Exhibit 15.1





ELBIT
IMAGING LTD.

CONDENSED
FINANCIAL STATEMENTS

AS
OF DECEMBER 31, 2016



Contents



|                                                            | Page
|----------------------------------------------------------- | ----
|                                                            |     
|Report
    of independent registered public accounting firm | 2-3 
|                                                            |     
|Condensed
    Financial Statements:                         |     
|                                                            |     
|Balance
    sheets                                          | 4-5 
|                                                            |     
|Statements
    of income                                    | 6   
|                                                            |     
|Statements
    of cash flows                                | 7-8 
|                                                            |     
|Notes
    to the condensed financial statements             | 9-12



F-1








| | Kost
                                         Forer Gabbay & Kasierer
        144
        Menachem Begin Rd
        Tel-Aviv
        6492102, Israel | Tel:
                                         +972-3-6232525
        Fax:
        +972-3-5622555
        ey.com
| | ---------------------------------------------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------



REPORT
OF INDEPENDENT AUDITORS



TO
THE SHAREHOLDERS AND BOARD OF DIRECTORS OF ELBIT IMAGING LTD.



We
have audited the consolidated financial statements of Elbit Imaging Ltd. and subsidiaries (the "Company") as of December
31, 2016 and for the year then ended, and have issued our report thereon dated November 9, 2017. Our audit also included the condensed
financial statement as of December 31, 2016 and for the year then ended, included under schedule 15.1 of the Company ("the
financial statement schedule"). This financial statement schedule is the responsibility of the Company's management. Our
responsibility is to express an opinion based on our audits. In our opinion, such financial statement schedule, when considered
in relation to the basic financial statements taken as a whole, present fairly, in all material respects, the information set
forth therein.



Without
qualifying our above opinion, we draw attention to the following matters discussed in:



| | 1. | Note
                                         1(C) to the consolidated financial statements, which describes the Company's financial
                                         position and the resources until November 2019 that are expected to serve the repayment
                                         of Company's liabilities. The Company's management and board of directors are of the
                                         opinion, based on its plan and the assumptions described, that the Company be able to
                                         serve its indebtedness in the foreseeable future.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              

| | 2. | Note
                                         7(B) to the consolidated financial statements, which describes factors raise significant
                                         doubts about the ability of Company's subsidiary to continue as a going concern. Subsidiary's
                                         management plans with regard to these matters are discussed in Note 7(B). The financial
                                         statements do not include any adjustments to the carrying amounts and classifications
                                         of assets and liabilities that would result if the Company's subsidiary were unable to
                                         continue as a going concern.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    

| | 3. | Note
                                         1(E) to the consolidated financial statements regarding the error identified with respect
                                         to the Casa Radio project in the 2015 consolidated financial statements and its implication
                                         on the disclosure in the notes to the consolidated financial statement.
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                              

| | 4. | Note
                                         4 (C) (1) (c) which disclose potential irregularities regarding to Casa Radio project
                                         in Romania and their potential implications.
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





| | Tel-Aviv,
    Israel | KOST
    FORER GABBAY & KASIERER    
| | -------------------- | ------------------------------------
| | November
    9, 2017 | A
    Member of Ernst & Young Global



F-2










REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To
the Board of Directors and Shareholders of

Elbit
Imaging Ltd.



We
have audited the consolidated financial statements of Elbit Imaging Ltd. and subsidiaries (the "Company") as of December
31, 2015, and for each of the two years in the period ended December 31, 2015, and have issued our report thereon dated March
31, 2016; such financial statements and report are included in 8-K dated March 31, 2016 and are incorporated herein by reference.
Our audit also included the financial statement schedule No. 15.1 of the Company, for the above periods, listed in item 18. This
financial statement schedule is the responsibility of the Company's management. Our responsibility is to express an opinion based
on our audits. In our opinion, such financial statement schedule, when considered in relation to the basic financial statements
taken as a whole, present fairly, in all material respects, the information set forth therein.



Without
qualifying our opinion, we draw attention to:



| | 1. | Note
                                         1D to the consolidated financial statements, which describes the company's financial
                                         position as of December 31, 2015, the Company had prepared a projected cash flow based
                                         on its plans for the repayment of the liabilities. Based on the projected cash flow and
                                         the related assumptions, the Company's board of directors was of the opinion that as
                                         of December 31, 2015 the Company could execute its plans and that it would be able to
                                         serve its indebtedness in the foreseeable future.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 2. | Note
                                         4 (c) (1) (c) and note 13 (c) (12) in the consolidated financial statements which disclose,
                                         among other things, potential irregularities concerning the Casaradio Project in Romania
                                         and their potential consequences, including Foreign Corrupt Practice Act potential implications
                                         as of December 31, 2015.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | 3. | As
                                         discussed in Note 13, claims have been filed against group companies as of December 31,
                                         2015, one of which was certified as a class action.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



Brightman
Almagor Zohar & Co.

Certified
Public Accountants

A
Member Firm of Deloitte Touche Tohmatsu



Tel
Aviv, Israel



March
31, 2016
















F-3








ELBIT IMAGING LTD.

CONDENSED BALANCE SHEETS



|                                                                    |  |      |  | December 31       |        
|------------------------------------------------------------------- |  | ---- |  | ----------------- | -------
|                                                                    |  |      |  | 2 0 1 6           |        
|                                                                    |  |      |  |                   |        
|                                                                    |  | Note |  | (in thousand NIS) |        
|                                                                    |  |      |  |                   |        
|Current Assets                                                      |  |      |  |                   |        
|Cash and cash equivalents                                           |  |      |  |                   | 43,771 
|Short-term deposits and investments                                 |  |      |  |                   | 6,426  
|Other receivables                                                   |  |      |  |                   | 1,778  
|Assets related to discontinued operations                           |  |      |  |                   | -      
|                                                                    |  |      |  |                   | 51,975 
|                                                                    |  |      |  |                   |        
|Non-Current Assets                                                  |  |      |  |                   |        
|Deposits, loans and other long-term balances                        |  |      |  |                   | 1,596  
|Loans and investments in subsidiaries, associates and joint venture |  | 3    |  |                   | 455,129
|Property, plant and equipment                                       |  |      |  |                   | 33     
|                                                                    |  |      |  |                   | 456,758
|                                                                    |  |      |  |                   |        
|                                                                    |  |      |  |                   | 508,733



F-4








ELBIT IMAGING
LTD.

CONDENSED BALANCE SHEETS



|                                                  |  |      |  | December 31       |          
|------------------------------------------------- |  | ---- |  | ----------------- | ---------
|                                                  |  |      |  | 2 0 1 6           |          
|                                                  |  |      |  |                   |          
|                                                  |  | Note |  | (in thousand NIS) |          
|                                                  |  |      |  |                   |          
|Current Liabilities                               |  |      |  |                   |          
|Short-term credits                                |  |      |  |                   | 59,082   
|Payables and other credit balances                |  |      |  |                   | 17,787   
|                                                  |  |      |  |                   | 76,869   
|                                                  |  |      |  |                   |          
|Non-Current Liabilities                           |  |      |  |                   |          
|Borrowings                                        |  |      |  |                   | 498,637  
|Other liabilities                                 |  |      |  |                   | 21,716   
|                                                  |  |      |  |                   | 520,353  
|                                                  |  |      |  |                   |          
|Commitments, Contingencies, Liens and Collaterals |  |      |  |                   |          
|                                                  |  |      |  |                   |          
|Shareholders' Equity                              |  |      |  |                   |          
|Share capital and share premium                   |  |      |  |                   | 1,105,974
|Reserves                                          |  |      |  |                   | (787,765 
|Retained losses                                   |  |      |  |                   | (406,698 
|                                                  |  |      |  |                   |          
|                                                  |  |      |  |                   | (88,489  
|                                                  |  |      |  |                   |          
|                                                  |  |      |  |                   | 508,733  



|November 9, 2017                             |  |                                      |  |                                     |  |                                               
|-------------------------------------------- |  | ------------------------------------ |  | ----------------------------------- |  | ----------------------------------------------
|Date of approval of the financial statements |  | Yael Naftali Chief Financial Officer |  | Doron Moshe Chief Executive Officer |  | Ron Hadassi Chairman of the Board of Directors



F-5








ELBIT IMAGING LTD.

CONDENSED STATEMENTS OF INCOME



|                                                 |  |      |  | Year ended December 31 |         
|------------------------------------------------ |  | ---- |  | ---------------------- | --------
|                                                 |  |      |  | 2 0 1 6                |         
|                                                 |  |      |  |                        |         
|                                                 |  | Note |  | (in thousand NIS)      |         
|                                                 |  |      |  |                        |         
|                                                 |  |      |  |                        |         
|                                                 |  |      |  |                        |         
|Revenues from providing management services      |  |      |  |                        | 2,963   
|                                                 |  |      |  |                        |         
|General and administrative expenses              |  |      |  |                        | (8,745  
|                                                 |  |      |  |                        |         
|Financial expenses, net                          |  |      |  |                        | (32,716 
|                                                 |  |      |  |                        |         
|Financial gain from debt restructuring           |  |      |  |                        | -       
|                                                 |  |      |  |                        |         
|Other expense, net                               |  |      |  |                        | (485    
|                                                 |  |      |  |                        |         
|Profit (loss) before income taxes                |  |      |  |                        | (38,983 
|                                                 |  |      |  |                        |         
|Income tax expenses                              |  |      |  |                        | -       
|                                                 |  |      |  |                        |         
|                                                 |  |      |  |                        | (38,983 
|Company's share in results of investee companies |  |      |  |                        | (155,846
|                                                 |  |      |  |                        |         
|Profit (loss) from continuing operations         |  |      |  |                        | (194,829
|                                                 |  |      |  |                        |         
|Profit (loss) from discontinued operations, net  |  |      |  |                        | -       
|                                                 |  |      |  |                        |         
|Profit (loss) for the year                       |  |      |  |                        | (194,829





F-6








ELBIT IMAGING LTD.

CONDENSED STATEMENTS OF CASHFLOWS





|                                                                             |  | Year ended December 31 |         
|---------------------------------------------------------------------------- |  | ---------------------- | --------
|                                                                             |  | 2
    0 1 6            |         
|                                                                             |  |                        |         
|                                                                             |  | (in thousand NIS)      |         
|CASH FLOWS FROM OPERATING ACTIVITIES                                         |  |                        |         
|Profit (loss) for the year from continued operations                         |  |                        | (194,829
|Finance expenses recognized in profit and loss                               |  |                        | 32,716  
|Financial gain from debt restructuring                                       |  |                        | -       
|Depreciation and amortization                                                |  |                        | 80      
|Share in losses of associates, net                                           |  |                        | 155,846 
|Stock based compensation expenses                                            |  |                        | 27      
|Other                                                                        |  |                        | (55     
|Receivables and other debit balances                                         |  |                        | 3,516   
|Payables and other credit balances                                           |  |                        | (3,877  
|Net cash provided by (used in) operating activities of continuing operations |  |                        | (6,576  
|                                                                             |  |                        |         
|Net cash used in discontinued operating activities                           |  |                        | -       
|                                                                             |  |                        |         
|Net cash provided by (used in) operating activities                          |  |                        | (6,576  





F-7






ELBIT
                                         IMAGING LTD.

CONDENSED
STATEMENTS OF CASHFLOWS



|                                                                                   |  | Year ended December 31 |         
|---------------------------------------------------------------------------------- |  | ---------------------- | --------
|                                                                                   |  | 2 0 1 6                |         
|                                                                                   |  |                        |         
|                                                                                   |  | (in thousand NIS)      |         
|CASH FLOWS FROM INVESTING ACTIVITIES                                               |  |                        |         
|Purchase of property plant and equipment, investment property and other assets     |  |                        | -       
|Proceeds from realization of investments in subsidiaries and associates            |  |                        | -       
|Investments and loans to subsidiaries and associates                               |  |                        | 172,027 
|Proceed from realization of (investment in) long-term deposits and long-term loans |  |                        | 15,785  
|Short-term deposits and marketable securities, net                                 |  |                        | (3,009  
|Net cash provided by  investing activities                                         |  |                        | 184,803 
|                                                                                   |  |                        |         
|CASH FLOWS FROM FINANCING ACTIVITIES                                               |  |                        |         
|Interest paid in cash                                                              |  |                        | (23,717 
|Interest received in cash                                                          |  |                        | -       
|Repayment of long-term borrowings                                                  |  |                        | (182,025
|Net cash used in financing activities                                              |  |                        | (205,742
|                                                                                   |  |                        |         
|Increase (decrease) in cash and cash equivalents                                   |  |                        | (27,515 
|Cash and cash equivalents at the beginning of the year                             |  |                        | 71,286  
|Net effect on cash due to currency exchange rate changes                           |  |                        | -       
|                                                                                   |  |                        |         
|Cash and cash equivalents at the end of the year                                   |  |                        | 43,771  



F-8








ELBIT IMAGING LTD.

NOTES TO THE CONDENSED FINANCIAL STATMENTS



|NOTE 1 - | GENERAL
|-------- | -------



| | A. | Elbit
                                         Imaging Ltd. ("the Company") was incorporated in Israel. The Company's shares
                                         are registered for trade on the Tel Aviv Stock Exchange and in the United States of America
                                         on the NASDAQ Global Select Market.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | B. | The
                                         Group engages, directly and through its investee companies, in Israel and abroad, mainly
                                         in the following areas:
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | ● | Commercial
                                         centers - initiation, construction, and sale of commercial centers and other mixed-use
                                         property projects, predominantly in the retail sector, located in Central and Eastern
                                         Europe. In certain circumstances and depending on market conditions, the Group operates
                                         and manages commercial centers prior to their sale.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | ● | Hotels- hotels operation and management of the Radisson hotel Complex in Bucharest Romania.
| | - | -------------------------------------------------------------------------------------------



| | ● | Medical
                                         industries and devices - (a) research and development, production and marketing of
                                         magnetic resonance imaging guided focused ultrasound treatment equipment, and (b) development
                                         of stem cell population expansion technologies and stem cell therapy products for transplantation
                                         and regenerative medicine.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | ● | Plots
                                         in India- plots designated for sale which were initially designated to residential
                                         projects.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | ● | With
                                         regards to the sale of the operation and business of "Mango" retail stores
                                         in Israel to Fox-Wisel Ltd. ("Fox") on January, 5 2015, see note 19 of the
                                         annual consolidated financial statements. Accordingly, this operation is presented in
                                         these financial statements as discontinued operation.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | C. | Financial
                                         position:
| | -- | ------------------------------------------------------------



With
respect to the Company's financial position, including the consummation of the Plan of Arrangement, see note 1D of the annual
consolidated financial statements.



| | D. | Definitions:
| | -- | ------------



| | The
                                         Company | - | Elbit
              Imaging LTD.                             
| | ---------------------------------------------------- | - | -------------------------------------------------------------
| |                                                      |   |                                                              
| | Group                                                | - | The
                                Company and its Investees



| | Investees | - | Subsidiaries,
                                         joint ventures and associates
| | --------- | - | ------------------------------------------------------------------------------------



| | PC | - | Plaza
                                         Centers N.V. Group, a subsidiary of the Company, operating mainly in the field of commercial
                                         centers and is traded in the Main Board of the London Stock Exchange, the Warsaw stock
                                         Exchange (“WSE”) and Tel Aviv Stock Exchange. As of December 31, 2016 the
                                         Company holds 44.9% in PC.
| | -- | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





F-9






ELBIT IMAGING LTD.

NOTES TO THE CONDENSED FINANCIAL STATMENTS



|NOTE 1 - | GENERAL (CONT.)
|-------- | ---------------



| | D. | Definitions
                                         (Cont.):
| | -- | -------------------------------------------------------------



| | Elbit Medical   | - | Elbit
Medical Technologies Ltd., a public Israeli company traded on the Tel Aviv Stock Exchange. As for December 31, 2016, the Company
holds 89.9% of Elbit Medical share capital (85.6% on a fully diluted basis).
| | --------------- | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                 |   |                                                                                                                                                                                                                    
| | Related
parties | - | As
defined in International Accounting Standard ("IAS") no. 24. For details see note 17 of the annual consolidated financial
statements                                                                            



|NOTE 2 - | SIGNIFICANT ACCOUNTING POLICIES
|-------- | -------------------------------



| | A. | Statement
                                         of compliance:
| | -- | -----------------------------------------------------------------



The
condensed financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRSs")
as issued by the International Accounting Standards Board ("IASB").



| | B. | Basis
                                         for preparation:
| | -- | ---------------------------------------------------------------



The
Parent Company financial information is prepared in accordance with the Israeli securities authority regulations for stand alone
financial statements. Based on those regulations the investment in subsidiaries, joint ventures and associates are accounted for
using the equity method. Moreover the net profit and the equity of the Company in those financial statements equals the amounts
in the consolidated financial statements.



F-10






ELBIT IMAGING LTD.

NOTES TO THE CONDENSED FINANCIAL STATMENTS



|NOTE 2 - | SIGNIFICANT ACCOUNTING POLICIES (Cont.)
|-------- | ---------------------------------------



| | C. | Presentation
                                         of the income statements:
| | -- | -------------------------------------------------------------------------------



The
Groups operations are characterized by diverse activities. Accordingly, management believes that its income statements should
be presented in the “Single - step form”. According to this form, all costs and expenses (including general and administrative
and financial expenses) should be considered as continuously contributing to the generation of the overall revenues and gains.
Management also believes that its operating expenses should be classified by function to: (i) those directly related to each revenue
(including general and administrative expenses and selling and marketing expenses relating directly to each operation); and (ii)
overhead expenses which serve the business as a whole and are to be determined as general and administrative expenses.



| | D. | Convenience
                                         translation:
| | -- | -----------------------------------------------------------------



The
balance sheet as of December 31, 2016 and statement of income, statement of other comprehensive income and statement of cash flows
for the year then ended have been translated into U.S. Dollar using the representative exchange rate as of that date ($1= NIS
3.845). Such translation was made solely for the convenience of the U.S. readers. The dollar amounts so presented in these financial
statements should not be construed as representing amounts receivable or payable in dollars or convertible into dollars but only
a convenience translation of reported NIS amounts into U.S. Dollar, unless otherwise indicated. The convenience translation supplementary
financial data is unaudited and is not presented in accordance with IFRS.



|NOTE 3 - | LOANS AND INVESTMENTS IN SUBSIDIARIES, ASSOCIATES
AND JOINT VENTURE
|-------- | -------------------------------------------------------------------



| | A. | Movement
                                         in loans and investments:
| | -- | ---------------------------------------------------------------------------



| |                                                                     |  | December 31       |         
| | ------------------------------------------------------------------- |  | ----------------- | --------
| |                                                                     |  | 2 0 1 6           |         
| |                                                                     |  | (In NIS thousand) |         
| |                                                                     |  |                   |         
| | Balance as of January, 1                                            |  |                   | 679,019 
| | Proceeds from loans repayments, net                                 |  |                   | (168,951
| | Company's share in results of investee companies                    |  |                   | (155,846
| | Increase in holding rate in investee                                |  |                   | 13,534  
| | Financial income, net                                               |  |                   | 20,613  
| | Revaluation of property, plant and equipment through equity reserve |  |                   | 77,663  
| | Foreign currency translation reserve                                |  |                   | (23,668 
| | Realization of translation reserve on investee                      |  |                   | 12,765  
| |                                                                     |  |                   |         
| | Balance as of December, 31                                          |  |                   | 455,129 





F-11






ELBIT IMAGING LTD.

NOTES TO THE CONDENSED FINANCIAL STATMENTS



|NOTE 3 - | LOANS AND INVESTMENTS IN SUBSIDIARIES, ASSOCIATES
AND JOINT VENTURE (Cont.)
|-------- | ---------------------------------------------------------------------------



| | B. | The
                                         Company granted three loans to Elbit Medical a subsidiary traded on the Israel stock
                                         exchange. Following are data regarding the loans granted:
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | Loan balance as of
 December 31, 2016 |  | Currency |  | Interest |  | Repayment date
| | ------------------------------------- |  | -------- |  | -------- |  | --------------
| |                                       |  |         
| | 88,998                                |  | USD      |  | 6%       |  | January 1,2019
| | 53,112                                |  | NIS      |  | CPI      |  | January 1,2019
| | 9,175                                 |  | NIS      |  | 0%       |  | January 1,2019



| | C. | Agreement
                                         between the Company and PC regarding the Kochi project (as described in note 7B of the
                                         annual consolidated financial statements) PC has provided the Company with an advance
                                         on account of the Kochi project in the amount of Euro 4.5 million. In order to secure
                                         the advance granted by PC the Company provided PC with a guarantee, which shall be exercised
                                         in the event the Company fails to transfer all its rights in the Kochi Island to EPI
                                         (or alternatively to transfer 50% of the said rights to PC). The guarantee expired in
                                         August 2013.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| |    | In
                                         June 2015 the Company reached an agreement with PC, following the Company was obliged
                                         to repay the Reimbursement amount in few instalments until mid-2018. PC liabilities towards
                                         the Company in the amount of EUR 0.8 million) were offset from this balance, with partial
                                         repayment of EUR 1 million performed in late September 2015, thus balance as of December
                                         31, 2016 is NIS 6.9 million (including accrued interest on remaining balance).                                                                                                                                                                                             



|NOTE 4 - | COMMITMENTS, CONTINGENCIES, LIENS AND COLLATERALS
|-------- | -------------------------------------------------



| | A. | With
                                         respect to the Company's claims, see note 13B of the annual consolidated financial statements.
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------



| | B. | With
                                         respect to the Company's other contingent liabilities, see note 13C of the annual consolidated
                                         financial statements.
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------





F-12