| Between: | TEL      AVIV WHOLESALE AGRICULTURAL PRODUCE MARKET COMPANY LTD.Company      No. 52-001818-5of      ______________ Street, ______________(hereinafter: “the      Company”) |
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| And: | TEL      AVIV MUNICIPALITY(hereinafter: “the      Municipality”)(the      Company and the Municipality will be referred to below as: “the      Sellers”) |
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| And:  | 1.  LEV      TEL AVIV TOWERS LTD., Pvte. Co. 514434356(hereinafter:      “the Housing      Company”)2.  TEL      AVIV CITY MALL LTD., Pvte. Co. 514434349(hereinafter:      “the Mall      Company”) |
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| 1. | Each      of the terms mentioned in this Protocol will have the meaning ascribed      thereto in the Agreements. |
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| 2. | The      text of the Agreements is acceptable to the parties, without any      alteration. |
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| 3. | Each      of the individual parties who make up the Purchaser hereby gives notice      that apart only from approval by the general meeting of Blue Square Real      Estate, their entering into the Agreements according to the terms and      conditions thereof does not require and is not subject to any approval      and/or consent (including and without derogating from the generality of      the foregoing, an approval of the authorized organs of any of the      individual parties who make up the Purchaser or of any of their parent      companies and/or of any of the Interested Parties).  The      Purchaser undertakes that the general meeting of Blue Square Real Estate      will be convened not later than 49 days from the date of signing of this      Protocol.  It is agreed that if Blue Square Real Estate is      called upon by the Securities Authority to postpone the date of the      general meeting (as a result of amendments to the transaction report that      will be published by Blue Square Real Estate), then and in that event such      postponement will not constitute a breach of the provisions of this      Paragraph 3 and the date for holding the meeting will be postponed by a      period equivalent to the period by which the meeting was postponed in      accordance with a demand by the Securities Authority as      aforesaid. |
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| 4. | The      Company hereby gives notice that its entering into the Company’s Lands      Agreement is subject to the approval of the authorized organs of the      Company, and the Municipality gives notice that its entering into the      Municipality Lands Agreement is subject to the approval of the Tel      Aviv-Jaffa City Council (this being in addition to and without derogating      from the condition precedent to the Municipality Lands      Agreement).  The Company’s entering into the Company’s Lands      Agreement will be brought for consideration and decision of the Company’s      authorized organs not later than 49 days from the date of signing of this      Protocol. |
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| 5. | Within      21 days from the date of signing of the Protocol, the Purchaser undertakes      to furnish the Sellers with firm commitment letters signed by a financing      bank, in a text based on the text that was delivered to the Sellers as a      draft, where same is adapted to the provisions of the Agreements and to      the transaction between the parties, with it being clarified that it will      be possible to furnish one firm commitment letter in relation to the share      of the Housing Company and a second firm commitment letter in relation to      the Mall Company, provided that the firm commitment letters shall together      relate to 100% of the extent of the transaction (hereinafter: “the Firm Commitment      Letters”).  The Firm Commitment Letters shall contain an      undertaking from the financing bank to provide finance to the individual      parties who make up the Purchaser for the transaction that is the subject      of the Agreements, in accordance with the terms and conditions thereof,      and to make available to the individual parties who make up the Purchaser      the full Basic Consideration less the First Payment, the Additional First      Payment and the Later First Payment, at the times specified in Clause 6 of      the Agreements. |
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| 6. | Within      2 business days from the date of the approval by the general meeting of      Blue Square Real Estate for the individual parties who make up the      Purchaser entering into the transaction that is the subject of the      Agreements and for Blue Square signing and giving an undertaking as an      interested party pursuant to the Agreements (hereinbefore and hereinafter:      “Approval by the General      Meeting of Blue Square Real Estate”), the individual parties who      make up the Purchaser undertake to sign the abovementioned Agreements and      to cause a situation that at that time the Interested Parties will sign      the Deed of Undertaking at the foot of the  Agreement. |
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| 7. | Within      2 business days after the signing of the Agreement and the Deeds of      Undertaking at the foot of the Agreements, as stated in Paragraph 6 above,      by the individual parties who make up the Purchaser and by the Interested      Parties, and subject to signed Firm Commitment Letters being exhibited to      the Sellers as stated in Paragraph 5 above, the Municipality and the      Company will sign the Agreements (each on the Agreement that is relevant      to it), subject to obtaining the approval of the authorized organs of the      Company and the approval of the Tel Aviv City  Council. |
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| 8. | Attached      to this Protocol (as Appendix A to the Agreements) are the Leasehold      Drawings on which areas of “the strip for planning” are marked in a meshed      purple color which are bounded by an upper boundary line to a distance of      76.7 sq.m. [sic] from the south eastern boundary of Plot 242 (hereinafter:      “Boundary of Parcel      242”) and a lower boundary line to a distance of 65.7 sq.m. [sic]      from the Boundary of Parcel 242.  The parties agree that the      Leasehold Drawings will be amended in a manner whereby the south-eastern      boundary lines between the Company’s Lands and the Municipality Lands and      the Remaining Lands of the Project (hereinafter: “the Boundary Lines”)      will be marked in such a way that on the upper ground floor and above      (Drawing A1) the Boundary Line to a distance of 76.7 sq.m. from the      Boundary of Parcel 242 will be located and on the lower ground floor and      below (Drawings A2-A7) the Boundary Line to a distance of 67.7 sq.m. from      the Boundary of Parcel 242 will belocated. |
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| 9. | If      any of the individual parties who make up the Purchaser should breach any      of the representations and/or undertakings set forth in Paragraphs 3, 5      and 6 above and/or if any of the Interested Parties should breach any of      the representations and/or undertakings specified in the Deed of      Undertaking at the foot of this Protocol, then the Sellers will have the      right to foreclose on the full amount of the guarantees that have been      lodged with the Sellers in the scope of the sale process, as agreed      pre-estimated liquidated damages in respect of the non-fulfillment of any      of such obligations.  Each of the individual parties who make up      the Purchaser and each of the Interested Parties hereby waives any      allegation and/or demand and/or claim against the Sellers and/or any one      on their behalf, in connection with such foreclosure.  It is      further agreed that if the approval of the general meeting of Blue Square      Real Estate is not obtained (as defined above) at the time prescribed in      Paragraph 3 above, then and in that event the Purchaser will be given a      period of 21 days in order to present to the Company and to the      Municipality a substitute who will undertake to step into the shoes of      Blue Square Real Estate in the Agreements (in the texts attached      hereto).  If no such substitute has been presented to the      Company and the Municipality and/or if the substitute who was presented by      the Purchaser has not been approved by the Company and the Municipality      (on a basis that the Company and the Municipality will be entitled to      object to the identity of the substitute only on reasonable grounds), then      the Sellers will have the right to foreclose on 50% of the amount of the      guarantees that have been deposited with the Sellers in the scope of the      sale process, as agreed pre-estimated liquidated damages in respect      thereof.  Each of the individual parties who make up the      Purchaser and each of the Interested Parties hereby waives any allegation      and/or demand and/or claim against the Sellers and/or anyone on their      behalf in respect of suchforeclosure. |
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| 10. | It      is agreed that during the period commencing from the date of signing of      this Protocol and up to the date of signing of the Agreements, the      Purchaser will be entitled to notify the Company and the Municipality of      its intention to deposit in trust the amounts of the First Payment      pursuant to the Company’s Lands Agreement and the First Payment pursuant      to the Municipality Land Agreement.  Where the Purchaser has      given notice of its intention to deposit the amounts as aforesaid, the      parties shall agree between them on the wording of a letter of      instructions to the Trustee in relation to such amounts, with it being      agreed that commencing from the date of actual deposit of the aforesaid      amounts in trust, these amounts will not bear indexation differences and      interest (as stipulated in Clause 6.2.1 of the  Agreements). |
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| 11. | Each      of the individual parties who makes up the Purchaser declares and      undertakes that it is entitled and authorized to sign this Protocol and to      make the undertakings set forth herein and to perform same, without the      necessity for any approval orconsent. |
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| 12. | For      the removal of doubt it is clarified that the Agreements shall bind the      parties only after same have been signed by them, to the extent that same      are signed in accordance with the provisions of this Protocol, while      nothing in the foregoing in this paragraph shall derogate from the      obligations of the Purchaser and/or the Interested Parties in accordance      with this Protocol. |
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| /s/                      |   | /s/                                                              |
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| The      Housing Company |   | Tel      Aviv Wholesale Agricultural Produce Market Company Ltd. |
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|                     |   |                                                             |
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| /s/                      |   | /s/                                                              |
| The      Mall Company    |   | Tel      Aviv-Jaffa Municipality                                 |

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| 1. | In      this Protocol, Dirot Yukra and Gindi Investments will be jointly referred      to below as: “Gindi”; Dirot Yukra,      Gindi Investments and Blue Square Real Estate will be collectively      referred to below as:( “the Interested      Parties”). |
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| 2. | Each      of the Interested Parties declares and undertakes that it is entitled and      authorized to sign this Deed of Undertaking and to make the undertakings      set forth in this Deed of Undertaking and to perform and fulfill same,      without the necessity for any approval or  consent. |
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| 3. | We      confirm the full declarations and representations of the Purchaser and the      individual parties who make up the Purchaser which are set forth above in      this Protocol, in a manner whereby these declarations and representations      shall be deemed to have been made directly by us to the      Sellers. |
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| 4. | We      owe a direct obligation to the Sellers for the fulfillment of all the      obligations of the Purchaser and the individual parties who make up the      Purchaser in accordance with thisProtocol. |
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| 5. | Without      derogating from the provisions of Paragraphs 1-3 above, the Interested      Parties declare and undertake asfollows: |
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|   | 5.1 | Dirot      Yukra and Gindi Investments hereby give notice that all the approvals      required from them have been obtained for purposes of the individual      parties who make up the Purchaser entering into the transaction that is      the subject matter of the Agreements in accordance with the terms and      conditions thereof and for purposes of Dirot Yukra and Gindi Investments      signing and giving their undertakings under the Agreements as Interested      Parties.  Without derogating from the generality of the      foregoing, Dirot Yukra and Gindi Investments declare that there is no      necessity for the convening and approval of general meetings and/or      meetings of debenture holders for purposes of approving the entering into      of the Agreements by the individual parties who make up the Purchaser      and/or for purposes of Dirot Yukra and Gindi Investments signing and      making their undertakings as Interested Parties in accordance with the      Agreements. |
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|   | 5.2 | Blue      Square Real Estate hereby gives notice that approval has been obtained      from the audit committee and the board of directors of Blue Square Real      Estate for the individual parties who make up the Purchaser entering into      the Agreements in accordance with the terms and conditions thereof and for      purposes of its signing and making its undertakings as an Interested Party      in accordance with the Agreement, and that its signature and the making of      its undertakings as an Interested Party in accordance with the Agreements      is subject only to the approval of the general meeting of Blue Square Real      Estate, and that as far as it is concerned the entering into of the      Agreements by the individual parties who make up the Purchaser is subject      only to the approval of the general meeting of Blue Square Real      Estate.  Blue Square Real Estate undertakes to act for convening      a general meeting in a manner that such meeting shall be convened not      later than 49 days from the date of signing of this      Protocol.  It is agreed that if Blue Square Real Estate is      called upon by the Securities Authority to postpone the date of the      general meeting (due to amendments to the transaction report that will be      published by Blue Square Real Estate), then and in that event such      postponement will not constitute a breach of the provisions of this      Paragraph 5.2, and the time for holding the meeting will be postponed for      a period identical to the period by which the meeting has been postponed      in accordance with the demand of the Securities Authority as      aforesaid. |
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|   | 5.3 | Within      2 business days from the date of approval by the general meeting of Blue      Square Real Estate as mentioned in sub-paragraph 5.2 above, the Interested      Parties undertake to sign the Deed of Undertaking at the foot of the      Agreements. |
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| 6. | We      confirm that our obligations under this Deed of Undertaking are as a      principal debtor and directly to the Sellers, and not the obligations of a      guarantor.  Without derogating from the foregoing and for the      sake of caution, the Interested Parties hereby absolutely, unconditionally      and irrevocably waive any defense or argument that is available and/or      maybe available to them, if any, pursuant to the Guarantee      Law. |
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| /s/                   |   | /s/                           |   | /s/      Dror Moran, Zeev Stein   |
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| Dirot      Yukra Ltd. |   | Gindi      Investments 1 Ltd. |   | Blue      Square Real Estate Ltd. |

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