to cause the
          Company to register Registrable Shares pursuant to this Agreement may only be
          assigned by the Holder (the Assignment) if such assignment is
          concurrent with the sale or transfer of Registrable Shares and only with respect
          to the transferred Registrable Shares; provided, (a) the Company, is upon such
          transfer, furnished with written notice of the name and address of such
          transferee or assignee and the securities with respect to which such
          registration rights are being assigned, and (b) such transferee or assignee
          agrees in writing to be bound by and subject to the terms and conditions of this
          Agreement.

13.        
          Changes in Registrable Shares. If there are any changes in
          the Registrable Shares by way of stock split, stock dividend, combination or
          reclassification, or through merger, consolidation, reorganization or
          recapitalization, or by any other means, appropriate adjustment shall be made in
          the provisions of this Agreement, as may be required, so that the rights and
          privileges granted hereby shall continue with respect to the Registrable Shares
          as so changed.

14.        
          Entire Agreement. This Agreement constitutes the full and
          entire understanding and agreement among the parties hereto with respect to the
          subject matter hereof and supersedes all prior agreements and any and all
          registration rights that the Company had previously granted to any party hereto
          in any capacity whatsoever. Nothing in this Agreement, express or implied, is
          intended to confer upon any person, other than the parties hereto and their
          respective successors and assigns, any rights, remedies, obligations, or
          liabilities under or by reason of this Agreement, except as expressly provided
          herein.

15.        
          Governing Law. This Agreement shall be governed in all
          respects by the laws of the State of New York, as such laws are applied to
          agreements between State of New York residents entered into and to be performed
          entirely within State of New York, whether or not all parties hereto are
          residents of State of New York. Any dispute arising or resulting from this
          Agreement shall be subject to the sole and exclusive jurisdiction of the
          competent court sitting in the County of New York, State of New York.

16.        
          Successors and Assigns. Subject to the provisions of
          Section 12 above, the provisions hereof shall inure to the benefit of, and be
          binding upon, the successors, assigns, heirs, executors and administrators of
          the parties hereto.

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# 17.         Notices

| | 17.1.        All
notices and other communications required or permitted hereunder to be given           to
a party to this Agreement shall be in writing and shall be telecopied or           mailed
by registered or certified mail, postage prepaid, or otherwise delivered           by
hand or by messenger, addressed to such partys address as set forth
          below:
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|If to the Holder: 
                  
                  
                  
If to the Company: | 830 Third Avenue, 14th Floor
New York, NY 10022
United States
Facsimile: +1 212 581 5193
NUR Macroprinters Ltd.
Attn: David Amir, CEO
P.O. Box 1281
12 Abba Hillel Silver Street
Lod 71111
Israel
Facsimile: +972-8-9218918
|---------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

or
such other address with respect to a party as such party shall notify each other party in
writing as above provided.

| | 17.2.                     Any
notice sent in accordance with this Section 17 shall be effective (i) if
          mailed, five (5) business days after mailing, (ii) if sent by messenger, upon
          delivery, and (iii) if send via telecopier, upon transmission and telephonic
          confirmation of receipt.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

18.        
          Severability. Any invalidity, illegality or limitation on
          the enforceability of this Agreement or any part thereof, by any party whether
          arising by reason of the law of the respective partys domicile or
          otherwise, shall in no way affect or impair the validity, legality or
          enforceability of this Agreement with respect to other parties. If any provision
          of this Agreement shall be judicially determined to be invalid, illegal or
          unenforceable, the validity, legality and enforceability of the remaining
          provisions shall not in any way be affected or impaired thereby.

19.        
          Titles and Subtitles. The titles of the Sections of this
          Agreement are for convenience of reference only and are not to be considered in
          construing this Agreement.

20.        
          Counterparts. This Agreement may be executed in any number
          of counterparts, each of which shall be an original, but all of which together
          shall constitute one instrument. This Agreement may be executed by exchange of
          signatures via facsimile.

In
Witness Whereof, the parties have signed this Agreement, as of the date first
appearing above.

|NUR Macroprinters Ltd.By: /s/ David Amir
Name: David AmirTitle:   President and Chief Executive Officer |  | /s/ Dan PurjesDan Purjes
|--------------------------------------------------------------------------------------------------------------------- |  | --------------------------------------

|By: /s/ David Seligman
Name:    David SeligmanTitle:   Chief Financial Officer |  | 
|-------------------------------------------------------------------------------------------- |  | 

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