----

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| of the first      part; |
|-------------------------|

| Whereas | the      Company desires to raise capital against the issuance of Series B Bonds of      the Company, which are not convertible into shares of the Company, and      which have been assigned a rating of ilAA-/stable by Standard and Poor’s      Maalot, correct to the date of This Deed, all as specified in and being      subject to the provisions of This Trust Deed (hereinafter: “the    Bonds”); |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| and      whereas | the      Trustee is a company limited in shares, duly incorporated in Israel, whose      object is to engage in trusts; |
|------------------|-------------------------------------------------------------------------------------------------------------------------|

| and      whereas | the      Trustee declares that there is no restraint pursuant to the Law (as this      term is defined hereunder) or pursuant to any other law, on its engagement      with the Company pursuant to This Trust Deed, and that it fulfills all      requirements and qualifications prescribed in the Law (as this term is      defined hereunder) for serving as the Trustee pursuant to This Trust      Deed; |
|------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| and      whereas | the      Trustee has no material interest in the Company, and the Company has no      personal interest in the Trustee; |
|------------------|-------------------------------------------------------------------------------------------------------------------------|

| and      whereas | the      Company declares that there is no statutory restraint on its engagement      with the Trustee pursuant to This TrustDeed; |
|------------------|------------------------------------------------------------------------------------------------------------------------------------|

| and      whereas | the      Company applied to the Trustee, requesting it, subject to the issuance of      the Bonds, to serve as the Trustee for the Holders of the Bonds to be      issued within this framework, and the Trustee agreed to this, all subject      and pursuant to the conditions of This Trust  Deed; |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| and      whereas | the      Trustee agreed to sign This Trust Deed and to act as the Trustee of the      Bondholders; wherefore,      the parties agree, declare and stipulate as  follows: |
|------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | Recitals,      Interpretation andDefinitions |
|----|----------------------------------------------|

|   | 1.1 | The      recitals to This Trust Deed and the appendices attached thereto constitute      an integral part thereof. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------|

|   | 1.2 | This      Trust Deed has been divided into clauses and clause headings have been      added solely for the sake of convenience and reference, and they may not      be used for interpretationpurposes. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.3 | All      that stated in This Trust Deed in the plural also implies the singular and      vice versa; all that stated in the masculine gender also implies the      feminine and vice versa, and every reference to a person also implies a      corporation, all provided that This Deed does not contain any other      express and/or implied provision and/or provided that the content or      context does not dictate otherwise. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.4 | In      any instance of a contradiction between the Trust Deed and documents      attached thereto, the provisions of the Trust Deed shall      prevail. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 1.5 | In      This Trust Deed, the following expressions shall have the meanings      alongside them, unless another intent is implied from the content or      context of the matters: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|        “The Company”      –                                                                                   | Partner      Communications Company Ltd.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|        “This Deed”      or        “the Trust Deed”      – |  This      Trust Deed, including the addenda and appendices attached thereto and      constituting an integral part thereof.                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|        “The Trustee”      –                                                                                   | The      Trustee referred to at the head of This Deed and/or any party that shall      serve from time to time as the Trustee of the Bondholders pursuant to This      Deed.                                                                                                                                                                                                                                                                                                                                                                                              |
|        “The Law”    –                                                                                         | The      Securities Law, 5728      – 1968, and the regulations instituted by virtue thereof, as they      shall be from time to time.                                                                                                                                                                                                                                                                                                                                                                                                                               |
|        “The Register”      –                                                                                  | The      register of the Bondholders as stated in clause 24 of This      Deed.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|        “The TASE”    –                                                                                        | The      Tel-Aviv Stock Exchange Ltd.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|        “Principal”    –                                                                                       | The      par value of the Bonds.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|        “Ordinary Resolution”      –                                                                           | Resolution      passed during a general meeting of the Bondholders, during which Holders      of at least twenty-five percent (25%) of the balance of the par value of      the Bonds in circulation of that series were present, either in person or      by proxy, or during an adjourned meeting, during which any number was      present, and which was passed (whether during the original meeting or      during the adjourned meeting) by a majority of at least fifty-percent      (50%) of all votes of those participating in the vote, excluding      abstentions. |

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|        “Special Resolution”      –                                                                                | Resolution      passed during a general meeting of the Bondholders, during which Holders      of at least fifty percent (50%) of the balance of the par value of the      Bonds in circulation of that series were present, either in person or by      proxy, or during an adjourned meeting, during which Holders of at least      ten percent (10%) of the said balance were present, either in person or by      proxy, and which was passed (whether during the original meeting or during      the adjourned meeting) by a majority of at least seventy-five percent      (75%) of all votes of those participating in the vote, excluding      abstentions.  |
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|        “The Nominee Company”      –                                                                               | The      Nominee Company of Bank Leumi le-Israel Ltd.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|        “The Bonds”      or        “The Series B Bonds”      – | Registered      Series B Bonds, the conditions of which are specified in This Deed,      inclusive of addenda thereto, which shall be issued from time to time, at      the Company’s sole discretion.                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|        “The Bondholders” and/or             “the Holders”      –   | The      persons whose names are registered at any given time in the Register as      the Bondholders and, in the case of joint Holders – the joint Holder that      is listed first in the Register, or any party having a Bond registered in      its favor with a member of the TASE and that Bond is included among the      Bonds listed in the Register under the name of the Nominee      Company.                                                                                                                                                                                                                                                          |

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|        “Trading Day”      –                                                                                    | Any      day on which transactions are transacted on the Tel-Aviv Stock Exchange      Ltd.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|        “The Consumer Price      Index” or        “Index” – | The      price index known by the name “the Consumer Price Index,” which includes      fruits and vegetables, and which is published by the Central Bureau of      Statistics [of Israel] and includes that Index, even if published by      another official body or institution, and including any official index      that might replace it, whether or not constructed from the same data as      those on which the existing Index was constructed. If another Index shall      replace it, which shall be published by such body or institution, and that      body or institution has not prescribed the ratio between it and the Index      being replaced, the Central Bureau of Statistics shall prescribe that      ratio. In the event that that ratio shall not be so prescribed, then the      Trustee, in consultation with economic experts to be chosen by the      Trustee, shall prescribe the ratio between the other Index and the Index      being replaced. |

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|        “The Payment Index”      – | The      Index known on the execution date of any payment on account of the      Principal and/or interest.  |
|----------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------|
|        “The Known Index”      –   | On      any date – the Index last published prior to that date.                                        |
|        “The TASE Clearing House      –  | The      clearing house of the Tel-Aviv Stock Exchange Ltd.                                                  |
|        “Arrears Interest”      –  | As      this term is defined in clause 5.1 of the Conditions Recorded in the      Overleaf.                  |
|        “Rating Company”      –    | A      rating company approved by the Capital Market Commissioner of the Ministry      of Finance .               |

| 2. | Bond      Issue |
|----|-----------------|

|   | 2.1 | The      Company shall issue a series, unrestricted in sum, of registered Series B      Bonds of NIS 1 par value each, bearing interest at the rate of 3.4% per      annum, linked (Principal and interest) to the Consumer Price Index in      respect of the month of October 2009, as published on November 15,      2009. The      Principal of the Series B Bonds shall be payable in four (4) equal annual      payments, on November 30 of each of the years 2013 through 2016      (inclusively). The      first payment of the Principal shall be executed on November 30, 2013, and      the last payment of the Principal shall be executed on November 30,      2016. The      interest on the Bonds shall be paid in biannual payments, on May 31 and on      November 30 of each of the years 2010 through 2016, for the six-month      period ending on the date of each such payment (hereinafter: “Interest      Period”). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 2.2 | Expansion of the      series |
|--------|-----|------------------------------|

|   | 2.2.1 | The      Company may issue additional Bonds at any time and from time to time,      without needing the consent of the Bondholders and/or the Trustee,      including to a subsidiary of the Company, in conformity with all statutory      provisions, the conditions of which shall be identical to the conditions      of the Series B Bonds, at any price and in any manner that the Company      shall deem fit, provided that This Deed shall also apply to all such      additional Bonds that shall be issued by the Company and, as of the issue      date thereof, they shall be tantamount to the Series B Bonds issued      initially. Notwithstanding that stated anywhere in This Deed, an      additional issuance of Series B Bonds exceeding the volume rated by a      Rating Company within the scope of this series (on the date of This Deed,      the sum is NIS 1,000,000,000 [one billion]), shall be executed subject to      the assigning of an additional rating by a Rating Company, and provided      that such additional issuance of Bonds of the same series shall not      adversely affect the rating of the Bonds issued initially pursuant to This      Deed, as the rating shall be at that time. If required, the Company shall      obtain the approval of the TASE for such expansion. In the event of an      expansion of the Series B Bonds, the Company and the Trustee shall decide      whether the Trustee’s fee should be increased and by what    sum. |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 2.2.2 | The      Series B Bonds shall be issued without a discount. If the discount rate      that shall be affixed for the Series B Bonds subsequent to an expansion of      the series of Series B Bonds shall differ from the discount rate of the      Series B Bonds in circulation at that time, then, around the time of the      expansion of the Bond Series, the Company shall apply to the Israel Tax      Authority in relation to the deduction of tax at source from the discount      fees in respect of the Series B Bonds, requesting its approval that a      uniform discount rate shall be affixed to the Series B Bonds, according to      a formula that weights the differing discount rates in that Series, if      any. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.2.3 | Should      such approval be received, the Company shall calculate the weighted      discount rate in respect of all of the Series B Bonds, and shall report      the rate of the uniform weighted discount, and shall deduct tax on the      payment dates of the Series B Bonds according to such weighted discount      rate and pursuant to the provisions of the Law. Should such approval not      be received, then, shortly after receiving the Tax Authority’s notice, the      Company shall report its failure to receive such approval, and that the      uniform discount rate shall be the highest discount rate created in      respect of the Series B Bonds. The Company shall deduct tax at source when      paying the Bonds of that Series, according to the discount rate that shall      be so reported. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 2.2.4 | Consequently,      instances are possible whereby the Company shall deduct tax at source in      respect of discount fees at a rate that is higher than the discount fees      affixed for any party that held Series B Bonds prior to the said expansion      of the Series. In such instance, a taxpayer, who held Series B Bonds prior      to the expansion of the Series and up until the payment of the Series B      Bonds, shall be entitled to submit a tax statement to the Tax Authority      and receive a refund of the tax deducted from the discount fees, to the      extent that it is entitled to such refund by  law. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.3 | Issuance of additional      securities – the Company may issue, at any time and from time to      time (whether by private offering or by public offering), including to a      Related Corporation of the Company, at its sole discretion, without      needing the consent of the Bondholders or of the Trustee or to issue a      notice to any of them in this regard, bonds of a different class or other      series of bonds or other securities of any type and class whatsoever, with      or without accompanying rights to purchase shares of the Company, with      conditions of interest, linkage, sureties, payment and other conditions to      the extent that the Company shall deem fit, whether they are more      favorable than, equal to or inferior to the conditions of the      Bonds. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.4 | Listing of the      securities in the “continuous institutional trading” system” –      subject to the provisions of the TASE regulations, the Company shall list      the Bonds under the name of the Nominee Company of Bank Leumi le-Israel      Ltd. (hereinafter: “the      Nominee Company”) and shall exert its best efforts to list the      Bonds for trading, within 30 days of the issue date, with the TASE      Clearing House, which shall provide clearing services for the Bonds.      Furthermore, within the scope of the trading system that the TASE operates      for institutional investors [Tel-Aviv Continuous Trading – Institutional]      (hereinafter: “TACT      Institutional”), the Company shall assume all costs that shall be      involved in listing on the TACT Institutional system. If the Bonds shall      be listed for TACT Institutional, the following provisions shall      apply: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 2.4.1 | Any      payment that the Company shall pay to the TASE Clearing House and/or to      the Nominee Company in payment of the Principal and/or the interest and/or      additional payments shall be deemed a payment to the    Holders. |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.4.2 | Any      Bondholder shall be able to exercise its rights as a Bondholder, provided      that the Company and/or the Trustee, as the case may be, shall receive a      confirmation from the Nominee Company specifying the name of the      Bondholder and the inclusive sum in respect of the Bond Principal being      held by the Nominee Company for thatBondholder. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.4.3 | The      Bondholders shall cooperate with the Company, to the extent required, in      order to carry out that stated above, including, and without derogating      from the general purport of that stated above, the return of the original      Bond certificates issued under their names, if issued, to the Company for      the purpose of issuing the Bond certificates under the name of the Nominee      Company. |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.4.4 | The      Company shall notify the Trustee of the listing of the Bonds on TACT      Institutional and shall act in conformity with all relevant TASE      instructions and directives pertaining to TACT Institutional, including      the ex day, the cum day, and the interest calculation methods. The      provisions of This Trust Deed and the provisions of the Bond conditions      shall be amended, if and to the extent required, in accordance with the      TASE instructions and directives, without requiring the consent of the      Trustee and/or the Bondholders, except in the instance whereby the Trustee      shall be convinced that such amendment materially prejudices the      Bondholders. It is hereby clarified that a reduction of the interest rate      specified in the Bond, a material change in the payment dates of the      Principal and interest, the elimination of any of the causes specified in      clause 7 of This Deed for calling for immediate repayment, or the      elimination of any of the reports pursuant to clause 27 of This Deed – are      all deemed to be amendments that prejudice the rights of the Bondholders      as stated above in this clause 2.4.4, and therefore, shall not be      amendable by the Trustee, unless the consent of the Bondholders is      obtained by way of a SpecialResolution. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 2.4.5 | To      dispel any doubt, it is hereby clarified that, subject to the provisions      of the Law and the TASE regulations, any party that is not one of the      investors specified in clauses 15.A(b)(1) or 15.A(b)(2) of the Law shall      be not permitted to trade the Bonds within the framework of the TACT      Institutional system as stated. |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.4.6 | Listing      within the scope of the TACT Institutional system is not listing for      trading on the TASE, as this term is defined in clause 2.5      hereunder. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.5 | Listing of the Bonds      for trading on the TASE |
|--------|-----|---------------------------------------------------|

|   | 2.5.1 | The      Company covenants to exert its best efforts and to take all steps      reasonably required to list the Bonds for trading on the TASE by June 30,      2010, subject to all statutory provisions and the TASE regulations,      including the publication of a prospectus for the purpose of listing the      Bonds for trading on the TASE. To dispel any doubt, it is hereby clarified      that, in the event that the Company shall not list the Bonds for trading      by the said date, for any reason whatsoever, such failure to list shall      not constitute a cause for calling for the immediate repayment of the      Bonds, and the Company shall continue to pay the Interest Increment (as      this term is defined in clause 2.5.3 hereunder), until the Bonds are      listed for trading on the TASE (to the extent that they shall be listed).      Upon the listing of the Bonds for trading on the TASE, the Bonds shall      cease to be traded in TACTInstitutional. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 2.5.2 | In      any instance of the listing of the Bonds for trading on the TASE as stated      above, the provisions of the Trust Deed and the provisions of the Bond      conditions shall be amended, if and to the extent required pursuant to the      instructions and directives of the TASE and/or the Securities Authority,      this without the Company having to obtain any approval from the      Bondholders and/or the Trustee, provided that the Trustee has been      convinced that the amendment required by the TASE and/or the Securities      Authority does not materially prejudice the rights of the Bondholders.      Upon the listing of the Bonds for trading on the TASE, the Bonds shall      cease to be traded in TACT Institutional. It is hereby clarified that a      reduction of the interest rate specified in the Bond (except with respect      to the Interest Increment, as specified hereunder in clause 2.5.3), a      material change in the payment dates of the Principal and interest, the      elimination of any of the causes specified in clause 7 of This Deed for      calling for immediate repayment, or the elimination of any of the reports      pursuant to clause 27 of This Deed – are all deemed to be amendments that      prejudice the rights of the Bondholders as stated above in this clause      2.5.2, and therefore, shall not be amendable by the Trustee, unless the      consent of the Bondholders is obtained by way of a Special      Resolution. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.5.3 | As      long as the Bonds shall not be listed for trading solely on the TASE, the      Company shall pay an increment of 0.6% to the annual interest rate payable      in respect of the outstanding balance of the Principal of the Bonds      (hereinafter: “the      Interest Increment”), this up to and including the publication date      of the listing prospectus for the Bonds on the TASE or a shelf offering      report under which the Bonds shall be listed for trading on the TASE      (hereinafter jointly in this clause only: “the Publication Date of the      Prospectus”). |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 2.5.4 | As      long as the Bonds shall not be listed for trading solely on the TASE – in      the event of a decline in the rating of the Bonds for any reason      whatsoever (provided that the rating was lowered by a Rating Company), the      annual interest rate borne by the Bonds shall increase on a one-time basis      at the rate of 0.25% (hereinafter: “the Interest Increment in      Respect of a Decline in Rating”), as of the Rating Company’s notice      date and until the Publication Date of the Listing Prospectus for the      Bonds on the TASE or a shelf offering report under which the Bonds shall      be listed for trading on the TASE. To dispel any doubt, it is hereby      clarified that the Interest Increment in Respect of a Decline in Rating is      a one-time increment due to an event of a decline in rating of the Bonds      as stated, and no additional Interest Increment shall be paid in respect      of further declines in rating, to the extent that there will be any      subsequently. It is further clarified that, upon the listing of the Bonds      for trading on the TASE, this clause 2.5.4 shall automatically      expire. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.5.5 | It      is hereby clarified that, pursuant to the directives of the Securities      Authority, if and to the extent that the Company shall list the Bonds for      trading on the TASE, all Bonds issued in the private offering by the      Company to any parties that were, on the date of the private offering,      Institutional Investors, as this term is defined in the Securities      Regulations (Mode of Offering Securities to the Public), 5767 – 2007      (hereinafter: “Mode of      Offering Regulations”) (to differentiate from “classified”      investors listed in the First Addendum to the Law and “private” investors,      pursuant to the provisions of section 15.A(a)(1) of the Law) and that are      deemed institutional investors as stated also on the Publication Date of      the Prospectus or the shelf offering report, as the case may be, shall be      released from the restrictions prescribed in section 15.C of the Law by      way of a listing prospectus that the Company shall publish for the purpose      of listing the Bonds for trading as stated (or by way of a shelf offering      report pursuant to the Law), provided that these Bonds are still being      held by them on that date. Around the time of the Publication Date of the      Prospectus or the shelf offering report of the Company (if any), the      Company shall contact the Bondholders at that time and request that they      furnish information about the rate of their holdings of the Series B Bonds      for the purpose of examining compliance with the TASE listing      requirements, and the Bondholders shall cooperate with the Company to the      extent required for this purpose and shall forward the information as      requested. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 2.5.6 | Notwithstanding      that stated anywhere in This Deed, it is hereby emphasized and clarified      that, if it shall become evident that an investor to whom Series B Bonds      were issued in the private issue is not included, for any reason      whatsoever, in the definition of “Institutional Investor,” as this term is      defined in the Mode of Offering Regulations (whether on the date of the      private offering or on the date of the prospectus or the shelf offering      report), or that the Bonds (in whole or in part) have been transferred by      that same institutional investor to an investor listed in the list of      investors in the First Addendum to the Law, this prior to the listing for      trading on the TASE, then that institutional investor to whom the Bonds      had been issued in the private issue and/or that investor listed in the      First Addendum to the Law as stated, who purchased the Bonds from it      subsequently and prior to the listing on the TASE and/or any other Holder      of the Bonds issued to that investor, shall not have any allegation and/or      claim and/or demand, including but not limited to, a demand for      nonreduction of the interest as stated above in clause 2.5.5 (when, in      such instance, the interest shall be reduced in relation to all Series B      Bonds, whether or not they were released from blocking as stated),      vis-à-vis the Company and/or any party on its behalf, in respect of      nonrelease of the Bonds it is holding from the said blocking      restrictions. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.5.7 | Apart      from that specified above in this clause 2, the Bonds shall not be listed      in any other stock exchange or institutional  market. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------|

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| 3. | Purchase      of Bonds by the Company and/or by a Related    Corporation |
|----|--------------------------------------------------------------------------|

|   | 3.1 | The      Company reserves its right to purchase Bonds at any time and from time to      time at any price that it shall deem fit, and this, without adversely      affecting its obligation to repay the Bonds that shall be held by others      besides the Company. Bonds that shall be purchased by the Company shall be      voided upon the purchase thereof and shall be delisted from TACT      Institutional (and if they shall be listed for trading on the TASE – shall      be delisted from trading), and the Company shall not be allowed to reissue      them. In the event of a purchase of Bonds by the Company as stated, the      Company shall issue notice of this to the Trustee shortly after the      purchase, and shall also issue an Immediate Report in this regard. In the      event that the Bonds shall be purchased as stated by the Company during      trading on the TASE, the Company shall request that the TASE Clearing      House withdraw the certificates. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.2 | Any      subsidiary of the Company and/or company under its control and/or the      controlling shareholder of the Company (directly or indirectly) and/or a      company controlled by the controlling shareholder of the Company      (excluding the company in respect whereof that stated above in clause 4.1      above shall apply) (hereinafter: “Related Corporation”)      shall be allowed to purchase and/or to sell Bonds at any time and from      time to time, including by way of an issue by the Company. The Bonds that      shall be so held by a Related Corporation shall be deemed an asset of the      Related Corporation and shall not be delisted from trading on the TASE and      shall be transferable as the rest of the Company’s Bonds (subject to the      provisions of the Trust Deed and the Bond). Regarding the convening of a      Bondholders’ meeting, the provisions of clauses 1 and 5(f) of the Second      Addendum to the Trust Deed shall apply. In the event of a purchase and/or      sale of Bonds by a Related Corporation as stated, the Company shall issue      a notice in this regard to the Trustee shortly after the purchase and/or      sale as stated, and shall also issue an Immediate Report in this regard.      Furthermore, regarding the legal quorum and counting of votes during      general meetings of the Bondholders, that stated in clause 5(f) of the      Second Addendum to This Deed shall alsoapply. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.3 | That      stated in this clause 3, per se, shall in no way obligate the Company or      the Bondholders to purchase Bonds or to sell the Bonds in their      possession. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 4. | The      Company’s Covenants The Company hereby covenants to pay all sums of the      Principal and the interest and the linkage differentials payable pursuant      to the Bond conditions (including Arrears Interest, if and to the extent      that any shall apply), to the extent payable, and to fulfill all other      conditions and obligations imposed on it pursuant to the Bond conditions      and pursuant to This Deed. In any instance whereby the payment date on      account of a sum of Principal and/or interest and/or the linkage      differentials shall fall on a day other than a Business Day, the payment      date shall be deferred until the first subsequent Business Day, without      any additional payment, interest orlinkage. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | Bonds      Unsecured by Pledges |
|----|---------------------------------|

|   | 5.1 | The      Bonds are not secured by any collateral or  pledge. |
|--------|-----|--------------------------------------------------------------|

|   | 5.2 | To      dispel any doubt, it is hereby clarified that the Trustee is under no      obligation to examine, and the Trustee, in fact, did not examine, the need      for providing collateral to secure the payments to the Bondholders. The      Trustee was not asked to conduct, and the Trustee, in fact, did not      conduct an economic, accounting or legal Due Diligence examination of the      Company’s business or by engaging in This Trust Deed, and by consenting to      serve as the Trustee for the Bondholders, the Trustee is not expressing      its opinion, whether express or implied, as to the Company’s ability to      fulfill its covenants towards the Bondholders. That stated shall in no way      derogate from the Trustee’s obligations pursuant to any law and/or the      Trust Deed, and shall in no way derogate from the Trustee’s obligation (to      the extent that such obligation applies to the Trustee by law) to examine      the impact of changes in the Company as of the issue date and thereafter,      to the extent that they could adversely impact the Company’s ability to      fulfill its covenants to theBondholders. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 5.3 | The      Company shall be allowed to sell, lease, pledge, assign, deliver or      transfer in any other manner, its assets, in whole or in part, in any      manner whatsoever, to any third party, without having to obtain any      consent of the Trustee and/or the Bondholders, or having to issue a notice      to any of them in this regard. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.4 | Notwithstanding      that stated above in clause 5.3, until the Bonds are listed for trading      solely on the TASE, the Company covenants not to pledge any of its assets      in any pledge in favor of any third party without obtaining the consent of      the Trustee and/or the consent of the Bondholders by way of an Ordinary      Resolution passed during a Bondholders’ meeting. Notwithstanding      that stated above, it is hereby clarified that this covenant shall not      apply to any of the following actions and  pledges: |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.4.1 | pre-existing      pledge on the signing date of thisagreement; |
|--------|-------|----------------------------------------------------------------|

|   | 5.4.2 | a      pledge of credit instruments or bills to secure short-term credit, all for      a period not exceeding one year; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------|

|   | 5.4.3 | a      pledge given to a bank or financial institution or such similar body on an      asset to secure the financing of the acquisition of that same asset (PMSI      – purchase money securityinterest); |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.4.4 | an      asset acquired while being pledged; |
|--------|-------|---------------------------------------------|

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|   | 5.4.5 | an      offsetting and/or “netting” arrangement during the ordinary course of      business opposite banks or financial  institutions; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.4.6 | a      pledge and/or lien created by virtue of theLaw; |
|--------|-------|--------------------------------------------------------|

|   | 5.4.7 | a      pledge to banks or to financial institutions on proceeds to be received      from a contractual sale of assets, inventory and/or goods and for the      purpose of securing the execution of the agreement, at an inclusive sum      not exceeding at any time USD 100million; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.4.8 | a      pledge to the State of Israel or to any government authority or to any      bank or institution on behalf of any of them in relation to the receipt of      investment grants or any plan for the encouragement of investments, etc.,      in relation to assets that are the object of the investment plan or the      program, provided that the total of all pledges by virtue of this      subclause shall not exceed at any time the sum of USD 300      million; |
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|   | 5.4.9 | a      pledge of an asset or right, when the value thereof on the date the pledge      was created does not exceed NIS 150million. |
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| 6. | Priority All      Bonds that can and shall be offered shall have equal priority in relation      to the sums due in respect thereof, pari passu, inter se,      without any precedence or preference of one over the  other. |
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| 7. | Right      to Call for ImmediateRepayment |
|----|-------------------------------------------|

|   | 7.1 | Upon      the occurrence of one or more of the instances specified in this clause      hereunder, the provisions of clause 7.2 shall apply, as the case may      be: |
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|   | 7.1.1 | if      the Company shall not pay any sum that shall be due from it in relation to      the Bonds by 30 days after the payment duedate; |
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|   | 7.1.2 | if      a permanent and final liquidation order shall be issued in relation to the      Company by the court; |
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|   | 7.1.3 | if      a temporary liquidation order shall be issued by the court, or if a valid      resolution shall be passed to wind-up the Company (excluding liquidation      for the purposes of merging with another company and provided that the      recipient company has assumed all of the Company’s covenants towards the      Bondholders), and such order or resolution was not rescinded within 45      days after the issuance of the order or the passing of the resolution, as      the case may be, and provided that this could jeopardize the possibility      of paying any sum that shall become due from the Company pursuant to the      Bonds; if an attachment shall be imposed on all or the majority of the      Company’s assets, and the attachment was not removed by 60 days after the      date of the imposition thereof, provided that this could jeopardize the      possibility of paying any sum that shall become due from the Company      pursuant to the Bonds; |
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|   | 7.1.4 | if      an execution operation shall be performed against all or the majority of      the Company’s assets, and the operation shall not be rescinded within 45      days after the performance thereof, provided that this could jeopardize      the possibility of paying any sum that shall become due from the Company      pursuant to the Bonds; |
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|   | 7.1.5 | if      a temporary receiver shall be appointed to the Company and/or to all or      the majority of its assets, and the appointment shall not be rescinded      within 45 days, provided that this could jeopardize the possibility of      paying any sum that shall become due from the Company pursuant to the      Bonds; |
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|   | 7.1.6 | if      the Company shall discontinue, or shall give notice that it intends to      discontinue its payments, or shall discontinue, or shall give notice that      it intends to discontinue the operation of its businesses as they shall be      from time to time, or if there is a substantive concern that the Company      shall discontinue the payment of its payments (including its debts), or      that the Company shall discontinue the operation of its businesses for      reasons of insolvency; if a stay of proceedings has been issued or if the      Company has filed an application to effect an arrangement with the      Company’s creditors pursuant to section 350 of the Companies Law, 5739 – 1999 (other than      for the purpose of a merger with another company and/or restructuring of      the Company); |
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|   | 7.1.7 | if      the Company shall breach or shall fail to fulfill any material condition      or material covenant included in The Bond or in This Deed, and all if the      Trustee had issued written notice to the Company containing an order to      rectify the breach or to fulfill the condition and the Company failed to      rectify the breach or fulfill the said condition within 30 days after the      notice was issued, and provided that the Bondholders’ rights were      materially prejudiced or are liable to be materially      prejudiced; |
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|   | 7.1.8 | if      the Bonds shall cease to be rated for a period exceeding 60 consecutive      days, for reasons and/or circumstances that are solely under the control      of the Company; |
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|   | 7.1.9 | if      the Company shall not publish annual financial statements within 60 days      after the deadline imposed on it by the law applicable to it at that time      (correct to the date of This Deed, pursuant to the provisions of section      E.3 of the Law), provided that this failure materially prejudices the      Bondholders’ rights to repayment of theBonds; |
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|   | 7.1.10 | if      a material event occurred in the Company, or any other event, about which      the Company published a report stating that the event has a material      impact on it and that it materially jeopardizes repayment of the Bonds by      the Company. It is hereby agreed that, upon the occurrence of such an      event, the Holders shall be entitled to at least ten percent (10%) of the      par value of the outstanding balance of the Bond Principal, to themselves      summon a Bondholders’ meeting, and this, without requiring the Trustee’s      determination that the event materially jeopardizes the repayment of the      Bonds as stated. |
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|   | 7.1.11 | if      another series of bonds of the Company has been called for immediate      repayment (other than at the Company’s initiative), provided that there is      a material concern of prejudice to the Bondholders’  rights; |
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|   | 7.1.12 | as      long as the Bonds have not been listed for trading on the TASE – if the      Company shall not meet the financial criteria specified in appendix 7.1.12      of This Deed, and by the dates specified in the appendix. The Company’s      accountant shall perform an examination of the Company’s fulfillment of      the financial criteria, and shall deliver a confirmation to the Company of      its fulfillment of the financial criteria by the dates specified in the      appendix. The Company shall forward the accountant’s confirmation to the      Trustee, and the Trustee shall be allowed to rely on this confirmation as      proof that the Company has met the financial criteria as      stated. To      dispel any doubt, it is hereby clarified that, upon the listing of the      Bonds for trading on the TASE, this clause 7.1.12 shall automatically      expire; however, if, at any time subsequent to the listing of the Bonds      for trading on the TASE, the Bonds shall be delisted from trading on the      TASE (other than as a result of a merger of the Company [whether done as a      contractual merger, pursuant to the provisions of section 314 of the      Companies Law, or whether done through an arrangement pursuant to section      350 of the Companies Law] and/or as a result of a debt arrangement of the      Company), this clause 7.1.12 shall again be in effect until the Bonds      shall be relisted for trading on the TASE (to the extent that they shall      be relisted). |
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|   | 7.1.13 | as      long as the Bonds have not been listed for trading on the TASE – if the      rating of the Bonds has been lowered to a rating under (BBB) by Maalot or      parallel rating of another Rating Company. To      dispel any doubt, it is hereby clarified that, upon the listing of the      Bonds for trading on the TASE, this clause 7.1.13 shall automatically      expire; however, if, at any time subsequent to the listing of the Bonds      for trading on the TASE, the Bonds shall be delisted from trading on the      TASE (other than as a result of a merger of the Company [whether done as a      contractual merger, pursuant to the provisions of section 314 of the      Companies Law, or whether done through an arrangement pursuant to section      350 of the Companies Law] and/or as a result of a debt arrangement of the      Company), this clause 7.1.13 shall again be in effect until the Bonds      shall be relisted for trading on the TASE (to the extent that they shall      be relisted). |
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|   | 7.1.14 | in      any instance whereby a “live business” note shall be recorded in the      Company’s financial statements. |
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|   | 7.2 | Upon      the occurrence of any of the events specified above in clause 7.1, and      pursuant to the provisions specified therein, inclusive of subclauses      therein: |
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|   | 7.2.1 | The      Trustee shall be obligated to summon a Bondholders’ meeting, the convening      date thereof being 30 days after the date of the notice summoning the      meeting (or earlier date pursuant to the provisions of clause 7.2.4      hereunder), the agenda of which shall be a resolution regarding the      calling for the immediate repayment of the entire outstanding balance of      the Bonds, due to the occurrence of any of the events specified above in      clause 7.1. The Trustee’s action shall be carried out in such instances      without delay and at the earliest possible reasonable date. The Trustee      shall state in the notice summoning the meeting that, if the Company shall      cause the elimination and/or cessation of the event specified above in      clause 7.1 in respect whereof the meeting had been summoned, this to the      reasonable satisfaction of the Trustee, by the convening date of the      meeting, then the summoning of the Bondholders’ meeting as stated above      shall be cancelled. It is hereby clarified that nothing in that stated      suffices to prevent the Trustee from summoning the Bondholders’ meeting      for an earlier date, provided that the Trustee shall not be able to call      the Bonds for immediate repayment other than subject to the timing      specified in this clause 7.2. |
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|   | 7.2.2 | In      the instance whereby any of the events specified above in clause 7.1 is      not eliminated or removed by the convening date of the meeting, and a      resolution was passed during the Bondholders’ meeting as stated above in      7.2.1 as a Special Resolution (as this term is defined above in clause      1.5), the Trustee shall be obligated, within a reasonable length of time      and as soon as possible, to call for the immediate repayment of the entire      outstanding balance of the Bonds, provided that the Company had been      issued prior written warning of 15 days of the Trustee’s intention of      doing so, and the event in respect whereof the resolution was passed was      not eliminated or removed within thatperiod. |
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|   | 7.2.3 | The      Trustee shall send a copy of the announcement summoning the meeting as      stated to the Company immediately upon the publishing of the notice, and      this shall constitute prior written warning to the Company of the      Trustee’s intention of so acting. |
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|   | 7.2.4 | The      Trustee may, at its discretion, shorten the counting of the 30 days      specified (above in clause 7.2.1) and/or the 15-day warning specified      (above in clause 7.2.2) in the instance whereby the Trustee shall be of      the opinion that any delay in calling for the payment of the Company’s      debt materially jeopardizes the Bondholders’ rights; however, in any case,      the Trustee shall not do so without first sending prior written notice to      the Company stating the reasons for shortening the timeframe, and provided      that a response from the Company has not been received in this regard to      the Trustee’s satisfaction within two Business Days of the date of such      notice. |
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|   | 7.2.5 | The      Trustee shall notify the Bondholders of the occurrence of an event      constituting cause for immediate repayment, immediately upon actually      learning of the matter. Such notice shall be published in the Magna network (provided      that the Company is a reporting corporation at that  time). |
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| 8. | Lawsuits      and Proceedings by theTrustee |
|----|---------------------------------------------|

|   | 8.1 | In      addition to any such instruction as its right and as an independent      authority, the Trustee, without issuing further notice, shall implement      all those proceedings, including legal proceedings, as the Trustee shall      deem fit, subject to all statutory provisions, for the purpose of      protecting the rights of the Bondholders. That stated above shall in no way prejudice and/or      derogate from the Trustee’s right to initiate legal and/or other      proceedings, even if the Bonds were not called for immediate repayment,      all for the protection of the Bondholders and/or for the purpose of      issuing any order regarding the affairs of the trust, subject to all      statutory provisions. Notwithstanding that stated in this clause 8, it is      hereby clarified that a right to call for immediate repayment shall arise      solely in accordance with the provisions of the above clause 7 and not by      virtue of this clause 8. |
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|   | 8.2 | The      Trustee shall be obligated to act as stated above in clause 8.1 if the      Trustee shall be required to do so by a Special Resolution passed during      the general meeting of the Bondholders, unless the Trustee has deemed      that, under the circumstances, it would be unjust and/or unreasonable to      do so, and applied to the appropriate court for receipt of orders in that      regard at the first reasonabledate. |
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|   | 8.3 | Prior      to instituting proceedings as stated above, the Trustee may convene a      Bondholders’ meeting so that the Holders shall pass a Special Resolution      regarding which proceedings to implement for the purpose of exercising      their rights pursuant to This Deed. The Trustee shall also be allowed to      reconvene Bondholders’ meetings for the purpose of obtaining instructions      in relation to all matters pertaining to the conducting of such      proceedings. In such instances, the Trustee shall take action without      delay and at the earliest reasonable time. To dispel any doubt, it is      hereby clarified that the Trustee shall not be allowed to delay the      instituting of such proceedings in the instance whereby the delay might      prejudice the Bondholders’ rights. |
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|   | 8.4 | Subject      to the provisions of this Trust Deed, the Trustee is allowed, but not      obligated, to convene a general meeting of the Bondholders at any time in      order to discuss and/or receive its instructions in relation to any matter      pertaining to This Deed. To dispel any doubt, it is hereby clarified that      the Trustee shall not be allowed to delay the convening of such meeting in      the instance whereby the delay might prejudice the Bondholders’      rights. |
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|   | 8.5 | Whenever,      pursuant to the conditions of This Deed, the Trustee shall be obligated to      perform any action, including the initiating of proceedings or the filing      of lawsuits at the demand of the Bondholders as stated in this clause, the      Trustee shall be allowed to refrain from instituting any such action until      it receives instructions from the Holders’ meeting and/or instructions      from the court to which the Trustee, at its discretion, had applied for      instructions, in the event that the Trustee believed that such orders were      necessary. To dispel any doubt, it is hereby clarified that the Trustee      shall not be allowed to delay the instituting of actions or proceedings as      stated in the instance whereby the delay might prejudice the Bondholders’      rights. |
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|   | 8.6 | In      instances as stated above in clauses 8.3 and 8.5, the Trustee shall take      action to convene the meeting without delay, and shall not refrain from      acting (including actions required to protect the Bondholders’ rights) if      such refrainment might substantively jeopardize the Bondholders’      rights. |
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| 9. | Trusteeship      on the Receipts All      receipts that the Trustee shall receive in any way whatsoever, including,      but not limited to, as a result of proceedings that it shall implement, if      any, against the Company, shall be held by the Trustee in trust and shall      be used by the Trustee for the following purposes and according to the      following order of priority: First      – for the clearance of those reasonable expenses, payments, levies and      liabilities incurred by the Trustee, imposed on it, or were caused due to      or as a result of actions during the execution of the trust or in some      other manner in relation to the conditions of This Deed, including its      fee; secondly – in order to pay the Bondholders the Arrears Interest due      to them pursuant to the Bond conditions pari passu and relative      to the total interest in arrears that is due to each of them, without any      preference or right of priority regarding any thereof; thirdly – in order      to pay the Bondholders the sums of the Principal that are due to them      pursuant to the Bonds held by them, pari passu, and this,      whether or not the payment due date of the sums of the Principal has      arrived, relative to the sums due to them, without any preference      regarding a timing priority based on the issue date of the Bonds by the      Company or other manner, and the surplus, if any, the Trustee shall pay to      the Company or its alternates, as the case may be.   |
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|   | The      payment of the sums by the Trustee to the Bondholders as stated above, out      of the receipts that the Trustee received, is subject to rights of other      creditors of the Company, should there be any, pursuant to the provisions      of the Law. The      Trustee, after receiving the Bondholders’ approval by way of an Ordinary      Resolution, may instruct the Company in writing to transfer any payment to      the Trustee that the Company owes to the Holders. The Company shall comply      with the Trustee’s notice, and the Company shall be deemed as having      fulfilled its obligation towards the Holders if it transferred the full      sum of the debt to the credit of the account, the details of which were      specified in the Trustee’s notice. The Trustee may offset, subject to all      statutory provisions, any sum that the Company owes and/or that the      Holders owe to the Trustee by virtue of This Trust    Deed. |
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| 10. | Power      to Delay a Distribution ofFunds |
|-----|--------------------------------------------|

|   | 10.1 | Notwithstanding      that stated above in clause 9, if the monetary sum that shall be received      as a result of the institution of the proceedings stated above, and which      shall be distributable at any time, as stated in that clause, shall be      less than NIS 1,000,000 (one million New Israeli Shekels), the Trustee      shall not be obligated to distribute it, and shall be allowed to invest      the said sum, in whole or in part, in investments permitted pursuant to      This Deed, and to replace these investments from time to time with other      permitted investments as the Trustee shall deem  fit. |
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|   | 10.2 | As      soon as the aforesaid investments, inclusive of the profits thereof,      coupled with the additional funds that the Trustee shall receive for the      purpose of paying them to the Bondholders, if any, shall reach a total      sufficient to pay at least NIS 1,000,000 (one million New Israeli      Shekels), the Trustee shall pay them to the Bondholders as stated above in      clause 9. In the instance whereby the Trustee shall not have a sum      sufficient to pay at least NIS 1,000,000 (one million New Israeli Shekels)      within a reasonable length of time, the Trustee shall distribute the funds      in its possession to the Bondholders and, in any event, no later than once      every three months. Notwithstanding that stated, the Bondholders shall be      able, by Ordinary Resolution, to obligate the Trustee to pay them the sums      accumulated in its possession even if such sums did not reach NIS      1,000,000 (one million New IsraeliShekels). |
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| 11. | Notice      of Distribution and Deposit with the  Trustee |
|-----|-----------------------------------------------------------|

|   | 11.1 | The      Trustee shall notify the Bondholders of the date and place where any of      the payments referred to above in clauses 9 and 10 shall be executed, this      by prior notice of 14 days, which shall be delivered in the manner      prescribed hereunder in clause 22, not less than ten days and not more      than twenty days in advance. Subsequent to the date specified in the notice, the      Bondholders shall be entitled to interest in respect thereof, according to      the rate prescribed in the Bonds, solely on the balance of the sum of the      Principal (if any) after deducting the sum paid or offered to be paid to      them as stated. |
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|   | 11.2 | The      money to be distributed as stated above in clause 11.1 shall be deemed      payment on account of therepayment. |
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|   | 11.3 | Any      sum due to a Bondholder, which was not actually paid by the date      stipulated for the payment thereof, for a reason not dependent upon the      Company, while the Company had been prepared to pay it, shall cease to      bear interest and linkage differentials as of the date stipulated for the      payment thereof, and the Bondholder shall be entitled solely to those sums      to which it had been entitled on the date stipulated for the payment of      that payment on account of the Principal, the interest and the linkage      differentials. |
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|   | 11.4 | Within      15 business days of the date stipulated for that payment, the Company      shall deposit the total payment not paid on time, as stated above in      clause 11.3, with the Trustee, and shall send written notice to the      Bondholders of such deposit, according to the addresses in its possession.      The aforesaid deposit shall be deemed clearance of that payment, and, in      the instance of clearance of all that due in respect of the Bonds, shall      also be deemed redemption of thatBond. |
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|   | 11.5 | Within      the framework of the trust accounts under the Trustee’s name and payable      to its order, the Trustee shall invest the monies that shall be      transferred to it as stated above in subclause 11.4 in investments      permitted to the Trustee pursuant to This Deed (as stated below in clause      14). If the Trustee has done so, it shall not be obligated to those      entitled in respect of those sums, other than the proceeds obtained from      realizing the investments, after deducting the reasonable expenses      relating to the said investment and the management of the trust accounts,      the reasonable commissions and after deducting the compulsory payments      applicable to the trust account. Out of the monies as stated, the Trustee      shall transfer sums to those Bondholders entitled to them, as soon as      possible after reasonable proof and confirmations of their entitlement to      these sums have been issued to the Trustee, after the Trustee deducts its      reasonable expenses. |
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|   | 11.6 | The      Trustee shall hold these monies and shall invest them in the said manner      until the end of one year after the final repayment date of the Bonds.      Subsequent to this date, the Trustee shall transfer the sums as stated      above in clause 11.5 to the Company, including profits deriving from the      investment thereof, less its expenses, to the extent that any remained      with the Trustee at that time. The Company shall hold these sums in trust      for the Bondholders entitled to those sums, and, in relation to any matter      pertaining to sums to be transferred to the Company by the Trustee as      stated above, the provisions of the above clause 11.5 shall apply to the      Company, mutatis      mutandis. |
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|   | 11.7 | The      Company shall acknowledge the holding of the sums and the matter of the      acceptance thereof in trust for the said Bondholders in writing to the      Trustee. |
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|   | 11.8 | The      Company shall hold these monies in trust for the Bondholders entitled to      those sums for one additional year after the date they were transferred to      the Company by the Trustee, and shall not make any use thereof, and shall      invest them in accordance with the provisions of This Deed. Monies not      demanded from the Company by a Bondholder by the end of two years after      the final repayment date of the Bonds shall be transferred to the Company,      and the Company shall be allowed to use the monies remaining for any      purpose whatsoever. |
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| 12. | Receipt      from the Bondholders and from theTrustee |
|-----|-------------------------------------------------------|

|   | 12.1 | A      receipt from the Trustee for a deposit of the sums of the Principal, the      interest and the linkage differentials with the Trustee for the credit of      the Bondholders shall release the Company by way of absolute release in      relation to any matter pertaining to the actual execution of the payment      of the sums stipulated in thereceipt. |
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|   | 12.2 | A      receipt from a Bondholder in respect of sums of the Principal, the      interest and the linkage differentials, which were paid to it by the      Trustee in respect of the Bond shall release the Trustee and the Company      by way of absolute release in relation to any matter pertaining to the      actual execution of the payment of the sums stipulated in the      receipt. |
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|   | 12.3 | Monies      distributed as stated above in clause 11 shall be deemed payment on      account of the repayment of theBonds. |
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| 13. | Presentation      of a Bond to the Trustee and Recording in Relation to a Partial      Payment |
|-----|------------------------------------------------------------------------------------------------|

|   | 13.1 | The      Trustee shall be allowed to request that Bondholders present the      Certificate of the Bonds to the Trustee in respect whereof the payments      are being paid, at the time of the payment of any interest or partial      payment of a sum of the Principal, the interest and the linkage      differentials pursuant to the provisions of the above clauses 9, 10 and      11, and the Bondholders shall be obligated to present the Bond      Certificates as stated, provided that this in no way obligates the      Bondholders to pay any payment and/or expense and/or imposes      responsibility and/or any liability on the  Bondholders. |
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|   | 13.2 | The      Trustee shall be allowed to record a remark on the Certificates of the      Bonds concerning the sums paid as stated above, and the payment dates      thereof. |
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|   | 13.3 | The      Trustee shall be allowed, in any special case, at its discretion, to waive      the presentation of the Certificate of the Bonds, after the Bondholder has      issued a letter of indemnity and/or sufficient surety to the Trustee, to      the Trustee’s satisfaction, in respect of damages that are liable to be      caused due to such remark not being recorded, all as the Trustee shall      deem fit. |
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|   | 13.4 | Notwithstanding      that stated above, the Trustee shall be allowed, at its discretion, to      keep records in any other manner regarding such partial      payments. |
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| 14. | Investment      of Monies All      monies that the Trustee may invest pursuant to This Deed shall be invested      by the Trustee in bank deposits at one of the five major banks in Israel      or in investments in securities of the State of Israel, all being subject      to the conditions of This TrustDeed. |
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| 15. | The      Company’s Covenants to the Trustee The      Company hereby covenants to the Trustee, as long as the Bonds have not yet      been repaid in full, as follows: |
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|   | 15.1 | to      be diligent about conducting its businesses in an orderly and proper      manner; |
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|   | 15.2 | to      keep orderly ledgers according to the generally accepted accounting      principles, to retain the ledgers and documents used for them as      supporting documents, and to enable any authorized representative of the      Trustee to peruse any such ledger and/or document that the Trustee shall      ask to peruse, at any reasonable time, which shall be coordinated in      advance with the Company. In this regard, an “authorized representative of      the Trustee” means anyone that the Trustee shall appoint for the purpose      of such perusal, by written notice from the Trustee, which shall be      delivered to the Company prior to such perusal, and which shall also      include the Trustee’s confirmation that such appointed representative is      obligated vis-à-vis the Trustee to safeguard the confidentiality of the      information that shall come to the attention of that appointed      representative during his activities for the Trustee. The Trustee shall      safeguard the confidentiality of any information not within the public      domain, which is contained in a ledger and/or document that the Trustee’s      representative perused as stated. For this purpose, the Trustee and every      representative on its behalf shall sign a letter of confidentiality in the      version attached as appendix 15.2 to This      Trust Deed. |
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|   | 15.3 | to      notify the Trustee in writing as soon as is reasonably possible, and no      later than two Business Days after learning of any instance whereby an      attachment was imposed on material assets of the Company, in whole or in      part, as well as any instance of a receiver, special administrator and/or      temporary or permanent liquidator being appointed to material assets of      the Company, in whole or in part, as well as to take all reasonable      measures at its own expense as soon as possible to remove such attachment      or cancel the receiver, liquidator or administrator, as the case may      be; |
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|   | 15.4 | to      notify the Trustee in writing as soon as possible and no later than three      Business Days of the occurrence of any of the events specified above in      clause 7.1 (inclusive of subclauses thereof) or of any substantive      information known by the Company that such event is about to      occur; |
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|   | 15.5 | to      give the Trustee a copy of any document or of any information that the      Company forwarded to the Bondholders, if any. The Company shall also      forward additional information concerning the Company (including      explanations, documents and calculations concerning the Company, its      business or its assets) to the Trustee or to an authorized representative      of the Trustee, who shall be an attorney or accountant by profession (in      respect whereof the Trustee shall deliver notice of his appointment to the      Company upon appointing him). The Company shall also instruct its      accountant and its legal advisers to do so, according to a reasonable      written request from the Trustee, and this, to the extent that, in the      reasonable opinion of the Trustee, this information is likely to be      critical and required in order to protect the Bondholders’ rights,      provided that the Trustee is acting with bona fides. Any      information not within the public domain, which shall be forwarded to the      Trustee or to an authorized representative of the Trustee as stated, shall      be safeguarded by them in confidentiality, and the Trustee shall make no      use thereof other than for the purpose of fulfilling its role as Trustee      pursuant to This Trust Deed. The Trustee and every authorized      representative of the Trustee as stated shall sign a letter of      confidentiality for this purpose, in the version attached as appendix 15.2      to This Deed, including for the purpose of presentation thereof during      Bondholders’ meetings for the purpose of passing a resolution concerning      their rights. In such instance, the Trustee shall obligate the Bondholders      to safeguard the information furnished to them in confidentiality, by      signing a letter of undertaking to maintain confidentiality, which is      attached as appendix 15.2 to This Deed, unless the information has become      information known to the public, other than due to a breach of the duty of      confidentiality of the Trustee and/or of any of the Bondholders. Documents      and/or information that shall be furnished to the Trustee in accordance      with this clause shall be delivered on the condition that the delivery      thereof does not constitute a violation of “the use of insider      information,” as this term is defined in the Securities Law, 5728 – 1968, and      subject to the undertaking of the Trustee and/or anyone to be appointed on      its behalf as stated to maintain  confidentiality. |
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|   | 15.6 | to      notify the Trustee by written notice signed by an officeholder of the      Company, within seven Business Days, of the execution of any payment to      the Bondholders, and of the balance of the sums (including the balance of      the par value of the Bonds in circulation) that the Company owes at that      time to the Bondholders subsequent to the execution of the aforesaid      payment; |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 15.7 | to      deliver to the Trustee a clearing schedule for the payment of the Bonds      (Principal, interest and linkage differentials) in an “Excel” file, no      later than 30 days after the date of This Trust  Deed; |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 15.8 | to      take action, to the extent that the matter is under its control, towards      the continued rating of the Bonds by at least one Rating Company, which      has been approved by the Capital Market Commissioner for the entire      duration of the Bonds; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 15.9 | to      summon the Trustee to its general meetings (whether ordinary general      meetings or extraordinary general meetings of the Company’s shareholders),      without granting the Trustee a voting right during these      meetings; |
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|   | 15.10 | to      deliver to the Trustee, at its request, documents and/or details and/or      information, as shall be reasonably requested by the Trustee, at its      reasonable discretion, for the purpose of implementing and exercising the      authorities, powers and authorizations of the Trustee and/or its delegates      pursuant to the Trust Deed, subject to the provisions of the above clause      15.5; |
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|   | 15.11 | to      issue a confirmation to the Trustee on the 31st      of December of each year, and for as long as This Deed is in effect, that,      to the best of the Company’s knowledge, during the period from the date of      the Deed and/or from the date of the previous confirmation delivered to      the Trustee, whichever is later, and until the date of issue of the      confirmation, no material breach of This Deed exists on the part of the      Company, including a material breach of the Bond conditions, unless      otherwise expressly stated therein; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 15.12 | to      deliver the statements and reports to the Trustee that are specified      hereunder in clause 27; |
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|   | 15.13 | to      execute all of the actions that are reasonably necessary and/or required      pursuant to all statutory provisions for the purpose of validating the      exercise of authorities, powers and authorizations of the Trustee and/or      its delegates pursuant to the provisions of the Trust  Deed. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 16. | Additional      Covenants After      and to the extent that the Bonds shall be called for immediate repayment      pursuant to the provisions of the above clause 7, the Company shall      execute, from time to time and at any time so required by the Trustee, all      reasonable actions in order to enable the exercise of all authorities      given to the Trustee, and particularly, the Company shall perform the      following operations, to the extent that they shall be      reasonable: |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.1 | shall      declare the declarations and/or sign all documents and/or execute and/or      cause the execution of all operations needed or required pursuant to the      Law for the sake of validating the exercise of the authorities, powers and      authorizations of the Trustee and/or its delegates pursuant to This Trust      Deed; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.2 | shall      issue all notices, orders and instructions that the Trustee shall deem      beneficial and necessary for the sake of implementing the provisions of      This Deed. For the purposes of this clause – a written notice signed by      the Trustee confirming that an operation that it is requiring within the      scope of its authorities is a reasonable operation, shall constitute      conclusive proof thereof. |
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| 17. | Reporting      by the Trustee |
|-----|-------------------------------|

|   | 17.1 | Should      the Trustee learn of a material breach of the Trust Deed on the part of      the Company, the Trustee shall notify the Bondholders within a reasonable      length of time, and without delay, and subject to the provisions of the      Law, about the breach and about the measures that it took to prevent it or      to fulfill the Company’s covenants, as the case may  be. |
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|   | 17.2 | The      Trustee shall prepare an annual report on the affairs of the trust by the      end of the second quarter of each calendar year (hereinafter: “the Annual      Report”). The      Annual Report shall include details on the following    matters: |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 17.2.1 | current      details of the course of affairs of the trust during the past      year; |
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----

|   | 17.2.2 | a      report of exceptional events relating to the trust that occurred during      the course of the past year. |
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|   | 17.2.3 | The      Holders may peruse the Annual Report at the Trustee’s offices during      customary working hours, and shall be allowed to receive a copy of the      Report upon request. |
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|   | 17.3 | The      Trustee shall send a notice to the Bondholders of any exceptional event      that occurred in the Company that is liable to have a material impact on      the Bondholders’ rights, shortly after actually learning of it. This      obligation shall not apply if at issue is an event publicized by the      Company pursuant to the Law. |
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| 18. | Trustee’s      Fee The      Company shall pay a fee to the Trustee for its services, in accordance      with that specified in the attached Fee      Appendix. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19. | Special      Authorities |
|-----|--------------------------|

|   | 19.1 | Within      the scope of carrying out the affairs of the trust pursuant to This Deed,      the Trustee may commission and act according to the written opinion or      advice of any lawyer, accountant, appraiser, assessor, surveyor, broker or      other expert, whether such opinion or advice was prepared at the request      of the Trustee and/or by the Company, and to act according to its      conclusions, and the Trustee shall not be liable for any loss or damage      that might be caused as a result of any action performed or any failure to      act by the Trustee while relying on such advice or opinion, unless the      Trustee acted with negligence and/or with mala fides and/or      contrary to the provisions of This Deed or contrary to the provisions of      any law. The Trustee shall make available a copy of such opinion or advice      for the perusal of the Bondholders and the Company, at their request. The      Company shall bear all expenses of employing such external consultants by      the Trustee, provided that they shall be reasonable and provided that the      identity of the consultants was approved in advance by the Company. The      Company shall not refuse to give its consent to such consultants that      shall be chosen by the Trustee, except for reasonable    reasons. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 19.2 | Any      such advice or opinion can be given, sent or received by letter, telegram,      facsimile or by any other electronic means for transmitting information,      and the Trustee shall not be liable in respect of actions it performed      while relying on advice or opinions or information transmitted via one of      the modes of transmission referred to above, even though errors occurred      in them or they were not authentic, unless it had been possible to      discover the errors or the inauthenticity by reasonable examination,      provided that the Trustee had not acted with negligence and/or with mala fides. It is      hereby clarified that the documents shall be transmittable, on the one      hand, and the Trustee may rely on them, on the other hand, only in the      instance whereby they are received clearly, and legibly. In any other      instance, the Trustee shall be responsible for demanding the receipt      thereof in a manner enabling the reading and comprehension thereof as      stated satisfactorily. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 19.3 | The      Trustee shall not be obligated to notify any party of the signing of This      Deed and shall not be permitted to interfere in any way whatsoever in the      management of the Company’s businesses or affairs. That stated in this      clause shall in no way restrict the Trustee in operations that it is      required to perform in accordance with This Trust  Deed. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 19.4 | The      Trustee shall use the trust, the powers, the authorizations and      authorities vested in it pursuant to This Deed at its absolute discretion,      and shall not be liable for any damage caused due to an error in judgment      as aforesaid, unless the Trustee had acted with negligence and/or with      mala fides and/or      unreasonably. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 20. | The      Trustee’s Authority to Employ Delegates The      Trustee shall be allowed to appoint a delegate/delegates who shall act in      its stead, whether a lawyer or other, in order to perform or participate      in the performance of special operations that must be performed in      relation to the trust and to pay a reasonable remuneration to any such      delegate, and, without derogating from the general purport of that stated      above, the instituting of legal proceedings or representation in merger or      splitting proceedings of the Company. The Company shall be allowed to      object to such appointment for any reasonable reason, including in the      event that the delegate is a competitor, whether directly or indirectly,      with the Company’s businesses. It is hereby clarified that the appointment      of such delegate shall in no way derogate from the Trustee’s liability in      respect of its actions and the actions of its delegates. The Trustee shall      also be allowed to pay the reasonable remuneration of any such delegate at      the Company’s expense, and the Company shall reimburse the Trustee, upon      its demand, for any such expense, provided that, prior to the appointment      of such delegate, the Trustee shall notify the Company in writing about      the appointment, including details of the delegate’s remuneration and the      purpose of his appointment, and the circumstances under which the cost of      the delegate’s remuneration does not exceed the reasonable and customary      limits. To dispel any doubt, the Company shall not reimburse the Trustee      for the remuneration or expenses of a delegate who was present on behalf      of the Trustee during the Bondholders’ meetings and/or shareholders’      meetings and/or who fulfilled the ordinary operations that the Trustee is      required to perform by virtue of This Trust Deed, since the performance of      these operations is included in the fee that the Trustee receives from the      Company pursuant to the provisions of the above clause 18. To dispel any      doubt, in the instance whereby the Bonds were called for immediate      repayment, the operations that the Trustee shall be required to institute      in relation thereto shall not be deemed “ordinary operations that the      Trustee is required to perform by virtue of This Trust Deed” for the      purposes of this clause. |
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| 21. | Indemnification      to the Trustee |
|-----|-------------------------------------|

|   | 21.1 | The      Trustee shall be entitled to receive indemnification from the Company in      respect of reasonable expenses that it has incurred and/or shall incur in      connection with the operations that it performed or is required to perform      by virtue of its obligation pursuant to the conditions of This Deed,      and/or by law and/or by order of a competent authority and/or any statute      and/or pursuant to a demand from the Bondholders and/or pursuant to the      Company’s demand. In the event that the Company shall not provide such      indemnification within 60 days of the date of the Trustee’s demand, the      Bondholders shall indemnify the Trustee in respect of reasonable expenses      that it has incurred and/or shall incur as stated, in connection with      operations that it performed or is required to perform at the demand of      the Bondholders. Notwithstanding that stated above, it is hereby clarified      and agreed that: |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 21.1.1 | The      Trustee shall not be entitled to demand such indemnification in advance,      in relation to a matter that cannot be  postponed. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------|

|   | 21.1.2 | The      Trustee shall be entitled to indemnification in respect of liability for      damages, in the event it shall be adjudged such liability pursuant to a      final judgment or pursuant to a compromise settlement vis-à-vis a third      party, who is not one of theBondholders. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 21.2 | The      right to indemnification stated above in clause 21.1 is subject to the      following conditions: |
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|   | 21.2.1 | The      expenses resulting from liability for damages are    reasonable. |
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|   | 21.2.2 | The      Trustee had not been negligent, had acted with bona fides and while      exercising reasonable judgment, and this action had been performed within      the scope of the fulfillment of its role, pursuant to the provisions of      the Law and pursuant to This TrustDeed. |
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|   | 21.2.3 | Such      right to indemnification shall not apply in respect of reasonable expenses      that were paid to the Trustee pursuant to the above clause    19. |
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----

|   | 21.3 | Subject      to the provisions of the above clauses 21.1 and 21.2, without prejudice to      the rights to compensation and to indemnification granted to the Trustee      pursuant to the Law and/or to the obligations of the Company and the      Bondholders pursuant to This Deed, the Trustee, its delegate, manager,      agent or other person appointed by the Trustee in accordance with This      Deed shall be entitled to receive indemnification out of the monies to be      received by the Trustee from the proceedings that it instituted and/or in      any other manner pursuant to This Deed, concerning the reasonable      undertakings that they assumed, concerning reasonable expenses that they      incurred as a result of carrying out the trust, or in connection with such      operations, which, in their opinion, had been reasonably required for the      performance of the aforesaid, and/or in connection with the exercise of      authorities and authorizations vested by virtue of This Deed, as well as      in relation to all kinds of legal proceedings, opinions of lawyers and      other experts, negotiations, controversies, expenses, claims and demands      concerning any issue and/or matter that were done and/or not done in any      manner relating to the matter at hand, and the Trustee shall be able to      delay the monies being held in its possession and to pay out from such      monies the sums required for the payment of the said indemnification. All      of the said sums shall be given preference over the Bondholders’ rights,      subject to all statutory provisions, and provided that the Trustee had not      acted with mala      fides, and provided that it had acted in accordance with the      obligations imposed on it pursuant to any law and pursuant to This      Deed. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 21.4 | Notwithstanding      all that stated above in this clause 21, whenever the Trustee shall deem      it fit, for the purpose of protecting and/or exercising the Bondholders’      rights, and/or whenever the Trustee shall be obligated, pursuant to the      conditions of This Deed and/or by law and/or by order of a competent      authority and/or any statute and/or at the demand of the Company and/or      the Bondholders, to institute legal proceedings or to perform any      operation whatsoever, including but not limited to the institution of      proceedings or the filing of lawsuits at the demand of the Bondholders,      the Trustee shall act to receive indemnification from the Company in      accordance with and subject to the provisions of the above clause 21.1,      and, in the instance whereby the Trustee shall not receive indemnification      from the Company as stated for any reason whatsoever, the Trustee shall      immediate summon a Bondholders’ meeting in order to confirm their      responsibility for covering the expenses involved in proceedings and/or      operations that the Trustee shall institute. It is hereby clarified that      the Trustee shall not be allowed to delay the institution of the legal      proceedings until the convening of the meeting in any instance whereby      such delay might prejudice the Bondholders’ rights. In the instance      whereby the Bondholders shall refuse to assume the expenses involved in      instituting proceedings by the Trustee, the Trustee shall be under no      obligation to institute such proceedings. It is hereby clarified that such      consent by the Bondholders shall in no way release the Company from its      obligations, to the extent that these apply pursuant to This Deed, to      assume and cover all expenses involved in instituting such proceedings.      Furthermore, all monies that shall be received from realization      proceedings shall also be used to reimburse and cover expenses that the      Bondholders undertook to assume asstated. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 22. | Notices |
|-----|---------|

|   | 22.1 | Any      notice on behalf of the Company and/or the Trustee to the Bondholders      shall be issued by publishing a report in Magna of the Securities      Authority, and, in the instances specified hereunder, also in two daily      newspapers circulated in Israel in the Hebrew language: (a) an arrangement      or compromise pursuant to section 350 of the Companies Law, 5759 – 1999; (b)      merger. Any notice that shall be so published or sent shall be deemed as      if delivered to the Bondholders on the publication date as stated (in      Magna or in the      press, as the case may be). |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 22.2 | The      Trustee may instruct the Company, and the Company shall be obligated, to      immediately report any report to the Bondholders in the Magna network on behalf      of the Trustee, in the version as shall be forwarded in writing by the      Trustee to the Company, provided that the Company shall not have any      objection to or reasonable prevention from publicizing the report in the      version that shall be forwarded by theTrustee. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 22.3 | In      the instance whereby the Company shall cease to report in conformity with      section E.3 of the Law, any notice on behalf of the Company and/or the      Trustee to the Bondholders shall be issued by dispatch by registered mail      according to the last addresses of the registered Holders of the Bonds as      specified in the Register. Any notice that shall be so sent shall be      deemed as if delivered to the Bondholders three (3) Business Days after      the delivery thereof by registeredmail. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 22.4 | Copies      of notices and invitations that shall be issued by the Company to the      Bondholders shall also be sent by the Company to the Trustee. It is hereby      clarified that such notices and invitations do not include current reports      of the Company to the public. The copies of the notices and invitations      that shall be issued by the Trustee to the Bondholders shall also be sent      by the Trustee to the Company. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 22.5 | Any      notice or demand from the Trustee to the Company or from the Company to      the Trustee may be issued by letter to be sent by registered mail      according to the address specified in the Trust Deeds, or according to any      other address one party shall notify the other in writing, and any such      notice or demand shall be deemed as if received by the addressee of the      notice three Business Days after its dispatch at the post      office. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23. | Waiver,      Compromise and/or Amendments to the Conditions of the Bonds and the Trust      Deed |
|-----|--------------------------------------------------------------------------------------------------|

|   | 23.1 | Subject      to the provisions of the Law, the Trustee shall be allowed from time to      time and at any time, if it has been convinced that the matter does not      suffice, in its opinion, to materially prejudice the Bondholders’ rights,      to waive any breach of, or failure to fulfill, any of the Bond conditions      of This Deed by the Company, excluding with respect to dates and payments      pursuant to the Bond conditions (but including a technical change in dates      or in the Record Date for the payment thereof), the repayment conditions      of the Bonds and causes for calling for the immediate repayment of the      Bonds, a reduction of the interest rate stipulated on the Bond, and any      waiver regarding the execution of payments and reports that the Company is      required to issue to the Trustee. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 23.2 | Subject      to the provisions of the Law, and with prior approval by way of a Special      Resolution that shall be passed during a general meeting of the      Bondholders, during which, two or more Holders were present, which hold,      either personally or by proxy, at least fifty percent (50%) of the par      value of the outstanding balance of the Principal of the Bonds, or during      an adjourned meeting, during which two or more Holders were present, which      hold, either personally or by proxy, at least ten percent (10%) of the      said balance, the Trustee shall be allowed, whether before or after the      Principal of the Bonds shall be payable, to reach a compromise with the      Company in relation to any right or claim of the Bondholders or any      thereof, and to agree with the Company to any arrangement of their rights,      including to waive any right or claim of the Trustee and/or of the      Bondholders or any thereof against theCompany. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 23.3 | Subject      to the provisions of the Law, the Company and the Trustee may, whether      before or after the Principal of the Bonds shall be payable, to amend the      Trust Deed and/or the Bond conditions, if one of the following      occurs: |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 23.3.1 | If      the Trustee has been convinced that the amendment does not substantively      prejudice the Bondholders’ rights, excluding a change with respect to      dates and payments pursuant to the Bond conditions, the repayment      conditions of the Bonds and causes for calling for the immediate repayment      of the Bonds, a reduction of the interest rate stipulated on the Bond, and      any waiver regarding the execution of payments and reports that the      Company is required to issue to the Trustee, provided that it so notified      the Bondholders in writing, and the Trustee shall be entitled to      reimbursement of expenses from the Company in respect thereof, as stated      above in clause 19. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 23.3.2 | The      proposed amendment has been approved by a Special Resolution passed during      a general meeting of the Bondholders, during which two or more Holders      were present, which hold, either personally or by proxy, at least fifty      percent (50%) of the par value of the outstanding balance of the Principal      of the Bonds, or during an adjourned meeting, during which two or more      Holders were present, which hold, either personally or by proxy, at least      ten percent (10%) of the saidbalance. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 23.4 | The      Company shall deliver a notice in writing to the Bondholders about any      such amendment pursuant to clause 23.1, clause 23.2, clause 23.3 above,      without delay, as soon as possible after the execution      thereof. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 23.5 | In      any instance of the Trustee exercising its right pursuant to this clause,      the Trustee shall be allowed to request that the Bondholders deliver the      Bond Certificates to the Trustee or to the Company for the purpose of      recording a remark on them regarding any such compromise, waiver,      amendment or correction, and, at the Trustee’s request, the Company shall      record such remark on the Certificates that shall be delivered to it. In      any instance of the Trustee exercising a right pursuant to this clause,      the Trustee shall give notice of this to the Bondholders in writing      without delay and as soon aspossible. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24. | The      Register of Bondholders |
|-----|----------------------------------|

|   | 24.1 | The      Company shall keep a Register of the Bondholders and retain it at its      registered office, containing the names of the Bondholders, their      addresses, the number and par value of the Bonds registered under their      names. Any transfer of ownership of the Bonds shall also be recorded in      the Register. The Trustee, as well as all Bondholders, shall be allowed to      peruse the said Register at any reasonable time. The Company may close the      Register from time to time for a period or periods not exceeding an      aggregate of thirty days per year. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 24.2 | The      Company shall not be required to record any notice in the Register of      Bondholders regarding an express, implied or expected trust, or lien or      pledge of any kind whatsoever, or any equitable right, claim or offset or      any other right relating to the Bonds. The Company shall recognize solely      the title of the person under whose name the Bonds were registered, his      legal heirs, the administrators of estate or executors of the Will of the      registered Holder, and any person, who shall be entitled to Bonds due to      the bankruptcy of any registered Holder (and if the Holder is a      corporation – due to the liquidation thereof), shall be allowed to be      registered as the Holders thereof after having given proof that, in the      Company’s opinion, shall suffice to prove their entitlement to be      registered as the Holders thereof. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 25. | Certificates,      and Splitting ofCertificates |
|-----|-------------------------------------------------|

|   | 25.1 | In      respect of the Bonds registered under the name of one Holder, one      certificate shall be issued to it, or, at its request, a number of      certificates shall be issued to it (the certificates referred to in this      clause shall be called hereinafter: “the Certificates”), each      at the minimum quantity of NIS 1,000 (one thousand), par value      (hereinafter: “the      Minimum Quantity”). |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 25.2 | Every      Certificate may be split into Certificates so that the total par value of      the Bonds included therein is equal to the total par value of the Bonds      included in the Certificate whose split is being requested, provided that      the par value in respect of each Certificate shall not diminish from the      Minimum Quantity. The split shall be executed according to a split      application signed by the registered Owner of the Bonds being the subject      of the Certificate in the split application, against the delivery of the      Certificate whose split is being requested to the Company at its      registered office. The split shall be executed within 30 days after the      end of the month during which the Certificate was delivered, along with      the split application, to the registered office of the Company. Each of      the new Bond Certificates to be issued following the split shall be at par      value sums in whole New Israeli Shekels. All expenses involved in the      split, including any levies on them, if any, shall apply to the split      applicant. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 26. | Expiration      of the Office of the Trustee |
|-----|----------------------------------------------|

|   | 26.1 | The      provisions of the Law shall apply to the office of the Trustee and the      expiration thereof, and to the appointment of a new    Trustee. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 26.2 | The      Trustee shall be allowed to resign from its office at any time that it      desires, after having issued written notice to the Company three months in      advance, in which the Trustee shall specify the reasons for its      resignation. The Trustee’s resignation has no validity unless the court      has issued its approval thereof, and as of the date so ruled in the      court’s approval as stated. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 26.3 | In      the instance whereby the Bonds shall be listed for trading on the TASE –      the Securities Authority may apply to the court with a request to      terminate the Trustee’s office, pursuant to section 35.N of the Securities      Law, or any other provision that might replace  it. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 26.4 | The      Trustee shall cease to hold office if it shall become evident that the      Trustee is prevented from continuing to hold office, due to an amendment      to the provisions of the Law or to the applicable law pertaining to the      qualifications for serving as a trustee, including in the instance whereby      such prevention shall arise in connection with the listing of the Bonds      for trading on the TASE. In this context, “prevention” shall also be      deemed a demand by the Securities Authority to terminate the Trustee’s      office. In such instance, a new trustee shall be appointed, to be proposed      by the Company, subject to approval by a Bondholders’ meeting, as stated      hereunder in clause 26.6. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 26.5 | The      Company shall notify the Bondholders of any such event that pertains to      the office of the Trustee. |
|--------|------|------------------------------------------------------------------------------------------------------------------|

|   | 26.6 | The      Holders of ten percent (10%) of the par value of the outstanding balance      of the Bond Principal may convene a general meeting of the Bondholders,      and such meeting may resolve, according to the vote of two or more Holders      or their proxies, holding at least fifty percent (50%) of the said      balance, to remove the Trustee from office. In such instance, the      provisions of clause 26.7 hereunder shallapply. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 26.7 | If      the Trustee’s office has expired, the court may appoint another Trustee,      which shall be a company registered in Israel, the core business of which      is the execution of trusteeships, and which meets the requisite      qualifications pursuant to the Law, and this, for the period, and under      the conditions that the court shall deem fit. The Trustee, whose office      has expired, shall continue to serve in office until the appointment of      another Trustee. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 26.8 | It      is hereby clarified that any appointment of an alternative Trustee,      pursuant to the provisions of this clause 26, shall be subject to approval      by Bondholders by way of a resolution according to the vote of two or more      Holders or their proxies holding at least fifty percent (50%) of the par      value of the outstanding balance of the Bond  Principal. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 26.9 | Any      new Trustee shall have the same powers, authorities and other      authorizations as those of the Trustee whose office expired, and it shall      be able to act, for all intents and purposes, as if appointed as Trustee      ab initio. It is      hereby clarified that the Trustee’s covenant to perform operations      pursuant to the Trust Deed and pursuant to the Bond shall not expire until      the transfer of the monies, assets and rights of the trust, if any, to the      new Trustee has been completed. The Trustee covenants to cooperate with      the Company and the alternative Trustee for the purpose of such transfer.      It is hereby clarified that the termination of the office of the Trustee      shall in no way derogate from rights, claims or allegations that the      Company and/or the Bondholders might have against the Trustee, if any, the      cause of which predated the termination date of its office as the Trustee,      and this shall in no way release the Trustee from any liability pursuant      to any law. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 26.10 | The      Company shall publish an Immediate Report in any instance of the      resignation of the Trustee and/or the appointment of another      Trustee. |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 27. | Reporting      to the Trustee |
|-----|-------------------------------|

|   | 27.1 | For      as long as all of the Bonds have not been repaid, the Company shall      prepare and deliver to the Trustee: |
|--------|------|-----------------------------------------------------------------------------------------------------------------------|

|   | 27.1.1 | audited      financial statements of the Company for the fiscal year ending on the      31st      of December of the past year, immediately after the Company publishes      them. The publication of these statements on Magna by the Company      shall be deemed delivery of the reports to the  Trustee. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 27.1.2 | every      publication of the Company’s financial results, immediately after the      Company publishes them. Such publication on Magna by the Company      shall be deemed delivery of the reports to the  Trustee. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 27.1.3 | a      copy of every document that the Company forwards to the      Bondholders; |
|--------|--------|----------------------------------------------------------------------------------|

|   | 27.1.4 | a      report of any revision of the rating of the Bonds or about any withdrawal      of the rating. The Trustee shall be obligated to notify the Bondholders of      any revision of the rating of the Bonds or of any such withdrawal of      rating. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 27.2 | In      the instance whereby the Company shall cease to report in conformity with      section E.3 of the Law (as well as in conformity with the provisions of      section F. of the Law), the Company shall prepare and issue financial      statements to the Trustee on the dates and in the format applicable to the      Company pursuant to the provisions of section E.3 of the    Law. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 28. | Consent      to a Distribution Not Fulfilling the Profit    Criterion |
|-----|-----------------------------------------------------------------------|

|   | 28.1 | The      Company is examining the possibility of executing a distribution that does      not fulfill the profit criterion, according to the provisions of section      303 of the Companies Law, 5759 – 1999, in the sum      of NIS 1-1.4 billion, subject to receipt of approvals from the relevant      organs in the Company and from the court (hereinafter: “Capital      Reduction”). |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 28.2 | The      Trustee, and any party submitting an offer to purchase the Bonds, as well      as any party that shall purchase and/or hold the Bonds, hereby gives its      irrevocable consent to the execution of a Capital Reduction, provided      that, on the date of the Capital Reduction and immediately thereafter      (i.e., on the actual execution date of the Capital Reduction, or, at the      very latest, one day later) the Bonds shall be assigned a rating in the      (A) group by Maalot or a parallel rating of another Rating Company, and      any party that shall submit an offer to purchase the Bonds and/or shall      purchase and/or hold the Bonds hereby authorizes the Trustee and the      Company to notify the competent court on its behalf that it has no      objection to the Capital Reduction and that it shall not have any claim      and/or demand concerning the Capital Reduction, provided that it shall be      approved by the court by December 31,2010. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 28.3 | The      Bondholders agree that the Capital Reduction shall not be deemed an event      calling for immediate repayment pursuant to the above clause      7. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 28.4 | Notwithstanding      that stated in This Trust Deed, when the Trustee shall receive the      Company’s notification of the execution of a Capital Reduction, the      Trustee shall not be required to obtain the consent of the Bondholders to      implement and/or to not implement any actions pursuant to This Deed in      respect of the Capital Reduction, and the Trustee shall, on behalf of the      Bondholders, unconditionally approve the said Capital      Reduction. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 29. | Incidence      of the Securities Law In relation to any matter not referred to in This Deed,      and in any instance of a contradiction between the provisions of the Law      and the Securities Regulations (which cannot be made conditional) and This      Deed, the parties shall act in accordance with the provisions of the Law      and the Securities Regulations. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 30. | Bondholders’      Meetings The      general meetings of the Bondholders shall be convened and conducted in      accordance with the conditions specified in the Second Addendum to This      Deed. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 31. | Addresses The      addresses of the parties shall be as appearing in the recitals to This      Deed, or any other address for which suitable written notice shall be      given to the other party. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 32. | Applicable      Law and Jurisdiction The      law applicable to This Trust Deed, inclusive of appendices thereto, shall      be Israeli law. The sole and exclusive jurisdiction in relation to any      matter pertaining to This Deed shall be of the competent courts of      Tel-Aviv – Jaffa. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 33. | Authorization      for Reporting on Magna The      Trustee, by signing This Deed, is authorizing the authorized electronic      signatories of the Company, as they shall be, to report on its behalf on      Magna about its      engagement in and signing of This Deed, to the extent that this is      required by law. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | And      in witness whereof, the parties have hereunto  signed: |
|--------|-----------------------------------------------------------------|

|   /s/                                      |   |   /s/                                    |
|------------------------------------------------------|--------|----------------------------------------------------|
|  Partner Communications Company      Ltd.  |   |    Ziv Haft Trust Company      Ltd. |

----

| 1. | THIS      CERTIFICATE attests that Partner Communications Company Ltd. (hereinafter:      “the Company”)      shall pay 25% of the par value of the Bonds in This Certificate on      November 30 of each of the years 2013 through 2016 (inclusively) to      whomever shall be the registered “Holder” (as this term is defined in the      Conditions in the Overleaf) of the Bond on the Record Date for that      payment, all being subject to that specified in the Conditions in the      Overleaf and the Trust Deed dated November 26, 2009 between the Company on      the one hand and Ziv Haft Trust Company Ltd. and/or any party that shall      serve from time to time as the Trustee of the Bondholders pursuant to the      Trust Deed (“the      Trustee” and “the      Trust Deed,” respectively). |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | This      Bond bears interest at the rate of 3.4%, which shall be paid in biannual      payments, on May 31 and November 30 of each of the years 2010 through      2016, for the period of six months ending on the date of each such      payment. The first payment of the interest shall be executed on May 31,      2010 and the last payment on November 30, 2016, together with the payment      of the Principal and against the return of the Bonds to the Company, all      in accordance with that specified in the Conditions in the      Overleaf. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 3. | This      Bond shall be linked (Principal and interest) to the Consumer Price Index      in respect of the month of October 2009, as published on November 15,      2009, all as specified in the Conditions in the  Overleaf. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | This      Bond is being issued as part of the Series B of Bonds, the conditions of      which are identical to the conditions of this Bond (“the Bond”), being      subject to the Conditions specified in the Overleaf and in accordance with      the Trust Deed (hereinafter: “Trust Deed”) dated      November 26, 2009, which was signed between the Company and the Trustee,      and which are not secured by anypledge. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | The      payment of the Principal and the last payment of the interest shall be      executed against the delivery of the Bond to the Company at its registered      office, as stated in the Conditions in the Overleaf, or at any other      location that the Company shall so notify, no later than five Business      Days prior to the payment date. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | All      of the Bonds in this Series shall be pari passu, inter se,      without any senior right of one over theother. |
|----|-------------------------------------------------------------------------------------------------------------------------|

| 7. | The      Company may issue, at any time and from time to time (whether by private      offering or public offering), at its sole discretion, without needing the      consent of the Bondholders or of the Trustee or having to give notice to      any of them in this regard, including to a Related Corporation of the      Company, bonds of a different class or other series of bonds or other      securities of any class and category whatsoever, with or without      associated rights to purchase shares of the Company, under conditions of      interest, linkage, sureties, payment and other conditions as the Company      shall deem fit, whether preferable, equal or inferior to the conditions of      the Bonds. Furthermore, the Company reserves its right to expand the      series from time to time at its sole discretion, pursuant to the      provisions of any law, provided that such expansion of the series shall      not adversely impact the rating of the Bonds as it shall be at that      time. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | Any      transfer of the Bonds is subject to the transfer restrictions specified in      clause 7 of the Conditions Recorded in the Overleaf of the Bond      Certificate. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9. | It      is hereby clarified that the provisions of the Trust Deed shall constitute      an integral part of the provisions of This Bond, and shall be binding upon      the Company and upon the Holders of the Bonds included in the aforesaid      series. In any instance of a contradiction between that stated in This      Certificate and that stated in the Trust Deed, the provisions of the Trust      Deed shall prevail. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10. | The      Bonds are being offered in a transaction that does not constitute an      “offering to the public in the United States,” as this term is defined in      the U.S. Securities Act of 1933, inclusive of amendments thereto      (hereinafter: “the Law in      the U.S.”). The Bonds shall not be submitted for registration with      the Securities Exchange Commission in the United States or other      securities authority of any state in the United States. The Bonds shall      not be offerable or sellable pursuant to the Law in the U.S. by any      Holder, unless according to an exemption from the registration      requirements in the United States, or within the scope of a transaction      not subject to the registration requirements pursuant to the Law in the      U.S., and pursuant to all binding securities laws in the relevant state in      the United States. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |                          /s/                                           Partner      Communications Company Ltd. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   |                     /s/                        _________________,      Adv. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1. | General |
|----|---------|

| “The Company”      –                                            | Partner      Communications Company Ltd.;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|-----------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| “This Deed”      or “the Trust Deed”      –    |  This      Trust Deed, including the addenda and appendices attached thereto, which      constitute an integral part thereof;                                                                                                                                                                                                                                                                                                                                                                                                                                       |
| “The Trustee”      –                                            | The      Trustee referred to at the top of This Deed and/or any party that shall      serve from time to time as the Trustee of the Bondholders pursuant to This      Deed;                                                                                                                                                                                                                                                                                                                                                                                              |
| “The Law”    –                                                  | The      Securities Law, 5728      – 1968, and the regulations instituted by virtue thereof as they      shall be from time to time;                                                                                                                                                                                                                                                                                                                                                                                                                               |
| “Register”    –                                                 | The      Register of the Bondholders, as stated in clause 24 of the Trust      Deed;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
| “TASE” –                                                        | The      Tel-Aviv Stock Exchange Ltd.;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
| “Business Day”      or“Banking Business Day”      – |  Any      day that most banks in Israel are open for business;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
| “Ordinary Resolution”      –                                    | Resolution      passed during a general meeting of the Bondholders, during which Holders      of at least twenty-five percent (25%) of the balance of the par value of      the Bonds in circulation of that series were present, either in person or      by proxy, or during an adjourned meeting during which any number was      present, and which was passed (whether during the original meeting or      during the adjourned meeting) by a majority of at least fifty percent      (50%) of all votes of those participating in the vote, excluding      abstentions; |

----

| “Special Resolution”      –                                | Resolution      passed during a general meeting of the Bondholders, during which Holders      of at least fifty percent (50%) of the balance of the par value of the      Bonds in circulation of that series were present, either in person or by      proxy, or during an adjourned meeting, during which Holders of at least      ten percent (10%) of the said balance were present, either in person or by      proxy, and which was passed (whether during the original meeting or during      the adjourned meeting) by a majority of at least seventy-five percent      (75%) of all votes of those participating in the vote, excluding      abstentions;  |
|------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| “The Nominee Company”      –                               | The      Nominee Company of Bank Leumi le-Israel Ltd.;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| “Principal”    –                                           | The      par value of the Bonds;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
| “The Bonds”      or“the Series B Bonds”      – |  Registered      Bonds (Series B), unrestricted in sum, the conditions of which are      specified in This Deed, inclusive of addenda thereto, which shall be      issued from time to time, at the Company’s sole  discretion;                                                                                                                                                                                                                                                                                                                                                                                                                               |

----

| “The Consumer Price      Index” or “Index” – | The      price index known by the name of “the Consumer Price Index,” which      includes fruits and vegetables, and which is published by the Central      Bureau of Statistics, and including that Index even if it shall be      published by another official body or institution, and including any      official Index that might replace it, whether or not constructed from the      same data as those upon which the existing Index was constructed. If      another Index shall replace it, which shall be published by such body or      institution, and that body or institution has not prescribed the ratio      between it and the Index being replaced, the Central Bureau of Statistics      shall prescribe that ratio. In the event that such ratio shall not be      prescribed, then the Trustee, in consultation with economic experts to be      chosen by the Trustee, shall prescribe the ratio between the other Index      and the Index being replaced;  |
|----------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| “The Payment Index”      –                               | The      Index known on the execution date of any payment on account of the      Principal and/or interest;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| “The Known Index”      –                                 | On      any given date – the last Index published prior to that date;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
| “The Base Index”      –                                  | The      Index in respect of the month of October  2009, as published on      November 15, 2009;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |

----

| “Trading Day”      –             | Any      day on which transactions are carried out on the Tel-Aviv Stock Exchange      Ltd.;  |
|----------------------------------------------------|----------------------------------------------------------------------------------------------------|
| “Arrears Interest”      –        | As      defined hereunder in clause 5.1;                                                      |
| “The TASE Clearing House”      – | The      clearing house of the Tel-Aviv Stock Exchange  Ltd.                                       |

| 2. | The      Bonds |
|----|----------------|

|   | 2.1 | The      Company shall issue a series, unrestricted in sum, of registered Bonds      (Series B), of NIS 1 par value each, bearing interest at the rate of 3.4%      per annum, linked (Principal and interest) to the Consumer Price Index in      respect of the month of October 2009, as published on November 15,      2009. The      Principal of the Series B Bonds shall be payable in four (4) equal annual      payments, on November 30 of each of the years 2013 through 2016      (inclusively). The      first payment of the Principal shall be executed on November 30, 2013 and      the last payment of the Principal shall be executed on November 30,      2016. The      interest on the Bonds shall be paid in biannual payments, on May 31 and      November 30 of each of the years 2010 through 2016, for the period of six      months ending on the date of each such payment (hereinafter: “Interest      Period”). The      first payment of the interest shall be executed on May 31, 2010 and the      last payment on November 30, 2016, together with the payment of the      Principal and against the return of the Bonds to the Company, all in      accordance with the conditions specified in the Bond. The      Bonds shall be issued to any party that, on the issue date of the Bonds,      is deemed “institutional investors,” as this term is defined in the      Securities Regulations (Method of Offering Securities to the Public),      5767 – 2007. Any      transfer of the Bonds is subject to the transfer restrictions specified      hereunder in clause 7. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 2.2 | Expansion of the      series |
|--------|-----|------------------------------|

|   | 2.3 | Issuance of additional      securities |
|--------|-----|----------------------------------------|

|   | 2.4 | Listing for trading in      the “TACT Institutional”system |
|--------|-----|------------------------------------------------------------------------|

|   | 2.5 | Listing of the bonds      for trading |
|--------|-----|---------------------------------------|

|   | 2.6 | Purchase of bonds by      the Company and/or by a Related Corporation Regarding      a purchase of bonds by the Company and/or by a Related Corporation, see      clause 3 above. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | Repayment      of the Principal Subject      to the rest of the Bond conditions, the Principal of the Bonds shall be      paid in four (4) equal annual payments, on November 30 of each of the      years 2013 through 2016, inclusively (whereby the first payment shall be      paid on November 30, 2013 and the last payment on November 30, 2016). The      Principal is linked to the Consumer Price Index in respect of the month of      October 2009, as published on November 15,2009. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 4. | The      Interest The      outstanding balance of the Bond Principal shall bear interest at the rate      of 3.4% per annum (hereinafter: “the Interest Rate”). The      interest shall be linked to the Consumer Price Index according to the      linkage terms specified hereunder in clause 5.7. The      Interest Rate in respect of each Interest Period, as defined hereunder,      shall be 1.7% (excluding the interest rate in respect of the First      Interest Period, as specified hereunder). The interest on the Bonds shall      be paid in biannual payments on May 31 and on November 30 of each of the      years 2010 through 2016 for the period of six months ending on the date of      each such payment (hereinafter: “Interest Period”) on the      outstanding balance from time to time of the total Principal during that      Interest Period. Subject to the rest of the Bond conditions, the Company      shall pay such interest to any party that shall be the registered Owner of      the Bonds in the Register at the end of May 19 and at the end of November      18 of each year preceding the payment date of that payment, respectively.      The first payment of the interest shall be executed on May 31, 2010 for      the period commencing November 29, 2009 and ending on May 31, 2010,      whereby the interest rate in respect of this period shall be 2.005%. For      particulars regarding the Company’s covenant to pay an Interest Increment      at the rate of 0.6% per annum, see clause 2 above. The      last payment of interest shall be executed on November 30, 2016, together      with the payment of the Principal and against the return of the Bonds to      the Company, all in accordance with the conditions specified in the      Bond. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | Payment      of the Principal, the Interest and the Linkage Conditions of the      Bonds |
|----|------------------------------------------------------------------------------------------|

|   | 5.1 | The      payments on account of the interest and/or the Principal of the Bonds      shall be paid to those persons whose names shall be recorded in the      Register as Holders at the end of May 19 and at the end of November 18 of      each year preceding the payment date of that payment (hereinafter: “the Record Date”), with      the exception of the last payment of the Principal and the Interest, which      shall be effected against delivery of the Bond Certificates to the      Company, at the Company’s registered office, or at any other location that      the Company shall so notify no later than five (5) Business Days prior to      the last payment date. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 5.2 | In      any instance whereby the payment due date on account of Principal and/or      interest shall fall on a day other than a Business Day, the payment date      shall be deferred until the first subsequent Business Day, without any      additional payment, and “the Record Date” for the purpose of determining      entitlement to redemption or to interest shall not change as a      result. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.3 | The      payment to those entitled shall be executed by way of checks or bank      transfer to the credit of the bank account of those persons whose names      shall be recorded in the Register, and which shall be specified in      particulars to be timely delivered in writing to the Company, according to      that stated in clause 24 of the Trust Deed. If the Company shall be unable      to pay any sum to those entitled to it, for a reason not dependent upon      the Company, the provisions of clause 6 hereunder shall    apply. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 5.4 | A      Bondholder shall notify the Company of the bank account details for      crediting payments to that Holder pursuant to the Bonds as stated above,      or about any change in the said account details or in its address, as the      case may be, by written notice sent by registered mail to the Company. The      Company shall be required to act according to the Holder’s notice      regarding such change, once fifteen (15) Business Days have elapsed since      the arrival of the Holder’s notice to the  Company. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.5 | If      a Bondholder entitled to such payment did not deliver details about its      bank account in timely fashion to the Company, any payment on account of      the Principal and the interest shall be executed by check, which shall be      sent by registered mail to its last address recorded in the Register. The      mailing of a check to an entitled Bondholder by registered mail as stated      shall be deemed, for all intents and purposes, to be payment of the sum      quoted therein on the date of its dispatch by mail, provided that it shall      be paid upon proper presentation forcollection. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.6 | Any      compulsory payment, to the extent required by law, shall be deducted from      any payment in respect of theBonds. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------|

|   | 5.7 | The      Principal of the Bonds and the interest thereon as specified above shall      be linked to the Consumer Price Index in the followingmanner: Should      it become evident on the execution date of any payment of the Principal      and/or the interest on the Bonds that the Payment Index on that date is      higher than the Base Index, the Company shall pay that payment of      Principal or interest, being increased proportionately to the rate of the      rise of the said Payment Index versus the Base Index; however, should it      become evident that the said Payment Index is the same as or lower than      the Base Index, the Company shall pay that payment of Principal or      Interest being calculated on the basis of the Base  Index. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 6. | Prevention      from Paying, for a Reason Not Dependent Upon the      Company |
|----|-------------------------------------------------------------------------------|

|   | 6.1 | Any      sum due to a Bondholder, which was not actually paid by the date      stipulated for the payment thereof, for a reason not dependent upon the      Company, while the Company had been prepared to pay it, shall cease to      bear interest and linkage differentials as of the date stipulated for the      payment thereof, and the Bondholder shall be entitled solely to those sums      to which it was entitled on the date stipulated for the payment of that      payment on account of the Principal, the interest and the linkage      differentials. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.2 | Within      15 Business Days of the date stipulated for that payment, the Company      shall deposit the total payment not paid on time, as stated above in      clause 6.1, with the Trustee, and shall notify the Bondholders of such      deposit in writing, according to the addresses in its possession. The      aforesaid deposit shall be deemed clearance of that payment, and, in the      instance of clearance of all that due in respect of the Bonds, shall also      be deemed redemption of that Bond. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.3 | Within      the framework of the trust accounts under the Trustee’s name and payable      to its order, the Trustee shall invest the monies that shall be      transferred to it as stated above in clause 6.2 in investments permitted      to the Trustee pursuant to the Trust Deed. If the Trustee has done so, it      shall not be obligated to those entitled in respect of those sums, other      than the proceeds obtained from realizing the investments, after deducting      the reasonable expenses relating to the said investment and the management      of the trust accounts, the reasonable commissions and after deducting the      compulsory payments applicable to the trust account. Out of such monies,      the Trustee shall transfer sums to those Bondholders entitled to them, as      soon as possible after reasonable proof and confirmations of their      entitlement to these sums have been issued to the Trustee, after the      Trustee deducts its reasonableexpenses. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 6.4 | The      Trustee shall hold these monies and shall invest them in the said manner      until the end of one year after the final repayment of the Bonds.      Subsequent to this date, the Trustee shall transfer the sums as stated      above in clause 6.3 to the Company, including profits deriving from the      investment thereof, less its expenses, to the extent that any remained      with the Trustee at that time. The Company shall hold these sums in trust      for the Bondholders entitled to those sums, and, in relation to any matter      pertaining to sums to be transferred to the Company by the Trustee as      stated above, the provisions of the above clause 6.3 shall apply to the      Company, mutatis      mutandis. The      Company shall acknowledge the holding of the sums and the matter of the      receipt thereof in trust for the said Bondholders in writing to the      Trustee. The      Company shall hold these monies in trust for the Bondholders entitled to      those sums for one additional year after the date they were transferred to      the Company by the Trustee, and shall not make any use thereof, and shall      invest them in accordance with the provisions of the Trust Deed. Monies      not demanded from the Company by a Bondholder by the end of two years      after the final repayment date of the Bonds shall be transferred to the      Company, and the Company shall be allowed to use the monies remaining for      any purpose whatsoever. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | Transfer      of the Bonds |
|----|----------------------------|

|   | 7.1 | Subject      to that stated hereunder in clauses 7.2 – 7.4, the Bonds are transferable      in relation to any par value sum, provided that it shall be in whole New      Israeli Shekels. Any transfer of the Bonds shall be effected according to      a transfer deed drawn up in the customary version for a share transfer,      properly signed by the registered Holder or its legal representatives, and      by the recipient of the transfer or its legal representatives, which shall      be delivered to the Company at its registered office, attaching the Bond      Certificates being transferred pursuant thereto, and any other reasonable      proof that shall be required by the Company for the sake of proving the      transferor’s right to transfer them. Subject      to that stated above, the procedural provisions included in the Company’s      Articles of Association regarding the mode of transferring shares shall      apply, mutatis      mutandis, as the case may be, to the mode of transfer of the Bonds      and the assignment thereof. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 7.2 | Notwithstanding      that stated above in clause 7.1, and for as long as the Bonds have not      been listed for trading on the TASE, the Bonds shall not be transferable      by any of the Bondholders without receiving the Company’s prior written      consent, at the Company’s absolute discretion, unless to a party that is:      (a) an investor listed in the list of investors in sections 15.A(b)(1) or      15.A(b)(2) of the Law; or (b) to the Company or to a subsidiary of the      Company. To dispel any doubt, it is hereby clarified that a listing for      trading with the framework of the TACT Institutional system is not listing      for trading on the TASE. To dispel any doubt, the provisions of this      clause shall also apply to any other transferee of the Bonds. It is hereby      clarified that any transfer shall be subject to the restrictions      prescribed in clause 2.5 of the TrustDeed. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7.3 | If      any compulsory payment whatsoever shall apply to the transfer deed of the      Bonds, the party requesting the transfer must deliver reasonable proof of      the payment thereof to the Company. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7.4 | In      the event of a transfer of only a portion of the total par value of the      Bonds in This Certificate, the Bond Certificate must first be split,      pursuant to the provisions of clause 9 hereunder, into the number of Bond      Certificates so required, in such manner that the total sums of the par      value in them shall be equal to the total par value in the said Bond      Certificate. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7.5 | After      the fulfillment of all these conditions, the transfer shall be recorded in      the Register, and all of the conditions specified in the Trust Deed and in      This Bond shall apply to thetransferee. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7.6 | All      expenses and commissions involved in the transfer shall apply to the party      requesting the transfer. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------|

----

| 8. | Splitting      of the Bond Certificate Regarding      a split of a Bond Certificate, see clause 25 of the Trust      Deed. |
|----|---------------------------------------------------------------------------------------------------------------------------------|

| 9. | Early      Redemption of the Bonds In      the event that the Bonds shall be listed for trading and the TASE shall      decide to delist the Bonds in circulation from trading because the value      of the series of Bonds diminished from the sum prescribed in the TASE      directives regarding delisting of bonds, the Company shall act as      follows: |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 9.1 | Within      45 days of the date of the resolution by the TASE Board of Directors      regarding the delisting as stated, the Company shall announce an early      redemption date on which the Holder of the Bonds may redeem them. The      Company shall pay the Principal plus interest to the Holder, according to      the Bond conditions that accrued up until the actual redemption      date. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 9.2 | The      announcement of the early redemption date shall be published in two      Hebrew-language daily newspapers circulated in Israel and shall be      delivered in writing to all registered Holders of the    Bonds. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 9.3 | The      early redemption date relative to the Bonds shall be at least 17 days      after the publication date of the announcement and not later than 45 days      after the said date, but not during the period between the Record Date for      a payment of interest and the actual payment date  thereof. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 9.4 | On      the early redemption date, the Company shall redeem the Bonds that the      Holders thereof requested to redeem, according to the balance of their par      value, plus the interest and the linkage differentials that accrued on the      Principal up until the actual redemption date (the interest shall be      calculated on the basis of 365 days in ayear). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 9.5 | The      determination of an early redemption date as stated above shall in no way      prejudice the redemption rights prescribed in the Bonds of any of the      Bondholders that shall not redeem them on the early redemption date as      stated above, but the Bonds shall be delisted from trading on the TASE      and, inter alia, the tax implications deriving from this shall apply to      them. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 9.6 | An      early redemption of the Bonds as stated above shall not confer to any      Holder who held the Bonds that shall be redeemed as stated, the right to a      payment of interest in respect of the period subsequent to the redemption      date. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10. | Purchase      of Bonds by the Company and/or by a RelatedCorporation In      this regard, see clause 3 of the TrustDeed. |
|-----|-------------------------------------------------------------------------------------------------------------------------------|

| 11. | General      provisions |
|-----|-------------------------|

|   | 11.1 | The      sum of the Principal and the interest are payable and transferable without      taking into consideration any equitable rights or any right of offset or      counterclaim that exists or that might exist between the Company and a      previous Holder, including the original Holder of the    Bonds. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 11.2 | Any      party becoming entitled to the Bonds as a result of bankruptcy or as a      result of liquidation proceedings of the Bondholder, shall have the right,      as soon as it shall present the evidence that the Company shall require      from it from time to time, to be registered in the Register as the Holder      of the Bonds, or subject to the conditions specified above in This      Certificate, to transfer them. |
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|   | 11.3 | The      Bondholders shall be allowed to exercise their rights pursuant to the      Bonds and the Trust Deed through the Trustee or pursuant to a resolution      of a general meeting of the Bondholders in the manners specified in the      Bond and in the Trust Deed. Notwithstanding that stated above, if the      Trustee shall act other than in accordance with the provisions of the      Trust Deed and the Bond, the Bondholders shall be allowed to exercise      their rights, including pursuant to a resolution of the general      meeting. |
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|   | 11.4 | The      provisions of the Trust Deed, including the right to call the Bonds for      immediate repayment, which is specified in clause 7 of the Trust Deed,      shall be deemed an integral part of ThisBond. |
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| 12. | Waiver,      Compromise and/or Amendments to the Bond conditions In      this regard, see clause 23 of the TrustDeed. |
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| 13. | General      Meetings of the Bondholders The      general meetings of the Bondholders shall convene and be conducted      according to that stated in the Second Addendum to the Trust      Deed. |
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| 14. | Receipts      as Proof Without      derogating from any other of these conditions, a receipt signed by the      Holder of the Bonds in This Certificate shall constitute proof of the full      clearance of any payment specified in the receipt, which was paid by the      Company or by the Trustee, as the case may be, in respect of the Bonds in      This Certificate. |
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| 15. | Replacement      of the Bond Certificate In      the event that the Bond Certificate shall become worn, be lost or      destroyed, the Company shall be allowed to issue a new Certificate of the      Bonds in its place, and this, under the same conditions relating to proof,      indemnification and coverage of the reasonable expenses caused to the      Company for the purpose of clarifying the title to the Bonds, as the      Company shall deem fit, provided that, in the instance of wear and tear,      the worn Bond Certificate shall be returned to the Company before it      issues the new Certificate. Taxes and other expenses involved in the      issuance of the new Certificate, if any shall apply, shall apply to the      Bondholder requesting the saidCertificate. |
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| 16. | Notices In      this regard, see clause 23 of the TrustDeed. |
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|   | Second      Addendum to the Trust DeedGeneral      Meetings of theBondholders |
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| 1. | The      Trustee or the Company may summon the Bondholders to a meeting of the      Bondholders. If the Company summons such a meeting, it must immediately      send notice to the Trustee of the date and time of the meeting, as well as      of the matters to be raised for discussion therein. If the Trustee summons      such a meeting, it must send written notice to the Company of the date and      time of the meeting and of the matters to be raised for discussion      therein. The      Company shall be obligated to summon a meeting as aforesaid at the written      request of the Trustee or of the Holders of at least ten percent (10%) of      the par value of the outstanding balance of the Principal of the Bonds.      The Trustee shall be obligated to summon a meeting as aforesaid at the      written request of the Holders of at least ten percent (10%) of the par      value of the outstanding balance of the Principal of the      Bonds. When      conducting a Bondholders’ meeting, the Trustee shall examine the existence      of conflicting interests among the Bondholders according to the      circumstances. The Company and the Trustee shall act to convene class      meetings of Bondholders in conformity with the provisions of any law, the      res judicata, the      provisions of the Law and the Securities Regulations, and the directives      to be issued by virtue thereof. In      the instance of the conducting of class meetings, resolutions must be      approved by each of the class meetings to be summoned and by a meeting of      all of the Bondholders, and all by the majority required pursuant to the      provisions of This Deed, inclusive of appendices thereto. Notwithstanding      that stated above, the Trustee, at its sole discretion, may decide that      such a resolution does not require a meeting of related Holders or that      such meeting shall not besummoned. |
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| 2. | Advance      notice of each Bondholders’ meeting shall be given to the Bondholders and      to the Trustee of at least 14 (fourteen) days; when the purpose of a      meeting is to discuss a proposal to pass a Special Resolution, advance      notice of at least 21 (twenty-one) days shall be given. The advance notice      shall specify the venue, date and time of the meeting, and shall generally      outline the topics on the meeting’s agenda. If the purpose of the meeting      is to discuss and pass a Special Resolution, the said advance notice shall      also specify the main points of the proposed resolution. If the meeting is      being summoned by the Trustee, such notice shall also be given to the      Company. The      Trustee shall be allowed to shorten the timing of the issuance of the      advance notices if the Trustee believes that any delay in convening the      meeting prejudices or is liable to prejudice the Bondholders’      rights. |
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| 3. | No      resolution that has been duly passed by a meeting so summoned shall be      disqualified, if, inadvertently, notice of the meeting was not given to      Holders of less than ten percent (10%) of the par value of the outstanding      balance of the Principal of the Bonds, or if such notice was not received      by Holders as stated. |
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| 4. | The      chairman of the meeting shall be a person appointed by the Trustee. If the      Trustee did not appoint a chairman as stated, or if the person appointed      by the Trustee as stated was absent from the meeting, the Bondholders      present (or their proxies) shall elect a chairman from amongst      themselves. |
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| 5. | A      Bondholders’ meeting shall open after it shall be proven that the legal      quorum required for opening the discussion is  present. |
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|   | (a) | Subject      to the legal quorum required for dismissing a trustee by law, the legal      quorum for Bondholders’ meetings, apart from that specified hereunder in      clause 5(e), shall be the presence of at least two Bondholders, either in      person or by proxy, who together hold or represent at least ten percent      (10%) of the par value of the outstanding balance of the Principal of the      Bonds at that time. |
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|   | (b) | If      such legal quorum is not present by one half hour after the time scheduled      for opening such a meeting, the meeting shall be adjourned until the      following week on the same day, at the same location and at the same time      (without requiring any further notice), and, in the event that that day is      not a Business Day, then the first subsequent Business Day (without      requiring any further notice), or any other venue, date and time as the      party that summoned the meeting shall so decide, provided that the party      summoning the meeting shall issue advance notice of at least seven (7)      days about the convening of such adjourned meeting, in the same manner by      which the notice of the convening of the original meeting had been given,      and shall state that, if a legal quorum as aforesaid shall not be present      at the adjourned meeting, then the legal quorum shall be two Bondholders      present, either in person or by proxy, without considering the par value      of the Bonds they hold. Such statement can also be given in the notice      summoning the adjourned meeting. |
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|   | (c) | If      a legal quorum is not present at such adjourned meeting, two Bondholders      being present either personally or by proxy and holding any quantity      whatsoever of Bonds shall constitute a legal  quorum. |
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|   | (d) | The      chairman, with the consent of the Holders of the majority of the par value      of the outstanding balance of the Principal of the Bonds, who are present      in person or by proxy at a meeting at which a legal quorum is present,      may, and at the request of the meeting, must, adjourn the meeting from      time to time and from place to place as the meeting shall resolve. If the      meeting is adjourned for ten or more days, notice of the adjourned meeting      shall be given in the same manner as for the original meeting, provided      that, in the instance whereby the convening of the continuation of the      meeting shall be adjourned to a date within less than fourteen days,      notice of the adjourned meeting shall be given by way of publishing an      Immediate Report in the Magna network only.      Apart from that stated above, the Bondholders shall not be entitled to      receive any notice of an adjourned meeting and/or of the matters to be      discussed during the adjourned meeting. Only those matters that could have      been discussed during the meeting in which the adjournment was decided      shall be discussed during an adjournedmeeting. |
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|   | (e) | The      legal quorum for a meeting being convened to pass any one of the      resolutions specified hereunder (hereinafter: “Special Resolution”)      shall be two or more Holders being present at the meeting, holding at      least fifty percent (50%) of the par value of the outstanding balance of      the Principal of the Bonds, or, in relation to an adjourned meeting, when      two or more Holders were present, holding either personally or by proxy at      least ten percent (10%) of the saidbalance: |
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|   | (1) | any      material correction, amendment or arrangement of the Bondholders’ rights,      whether these rights derive from the Bonds, from the Trust Deed or      otherwise, or any material compromise or waiver pertaining to these      rights; |
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|   | (2) | the      calling of the Bonds for immediate repayment, upon the occurrence of one      or more of the instances specified in clause 7 of the Trust      Deed; |
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|   | (3) | any      resolution pertaining to any other matter that, pursuant to the provisions      of the Trust Deed or the Bonds, is subject to the passing of a Special      Resolution. |
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|   | (f) | It      is hereby clarified that, when counting the legal quorum for the purpose      of convening a general meeting for passing a resolution, and when counting      the voters in favor of such resolution, the votes of Bondholders that are      a “Related Corporation,” as this term is defined in the Trust Deed, shall      not be counted; these Bonds shall not vest the Related Corporation a right      to vote during the general meetings of the Bondholders, and shall not be      counted for the purpose of the legal quorum, all for as long as the Bonds      are being held by that Related Corporation. When      conducting a Bondholders’ meeting, the Trustee shall examine the existence      of conflicting interests among the Bondholders according to the      circumstances. The Company and the Trustee shall act to convene class      meetings of Bondholders in conformity with the provisions of any law, the      res judicata, the      provisions of the Law and the Securities Regulations, and the directives      to be issued by virtue thereof. |
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| 6. | (a) | The      Bondholders are entitled to participate and vote during any general      meeting, either personally or by proxy. During any vote of Bondholders,      the voting shall be conducted according to a counting of votes, so that      each Bondholder or proxy shall be entitled to one vote in respect of each      NIS 1 par value of the inclusive outstanding par value of the Bonds by      virtue whereof it is entitled to vote. In the instance of joint Holders,      only the vote of the party requesting to vote that is listed first among      them in the Register, whether personally or by proxy, shall be      accepted. |
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|   | (b) | A      Bondholder or its proxy may, in respect of a portion of its votes, vote in      favor of a particular resolution, and, in respect of another portion of      its votes, vote in opposition, and, in respect of another portion,      abstain, all as that Bondholder shall deemfit. |
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|   | (c) | If      the Trustee shall participate in a meeting at the invitation of the      Company, the Trustee shall participate without any voting      right. |
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| 7. | (a) | The      majority required to pass an Ordinary Resolution of the general meeting is      an ordinary majority of the number of votes being represented during the      voting, and voting in favor or in opposition. The majority required to      pass a Special Resolution during such meeting, as stated above in clause      5(e) is a majority of not less than 75% of the number of votes being      represented during the voting as stated  above. |
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|  | (b) | A      resolution to amend the Trust Deed shall be passed by Special Resolution      and subject to any law. |
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|  | (c) | The      declaration by the chairman regarding a resolution being passed or      rejected and the recording of this matter in the meeting minutes shall      serve as prima      facie proof of thisfact. |
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| 8.  | (a) | A      letter of appointment appointing a power-of-attorney and/or proxy shall be      in writing and signed by the appointing Bondholder or by the Bondholder’s      representative, who has been duly authorized to do so in writing. If the      appointing Bondholder is a corporation, the appointment shall be effected      by written authorization duly signed by the corporation, along with a      lawyer’s confirmation of the validity of the signature. A proxy does not      have to be a Bondholderhimself. |
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|   | (b) | A      letter of appointment and power-of-attorney, or other certificate      according to which the letter of appointment was signed, or a certified      copy of such power-of-attorney, shall be deposited at the Company’s office      no less than 48 hours prior to the time of the assembly for which the      power-of-attorney was issued, unless the notice summoning the meeting      prescribes otherwise. |
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|   | (c) | A      vote given in accordance with the conditions prescribed in the proxy      appointment document shall be valid even if, prior to the vote, the      appointing Bondholder died or was declared incapacitated or the letter of      appointment was cancelled or the Bond in respect whereof the vote was      given has been transferred, unless the Company receives written notice      regarding the aforesaid death, ruling of incapacitation, cancellation or      transfer, as the case may be, at its registered office prior to the time      of the meeting. |
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| 9. | The      Trustee shall be responsible for preparing minutes of all discussions and      resolutions during every general meeting of the Bondholders, and for the      recording and retention thereof in the minutes book of the Bondholders’      meetings. All minutes signed by the chairman of the meeting during which      the resolutions were passed and the discussions were held, or signed by      the chairman of the following convened meeting, shall serve as proof of      the matters recorded therein, and, as long as not proven otherwise, every      resolution passed during such meeting shall be deemed as having been      lawfully passed. |
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| 10. | A      person or persons who shall be appointed by the Trustee, the Company’s      Secretary, and any other person or persons so authorized by the Company      and/or the Trustee shall be allowed to be present during Bondholders’      meetings. In the instance whereby, according to the Trustee’s reasonable      judgment, and for reasonable reasons, a discussion is necessary without      the presence of the Company’s representatives during part of the meeting,      then the Company or any delegate on its behalf shall not participate in      that same part of the meeting. |
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| 11. | Every      meeting of the Bondholders shall take place at the registered office of      the Company or at any other venue that the Company shall so notify. The      Trustee shall be allowed to ask that the Company conduct a Bondholders’      meeting at some other venue, subject to the Company’s    consent. |
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| 12. | All      that stated in This Addendum is subject to the provisions of the Trust      Deed. |
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