|   | Between: | TEL      AVIV MUNICIPALITY |
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|   | And: | 1.  LEV      TEL AVIV TOWERS LTD. |
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| WHEREAS | The      Municipality is the registered owner of land known as Parcels 92, 93, 94,      95, 98, 99, 114 and 242 Block 7104 which is also known as the (former)      wholesale market compound, in the triangle formed by Carlebach and      Hahashmonaim Streets and Menahem Begin Road in Tel Aviv (hereinafter:      “the Project      Lands”); extracts of registration in respect the Project Lands is      attached to this Agreement as Appendix      E; and |
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| WHEREAS | In      connection with the Project Lands, the Municipality and Tel Aviv Wholesale      Agricultural Produce Market Company Ltd. (hereinafter: “the Company”) have      entered into: (1) an agreement dated January 29, 2002 (hereinafter: “the 2002 Agreement”),      (2) an Addendum to the 2002 Agreement dated June 1, 2008 (hereinafter:      “the Addendum to the 2002      Agreement”), (3) an agreement dated April 15, 2010 (hereinafter:      “the 2010      Agreement”); |
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| WHEREAS | On      September 29, 2005 Detailed Plan No. TA 3001 (hereinafter: “the TA/3001 Plan”) was      published for validation, and in addition an architectural design plan was      approved in respect of the Project Lands (hereinafter: “the Architectural Design      Plan”); |
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| WHEREAS | As      at the date of signing of this Agreement the Company is registered as      leasehold lessee of the land known as Parcel 93 Block 7104 for a leasehold      period terminating in 2025 (hereinafter: “the Existing      Leasehold”), while pursuant to the 2002 Agreement and the      allocation table attached to TA/3001 Plan, the Company is entitled, in      lieu of the existing leasehold, to be registered as the long leasehold      lessee of the Company’s      lands, as defined below, for a leasehold period terminating on      August 31, 2099, together with additional land that constitutes portion of      the remainder of the Project Lands, as defined below.  A caveat is registered in      favor of the Company in respect of the 2002 Agreement over Parcel 93 as      described in the extract of registration;and |
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| WHEREAS | In      accordance with the foregoing, the Company is entitled to be registered as      the owner of the full long leasehold rights in certain areas marked in      pink on the leasehold drawings which are attached to this Agreement as      A1      – A7 (hereinafter: “the Leasehold      Drawings”), and as owner of the full long leasehold rights in      13,200/19,000 undefined parts of the areas marked in yellow and by a      broken yellow line on the Leasehold Drawings (hereinbefore and      hereinafter, collectively: “the Company’s Lands”);      and |
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| WHEREAS | The      Municipality is the owner of the full rights in the certain areas that are      marked in light blue on the Leasehold Drawings (Appendix A) and is the      owner of the full rights in 5,800/19,000 undefined parts of the areas that      are marked in yellow and in a broken yellow line on the leasehold drawings      (hereinafter collectively: “the Municipality      Lands”); and |
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| WHEREAS | The      Municipality is the owner of the full rights in Plot No. 8 (as defined      below) and the Municipality wishes to let under leasehold certain portions      within the confines of Plot No. 8 to the Purchaser (over and above the      rights of leasehold in the Municipality Lands), as marked in light blue on      the drawings attached to this Agreement as Appendices B1-B6 and which      constitute the Additional Real Estate Rights as defined below, all as more      fully described below in this Agreement;and |
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| WHEREAS | In      addition to the Company’s Lands, the Municipality Lands, and the      Additional Real Estate Rights, the Company and the Municipality own the      rights in adjacent land which constitutes the remainder of the Project      Lands and which are not being sold to the Purchaser within the framework      of this Agreement (hereinafter: “the Remainder of the Project      Lands” or “the      Remainder of the Project”) and are marked in purple on the      Leasehold Drawing; and |
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| WHEREAS | The      structure and the percentage holdings in the Housing Company and in the      Mall Company are as described in the chart attached to this Agreement as      Appendix G, with the shareholders (directly or residually) in the Housing      Company and in the Mall Company being: Blue Square Real Estate Ltd. (50%),      Dirot Yukra Ltd. (25%) and Gindi Investments 1 Ltd.  (25%); |
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| WHEREAS | Simultaneous      with the Purchaser signing this Agreement the Interested Parties are      signing the Interested Parties’ undertakings as set forth at the foot of      this Agreement (hereinafter: “the Interested Parties’      Undertakings”); and |
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| WHEREAS | The      Purchaser (as described in sub-clause 5.2.2 below) wishes to purchase      the Property Sold      (as defined below) from the Municipality in its condition “as is”, after      having carried out all the examinations required by it, independently and      without relying on any representation or any item of data given to it by      the Municipality and/or the Company and/or entities connected with either      of them and/or acting on behalf of either of them;  and |
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| WHEREAS | For      purposes of constructing “the public buildings” (as defined below), the      Purchaser was required in the scope of the sale process to assess the      total costs for erecting the public buildings, in circumstances where the      Municipality and the Company had two alternatives available to them in      this regard: one was to deduct the aforesaid amount from the consideration      in respect of the Property Sold (as defined in this Agreement) and the      other was that the public buildings be constructed through or by the      Purchaser for a consideration that will be paid to it by the Municipality      and the Company, and the Municipality and the Company chose the second      alternative, as described in this Agreement;and |
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| WHEREAS | In      accordance therewith and according to the provisions of this Agreement      below, the Housing Company is committed to erect the public buildings (as      defined below) and to deliver same to the Municipality as described in the      construction contract and the appendices thereto, which is attached to      this Agreement as Appendix 7.1.1 and as Appendix 4.13 to the Company’s      Lands Agreement” (as defined below) for a consideration that will be paid      to it by the Municipality and by the Company, as described below in this      Agreement and in the Company’s Lands Agreement;  and |
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| WHEREAS | The      Municipality, in reliance on the Purchaser’s representatives as set forth      in this Agreement, wishes to accept the Purchaser’s offer to purchase the      Property Sold; |
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| WHEREAS | Prior      to the date of signing of this Agreement, the individual parties who make      up the Purchaser delivered to the Municipality firm commitment letters      from Bank Hapoalim B.M. in connection with their commitment for payment of      the full “basic      consideration” (as defined below) in accordance with this Agreement      (excluding the first payment, the additional first payment and the later      first payment), with this being in the text attached to this Agreement as      Appendix      F. |
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| 1.  | Definitions: |
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| 1.1    | “The Agreement” or “this      Agreement” | – | This      Agreement together with all the appendices hereto.                                                                                                                                                                                                                                                                                |
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|   |                                                             |    |                                                                                                                                                                                                                                                                                                                                        |
| 1.2    | “The      sale process”                              | – | A      sale process conducted in accordance with the sale procedure as defined      below.                                                                                                                                                                                                                                                  |
|   |                                                             |    |                                                                                                                                                                                                                                                                                                                                        |
| 1.3    | “The      sale procedure”                            | – | A      sale procedure that was published by the Company and the Municipality and      pursuant to which the sale process was conducted.                                                                                                                                                                                                     |
|   |                                                             |    |                                                                                                                                                                                                                                                                                                                                        |
| 1.4    | “The      sale process guarantee”                    | – | Bank      guarantees in an aggregate amount of NIS 9,183,216 which were deposited      with the Municipality in the scope of the sale process.                                                                                                                                                                                              |
|   |                                                             |    |                                                                                                                                                                                                                                                                                                                                        |
| 1.5    | “Business      day”                                  | – | A      day on which most of the branches of the banks in Israel are open for      transactions with the public and in relation to which the clearing of      instruments is carried out.                                                                                                                                                    |
|   |                                                             |    |                                                                                                                                                                                                                                                                                                                                        |
| 1.6    | “The      Property Sold”                             | – | (a)  The      rights and obligations of the long leasehold in the Municipality Lands for      a lease period ending on August 31, 2099, all in accordance with the      conditions set forth in this Agreement and in the special conditions of      leasehold document which is attached to this Agreement as Appendix      1.6. |

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|   |   |   | The      Municipality Lands have building rights of      9,240 sq.m. (main areas) for residential purposes and 5,800 sq.m. (main      areas) for commercial purposes for the designated uses specified in Plan      TA/3001 and together with service areas in accordance with Plan TA/3001,      and the Company and the Municipality agree that the total service areas      for housing in the urban-texture building on Plot No. 1 above the      determining entrance level as stated in Plan TA/3001 which will be      included in the applications for building permits that will be lodged by      the Purchaser in the scope of the Purchaser’s Project, will aggregate a      total of at least 22,924 sq.m. service areas but not more than the maximum      permitted in accordance with Plan TA/3001.For      the removal of doubt it is clarified that the total main areas which are      being sold to the Purchaser in accordance with this Agreement are as      stated at the beginning of this sub-clause 1.6(a).Without      derogating from the foregoing in this sub-clause 1.6, it is agreed that if      changes in the agreement of the parties on the boundaries of the      Municipality Lands should be necessary and be approved as a consequence of      detailed planning of the Municipality Lands or of the Project Lands, the      Leasehold Drawings will be amended accordingly, without any change      applying to the building rights being sold to the Purchaser in the scope      of the Property Sold.Under      no circumstances, does the Property Sold include and will not include the      parking places towers in the Kufsa lands, as defined below. (b)        Rights and obligations of the long leasehold of the lands which form part      of Plot No. 8 and which are marked in light blue on the drawings that are      attached as Appendix B1 to B6 to this Agreement, excluding the land of 40      parking places that will be delivered to the Municipality as stated in      sub-clause 7.2.4 below (hereinafter: “the Additional      Real Estate Rights”) for a leasehold period ending on August 31,      2099, all in accordance with the terms and conditions set forth in this      Agreement and in the special conditions document for the leasehold which      is attached to this Agreement as Appendix      1.6, where the rights of leasehold in the Additional Real Estate      Rights lands make it possible to exploit building rights as      follows: (1)      Building      rights for the construction of 4,500 sq.m. main areas (in addition to      service areas in accordance with the provisions of Plan TA/3001), for the      uses and zonings as described in Paragraph 9.4 of the Plan TA/3001      (hereinafter: “the Ancillary      Commercial Areas”). (2)      Building      rights for the construction of 215 specific and permanent built parking      places on the fourth basement floor (-4) and building rights for the      construction of additional parking floors on the fifth basement      floor (-5) as stated in sub-clause 7.2.4 below (hereinafter: “the Additional Parking      Areas”). The Additional Parking Areas will serve as a public      parking garage in accordance with Paragraph 9.4.1 of Plan TA/3001 and      subject to the contents of Clause 7.2below. |
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|   |   |   | (c)   “The      obligations and the commitments transferred” as defined in Clause      1.7 below. (d)        For the removal of doubt it is clarified that the remaining areas on Plot      No. 8, apart from the Additional Real Estate Rights, and the areas that      are located on the upper ground floor and on the lower ground floor only      and which are zoned for an open public area and a road as marked in green      and in grey (respectively) on the Leasehold Drawings, Appendices      A1-A2, are in the sole possession and sole ownership of the      Municipality, are not leased under leasehold and will remain in the      Municipality’s exclusive possession and use, all in accordance with what      is described in sub-paragraph 9.6 of Plan TA/3001, and the Purchaser has      no rights therein and in the areas intended for “Suburban Public      Institutions” as mentioned in sub-clauses 7.1.1.2 and 9.8.2      below. To the extent that the Municipality and the      Company exercise their power pursuant to Paragraph 3.5 of Appendix 4.14 to      this Agreement, in a manner whereby the parking places that will serve the      residential units that will be built on the Remainder of the Project Lands      and will be linked thereto, which will be located in the Kufsa      (hereinafter: “the Towers      Parking Places in the Kufsa”), the land which is the subject of the      Towers Parking Places in the Kufsa and      which will be located in each of the parking places in the Kufsa, apart      from places at which parking places will be erected for the commercial      areas in the Kufsa (hereinafter: “the Towers      Parking Places in the Kufsa Lands”) do not constitute part of the      Property Sold and the Leasehold Drawings will be amended      accordingly.  For the removal of doubt it is clarified that in      this Agreement the Municipality is not selling or granting any rights to      the Purchaser in the Towers Parking Places in the Kufsa Lands except the      right of use specified in Paragraph to this      Agreement. It      is agreed that the exercise of its right by the Municipality as aforesaid      shall not derogate from the Purchaser’s possibility of: (1) erecting the      maximum number of parking places which are permitted pursuant to Plan      TA/3001 for the building rights on the Company’s Lands and the      Municipality Lands (including parking places for visitors on the Project      Lands) and (2) for erecting the maximum service areas that are permitted      pursuant to Plan TA/3001 in the building rights on the Company’s Lands and      the Municipality Lands.  It was further agreed that the      Municipality and the Company will direct their professional advisors to      endeavor and to see to it that all the parking places will be designated      to serve the residential units in the Remainder of Project Lands without      the need for exercising the power granted to the Municipality and to the      Company pursuant to Paragraph 3.1 of Appendix 4.14, and this without      derogating from the Municipality’s and the Company’s possibility of (1)      erecting the maximum number of parking places in the Remainder of the      Project Lands which are permitted pursuant to Plan TA/3001 for the      building rights on the Remainder of the Project Lands (without double      parking places) and (2) for erecting the maximum service areas that are      permitted pursuant to Plan TA/3001 in the building rights on the Remainder      of the Project Lands and (3) erecting parking basements on 5 levels      only. |
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| 1.7 | “The      Obligations and Commitments Transferred” | – | The      obligations and commitments transferred which are described below, unless      otherwise expressly excluded in this Agreement below: (a)       Rights and obligations that apply to the Municipality according to any law      in its capacity as the owner of rights in the Municipality Lands (as      distinguished from its status as owner or as a local      authority). (b)       All the obligations imposed on an applicant for any permit in accordance      with Plan TA/3001 and the Architectural Design Plan, including the      appendices thereto, in relation to the Municipality Lands and to the      Additional Real Estate Rights, with it being clarified that nothing in the      foregoing shall derogate from the Purchaser’s possibility of requesting an      amendment to Plan TA/3001 and/or the Architectural Design Plan, from time      to time, in accordance with any law and the terms and conditions of this      Agreement, and subject to the conditions of Appendix 4.14 to this      Agreement. (c)       The rights and obligations of the Municipality pursuant to the 2002      Agreement in relation to the Municipality Lands and the Additional Real      Estate Rights, except rights and obligations of the Municipality arising      from its status as leasehold lessor or as a local authority.It      is further clarified for the removal of doubt that the Municipality is not      assigning its rights and obligations under the Addendum to the 2002      Agreement and under the 2010 Agreement to the Purchaser, including and      without derogating from the foregoing, the Municipality’s rights and      obligations to receive money from the Company and for the payment of money      to the Company in the scope of the accounting referred to in Clause 8.2 of      the Addendum to the 2002 Agreement, which, as already mentioned, are not      being assigned to thePurchaser. |
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|   |                                                                              |    | (d)       For the removal of doubt it is clarified that the Obligations and      Commitments Transferred include only obligations and commitments in      relation to the Municipality Lands and the Additional Real Estate Rights,      as distinct from the Remainder of the Project Lands.  If the      Obligations and Commitments Transferred as described in sub-clause 1.7      above are in the nature of being obligations or commitments in relation to      all the Municipality’s rights and obligations in the Project Lands, then      the Purchaser will be entitled to and liable for such obligations and      commitments according to its pro rata share, which      is the ratio between the building rights (main areas) in the Municipality      Lands and the Additional Real Estate Rights and total building rights      (main areas) of the Municipality in the Project Lands.  It is      further clarified that in relation to obligations forming part of the      Obligations and Commitments Transferred with respect to which a time was      specified in the relevant agreement for the performance thereof, the      assignment of such obligations and commitments will apply only to      obligations the time for performance of which is after the date of delivery of the right of use (as      defined below), unless otherwise stated in this      Agreement. (e)  Notwithstanding the foregoing it      is agreed and clarified that the legal proceedings mentioned in Appendix      3.1 to this Agreement are brought to the knowledge of the Purchaser for      information only and that the liabilities that are the subject matter of      the aforesaid legal proceedings, to the extent that same should apply, are      not being transferred and assigned to the Purchaser in the scope of this      Agreement and are not included in the Obligations and Commitments      Transferred, as defined above. |
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| 1.8    | “The      local committee”                                            | – | The      Tel Aviv-Jaffa Local Planning and Building Committee.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
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| 1.9    | “Plan      TA/3001”                                                   | – | Detailed      Plan No. TA/3001 which was published for validation on September 29, 2005      in Yalkut      Pirsumim (Gazette) No. 5442, together with the appendices      thereto.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
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| 1.10   | “Plot      No. 8”                                                     | – | Plot      No. 8 as defined in Plan TA/3001                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
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| 1.11   | “Plot      No. 1”                                                     | – | Plot      No. 1 as defined in Plan TA/3001                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
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| 1.12   | “Plot      No. 6”                                                     | – | Plot      No. 6 as defined in Plan TA/3001                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
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| 1.13   | “Date      of delivery of right of use”                               | – | As      defined in Clause 10 of the Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
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| 1.14   | “The      Municipality’s attorney” or “the Trustee” | – | The      legal adviser of the Municipality or another attorney who may be appointed      by him.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
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| 1.15   | “The      consideration”                                              | – | The      basic consideration together with the additional consideration as these      terms are defined in Clause 6 below.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
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| 1.16   | “Date      of delivery of possession”                                 | – | As      defined in Clause 10 below.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
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| 1.17   | “Related      entities”                                               | – | The      controlling shareholder in any chain and/or shareholders and/or holders of      rights of any sort and/or employees and/or representatives and/or agents      and/or attorneys and/or officers and/or professional    advisers.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |

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| 1.18   | “Consumer Price Index”      or “the      Index” | – | Unless      otherwise expressly stated in a particular clause of the Agreement, the      Consumer Price Index, including fruit and vegetables, published by the      Central Bureau of Statistics and Economic Research, including that index      even if it is published by another Government body or institution and any      official index which may come in its stead, whether or not same is      structured on the same data on which the existing index is      structured.  If the Consumer Price Index is replaced by another      index, the ratio between the replaced index and the other index will be      determined by the Central Bureau of Statistics. |
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| 1.19   | “The      Basic Index”                                      | – | Unless      otherwise expressly stated in a particular clause of this Agreement, the      index which is known at the time of signing of this    Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   |                                                                    |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 1.20   | “Indexation      differences”                               | – | Unless      otherwise expressly stated in a particular clause of this Agreement, an      increment in payment obtained from multiplying any payment, which      accumulates indexation differences according to the provisions of this      Agreement, by the percentage rise in the last known index at the time of      making such calculation and/or payment, as against the Basic      Index.  For the removal of doubt, in a case of a fall in the new      index as against the Basic Index, there will be no deduction from the      payment.                                                                                                                       |
|   |                                                                    |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 1.21   | “The      Kufsa”                                            | – | The      land marked in red on the drawing attached to this Agreement as Appendix      1.23 (including all the levels thereof).                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |                                                                    |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 1.22   | “The      Purchaser’s Project”                        | – | The      project which the Purchaser will erect on the Company’s Lands, the      Municipality Lands and the Additional Real Estate  Rights.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   |                                                                    |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 1.23   | “The      residential section”                              | – | Residential      buildings that will be erected on the Purchaser’s Project (excluding the      basement floors) and excluding the commercial areas that will be located      in the aforesaid residential buildings.                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   |                                                                    |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 1.24   | “The      basement floors”                                  | – | All      the basement floors in the Purchaser’s Project up to and including the      upper ground floor on which the open public areas (as defined in      sub-clause 7.3 below) will be constructed, as well as all the commercial      areas in the Purchaser’s Project whether same are located on the basement      floors or are located above the basement floors.                                                                                                                                                                                                                                                                                                  |
|   |                                                                    |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 1.25   | “Buyers      of apartments”                                 | – | Buyers      of apartments in the residential section.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   |                                                                    |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 1.26   | “Building      Inputs Index”                                | – | The      general index of residential building input prices which is published each      month by the Central Bureau of Statistics or any other body that may come      in its stead, or any other index that may be specifically published in its      place (subject to the ratio between them that will be    fixed).                                                                                                                                                                                                                                                                                                                                                              |
|   |                                                                    |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
| 1.27   | “The      Company’s Lands Agreement”                  | – | An      agreement between the Purchaser and the Company for the acquisition of the      leasehold rights in the Company’s Lands, which is being signed by the      Purchaser and the Company simultaneously with the signing of this      Agreement.                                                                                                                                                                                                                                                                                                                                                                                                                            |

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| 1.28   | “The      Project”                                               | – | The      project that will be erected on Project Lands and which will contain both      the Purchaser’s Project as defined below as well as the project/s that      will be constructed on the Remainder of the Project  Lands.                                                                                                                         |
|--------|------------------------------------------------------------------------------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                         |    |                                                                                                                                                                                                                                                                                                                                                          |
| 1.29   | “Agreement      of individual parties who make up the Purchaser” | – | Agreements,      wherever signed prior to the signing of this Agreement or subsequent      hereto, which are signed by the individual parties who make up the      Purchaser and/or between the Interested Parties in connection with the      transaction that is the subject of this Agreement and/or in connection      with the Purchaser’sProject. |

| 2. | Appendices: |
|----|-------------|

| Appendices A1-A7 | – | Drawings      of the Company’s Lands and the Municipality Lands.                                                            |
|------------------|---------|-----------------------------------------------------------------------------------------------------------------------------------|
|             |    |                                                                                                                              |
| Appendices B1-B6 | – | Drawings      of the Additional Real Estate Rights.                                                                               |
|             |    |                                                                                                                              |
| Appendix C       | – | The      2002 Agreement, the Addendum to the 2002 Agreement (dated June 1, 2008)      and the 2010 Agreement.                     |
|             |    |                                                                                                                              |
| Appendix D       | – | Plan      TA/3001 and the Architectural Design Plan (including the appendices      thereto).                                      |
|             |    |                                                                                                                              |
| Appendix E       | – | Extracts      of registration of the Project Lands.                                                                               |
|             |    |                                                                                                                              |
| Appendix F       | – | Firm      commitment letter.                                                                                                      |
|             |    |                                                                                                                              |
| Appendix G       | – | Structure      and percentage holdings in the Housing Company and in the Mall      Company.                                       |
|             |    |                                                                                                                              |
| Appendix 1.6     | – | The      special conditions of leasehold document.                                                                                |
|             |    |                                                                                                                              |
| Appendix 1.21    | – | Drawing      of the Kufsa.                                                                                                        |
|             |    |                                                                                                                              |
| Appendix 3.1     | – | Legal      proceedings in connection with the Property Sold to which the Municipality      is a party.                            |
|             |    |                                                                                                                              |
| Appendix 3.2     | – | Approval      of the City Council and the approval of the Minister of the Interior      referred to in Clause 3.2 below.          |
|             |    |                                                                                                                              |
| Appendix 4.13    | – | Declaration      of verifying representations drawn to the date of delivery of the right of      use and the right of possession. |
|             |    |                                                                                                                              |
| Appendix 4.14    | – | Additional      provisions appendix.                                                                                              |
|             |    |                                                                                                                              |
| Appendix 4.16    | – | Timetables      appendix.                                                                                                         |
|             |    |                                                                                                                              |
| Appendix 6.2.7   | – | Letter      of instructions to Trustee.                                                                                           |
|             |    |                                                                                                                              |
| Appendix 6.9.1   | – | Main      points of the specification, simulations and  photographs.                                                              |
|             |    |                                                                                                                              |
| Appendix 7.1.1   | – | The      Construction Contract and all the appendices thereto.                                                                    |
|             |    |                                                                                                                              |
| Appendix 9.1.5   | – | Tax      certificates in respect of the 2002 Agreement.                                                                           |
|             |    |                                                                                                                              |
| Appendix 9.5     | – | Text      of power of attorney to the Company’s attorneys for expunging of caveat.                                          |

----

| Appendix 9.5A   | – | Power      of attorney in favor of the Municipality for specifically attributing a      caveat and for      the effecting of registrations. |
|-----------------|---------|---------------------------------------------------------------------------------------------------------------------------------------------|
|            |    |                                                                                                                                        |
| Appendix 9.9    | – | Power      of attorney in favor of the Municipality for effecting      registrations.                                                       |
|            |    |                                                                                                                                        |
| Appendix 10.3.3 | – | Notarial      power of attorney for eviction of the Purchaser.                                                                              |
|            |    |                                                                                                                                        |
| Appendix 10.4.2 | – | Text      of deed of assignment of the Obligations and Commitments      Transferred.                                                        |

| 3. | Declarations by the      Municipality |
|----|---------------------------------------|

|  | 3.1 | That      it owns the rights in the Municipality Lands and in the Additional Real      Estate Rights as same are described in this Agreement and its aforesaid      rights in the Municipality Lands and in the Additional Real Estate Rights      are free and clear of any debt, encumbrance, attachment, mortgage and      third party rights, apart from a caveat regarding an      antiquities site in favor of the State of Israel which is registered over      the Project Lands pursuant to Deed No. 44510 dated December 1, 1995, where      in relation to the Municipality’s rights in the Additional Real Estate      Rights it is clarified that leaseholds which have expired are registered      in the Land Registry over Parcel 92 Block 7104.  The said      registration situations does not derogate from the rights conferred on the      Purchaser under this Agreement, and the Municipality undertakes to act      with due diligence, including by way of taking legal proceedings, in order      to expunge these leaseholds from registration in the Land Registry.      Included in this, the Municipality undertakes to act in order to expunge      the leaseholds that have expired in a manner that this will be completed      not later than the date of payment of the second payment, with it being      clarified that the failure to expunge all the leaseholds that have expired      up to the aforesaid time will not be deemed to be a breach of this      Agreement, without this derogating from the Municipality’s obligations      pursuant to sub-clause 16.6.3.1 below in relation to registration of an      encumbrance over Parcel 92 Block 7104.  It is further clarified      that the Municipality is a party to the legal proceedings described in      Appendix      3.1 to this Agreement. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 3.2 | That      it has through its authorized organs approved the format pursuant to which      the contractual arrangement with the Purchaser is being made, including      the fact that the City Council has approved the sale that is the subject      of this Agreement on an exemption from tender, in the scope of the sale      process.  On February 20, 2008, the Municipality also received      approval of the Minister of the Interior for an exemption from the holding      of the tender in respect of the sale that is the subject of this Agreement      and the approval in principle of the Minister of the Interior to the      leasing under leasehold of the Municipality Lands and the Additional Real      Estate Rights in the scope of the sale process, in accordance with the      Municipalities Ordinance [New Version] (hereinafter: “the      Ordinance”). |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 4. | Declarations by the      Purchaser |
|----|------------------------------------|

|  | 4.1 | That      each of the individual parties who make up the Purchaser is duly      incorporated and that each of the individual parties who make up the      Purchaser is entitled and empowered to enter into this Agreement and to      perform it, and that it has passed all the resolutions and obtained the      approvals required according to the provisions of the law and its      documents of incorporation for purposes of its entering into this      Agreement. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.2 | That      no steps have been taken for an arrangement, stay of proceedings,      winding-up, liquidation, expungement, bankruptcy or receivership of any of      the individual parties who make up the Purchaser, and that there is no      threat against any of the individual parties who make up the Purchaser      with regard to such legal proceedings (including the fact that no      attachment has been imposed on their assets), which is likely to have an      impact on their entering into this Agreement and on the performance and      implementation of thisAgreement. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.3 | That      it is bound by the declarations, representations and undertakings that      were given on its behalf in the scope of the Sale Process and the Sale      Procedure, and that its declarations and undertakings mentioned in this      sub-clause above are correct, complete, full and updated, and are binding      on it in all respects. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.4 | That      acquisition of the Property Sold is being effected for the Purchaser      alone, and it or any of the individual parties who make up the Purchaser      is not acting, and will not act as an agent, representative, trustee      and/or partner in this regard, with and/or for another, whether directly      or indirectly, including the fact that they have not granted a right or      option to another as aforesaid in connection with the Property Sold and/or      the rights contained herein, prior to signing of this      Agreement. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.5 | That      it is aware that the Municipality has agreed to enter into this Agreement      with it inter      alia in reliance on the contents of the Firm Commitment Letter,      Appendix F to this Agreement, and that coupled with that the furnishing of      the aforesaid commitment letter does not derogate from the Purchaser’s      obligation to pay the full consideration at the times specified for the      payment thereof in Clause 6 below, with it being clarified that the      Purchaser’s obligation for full payment of the consideration in accordance      with the provisions of this Agreement is absolute and is not contingent      upon receiving finance or on any other  condition. |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.6 | That      the Purchaser is buying the Property Sold in the same condition in which      the Property Sold is at the time of signing of this Agreement (“as is,      where is”) and after the Purchaser had examined, inspected and      seen: |
|--|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (i) | The      Project Lands (including the Municipality Lands, the Additional Real      Estate Rights and the Company’s Lands), and the surrounding neighborhood      thereof, their physical and legal condition (including the registration in      the Land Registry of Parcel 242 Block 7104 as “designated lands” and the      planning and zoning situation of the Project Lands (including the      Municipality Lands, the Additional Real Estate Rights and the Company’s      Lands), adjacent land, and the region in which the Project Lands      (including the Municipality Lands, the Additional Real Estate Rights and      the Company’s Lands) arelocated; |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | (ii) | The      Obligations and Commitments Transferred, as defined in sub-clause 1.7      above. |
|--|------|--------------------------------------------------------------------------------------------|

|  | (iii) | Plans      of any sort pursuant to the Planning and Building Law and on the strength      of any other statute or law, whether approved or in preparation, at any      level and at any planning or other authority or institution, which pertain      to the Project Lands (including the Municipality Lands, the Company’s      Lands and the Additional Real Estate Rights) and all land in the      surrounding area thereof, and included in this they have inspected,      examined and seen the provisions of Plan TA/3001 including all the      appendices thereto and the Architectural Design Plan and all the      appendices thereto, and are familiartherewith; |
|--|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (iv) | The      ways of access, the possibilities for planning, exploitation, licensing      and building of the Project Lands (including the Municipality Lands, the      Additional Real Estate Rights and the Company’s Lands) and all land in the      surrounding area thereof; |
|--|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (v) | The      quality and composition of the Property Sold, including with regard to      matters connected with the environment, antiquities, marketability,      design, quality and so forth, and the suitability of any of the      abovementioned matters for the Purchaser’s  needs; |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (vi) | Any      relevant information of whatsoever nature at all the relevant authorities,      including the Land Registry, the Taxes Authority, the various planning and      building authorities and the relevant local  authorities; |
|--|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | (vii) | The      provisions of all the statutes, laws, bylaws which relate to the Property      Sold and/or to the Purchaser’s entering into this    Agreement. |
|--|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.7 | That      it has the experience, know-how and ability to assess its entering into      this Agreement and the significances thereof, and that having regard      thereto, as also having regard to everything stated above and below in      this Agreement, it has carried out its aforesaid examinations in      consultation with all the experts whom it saw fit, in the course of      defining the information it wishes toexamine. |
|--|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 4.8 | That      the Purchaser is purchasing the rights in the Property Sold on the      strength of its own independent examinations, assessments and forecasts as      aforesaid only, and it has not relied for purposes of entering into this      Agreement on any promises, representations, undertakings or guarantees      from the Municipality and/or the Company and/or from any of the bodies      connected with either of them, except those that are expressly mentioned      in this Agreement and in the Company’s Lands Agreement, and without this      imposing on the Company and/or the Municipality and/or any of the bodies      connected with either of them, any liability of whatsoever nature with      regard to the Property Sold or to the value thereof, and without this      imposing any obligation for indemnity on the Company and/or the      Municipality and/or any of the bodies connected with either of      them. |
|--|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.9 | That      acquisition of the Property Sold is in furtherance of a request for      proposals and a sale process that was conducted by the Municipality and      the Company in accordance with the sale procedure and following the      Purchaser’s selection as a preferred bidder.  The Purchaser      further declares that it is aware that the documents and the information      that have been placed at its disposal or at the disposal of someone on its      behalf, in connection with its entering into this Agreement, including      documents and information that were exhibited in the information room, and      including answers by the Municipality, the Company or anyone on their      behalf to questions, and including information given during tours and at      meetings, were provided solely for its convenience and without this      imposing any liability on the Municipality and/or the Company and/or any      of the bodies connected with either of them, in respect of the correctness      or completeness of such information and documents or the absence of any      other information or document, and without such information and documents      or the absence thereof being deemed to be a representation for purposes of      entering into the Agreement. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.10 | That      without derogating from the provisions of Clause 13 below, the Purchaser      hereby irrevocably waives any claim and/or allegation and/or right of      set-off and/or right to a reduction in the consideration or a right to      cancel the Agreement, as against the Municipality and/or the Company      and/or as against the bodies connected with either of them, of any type      and based on any cause of action, subject to the condition that the      Company shall fulfill its obligations as expressly enunciated in this      Agreement. |
|--|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 4.11 | The      Purchaser declares and confirms that it is aware that the Municipality      will not attend to registration of the rights of leasehold in and to the      Municipality Lands into the Purchaser’s name at the Land Registry, but it      will, at the Purchaser’s request, sign all in the applications, the forms,      declarations, deeds of leasehold and the remaining documents that will be      required for preparing files for registration of the leasehold rights in      the Municipality Lands in the Purchaser’s name in the Land      Registry.  For the removal of doubt it is clarified that nothing      contained in the provisions of this sub-clause shall derogate from the      Municipality’s obligations pursuant to Clause 9 of this      Agreement. |
|--|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.12 | Cancelled. |
|--|------|------------|

|  | 4.13 | That      all the Purchaser’s representations and declarations pursuant to this      Clause 4 will be correct both at the time of signing of this Agreement,      and also at the date of delivery of the right of use and at the date of      delivery of possession.  Declarations verifying the      representations are attached to this Agreement as Appendix      4.13. |
|--|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.14 | That      by virtue of it having been told that the Company and the Municipality are      the owners of rights in the Remainder of the Project Lands which are not      being sold to the Purchaser in the scope of the transaction that is the      subject of this Agreement, it is agreed that in connection therewith the      provisions of Appendix      4.14 to this Agreement, which forms an integral part hereof, shall      apply to the parties in addition to the provisions of this      Agreement. |
|--|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.15 | That      it is aware that the sale is being effected in reliance on the correctness      and completeness of all its representations and declarations as set forth      in this Agreement. |
|--|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.16 | Timetables |
|--|------|------------|

|  | 4.16.1 | The      Purchaser undertakes to act diligently and uninterruptedly in all aspects      connected with the planning, licensing and construction of the Purchaser’s      Project in order to meet the timetables set forth in Appendix 4.16 to this      Agreement (hereinafter: “the      Timetables”).  It is agreed that the Timetables are      indicative, but coupled with that is agreed, in the case of any divergence      of more than 6 months in any of the milestones included in the Timetables      which occurs up to the time of actual payment of the second payment or up      to the time of the implementation of the first building permit (as defined      in Clause 6.2.4 below), whichever is the later, then without derogating      from any remedy available to the Municipality according to any law and      agreement (excluding only the right to agreed damages as stated in Clause      14 below), the Company will be entitled to agreed damages from the      Purchaser in respect of such divergence in an amount equivalent to NIS      36,240 for each month of default (and for a pro rata portion of      such damages in respect of part of a month), plus indexation differences      (as defined in thisAgreement). |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.16.2 | Without      derogating from the generality of the contents of sub-clause 4.16.1 above,      the Purchaser undertakes to take steps for the issue of an excavation and      shoring permit at the earliest date it is possible to do      so.  The Purchaser further undertakes to commence performing the      excavation and shoring works within nine weeks from a decision being taken      by the local committee / the licensing authority in regard to the issue of      an excavation and shoring permit, subject to payment of fees and levies      only (hereinafter in this sub-clause: “the Decision”) provided      that the Decision is taken before September 2010.  Where the      Decision is taken after September 2010, the Purchaser will commence      execution of the excavation and shoring works not later than March 15,      2011.  It is agreed that in the case of a divergence of more      than six weeks from the Timetables specified in this sub-clause 4.16.2,      the Company will be entitled, without derogating from any remedy available      to the Company according to any law and agreement (excluding only the      right to agreed damages as stated in Clause 14 below), to compensation      according to the amounts of damages specified in sub-clause 4.16.1      above. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | 4.16.3 | The      Purchaser further undertakes that up to the end of 48 months from the date      of implementation of the first building permit (as defined in Clause 6.2.4      below), the commercial areas in the Purchaser’s Project and the Sports      Center and the School will be completed in a manner whereby up to the      aforesaid date an application will be lodged by it for receipt of “Form 4”      (which constitutes approval for initial occupation) in respect of the      commercial areas in the Purchaser’s Project, the Sports Center and the      School.  It is agreed that in the case of a divergence from the      Timetables specified in this sub-clause 4.16.3, the Company will be      entitled, without derogating from any remedy available to the Municipality      according to any law and agreement (excluding only the right to agreed      damages as stated in Clause 14 below), to agreed damages from the      Purchaser in respect of such divergence in a sum equivalent to NIS 24,160      for each month of default (or a pro rata share of such      damages in respect of part of a month) in respect of the first 6 months of      default or part thereof, plus a sum of NIS 48,320 for each month of      default (and a pro      rata share of such damages in respect of part of a month) in      respect of 6 months default after the first 6 months or any part thereof,      and plus a sum of NIS 72,480 for each month of default (or a pro rata share of such      damages in respect of part of a month) in respect of each month of default      thereafter, or any portionthereof. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.16.4 | It      is agreed that if there should be an impediment to meeting the Timetables      prescribed in sub-clauses 4.16.1-4.16.3 the origin of which is force majeure as      recognized at law, then subject to the condition that the Purchaser shall      invoke all the necessary means in order to remove or eliminate the      impediment, the period of the impediment due to force majeure as      aforesaid will not be counted as part of the times for purposes of this      sub-clause 4.16 above. |
|--|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.16.5 | It      is agreed that a precondition to the excavating of the basements which      will be below that portion of Parcel 93 which is marked in gray on the      drawings attached to this Agreement as Appendices A1-A2 will be      in coordination with and with the prior consent of the Administration,      including the setting of a timetable for completion of the construction of      the basements and road above it and finding solutions for entry and exit      to the Remainder of the Project Lands during the period of construction of      these specific basements. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.17 | The      Purchaser undertakes that within 6 months from the date of signing of this      Agreement it will submit an amended Architectural Design Plan to the Local      Committee and within 10 months from the date of signing of this Agreement      will lodge an application for a building permit in relation to the entire      Purchaser’s Project, which will be based on the aforesaid amended      Architectural Design Plan.  It is clarified that in a case in      which lodgment of the application for a building permit as referred to in      this sub-clause encounters opposition, prior to lodgment of the      application, from the authorized entities at the planning authorities,      then the application for a building permit that will be lodged by the      Purchaser will be for only 12 floors.  It is agreed that the      Purchaser will be entitled to include in the application for such building      permit, units having an average area as stated in sub-clause 6.3.5      below.  Nothing contained in the provisions of this sub-clause      shall derogate from the remaining provisions of this Agreement in regard      to the planning and design of the Purchaser’s  Project. |
|--|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | 4.18 | Without      derogating from the provisions of Appendix 4.14 of this Agreement, the      Purchaser undertakes that the drawing up and signing of the Architectural      Design Plan, applications for a building permit and any other planning      and/or statutory document that may be submitted by it or by someone on its      behalf to the planning authorities, in connection with the Purchaser’s      Project (as distinct from the Public Buildings), will be performed in      relation to the Purchaser’s Project as a whole (as distinguished from the      Public Buildings) and to all the documents mentioned above, by an      architect, constructor and one traffic consultant whose identity shall be      approved by the Company and theMunicipality. |
|--|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.19 | The      Purchaser declares that it is aware that all the actions and/or      undertakings and/or representations of the Municipality pursuant to this      Agreement and/or in connection herewith are in the Municipality’s capacity      as owner of the Project Lands, and that none of the aforesaid actions      and/or undertakings and/or representations will have the effect of binding      the Local Committee or any other statutory or planning    body. |
|--|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 4.20 | That      it is aware that the undertakings of the Interested Parties as defined at      the foot of this Agreement do not release it from any of its obligations      under this Agreement and that the deed of undertaking of the Interested      Parties and/or the fulfillment of the obligations of the Interested      Parties or any of them pursuant thereto shall not derogate from any of the      remedies available to the Municipality against the Purchaser in accordance      with the provisions of this Agreement and the  law. |
|--|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | The      transaction: |
|----|-----------------------|

|  | 5.1 | The      Municipality hereby sells the Property Sold to the Purchaser, and the      Purchaser hereby buys the Property Sold from the Municipality, for the      consideration and on the conditions as set forth in this      Agreement. |
|--|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 5.2 | Liability      of individual parties who make up the  Purchaser |
|--|-----|-----------------------------------------------------------------|

|  | 5.2.1 | It      is agreed that the liability of the individual parties who make up the      Purchaser for the fulfillment of the Purchaser’s obligations under this      Agreement are joint and several, except with respect to the following      obligations: |
|--|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|  | 5.2.1.1 | Payment      of the consideration as set forth in sub-clause 5.2.4    below; |
|--|---------|------------------------------------------------------------------------------|

|  | 5.2.1.2 | Construction      of the Public Buildings as stated in Clause 7 below, which will be solely      under the responsibility of the HousingCompany; |
|--|---------|--------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 5.2.1.3 | Declarations      and undertakings of the individual parties who make up the Purchaser which      are the subject of sub-clauses 4.1 and4.2; |
|--|---------|----------------------------------------------------------------------------------------------------------------------------------------------|

|  | 5.2.2 | Without      derogating from the foregoing in this sub-clause, it is hereby made known      to the Municipality by the Purchaser that the individual parties who make      up the Purchaser are buying the Property Sold according to a division that      has been decided upon between them prior to the signing of this Agreement,      without this derogating from any obligations of any of them in accordance      with the provisions of this Agreement.  Solely for the sake of      convenience and only for registration purposes, it is agreed that the      individual parties who make up the Purchaser will be deemed to be      purchasers of the Municipality Lands and the Additional Real Estate Rights      in relative shares between them (in musha) as      follows:  the Housing Company – 60%, the Mall Company –      40%.  For the removal of doubt it is clarified that the      proportionate shares mentioned above are made known to the Municipality      solely for purposes of information, that the Municipality is not bound in      any way in relation to such division, and that the aforesaid division does      not and will not derogate from any of the Municipality’s rights vis-à-vis the      individual parties who make up the Purchaser and/or derogate from any of      the Purchaser’s obligations to the Municipality (both with respect to the      joint and several obligations of the individual parties who make up the      Purchaser to the Municipality and also in relation to the obligations of      any of the individual parties who make up the Purchaser severally as      against the Municipality, all according to the provisions of this      Agreement). |
|--|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 5.2.3 | Cancelled. |
|--|-------|------------|

|  | 5.2.4 | With      respect to liabilities for payment of “the consideration” (as      defined below), the following provisions will  apply: |
|--|-------|------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 5.2.4.1 | Liability      for payment of the Basic      Consideration will be divided in such a way that the Housing      Company will pay the Municipality NIS 137,712,000 plus indexation      differences, out of the Basic Consideration, and the Mall Company will pay      the Company NIS 91,808,000 plus indexation differences, out of the      Basic Consideration, all together with V.A.T. as prescribed by law,      according to the followingdivision: |
|--|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.2.4.1.1  | “The First Payment” (as      defined below) will be divided in such a way that the Housing Company will      pay the Municipality NIS 26,237,760 of the First Payment, and the      Mall Company will pay the Municipality NIS 17,491,840, of the First      Payment, all plus indexationdifferences. |
|--------|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 5.2.4.1.2  | “The Additional First      Payment” (as defined below) will be divided in such a way that the      Housing Company will pay the Municipality NIS 5,798,400 of the Additional      First Payment, and the Mall Company will pay the Municipality NIS      3,865,600 of the Additional First Payment, plus indexation      differences. |
|--------|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.2.4.1.3  | “The Later First      Payment” (as defined below) will be divided in such a way that the      Housing Company will pay the Company NIS 5,509,930 of the Later First      Payment and the Mall Company will pay the Company NIS 3,673,286 of the      Later First Payment, plus indexation  differences. |
|--------|-----------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.2.4.1.4  | “The Second Payment” (as      defined below) will be divided in such a way that the Housing Company will      pay the Municipality NIS 92,917,910 of the Second Payment, and the Mall      Company will pay the Municipality NIS 66,777,274 of the Second Payment,      plus indexation differences. |
|--------|-----------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.2.4.1.5  | “The Third Payment” (as      defined below) will be paid by the Housing Company in full, together with      indexation differences. |
|--------|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.2.4.1.6  | Each      of the individual parties who make up the Purchaser undertakes to pay      the Municipality its share specified above in the Basic Consideration in      relation to each of the payments mentioned in Clause 6 below and at the      times specified therein. |
|--------|-----------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.2.4.2 | The      liability for payment of “the additional      consideration” (as defined below) shall be imposed solely on the      Housing Company. |
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|   | 5.2.4.3 | Without      derogating from the remaining provisions of this Agreement, it is agreed      that until actual settlement of the Second Payment, in a case of: (1) a      breach of any of the obligations set forth in sub-clauses 5.2.1.1 to      5.2.1.3 above, including the obligations to make any payment on account of      the consideration by any of the individual parties who make up the      Purchaser, which was not rectified by it within the time specified in this      Agreement for rectification of the breach and (2) the occurrence of one of      the events mentioned in sub-clause 18.7 below with respect to any of the      individual parties who make up the Purchaser (hereinafter: “the Defaulting Individual      Purchaser”) the following provisions will  apply: |
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|   | 5.2.4.3.1  | The      right will be conferred on the Company and the Municipality to cancel this      Agreement and the Municipality Lands Agreement vis-à-vis the      Defaulting Individual Purchaser, and to hold forfeit from the Defaulting      Individual Purchaser the      full amount of the agreed damages (as defined below) calculated on      a basis of the full Basic Consideration as defined in this Agreement and      in the Municipality Lands Agreement (including by way of foreclosing on      the sale process guarantee and/or holding forfeit the amounts that were      paid to the Company and to the Municipality on account of the      consideration by the Defaulting Individual Purchaser up to such time),      with this being in addition to the remaining remedies available to the      Company and to the Municipality as against the Defaulting Individual      Purchaser in accordance with any law and/or  agreement. |
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|   | 5.2.4.3.2  | An      individual purchaser who is not the Defaulting Individual Purchaser      (hereinafter: “the      Complying Individual Purchaser”) will be given a period of 45 days      from the date of cancellation of the Agreement as against the Defaulting      Individual Purchaser (hereinafter in this sub-clause: “the Date of      Cancellation”), in the course of which the Complying Individual      Purchaser will be entitled to present for the approval of the Company and      the Municipality the identity of a third party (hereinafter: “the Substitute on behalf of      the Purchaser”) who: (1) has irrevocably undertaken in writing      vis-à-vis the      Complying Individual Purchaser and vis-à-vis the Company      and the Municipality to step into the shoes of the Defaulting Individual      Purchaser under the terms and conditions of this Agreement and to sign the      transfer documents as defined below with the Company and the Municipality;      (2) has been approved by the financing bank (if one exists at that stage)      as being a party who will step into the shoes of the Defaulting Individual      Purchaser in the contractual arrangement with the financing bank and has      signed all the documents in connection therewith; and (3) has undertaken      to the Company and the Municipality to make the additional First Payment      and/or the later First Payment and/or the second payment, as the case may      be, within 30 days from the date of its approval as a substitute by the      Company and the Municipality (and to the extent that the time for making      the additional First Payment and/or the later First Payment and/or the      second payment has not yet arrived – to make payment of each of them on      the due date thereof).  If the Company and the Municipality, in      their sole discretion, approve the identity of the substitute on behalf of      the Purchaser (after having been satisfied, inter alia, that the      substitute has equity capital and financial means to pay its share of the      consideration without delay and to fulfill the remaining obligations under      this Agreement and the Municipality Lands Agreement), then the parties      shall, within 14 days from the date of the approval, sign all the      documents that will be required by the Company and the Municipality for      purposes of arranging the substitute on behalf of the Purchaser’s stepping      into the shoes of the Defaulting Individual Purchaser (hereinafter: “the Transfer      Documents”), and settlement of the additional First Payment and/or      settlement of the later First Payment and/or settlement of the second      payment, as the case may be, will be made not later than 30 days from the      date of approval of the substitute on behalf of the Purchaser, and to the      extent that the time for making the additional First Payment and/or the      later First Payment and/or the second payment has arrived – to make      payment of each of these on the due date  thereof. |
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|   | 5.2.4.3.3  | If      a Substitute on behalf of the Purchaser is not presented to the Company      and the Municipality and/or if the Substitute on behalf of the Purchaser      is not approved by the Company and the Municipality within 45 days from      the Date of Cancellation and/or in a case in which the substitute has not      signed the Transfer Documents with the Company and the Municipality, then      the Company and the Municipality will have a period of 45 days in which to      present to the Complying Individual Purchaser a third party who will step      into the shoes of the Defaulting Individual Purchaser according to the      terms and conditions of this Agreement and the conditions of any      additional agreement that may be signed between the individual parties who      make up the Purchaser as between themselves at the latest up to the date      on which the default by the Defaulting Individual Purchaser occurred      (hereinafter: “the      Substitute on behalf of the Company and the      Municipality”). |
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|   | 5.2.4.3.4  | If      the Company and the Municipality do not present a Substitute on behalf of      the Company and the Municipality or the Complying Individual Purchaser has      not approved the identity of the Substitute on behalf of the Company and      the Municipality, or if the conditions for the substitute stepping into      the shoes of the Defaulting Individual Purchaser have not been agreed      between the Complying Individual Purchaser and the Substitute on behalf of      the Company and the Municipality, then the Company and the Municipality      will be entitled to cancel this Agreement also vis-à-vis the Complying      Individual Purchaser, and in a situation in which the identity of the      Substitute on behalf of the Company and the Municipality has not been      approved by the Complying Individual Purchaser or in a case in which the      Complying Individual Purchaser fails to sign the Transfer Documents, then      and in that event the Company and the Municipality will be entitled to      agreed damages from the Complying Individual Purchaser in a sum equivalent      to 10% of the total share of the Complying Individual Purchaser in the      Basic Consideration in accordance with this Agreement and pursuant to the      Company’s Lands Agreement (including by way of foreclosure on the Sale      Process Guarantee and/or the holding forfeit of the amounts which were      paid up to such time by the Complying Individual Purchaser to the Company      and the Municipality on account of the  Consideration). |
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|   | 5.2.4.3.5  | For      the removal of doubt it is clarified that cancellation of the Agreement as      against the Defaulting Individual Purchaser in the circumstances as      described in sub-clause 5.2.4.3.1 and cancellation of the Agreement as      against the Complying Individual Purchaser in the circumstances as      described in sub-clause 5.2.4.3.4 will be deemed to be lawful cancellation      for all intents and purposes. |
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|   | 5.2.4.4 | It      is further clarified for the avoidance of doubt that in the event of a      breach of any of the Purchaser’s obligations under this Agreement by two      individual parties who make up the Purchaser or upon the occurrence of one      of the events mentioned in sub-clause 18.7 below with respect to two      individual parties who make up the Purchaser, the Municipality will have      all the remedies according to any law and agreement available to it as      against two individual parties who make up the Purchaser (including, and      without derogating from the generality of the foregoing, a right of      cancellation, a right to receive agreed damages, and so forth), subject to      the provisions of sub-clause 18.8below. |
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|   | 5.2.5 | The      Purchaser undertakes that in the agreement between it and the financing      bank (as defined below) both in relation to financing of the purchase of      the Land and also in relation to the construction loan/s the following      arrangements and/or provisions will beincluded: |
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|   | 5.2.5.1 | The      financing bank’s undertaking to give the Purchaser and/or any of the      individual parties who make up the Purchaser written warning notice prior      to a loan being made immediately due and payable in the scope of which      notice the Purchaser and/or any of the individual parties who make up the      Purchaser will be given an extension of time to cure the breach in respect      of which the warning notice was given (hereinafter: “the Warning Notice”),      except in certain cases as is customary in financing agreements for      projects of this sort in which the bank reserves the right not to give      notice. |
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|   | 5.2.5.2 | The      financing bank’s obligation to send the Municipality Warning Notices in      each of the cases in which the Purchaser will be entitled to receive same,      simultaneously with sending a Warning Notice to the    Purchaser. |
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|   | 5.2.5.3 | An      arrangement pursuant to which in a situation in which there are grounds      for making a loan immediately due and payable as against two individual      purchasers in consequence of which a Warning Notice will be given by the      financing bank and the time for rectifying the breach that was specified      in the Warning Notice has passed and the breach has not been cured, then      and in that event a period of exclusivity will be granted by the bank to      the Company for a period of 120 days in the course of which the Company      and the bank will conduct exclusive negotiations with the objective of      reaching an agreement that will allow the continued implementation of the      Purchaser’s Project by the Company or by someone on its behalf, whether by      way of the Company or someone on its behalf stepping into the Purchaser’s      shoes as a borrower, or by way of the debt being purchased by the Company      or someone on its behalf, or by way of the purchase by the Company or by      someone on its behalf of the Company’s Lands and/or the Municipality Lands      and/or the Additional Real Estate Rights from the bank or through the bank      by realization of the encumbrance to the financing bank in the court and      with its approval, or in any other manner to the satisfaction of the bank      and the Company.  The Purchaser hereby gives its irrevocable      consent to an arrangement that may be formulated with the agreement of the      bank and the Company and waives any allegation and/or demand in connection      therewith, subject to the condition that the bank acts in accordance with      its obligations according to law, including the fact that the arrangement      between the bank and the Company shall be made in the course of complying      with the bank’s obligations to the Purchaser according to law and in      accordance with the Construction LoanAgreement. |
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|  | 5.2.5.4 | An      arrangement pursuant to which in a case where there are grounds for making      a loan immediately due and payable as against any of the individual      parties who make up the Purchaser (hereinafter in this sub-clause: “the Defaulting Individual      Purchaser”) as a consequence of which a warning notice will be      given by the financing bank in respect of such grounds and the time for      rectifying the breach as was specified in the warning notice has passed      and the breach has not been cured, then and in that event an individual      party who makes up the Purchaser who is not the Defaulting Individual      Purchaser (hereinafter in this sub-clause: “the Complying Individual      Purchaser”), or someone on its behalf, whose identity shall be      approved in advance by the Company and the Municipality in their sole      discretion (hereinafter: “the Substitute vis-à-vis the Bank”) will have      the right vis-à-vis the financing      bank to step into the shoes of the Defaulting Individual Purchaser and      with respect to its rights in the Purchaser’s Project, on terms and      conditions as shall be decided with the financing bank, and in such case,      and subject to compliance by the Substitute vis-à-vis the Bank with the      conditions set forth in Clause 5.2.2.3.2 above and the Substitute      vis-à-vis the Bank signing the Transfer Documents, the Substitute      vis-à-vis the Bank will also be deemed to be a substitute for the      Purchaser who has been approved by the Company and the      Municipality.  If grounds for making a loan immediately due and      payable have occurred, and the Complying Individual Purchaser or someone      on its behalf has not stepped into the shoes of the Defaulting Individual      Purchaser, or in a case in which the identity of the entity on behalf of      the Complying Individual Purchaser has not been approved by the Company      and the Municipality, then subject to the condition that the Company meets      the criteria prevailing at that time at the financing bank for approval of      the identity of a borrower in a project such as the Purchaser’s Project,      the Company will have the right that “someone on behalf” of the Complying      Individual Purchaser shall, vis-à-vis the financing      bank, step into the shoes of the Defaulting Individual Purchaser and its      rights in the Purchaser’s Project, under such conditions as shall be      decided with the financing bank as aforesaid. [The deletion constitutes      adjustment to the existing text of the Company’s      Agreement]. |
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|  | 5.2.5.5 | The      individual parties who make up the Purchaser undertake that in the      agreement of the individual parties who make up the Purchaser and/or      another agreement that may be made between them, provisions will be      included that conform with the contents of sub-clause 5.2.5      above. |
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| 6. | The      consideration: |
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|  | 6.1 | In      consideration for the Property Sold the Purchaser will pay the      Municipality (in accordance with the provisions of sub-clause 5.2 above) a      Basic Consideration in an aggregate amount of NIS 229,520,000 (two hundred      and twenty nine million five hundred and twenty thousand new shekels),      plus indexation differences and together with V.A.T. as prescribed by law      against receipt of a casual transaction form (hereinafter: “the Basic      Consideration”).  In addition to the Basic Consideration,      the Housing Company will pay the Municipality the additional consideration      as defined in Clause 6.3 below, plus V.A.T. as prescribed by law against      receipt of a casual transaction form (the Basic Consideration together      with the additional consideration will be referred to below as: “the      Consideration”). |
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|  | 6.2 | The      Basic Consideration will be paid by the Purchaser in the manner and at the      times set forth below: |
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|  | 6.2.1 | A      sum of NIS 43,729,600, together with indexation differences based on      linkage to the Consumer Price Index and plus interest at an annual rate of      2.5% in respect of the period commencing from April 15, 2010 and up to the      date of signing of this Agreement (hereinafter: “the First Payment”)      shall, on the date of signing of this Agreement, be deposited in a trust      account to be opened by the Trustee (hereinafter: “the Trust      Account”).  The First Payment shall be paid out of the      Purchaser's independent resources and without any encumbrance over any of      the Purchaser’s rights pursuant to this Agreement and/or the Municipality      Lands, the Additional Real EstateRights. |
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|  | (a) | In      a case in which the Trustee receives notice from the tax consultant on      behalf of the Municipality stating that the lawful date for making payment      of the V.A.T. which is the subject of the First Payment is the 15th      of the month following the date on which the First Payment was deposited      in trust, the parties hereby instruct the Trustee to fill in the date of      the check in respect of the V.A.T. and to send it to the Municipality up      to the 5th      of such month (even if the conditions stipulated below for release of the      First Payment moneys to the Municipality have not been      fulfilled); |
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|  | (b) | Should      the Trustee receive a notice from the tax consultant on behalf of the      Municipality to the effect that the lawful date for payment of the V.A.T.      in respect of the First Payment is the 15th      of the month following the month in which the condition precedent was      fulfilled and transfer of the First Payment moneys from the Trust Account      in the Municipality (hereinafter – “the Deferred Date of      Payment”), then and in that event the parties hereby give the      Trustee an instruction to fill in the date of the check in respect of the      V.A.T. for the 5th      of the month following the Deferred Date of Payment and to send it to the      Municipality by the 5th      of that month. |
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|  | 6.2.2 | A      sum of NIS 9,664,000 together with indexation differences (as defined      above) in respect thereof (hereinafter: “the Additional First      Payment”), plus V.A.T. as prescribed by law (which shall be paid in      the manner stated in Clause 6.10 below), shall be paid by the Purchaser      directly to the Municipality by way of bank check, within 90 days from the      date of transfer of the First Payment Moneys from the Trustee to the      Municipality, as stated in sub-clause 6.2.1 above.  The      Additional First Payment shall be paid out of the Purchaser’s own      resources and without any encumbrance on any of the Purchaser’s rights      pursuant to this Agreement and/or in the Municipality Lands and/or the      Additional Real EstateRights. |
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|  | 6.2.3 | Within      90 days from the date specified for making of the Additional First      Payment, a sum of NIS 9,183,216 together with indexation differences (as      defined above) and plus V.A.T. as prescribed by law (which shall be paid      as stated in sub-clause 6.10 below) shall be paid by the Purchaser to the      Municipality by way of bank check (hereinafter: “the Later First      Payment”), against return to the Purchaser of      the sale process guarantee.  The Later First Payment shall be      paid out of the Purchaser’s own resources without any encumbrance on any      of the Purchaser’s rights pursuant to this Agreement and/or in the      Municipality Lands and/or the Additional Real Estate      Rights.  The Purchaser undertakes to cause an extension of the      sale process guarantee from time to time in a manner whereby the guarantee      will remain in force until actual settlement of the Later First      Payment.  If the sale process guarantee is not extended as      aforesaid at least 21 days before the date of its expiration, the Company      will be entitled to foreclose on the sale process    guarantee. |
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|  | 6.2.4 | A      sum of NIS 159,695,184 together with indexation differences (as defined      above) in respect thereof (hereinafter: “the Second Payment”)      plus V.A.T. as prescribed by law (which shall be paid as stated in Clause      6.10 below) shall be paid by the Purchaser directly to the Municipality:      (1) 7 business days from the date on which notice is given by the      Municipality to the effect that subject to payment of fees and levies      only, it will be possible to issue the first building permit (even if such      notice relates to a building permit that will be issued in relation to      only part of the Company’s Lands and/or the Municipality Lands and/or the      Additional Real Estate Rights, but excluding an excavation and shoring      permit, a permit for a sales office, signboards, fencing and similar other      permits that are only ancillary and subordinate to the Project)      (hereinafter: “the First      Building Permit” and “Notice Regarding the First      Building Permit”, respectively), or (2) after the elapse of 24      months from the date of signing of this Agreement, whichever of (1) or (2)      is the later.  For the avoidance of doubt it is hereby clarified      that such notice in relation to a permit for construction of the basement      floors or part thereof (even if it is issued separately from the building      permit for the above-ground areas) will be deemed to be Notice Regarding      the First Building Permit for purposes of this Clause      6.2.4.  The Second Payment shall be made by way of a bank check      and subject to fulfillment of the matters set forth in sub-clause 6.2.5      above. |
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|  | 6.2.5 | The      Second Payment shall be made in a manner whereby at the date specified in      sub-clause 6.2.4 above for the making of the Second Payment, the parties      will meet at the Land Registry, and will simultaneously perform the      following actions: |
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|  | 6.2.5.1 | The      Purchaser shall pay the Second Payment to the Municipality by way of bank      check. |
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|  | 6.2.5.2 | The      encumbrance in favor of the financing bank as defined in Clause 16.6.3      below and as described in thatclause. |
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|  | 6.2.5.3 | The      encumbrance in favor of the financing bank (as defined in Clause 16.7.3 of      the Company’s Lands Agreement) in accordance with one of the alternatives      listed in the abovementioned clause of the Company’s Lands      Agreement. |
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|  | 6.2.5.4 | The      Municipality will deliver possession of the Municipality Lands and the      Additional Real Estate Rights to the Purchaser as described in Clause 10      below.  In addition, by virtue of delivery of possession of the      Municipality Lands, the amount of the V.A.T. which is the subject of the      Second Payment and the amount of the V.A.T. which is the subject of the      Third Payment will be paid to the Municipality by the Purchaser at the      Date of Delivery of Possession by way of a bank  check. |
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|  | 6.2.5.5 | The      Municipality shall deliver the certificates mentioned in sub-clauses 9.1      and 9.2 below to the Purchaser, if same have not been delivered up to that      date. |
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|  | 6.2.5.6 | It      is clarified that the making of the Second Payment in accordance with this      Clause 6.2 shall be effected simultaneously with the making of the Second      Payment pursuant to Clause 6.2 of the Municipality Lands Agreement and      according to the conditionsthereof. |
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|  | 6.2.5.7 | It      is hereby agreed that if a registration or procedural problem should arise      in creating any of the encumbrances included in the encumbrance to the      financing bank, then the parties will in good time discuss between      themselves and together with the financing bank the necessity for reaching      an appropriate arrangement that will be agreed upon by the parties and by      the financing bank in a manner that allows for the effecting of the Second      Payment. |
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|  | 6.2.6 | A      sum of NIS 7,248,000 together with indexation differences (as defined      above) in respect thereof and plus V.A.T. as prescribed by law (which      shall be paid in accordance with the provisions of sub-clause 6.10      (hereinafter: “the Third      Payment”) will be paid by the Housing Company directly to the      Municipality on the date of receipt of “Form 4” with respect to the first      commercial areas that will be constructed on the Company’s Lands and/or      the Municipality Lands and/or the Additional Real Estate Rights (except if      “Form 4” is received solely with respect to the commercial areas that will      be located on the first floors of the residential buildings in the      residential zone, if there are such) and against return of an irrevocable      power of attorney for expungement of a caveat mentioned in      Clause 9.5 below.  The Third Payment shall be made by way of a      bank check. |
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|  | 6.2.7 | In      relation to any amount that may be deposited in trust with the Trustee in      accordance with the provisions of this Clause 6, the Trustee shall act in      accordance with the letter of instructions to the Trustee which is      attached to this Agreement as Appendix      6.2.7, and deposit of such amount in trust with the Trustee, as      aforesaid, shall be deemed to be performance of the Purchaser’s obligation      to pay the aforesaid amount to theCompany. |
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|  | 6.3 | In      addition to the Basic Consideration, the Municipality will be entitled to      additional consideration from the Housing Company in relation to the      residential areas that will be erected on Plot No. 1 and in relation to      the areas of Plot No. 6, in the scope of the Purchaser’s Project, as      described below (hereinafter: “the Additional      Consideration”): |
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|  | 6.3.1 | The      terms mentioned in this Clause 6.3 and all the sub-clauses hereof will      have the meaning ascribed to them in Clause 6.7.1  below. |
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|  | 6.3.2 | If      the average selling price per sq.m. should exceed NIS 15,517 (excluding      V.A.T.) linked to the upside index as stated in Clause 6.3.4 below      (hereinafter: “the Basic      Price”), but be less than NIS 16,379 (excluding V.A.T.) linked to      the upside index as stated in sub-clause 6.3.4 below (hereinafter: “the Intermediate      Price”), the Housing Company will pay the Company an amount      equivalent to the full difference between the Intermediate Price and the      Basic Price where this is multiplied by the sale areas and the      Municipality’s share in the Additional Consideration, plus V.A.T. as      prescribed by law against receipt of a casual transaction      form. |
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|  | 6.3.3 | If      the average selling price per sq.m. should exceed the Intermediate Price      (hereinafter: “the High      Price”), the Housing Company will pay the Municipality the      following cumulative amounts, together with V.A.T. according to law and      against receipt of a casual transactionform: |
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|  | 6.3.3.1 | The      full difference between the Intermediate Price and the Basic Price where      it is multiplied by the sale areas and by the Company’s share in the      Additional Consideration. |
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|  | 6.3.3.2 | 50%      of the difference between the High Price and the Intermediate Price where      this is multiplied by the sale areas and by the Company’s share of the      Additional Consideration. |
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|  | 6.3.4 | The      Basic Price and the Intermediate Price (as will be updated in accordance      with the provisions of sub-clause 6.3.5 below to the extent that same are      updated) will be linked to the index or to the Building Inputs Index,      according to the index to which the proceeds that will be received from      buyers of apartments will be linked and as will be mentioned in the sale      contract with the buyers of apartments (hereinafter: “the Upside Index”) and      will bear indexation differences at the percentage rise of the Upside      Index which is known at the time of doing the relevant accounting as      against the Upside Index that was known at the date of signing of an      agreement for the sale of the first apartment in the Purchaser’s Project      between the Purchaser and a third party, while a decline in the Upside      Index will not lead to a reduction of the Basic Price and the Intermediate      Price, as the case may be. |
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|  | 6.3.5 | If      building construction has been approved to the Housing Company pursuant to      which the average main area of an apartment will be less than 110 sq.m.      but will not be less than 91.7 sq.m. and the Company was held liable in      respect thereof for a betterment levy or payment of betterment and/or if a      concession was approved to the Housing Company in regard to the adding of      two additional floors in the buildings on Plot No. 1 from 12 to 14 floors      and in respect thereof the Purchaser was held liable for a betterment levy      or payment of betterment (hereinafter jointly: “the Specific Planning      Changes”), then: (1) the amount of the betterment or the betterment      levy that was paid by the Housing Company as was fixed according to law as      a consequence of the approval of the specific planning changes only      (whichever is the higher) or (2) an amount in a maximum sum of NIS      10,000,000 linked to the Upside Index (excluding V.A.T.) (hereinafter:      “the Betterment Tax      Ceiling”), whichever of (1) or (2) above is the lower (hereinafter:      “the Determining      Amount”), where same is divided by the sale areas, will be added      both to the Basic Price and to the Intermediate  Price. |
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|  | 6.3.6 | In      addition to the amounts mentioned in Clauses 6.3.2-6.3.3 (inclusive), the      Housing Company shall pay the Municipality, as part of the Additional      Consideration, an amount equivalent to one-half of the difference, if any,      between the selling price (including V.A.T.) in respect of a sale or      letting under leasehold or conferring of a right of use of any sort of a      parking place in the Purchaser’s Project that will be paid by any buyer of      an apartment or any third party (even if he is not a buyer of an      apartment) in respect of a parking place in the Purchaser’s Project      (excluding only a price that will be paid by any buyer of an apartment in      respect of a first parking place for an apartment) and a sum of NIS      100,000 (including V.A.T.) for each parking place (for the avoidance of      doubt it is clarified that this price is a consideration for all the      direct and indirect costs connected with the construction of parking      places as aforesaid, including and without derogating from the generality      of the foregoing, planning and construction of the parking places      including the envelope in respect thereof, the marking thereof,      installation of sprinklers within the confines thereof, installation of      fire extinguishing system, design and similar other costs) (where same is      linked to the Upside Index commencing from the date of signing of a sale      agreement in respect of the first apartment in the Purchaser’s Project      between the Housing Company and a third party and up to the time of any      actual payment), where this is multiplied by the Municipality’s share in      the Additional Consideration. |
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|  | 6.4 | The      Additional Consideration will be calculated and paid at the following      times: |
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|  | 6.4.1 | Interim      accounting |
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|  | 6.4.1.1 | On      the 5th      of the first month of each calendar quarter, commencing from the date of      signing of the first agreement for the sale of an apartment between the      Housing Company and a buyer of an apartment, an interim accounting will be      done in relation to the Additional Consideration in respect of the      proceeds of the sales that have been received by the Purchaser in the      preceding quarter (hereinafter: “the Interim      Accounting”).  The Interim Accounting will be carried out      with respect to each and every apartment the proceeds in respect of which      were paid in the preceding quarter in a manner whereby the average selling      price per sq.m. for each apartment will be determined on a basis of the      total proceeds of the sales which were received in respect thereof in the      preceding quarter (hereinafter: “Proceeds of the      Quarter”) where same is divided by “the partial sale      area”. |
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|  | 6.4.1.2 | The      Interim Accounting in each quarter will be carried out on a cumulative      basis having regard to the proceeds, the sale areas which are the subject      of those proceeds and having regard to the Additional Consideration in      respect of the quarters which preceded it.  It is hereby agreed      that only commencing from the date of payment of the full Basic      Consideration, to the extent that it becomes apparent at the time of      conducting any Interim Accounting that overpayments of the Additional      Consideration, on a cumulative basis, have been paid to the Municipality,      the Municipality will refund to the Housing Company the amounts that were      overpaid to it as aforesaid, where such amounts are linked to the Upside      Index commencing from the date of the last accounting and up to the date      of the actual refund thereof, plus V.A.T. according to law, against      receipt of a valid taxinvoice. |
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|  | 6.4.2 | Final      accounting |
|--|-------|-----------------------|

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|  | 6.5 | As      security for payment to the Municipality of the Additional Consideration,      the Housing Company shall deliver to the financing bank an irrevocable      instruction in relation to the account in which the total proceeds that      will be received from the buyers of apartments will be deposited      (hereinafter: “the      Proceeds Account”) pursuant to which the Housing Company will      instruct the financing bank to act in accordance with the instructions of      the arbiter as defined in sub-clause 6.7 below, in connection with the      release of money from the Proceeds Account to the Municipality, in      accordance with the results of the Interim Accountings that will be      conducted between the parties as stated in sub-clause 6.4.1 above and that      it should not allow the Housing Company to withdraw/transfer any money      from the Proceeds Account (including a transfer of money from the Proceeds      Account to the Housing Company’s expenses account), unless at the time of      any such withdrawal/transfer an early interim accounting is done, and in      accordance with the results thereof money will simultaneously be      transferred to the Company out of the Proceeds Account in accordance with      the instructions of the aforesaid arbiter.  In the event that      the financing bank refuses to act in accordance with such irrevocable      instructions, other collateral will be decided upon by the parties to      secure payments of the Additional Consideration, to the satisfaction of      the Municipality.  The Housing Company undertakes that the Mall      Company will not be a partner and/or a holder of rights and/or a      beneficiary in the Proceeds Account, that the Proceeds Account will be      specifically earmarked solely for proceeds that will be received from the      buyers of the apartments, that all the proceeds that will be received from      buyers of apartments will be deposited solely in the Proceeds Account, and      it undertakes to include an appropriate provision in the sale agreements      with the buyers of the apartments.  The Housing Company further      undertakes that the Proceeds Account will be encumbered only to the      financing bank (subject to the Municipality’s rights to receive proceeds      in accordance with this sub-clause 6.5 and the rights of the Company to      receive proceeds in accordance with Clause 6.5 of the Municipality Lands      Agreement), and that no rights of whatsoever nature therein will be      granted to any third party. |
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|  | 6.6 | Once      each month, not later than the 15th      of the succeeding calendar month, the Housing Company shall deliver to the      Municipality a detailed report of the sales that were made by the Housing      Company in the preceding month and of the proceeds of sales that are the      subject of the aforesaid sales.  The Municipality will be      entitled to examine the report itself and/or through an accountant on its      behalf, and the Housing Company undertakes to furnish the Municipality      and/or the aforesaid accountant with all information and/or any document      that may be demanded for purposes of the aforesaid      examination. |
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|  | 6.7 | Differences      of opinion between the parties in connection with the calculation of the      Additional Consideration will be brought for the decision of Gad Somekh,      C.P.A., or if he is prevented from serving as arbiter, another partner in      his office, following a request from one of the parties to him      (hereinafter in this sub-clause: “the      Arbiter”).  The Arbiter will be entitled for purposes of      making a calculation of the areas to be assisted by a real estate      appraiser and/or surveyor.  The Arbiter will act as an expert      and not as an arbitrator, and his decision shall be final and binding on      the parties. |
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|  | 6.7.1 | For      purposes of this Clause 6, the following terms and expressions will have      the meanings set oppositethem: |
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|  | 6.7.1.1 | “Sale areas” – the      effective total of the areas of the apartments (which will be measured in      relation to each and every apartment according to the definition of the      term effective area of an apartment, as elucidated below), plus the      following areas (which will also be measured in relation to each apartment      separately in accordance with the provisions set forth in Clause 6.7.1.3      below): 33% of the areas of enclosed or open porches that are linked to      the apartments, 20% of the areas of the storerooms that are linked to the      apartments, 20% of the areas of one parking place which is linked to the      apartment (as distinct from additional parking places in excess of one      parking place per apartment), 5% of the areas of the gardens that are      linked to the apartments, and together with the pro rata share of the      apartment in the landing of its floor.  Under all circumstances      it is hereby clarified that for purposes of calculating “the sale areas”,      areas will be counted onceonly. |
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|   | 6.7.1.2 | “Effective area of      apartment” – |
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|   | The      area contained in the polygon created by the lines that pass over the      outer side of the external walls of the  apartment. |
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|   | For      these purposes – |
|--------|---------------------------------|

|  | (1) | “External      wall” – a wall which separates between the apartment and what is outside      of it, including between the apartment and a sun porch, between it and a      common area on the floor or between it and another apartment or      plan; |
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|  | (2) | “The      outer sides of an external wall” – the sides of the wall without      finishing; in a case of a wall with stone cladding, the sides of the wall      will include the cladding. |
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|  | (3) | In      a multi-level apartment the area will be calculated and particularized      with respect to each level in the apartment; the area of the apartment      will be the total areas of all the levels in the  apartment. |
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|  | (4) | In      calculating the area only the areas the height of which conforms with what      is required under the Planning and Building Regulations (Application for      Permit, Conditions thereof and Fees), 5730-1970 (hereinafter: “the Planning and Building      Regulations (Application for Permit)) will be    included. |
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|  | 6.7.1.3 | The      areas of the porches, storerooms, parking places and the gardens will be      measured and calculated in accordance with the following      provisions: |
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|  | 6.7.1.3.1  | Areas      of enclosed or open porches that are linked to apartments – the floor area      that falls within the polygon created by the lines that pass through the      outer sides of the external walls or the constructed railings of the      porches and through the outer sides of the walls of the apartments that      border on the porch. |
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|  | 6.7.1.3.2  | Areas      of storerooms linked to apartments – the floor area that falls between the      walls of the storeroom plus the area of the wall; where the storeroom wall      separates between it and part of another storeroom/area, only the area      below one-half of the width of the wall will be included; where the      storeroom wall borders on a common area, the area of the wall will be      included in its entirety. |
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|  | 6.7.1.3.3  | Areas      of parking places – (area of one parking place which is linked to an      apartment) – the floor area of the parking place without walls and/or      thoroughfares. |
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|  | 6.7.1.3.4  | Areas      of gardens that are linked to apartments – the garden area includes the      area of the walls which support the perimeter  thereof. |
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|  | 6.7.1.3.5  | “Floor landing” – the      area that falls within the lines that pass between the outer walls of the      floor landing (excluding shafts and voids), including one-half only of the      area of the stairwells that are located between the relevant floor and the      floor below it, which will be calculated according to the horizontal      projection of the sloping and horizontal  surfaces. |
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|  | 6.7.1.4 | “Sale proceeds” – all      the amounts (excluding V.A.T.) that will actually be received from the      buyers of the apartments and/or in connection with the sale of the      apartments to the buyers of the apartments, including by virtue of sale      agreements and addenda to such agreements (including consideration in      respect of one parking place per apartment, porches, roofs, storerooms,      gardens, basements and so forth), and any additional consideration that      may be received from buyers of the apartments including, and without      derogating from the generality of the foregoing, penalty interest and      indexation differences that will be received from buyers of the apartments      in respect of arrears and agreed damages in respect of a cancellation of      agreements / contractual arrangements, together with indexation      differences to the Upside Index at the percentage rise in the known Upside      Index at the time the relevant accounting is done, as against the Upside      Index which was known at the time each payment was actually made by the      buyers of the apartments, where a fall in the Upside Index will not lead      to a reduction in the amount of the sale  proceeds. |
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|  | 6.7.1.4.1  | Any      payment for alterations and additions in excess of the specification for      the apartments, as defined in Clause 6.9.1 below, in the event that same      are paid directly to the executing contractor, and which are not due to      the Housing Company, directly orindirectly. |
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|  | 6.7.1.4.2  | That      portion of the payment in respect of legal expenses and attorneys’ fees      which will be collected from the buyers of apartments (hereinafter: “the Legal Expenses”)      and which will be paid by the Housing Company to the attorneys who      represent it in the sale agreements with the buyers of      apartments.  The balance of the Legal Expenses (which is not      transferred by the Housing Company to the aforesaid attorneys) will be      included as part of the saleproceeds. |
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|  | 6.7.1.4.3  | Payment      of buyers of apartments for water, electricity and gas meters and other      accessories such as that which will be purchased for them by the Housing      Company, on a basis that the full payment by the buyers of apartments will      be transferred onwards to the aforesaid suppliers of the      accessories. |
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|  | 6.7.1.4.4  | Payments      by buyers in respect of refund of fees, costs of preparation of drawings      and payment to the Municipality in respect of the signing of the      condominium registration documents referred to in sub-clause 9.8.1 below,      provided that the total amount per apartment in respect of the components      mentioned in this sub-clause shall not exceed NIS 5,000 (excluding      V.A.T.), where same is linked to the Upside Index commencing from the date      of signing of this Agreement and up to the date of the relevant      accounting. |
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|  | 6.7.1.4.5  | Payments      of management fees will be paid directly by the buyers of apartments to      the management company (and which are not payable, in whole or in part, to      the Housing Company, directly orindirectly). |
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|  | 6.7.1.5  | “Average selling price per      sq.m.” – the total sale proceeds where same are divided by the      total sale areas. |
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|  | 6.7.1.6  | “The Municipality’s share in      the Additional Consideration” –24.16%. |
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|  | 6.8 | Plot      No. 6 |
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|  | 6.8.1 | It      is agreed between the parties that if any of the built areas on Plot No. 6      should be zoned or designated for use which is not residential, then the      Additional Consideration to which the Municipality will be entitled in      respect of the proceeds of any transactions (including sale and/or lease      and/or operation and so forth) that may be made in relation to Plot No. 6      will be according to a mechanism that will be agreed between the Company,      the Municipality and thePurchaser. |
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|  | 6.8.2 | The      Housing Company shall notify the Municipality and the Company shortly      after the date on which a decision is taken in connection therewith as to      the intended zoning for Plot No. 6 and in accordance therewith the      Company, the Municipality and the Housing Company will discuss the laying      down of the agreed mechanism for determining the Additional Consideration      in Plot No. 6. |
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|  | 6.8.3 | It      is hereby expressly agreed, that notwithstanding anything else contained      in this Agreement, as long as no mechanism has been agreed in writing      between the Company, the Municipality and the Housing Company for the      Additional Consideration in respect of Plot No. 6, the Housing Company      will not be entitled to enter into sale and/or lease transactions and/or      contractual arrangements and/or other transactions of whatsoever nature in      connection with Plot No. 6, whether with respect to the land or with      respect to the builtareas. |
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|  | 6.8.4 | For      the avoidance of doubt it is hereby clarified that if the actual use that      will be planned or will be made of Plot No. 6 is for residential purposes,      then the Additional Consideration to which the Municipality will be      entitled in relation to the proceeds from Plot No. 6 will be as stipulated      in Clauses 6.3-6.7 above. |
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|  | 6.9 | Provisions      regarding the standard of building and technical specifications which will      be attached to the sale agreements with buyers of      apartments |
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|  | 6.9.1 | The      building construction in the residential zone and the apartments therein      shall be built at a standard which shall not be inferior to the standard      described in the main features of the specification, the simulations and      in the photographs that are attached to this Agreement as Appendix      6.9.1, whichever is the higher (hereinafter: “the Basic      Specification”). |
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|  | 6.9.2 | The      apartments shall be sold to the buyers of apartments according to a      technical specification that shall not be inferior to the Basic      Specification (hereinafter: “the Apartments      Specification”). |
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|  | 6.9.3 | Alterations      and additions in relation to the Apartments Specification shall be      requisitioned directly by the buyers of apartments from the executing      contractor.  Any payment for alterations and additions as      aforesaid shall belong to the executing contractor and will not be      included in the sale proceeds.  If and to the extent that the      Housing Company should receive any payments that are connected with the      aforesaid alterations and/or additions, directly or indirectly, then those      payments will be added to the saleproceeds. |
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|  | 6.10 | Value      Added Tax |
|--|------|----------------------|

|  | 6.10.1 | Each      payment imposed on any of the parties according to this Agreement shall be      paid together with V.A.T. according to law.  In the case of      amounts which have been specifically stated in this Agreement as including      V.A.T., no V.A.T. shall be added in respect  thereof. |
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|  | 6.10.2 | For      the removal of doubt it is clarified that in order to enable the Purchaser      to set off V.A.T. (to the extent that it is entitled to setoffs), in      respect of any V.A.T. payment imposed on the Purchaser, the Municipality      will issue the Purchaser a casual transaction form, with it being      clarified that for purposes of this Clause 6 and the sub-clauses thereof,      the term “against receipt      of a casual transaction form”) shall have the following meaning:      the furnishing of a casual transaction form to the Purchaser within three      business days after the 15th      of the month after the month in which each of the payments of the      Consideration mentioned in this Clause 6 was paid to the      Municipality.  In addition the Municipality shall deliver to the      Purchaser a certificate regarding exemption from deduction of tax at      source.  It is further clarified that every payment of V.A.T.      that may be imposed on the Purchaser shall be paid by it, and it will not      be entitled to impose any payment of V.A.T. on the      Municipality. |
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|  | 6.10.3 | It      is agreed that the V.A.T. payments in respect of each and every payment of      the Consideration (both with respect to the Basic Consideration and also      in relation to the Additional Consideration) shall be paid by a post-dated      check the due date for payment of which is 5th      of the month following the month in which the payment was actually made,      except with respect to the first payment in relation to which the      provisions of sub-clause 6.2.1 above will apply and in respect of the      Second Payment and the Third Payment (in relation to which the V.A.T. will      be paid by a bank check on the same date on which the Second Payment is      paid).  For the removal of doubt it is clarified that the time      of payment of the V.A.T. in respect of payments of the Consideration as      specified in this Agreement is the time specified in this sub-clause      6.10. |
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|  | 6.10.4 | If      an approval is received from the V.A.T. authorities in accordance with      Section 20 of the Value Added Tax Law, 5736-1975, the parties undertake      (without derogating from any of their rights according to law) to act in      accordance with the aforesaid approval with respect to each payment that      will be paid as from the date of receipt of the approval.  If      the signature of the Municipality on forms / documents is required for      purposes of obtaining such approval, the Municipality will sign such forms      / documents subject to the condition that the forms / documents shall not      impose any financial obligations on the  Municipality. |
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|  | 6.11 | Anticipation      of payments |
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| 7. | Public buildings, area      of the Municipality’s parking places, development of the open public      areas, and maintenance of the open public areas and the open private      areas |
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|  | 7.1 | Public      buildings |
|--|-----|-----------------------|

|  | 7.1.1  | The      Housing Company is obliged to build and erect the public buildings as      defined and described in the Construction Contract (including the      appendices thereto) which is attached to this Agreement as Appendix      7.1.1 and which will be signed simultaneous with the signing of      this Agreement (hereinafter: “the Public Buildings”      and “the Construction      Contract”, respectively) and to deliver same to the Municipality in      accordance with its abovementioned obligations and the provisions      set-forth below: |
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|  | 7.1.1.1  | Construction      of a country club-sports center and a school building on Plot No. 8, to an      overall aggregate extent of approximately 10,000 sq.m. gross (that is to      say, including service areas) which contain a country club-sports center      building in an area of about 7,500 sq.m. gross (hereinafter: “the Sports Center”), and      a school building in an area of approximately 2,500 sq.m. gross      (hereinafter: “the      School”).  It is clarified that the planning of the      Public Buildings, to an overall extent of approximately 10,000 sq.m. gross      as aforesaid, will in the future make it possible to take full advantage      of the building rights on Plot No. 8 for purposes of erecting a cultural      building as described in sub-clause 7.1.4.  below. |
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|  | 7.1.1.2  | Construction      of the built areas on Plot No. 1 (as defined in Plan TA/3001) to an      overall extent of approximately 2,430 sq.m. gross (that is to say,      including service areas), as described in sub-paragraph 9.2.2 of Plan      TA/3001, for purposes of kindergartens, day-care centers and additional      public institutions at the suburban level as described in sub-paragraph      9.2.1 of Plan TA/3001) (hereinafter: “the Suburban Public      Institutions). |
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|  | 7.1.2 | With      regard to the erecting and constructing of the Public Buildings as stated      in sub-clause 7.1.1 above, including the Housing Company’s obligations in      connection therewith, the provisions of the Construction Contract (as      defined above) will apply as between the  parties. |
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|  | 7.1.3 | Without      derogating from the contents of Clause 7.1.2 above, it is agreed that in      relation to the timetables for constructing the Sports Center and the      School, the Housing Company will act in the manner described below, with      it being clarified that in every case of a conflict and/or non-conformity      as between the timetables that are the subject of the Construction      Contract (including those set forth in sub-clause 7.1.3 below), and the      timetables that are the subject of this Agreement, the timetables that are      the subject of this Agreement shall take precedence and shall      prevail: |
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|  | 7.1.3.1  | The      applications for the issue of excavation and shoring permits for the areas      on which the Sports Center and the School will be constructed shall be      lodged contemporaneously with the lodgment of the applications for the      issue of excavation and shoring permits for the areas on which the parking      and/or commercial areas in the confines of “the Kufsa”, as defined above,      will be built. |
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|  | 7.1.3.2  | The      applications for the issue of the building permits for the Sports Center      and the School shall be lodged contemporaneously with the lodgment of the      applications for the issue of building permits (as distinct from      excavation and shoring permits) for the parking and/or commercial areas in      the confines of the Kufsa. |
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|  | 7.1.3.3  | Initial      occupation of the parking and commercial areas in the confines of the      Kufsa shall be effected simultaneously and subject to the furnishing of      certificates of initial occupation for the Sports Center and the      School.  It is hereby agreed that if the Purchaser requests to      make use of the parking and/or commercial areas in the confines of the      Kufsa before a certificate for initial occupation of the Sports Center and      the School has been furnished, the Purchaser will be entitled to address      an appropriate application to the Director of the Property Division as the      Municipality.  The Director of the Property Division of the      Municipality will decide whether it is possible to accede to the      Purchaser’s request and under what conditions the Municipality is prepared      to allow use of the parking and/or commercial areas in the Kufsa prior to      production of the certificate for initial occupation of the Sports Center      and the School. |
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|  | 7.1.3.4  | As      security for construction of the Sports Center and the School as described      in this clause, the Housing Company or someone on its behalf shall lodge a      guarantee in such amount, at such time and on such conditions as are      specified in Clause 25 of the Construction  Contract. |
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|  | 7.1.3.5  | The      Municipality for its part will perform all the necessary actions      (including its relating to and examining the plans and documents that will      be submitted to it by the Purchaser) and will sign all the necessary      documents in connection with the applications for the building permits for      the Public Buildings, in a manner that will not delay the issue of the      building permits for the commercial and parking areas in the Kufsa by      virtue of delays that are dependent on the Municipality, and subject to      the condition that the Purchaser has fulfilled all the lawful requirements      laid down by the competent planning authorities, the provisions of the law      and the provisions of the ConstructionContract. |
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|  | 7.1.3.6  | The      Purchaser (including the Mall Company) hereby confirms that it is aware of      the provisions of the Construction Contract and same are known to it,      including the timetables specified in the Construction      Contract.  Included in this the Purchaser (including the Mall      Company) confirms and agrees to the contingent connection that has been      stipulated in the Construction Contract and in this Agreement above      between the planning, construction, completion and initial occupation of      the commercial and parking areas in the Kufsa, on the one hand, and the      planning, construction, completion and initial occupation of the School      and the Sports Center, on the other.  In addition the Purchaser      (including the Mall Company) agrees that the timetable for constructing      the Public Buildings as described in the Construction Contract and/or in      this Agreement shall be recorded as conditions in the building permits for      the parking and/or commercial areas in the Kufsa, and that it waives any      allegation and/or demand as against the Municipality and/or the Company      and/or anyone on their behalf, in regard to the contingent connection and      the conditions in the building permit as  aforesaid. |
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|  | 7.1.4 | It      is agreed that the remainder of the areas for public purposes on Plot No.      8, to an extent of about 6,000 sq.m. (in addition to the areas specified      in sub-clause 7.1.1 above) will be zoned for and will serve as a high      quality and significant cultural building.  It shall be the      Municipality which shall erect the aforesaid cultural building out of its      own resources.  Timetables for planning and construction of the      aforesaid cultural building will bear a direct relationship to the      development and the actual construction of the “Kufsa”, with it being      agreed that works for erecting the aforesaid cultural building shall not      interfere with the works for the erecting by the Purchaser of the Public      Buildings. |
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|  | 7.1.5 | It      is further agreed in relation to the Public Buildings that the Company and      the Municipality shall bear the costs of constructing same in a manner      whereby the Company will pay the Housing Company and will be directly      liable to it for 75.84% of “the costs of erecting the      Public Buildings” (as defined below), and the Municipality will pay      the Housing Company and will be directly liable to it for 24.16% of “the costs of erecting the      Public Building” (as defined      below).  For the avoidance of doubt it is clarified that the      obligations of the Municipality and the Company to bear the aforesaid      costs applies only in relation to the Public Buildings as defined      above. |
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|   | 7.1.6 | It      is further agreed that in the framework of the planning and construction      on Plot No. 8, the construction of the ancillary commercial areas and the      additional parking areas, as defined in sub-clause 1.6 (b) above, shall be      planned in a manner that will allow for proper access to the public      functions on Plot No. 8.  In addition the Mall Company      undertakes to operate the additional parking areas as part of the public      parking garage that supports the commercial and the public areas that will      be constructed on the Project Lands, and without same being linked to a      unit or to units that will be erected on the Project  Lands. |
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|  | 7.2  | Areas of      Municipality’s parkingplaces: |
|--|-----------|---------------------------------------------------|

|   | 7.2.1 | The      Mall Company shall construct 300 parking places in the confines of Plot      No. 8, containing 215 parking places under leasehold to it as stated in      sub-clause 1.6(b)(2) above and 85 parking places for the Municipality, as      described in sub-clause 7.2.2below. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7.2.2 | The      Mall Company undertakes to build and erect 85 specific and permanent built      parking places on Plot No. 8, in the area of the Municipality’s parking      places (as defined below), and to deliver same for the sole use of the      Municipality, without consideration of any sort, including entrance fees,      management fees, maintenance charges, operating charges and any other      payment, including payments of any sort in respect of the use of areas and      facilities that are common to the area of the Municipality’s parking      places and the Project parking places and/or in respect of the use of the      Purchaser’s Lands for purposes of access to the area of the Municipality’s      parking places, with it being agreed that the Municipality will attend to      and concern itself with the maintenance and management of these parking      places. |
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|   | 7.2.3 | The      Mall Company is aware and agrees thereto that the basic positioning of 85      parking places as referred to in sub-clause 7.2.2 above will be according      to the location marked in brown on the diagram attached to this Agreement      as Appendix B (hereinbefore and hereinafter: “Area of the Municipality      Parking Places”), and the final positioning of these parking places      will be determined as far as possible in continuity with and adjacent to      the entrance to the Sports Center that will be erected by the Purchaser as      stated in sub-clause 7.1.1.1 above, taking into account the overall      planning of Plot No. 8. |
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|   | 7.2.4 | In      addition to the contents of sub-clauses 7.2.1-7.2.3 above, it is agreed      that the Mall Company will construct additional parking places in excess      of the contents of this sub-clause 7.2 above on the fifth basement level      (-5) on Plot No. 8, in the maximum quantity permitted pursuant to Plan      TA/3001, and provided that against the exercise of the Purchaser’s right      to these additional parking places (if they are approved by the competent      planning authorities), the Mall Company will make over 40 parking places      for the exclusive use of the Municipality (over and above the 85 parking      places mentioned in sub-clause 7.2.2 above) free of any consideration,      including entrance fees, management fees, maintenance charges, operating      fees and any other payments, including payments of any sort in respect of      the use of the areas and facilities that are common to the Area of the      Municipality Parking Places and the Project Parking Places and/or in      respect of the use of the Purchaser’s Lands for purposes of access to the      Area of the Municipality Parking Places or the area of such parking      places, with it being agreed that the Municipality shall attend to the      maintenance and management of these parking places.  The      location of the 40 parking places that will be made over to the      Municipality as aforesaid will be fixed as far as possible adjacent to and      as a continuation of the entrance to the Sports Center that will be      erected by the Purchaser as stated in sub-clause 7.1.1.1 above, all having      regard to the overall planning of Plot No. 8, with it being agreed that      the lands of these parking places will not be leased under leasehold to      the Purchaser and will not form part of the Additional Real Estate Rights      as defined in this Agreement, and will be deemed to be an integral part of      the Area of the Municipality Parking Places as defined    above. |
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|   | 7.2.5 | It      is agreed and clarified that if the number of parking places that will      actually be constructed by the Purchaser in the confines of Plot No. 8 on      the first basement floors (-1) up to and including the fourth basement      floor (-4), should exceed 300 parking places as mentioned in sub-clause      7.2.1 above, then the additional parking places in excess of the aforesaid      300 parking places, will be the sole property of the Municipality, and an      accounting shall be done between the Municipality and the Purchaser in      connection with these additional parkingplaces. |
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|   | 7.2.6 | The      Mall Company undertakes that persons who will come to the Sports Center,      that will be erected by the Housing Company as described in Clause 7.1.1.1      above, will be given a discount of fifty per cent (50%) of the parking      charges, with it being agreed that under no circumstances will the      aforesaid discount be given in relation to the remaining two hundred and      fifteen (215) parking placessimultaneously. |
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|   | 7.3 | Development of open      public areas and maintenancethereof |
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|   | 7.3.1 | Without      derogating from the contents of sub-clause 1.7 above, and in addition      thereto, the Housing Company undertakes to develop and erect open public      areas (which are marked in green on the Leasehold Drawings and which – as      stated in Clause 1.6(d) above – are not part of the Property Sold and will      remain in the sole ownership and possession of the Municipality)      (hereinbefore and hereinafter: “the Open Public      Areas”), and shall do so on its account and at its sole expense, in      accordance with the provisions of Paragraph 9.6 of Plan      TA/3001.  The Housing Company further undertakes that the      current maintenance of the Open Public Areas will be performed through a      management company on its behalf or on behalf of the residents of the      buildings that will be erected by the Purchaser or on behalf of the      representative committee of the condominiums (hereinafter: “the Management      Company”), with such maintenance being at its expense or at the      expense of the Management Company, at an appropriate standard and      according to the customary standard for open public areas of this      sort.  It is agreed that any transaction or transactions that      may be made from time to time, if made, in the Remainder of the Project      Lands shall include provisions that shall bind the buyer/s of the      Remainder of the Project Lands or any part thereof, to bear their pro rata share of the      cost and maintenance of the Open Public Areas, which shall be the same      ratio as the ratio between the building rights (main areas) of each owner      of rights who has acquired rights from the Municipality and the Company as      against all the building rights (main areas) in the Project      Lands. |
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|   | 7.3.2 | Without      derogating from the contents of Clause 16 below, it is agreed that the      Housing Company will be entitled to transfer its obligations for erecting      the Open Public Areas and for establishing a management company for      purposes of maintenance of the Open Public Areas to a transferee who      acquires rights from the Housing Company in the residential section, to      the extent that such transfer of rights has been approved in accordance      with the provisions of Clause 16below. |
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|  | 7.3.3 | If      the Housing Company has requested to effect a transfer of its obligations      in connection with the Open Public Areas which is not in accordance with      the provisions of sub-clause 7.3.2 above, then such transfer shall require      the prior written consent of the Municipality, which shall not      unreasonably withhold such consent.  It is clarified that the      only factor the Municipality shall be entitled to consider for purposes of      giving consent as aforesaid and the conditions thereof is the guaranteeing      of construction and maintenance of the Open Public Areas and the setting      up of a management company as describedabove. |
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|  | 7.3.4 | It      is agreed that the provisions of sub-clauses 7.3.2-7.3.3 above shall also      apply in relation to any transferee who may acquire any rights in the      Project Lands from the Purchaser and/or from the Purchaser’s      transferees. |
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|  | 7.3.5 | Nothing      contained in sub-clauses 7.3.2-7.3.4 above shall derogate from the      provisions of Plan TA/3001. |
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|  | 7.4 | Open      private area |
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| 8. | Traffic solution –      Paragraph 14.7 of PlanTA/3001 |
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| 9. | Registration      of leasehold, easements and tax certificates: |
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|   | 9.1 | Copies      of Land Appreciation Tax and Sales Tax certificates from the Land Registry      for purposes of registering the leasehold rights in the Company’s Lands in      the name of the Company are attached to this Agreement as Appendix      9.1.  Subject to and against payment of the second      payment of the consideration as mentioned in Clause 6 above, the      Municipality undertakes to furnish the Purchaser with the following      certificates: (1) an approval from the Municipality and the local      committee (in respect of the period up to the date of delivery of the      right of use) for purposes of registration in the name of the Purchaser in      the Land Registry of the leasehold rights from the Municipality in respect      of the Municipality Lands and in respect of the Additional Real Estate      Rights (hereinafter: “the      Municipality Approval”), with it being clarified and agreed that      upon the first delivery of the Municipality approval at the date of actual      settlement of the Second Payment, the Municipality will have complied with      its full obligations in connection with the furnishing of the      approval.  In the event that an extension or update is required      of the Municipality Approval, and/or in a case in which, for purposes of      obtaining the Municipality Approval at a deferred date, the making of      payments to the authorities mentioned in this sub-clause is required, the      responsibility will be imposed on the Purchaser and at its      expense. |
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|   | 9.2 | At      the Purchaser’s request, and after payment of the full Basic      Consideration, the Municipality will sign applications, forms,      declarations, deeds of leasehold, and the remaining documents that may be      required for purposes of preparing registration files in respect of the      right of leasehold, in respect of the Municipality Lands and in respect of      the Additional Real Estate Rights in the name of the Purchaser, in the      Land Registry.  The parties to this Agreement undertake to      appear at the office of the competent Registrar of Lands and before the      Registrar of Cooperative Houses and before an attorney who authenticates      transactions, and to execute registration in the name of the Purchaser of      the leasehold over the Municipality Lands and over the Additional Real      Estate Rights, and to the extent necessary the Municipality will sign the      documents required for purposes of registering the right of leasehold as      aforesaid, provided that the Purchaser has fulfilled its obligations under      this Agreement.  It is further agreed that at the time of      signing of this Agreement, the text of a document of the special      conditions for the leasehold (Appendix 1.6 to this Agreement) is being      signed by the parties for purposes of it being attached as an appendix to      this Agreement, on a basis that after payment of the full Basic      Consideration to the Municipality and the Company, the Municipality and      the Purchaser will sign the special conditions document, both in relation      to the Municipality Lands and to the Additional Real Estate Rights, and      also in relation to the Company’s Lands as stated in sub-clause 9.5 of the      Company’s Lands Agreement. |
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|   | 9.3 | Upon      delivery by the Municipality of the certificates described in sub-clause      9.1 above, and upon the Municipality signing the documents at the      Purchaser’s request in the framework specified in sub-clause 9.2 above,      the Municipality will be deemed to have fulfilled its full obligations in      connection with registration of the leasehold rights in respect of the      Municipality Lands and in respect of the Additional Real Estate Rights in      the name of the Purchaser.  It is clarified that all the      expenses in respect of registration of such rights shall be borne and paid      by the Purchaser. |
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|   | 9.4 | The      Purchaser hereby undertakes to perform registration of the leasehold      rights in the Municipality Lands and in the Additional Real Estate Rights      in its name, in the Land Registry, at the earliest possible time, and      included in this the Purchaser undertakes to prepare the registration file      and the documents required for purposes of executing the registration and      to procure all the certificates and approvals that it is responsible for      obtaining for purposes of executing the registration, and to prepare the      Transfer Documents (deeds, applications and similar other documents) until      registration of the aforesaid rights has been effected in the name of the      Purchaser in the Land Registry. |
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|   | 9.5 | It      is hereby clarified that until the time of transfer of the First Payment      Moneys from the Trustee to the Municipality, the Purchaser undertakes not      to register and/or to cause registration of a caveat in its favor      over the Municipality Lands and the Additional Real Estate Rights or part      thereof.  Without derogating from the Purchaser’s undertaking as      set forth above in this sub-clause, at the time the Purchaser signs this      Agreement the Purchaser will sign an irrevocable power of attorney in the      text attached to this Agreement as Appendix 9.5, empowering Advocates Uzi      Salman and/or Gabi Priel and/or Orna Aharak-Perlok and/or Noam Liuvin      and/or any attorney of the legal services department at the Municipality,      to expunge any caveat that may be      registered, if registered, in favor of the Purchaser over the Municipality      Lands and the Additional Real Estate Rights and/or part      thereof.  The appointed attorneys will be entitled to use the      power of attorney and to expunge any such caveat in each of the      cases mentioned below after having given the Purchaser prior written      notice of 14 business days: (1) in every case in which such caveat is registered in      the name of the Purchaser or anyone on its behalf contrary to the      provisions of this sub-clause 9.5; (2) in any event in which this      Agreement is lawfully cancelled for any reason, including, and without      derogating from the generality of the foregoing, in the case of      non-payments of the Consideration, or any part thereof (subject to the      provisions of sub-clause 18.8 below) by the Purchaser to the Municipality      at the times specified in Clause 6 above.  For the removal of      doubt and without derogating from any of the Municipality’s rights      according to any law and agreement, the Purchaser declares and confirms      that cancellation of the Agreement in the circumstances described in      sub-clauses 5.2.4.3.1 and 5.2.4.3.4 above will be deemed to be lawful      cancellation of this Agreement.  The aforesaid power of attorney      will be returned to the Purchaser in accordance with the provisions of      Clause 6 above.  For the avoidance of doubt it is clarified that      registration of a caveat in favor of the      Purchaser as described in this sub-clause 9.5 shall not have the effect of      preventing and/or limiting the Municipality from registering caveats in connection      with the Remainder of the ProjectLands. |
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|   | 9.6 | The      Purchaser undertakes that on its account and at its expense it will effect      registration of the easements in relation to the Municipality Lands and/or      to the Additional Real Estate Rights, and by way of registering easements      to guarantee right of way for vehicles and right of way for pedestrians      from Plot No. 1 to Plot No. 8, all as described in the provisions of Plan      TA/3001, and the Municipality for it part undertakes that it will sign the      aforesaid deeds of easement. |
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|   | 9.7 | The      Purchaser is aware that a map for purposes of registration and a diagram      for sub-division of the Land into a plot and/or plots within the confines      of the Project Lands in accordance with Plan TA/3001 have been approved      (hereinafter: “the      Parcellation”), and that the Company has undertaken in the      Company’s Lands Agreement to complete registration of the Parcellation of      the Company’s Lands together with the Municipality Lands in accordance      with the plan that has been approved as aforesaid, together with the      amendments thereto, or according to a new parcellation, and to register      the Parcellation of Parcel 92, all as described in the Company’s Lands      Agreement. |
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|   | 9.8 | Registration      of condominium |
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|   | 9.8.1 | The      Purchaser undertakes that on its account and at its expense it will      register the buildings that will be erected by it on the Company’s Lands      and the Municipality Lands as a condominium including registration of      house regulations, easements, rights of way, linkages and registration of      leasehold rights.  If it is not possible to register the      condominium as a separate unit and the Purchaser is obliged to register it      as a complex condominium within the meaning thereof under the Land Law,      5729-1969, the Purchaser will act in accordance with the directives of the      Land Registry.  All the documents pertaining to registration of      the building and/or the buildings as a condominium as aforesaid, including      a drawing, cooperative house registration order and house regulations will      be presented for the prior written approval of the Municipality before      same are lodged with the Land Registry or any other entity.  The      Purchaser undertakes that as a precondition to the Municipality signing      the condominium documents the Purchaser will pay the Municipality a sum of      NIS 2,000 multiplied by the number of apartments that will be constructed      on the Municipality Lands, where this amount is linked to the Consumer      Price Index commencing from the date of signing of this Agreement and up      to the date of actual payment.  In addition the Purchaser      undertakes to comply with other customary conditions as prevailing for the      time being, provided that they do not involve any additional monetary      obligation. |
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|   | It      is clarified that in relation to payment of handling fees in respect of      registration of a condominium, the provisions of this sub-clause take      precedence over the provisions of Paragraph 11(c) of Appendix      1.6. |
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|   | The      Purchaser undertakes to include in the house regulations of the      condominium a provision regarding the obligation of the residents to      establish a management 6company and for maintenance of the Open Public      Areas as described in Clause 7.3.1 above, and in regard to exempting the      Municipality from any payments as referred to in sub-clause      7.1.1.2. |
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|   | 9.8.2 | Without      derogating from the contents of sub-clause 9.8.1 above, the Purchaser in      the name of the Municipality, undertakes to register, the lands of the      Suburban Public Institutions as defined in Clause 7.1.1.2, including the      outside areas that are linked thereto and the Open Public Areas, on its      account and at its expense and without consideration from the      Municipality, as a separate unit or as separate units in the framework of      registering a condominium.  The contents of Clause 7.1.1.2 above      which pertain to management of the condominium will be included as a      provision in the house regulations of the  condominium. |
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|   | 9.8.3 | The      Purchaser undertakes that registration of a condominium will be completed      at the earliest possible time it is able to do so and not later than      twenty-four (24) months from the date of receipt of a Certificate of      Completion for the last building that will be constructed on the Project      Lands, or within 24 months from the date of registration of the      appropriate Parcellation, whichever is the  later. |
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|   | 9.8.4 | The      Purchaser undertakes that within the scope of transfer of rights in the      Project Lands, from the Purchaser to third parties (including buyers of      residential units), the Purchaser will arrange with the relevant      transferee or transferees in the contracts for the transfer of rights the      manner of performing registration of the Project Lands in the Land      Registry, including registration of house regulations for the condominium      in accordance with the foregoing, including by way of an undertaking by      each transferee to perform the necessary actions and to cooperate with all      the relevant entities for purposes of registering the areas that have been      transferred to him in the Land Registry, and including by way of receiving      suitable powers of attorney from such transferees, in order to facilitate      registration of the condominium on the Project Lands, at the times      specified in this Agreement. |
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|   | 9.8.5 | It      is agreed that the provisions of sub-clause 9.8.4 above will also apply in      relation to any transferee who may acquire any rights in the Project Lands      from the Purchaser and/or from the Purchaser’s  transferees. |
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|   | 9.9 | In      the event that the Purchaser does not perform the registrations described      in Clauses 9.4, 9.6 and 9.8 above, at the time specified in those clauses,      notwithstanding a demand from the Municipality to perform same, the      Municipality shall be entitled, but not obliged, to perform the aforesaid      acts of registration on the Purchaser’s account, after thirty (30) days      from the date of the demand. |
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|  | 9.10 | Notwithstanding      the contents of this Clause 9 above, it is clarified that in a case in      which it is not possible to register a condominium on the Company’s Lands      together with the Municipality Lands, separately from the Remainder of the      Project Lands, the Purchaser will act in cooperation with the owners of      rights in the Remainder of the Project Lands as apply at such time, for      purposes of registering a complex condominium over all the Project Lands,      within the timetable specified in sub-clause 9.8.3 above.  The      cost of performing such registration shall be borne by the Purchaser and      by the owners of rights in the Remainder of the Project Lands according to      their pro rata      share of the Project – that is to say according to the ratio between the      building rights (main areas) owned by all owners of rights who acquired      rights from the Municipality and the Company and the total building rights      (main areas) in that portion of the Project Lands which will be included      in the registration of thecondominium. |
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| 10. | Right of use and      delivery of possession |
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|  | 10.1 | Within      2 business days from the date of actual transfer of the First Payment from      the Trustee to the Municipality, the parties will meet and will act in the      manner stated in sub-clause 10.2 below (hereinbefore and hereinafter:      “Date of Delivery of the      Right of Use”). |
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|  | 10.2 | On      the Date of Delivery of the Right of Use, the parties will simultaneously      perform the following actions: |
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|   | 10.2.1 | The      Municipality will deliver to the Purchaser a temporary right of use (which      is not a proprietary right) in the Municipality Lands in accordance with      the provisions of Clause 10.3 below and a temporary right of use (which is      not a proprietary right) in the area of the Open Public      Areas.  It is further agreed that the Municipality will deliver      to the Purchaser a right of use in the Additional Real Estate Rights      within thirty days from the date the Director of the Property Division at      the Municipality is notified in writing that the Purchaser and/or any one      on its behalf intends to start excavation and shoring works on Plot No.      8.  If according to the provisions of this Agreement it has not      been cancelled, such temporary right of use will remain in force up to the      date of delivery of possession. |
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|   | 10.2.2 | The      Purchaser shall assume all the obligations which form part of the      Obligations and Commitments Transferred.  For the removal of      doubt it is clarified that the rights which form part of the Obligations      and Commitments Transferred will be assigned to the Purchaser only from      the date of delivery of possession. |
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|   | 10.2.3 | The      Purchaser shall deliver to the Municipality confirmation regarding the      existence of insurance policies as described in sub-clause 13.3      below. |
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|   | 10.2.4 | The      Purchaser shall deliver to the Municipality a declaration verifying      representations in the text of Appendix 4.13 to this      Agreement. |
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|  | 10.3 | The      right of use |
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|   | 10.3.1 | The      right of use granted to the Purchaser on the Date of Delivery of the Right      of Use is a revocable right, for purposes of performing excavation and      shoring works and for that purpose alone.  For the avoidance of      doubt it is clarified and emphasized that the permission granted to the      Purchaser as aforesaid does not constitute the grant of a proprietary      right to the Purchaser, possession to the Purchaser or a transfer of any      right to the Purchaser, apart from the permission to perform the      excavation and shoring works.  The Purchaser will be a licensee      in respect of that portion of the Municipality Lands and/or the Additional      Real Estate Rights which the Purchaser uses for purposes of performing the      excavation and shoring works as a licensee only.  The      Municipality will be entitled at any time, by way of prior written notice      of 14 business days to cancel the right of use, in any event in which the      Municipality believes in its sole and absolute discretion that the      Purchaser has breached any of its obligations under this Agreement and has      not rectified the breach within 14 business days from the date on which      written notice regarding the breach was received by  it. |
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|   | 10.3.2 | The      Purchaser will have no right of lien over the Municipality Lands and/or      the Additional Real Estate Rights or any portion  thereof. |
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|   | 10.3.3 | During      the period in which a right of use is granted to the Purchaser, the      Purchaser will be entitled to fence-in the Municipality Lands or any      portion thereof and/or to station a portable and temporary structure on      the Municipality Lands that will serve as a sales office, subject to      obtaining all the permits and approvals required according to law, all      without adding rights of way for the Purchaser in its capacity as a      licensee and without derogating from the powers and rights of the      Municipality and the Company with regard to the right of use      period. |
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|   | 10.3.4 | Where      the Municipality has notified the Purchaser of cancellation of the right      of use as aforesaid and the Purchaser has not cured the breach within the      time specified in sub-clause 10.3.1 above, the Purchaser undertakes to      vacate the Municipality Lands and the Additional Real Estate Rights of any      person and/or article and/or temporary structure, and commencing from the      date on which the notice is given, the Municipality will be entitled to      evict the Purchaser and/or anyone on its behalf from the Municipality      Lands and the Additional Real Estate Rights and to evacuate any person and      article and/or temporary structure from the Municipality Lands and the      Additional Real Estate Rights, and to use all the materials, equipment and      installations the Purchaser and/or anyone on its behalf has left on the      Municipality Lands and/or the Additional Real Estate Rights.  It      is further agreed that in a case in which, in addition to cancellation of      the right of use, the Municipality has cancelled this Agreement as a      consequence of such breach, all the works that were performed on the      Municipality Lands and the Additional Real Estate Rights up to that time      will be the sole property of the Municipality, without the Purchaser      having any allegation and/or claim and/or demand against the Municipality      in respect thereof, and the Purchaser undertakes to include an appropriate      clause in the contractual agreement with the executing contractors, as      defined below.  In addition to all the foregoing and without      derogating therefrom, the Purchaser hereby empowers the Municipality to      take all the steps and measures required for purposes of realizing the      rights and powers of the Municipality under this Clause      10.3.3.  For that purpose the Purchaser is lodging an      irrevocable notarial power of attorney in the text attached to this      Agreement as Appendix 10.3.4 with the Trustee at the time of signing of      this Agreement, which empowers the Municipality to take all the actions      required for purposes of evicting the Purchaser and/or anyone on its      behalf from the Municipality Lands and the Additional Real Estate Rights      and for purposes of realizing the Municipality’s rights under this Clause      10.3, including vacating the Municipality Lands and the Additional Real      Estate Rights of any person, article and temporary structure, use of all      the materials, equipment and installations which the Purchaser and/or      anyone on its behalf has left on the Municipality Lands and the Additional      Real Estate Rights, the giving of instructions and directives to the      executing contractors, the transfer into the Municipality’s ownership of      all the works that have been performed on the Municipality Lands and the      Additional Real Estate Rights up to that time, the giving of notices and      instructions and the signing of any document of whatsoever nature vis-à-vis third parties      and authorities in connection with the vacating of the Municipality Lands      and the Additional Real Estate Rights and/or the taking of any actions      with respect thereto, and so forth.  In every case in which the      Municipality notifies the Trustee that the right of use has been cancelled      by it, the Trustee shall, after the giving of a warning notice to the      Purchaser of 14 business days in advance, transfer the power of attorney      to the Municipality, and the Municipality will be entitled to make use      thereof in its discretion for purposes of realizing its rights as      described above. |
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|   | 10.3.5 | The      Purchaser undertakes that the Municipality and the Company will be a party      to any contractual arrangement between the Purchaser and executing      contractors who perform work for it on the Municipality Lands and/or the      Additional Real Estate Rights during the right of use period (hereinafter:      “the Executing      Contractors”), without this imposing on the Municipality and/or the      Company any liability and/or responsibility.  In the scope of      any such contractual arrangement, an undertaking of the Executing      Contractors shall be included, directly as against the Municipality and      the Company, to the effect that in any event in which they receive a      notice from the Company and the Municipality and that the Company and the      Municipality have lawfully, in their discretion, cancelled the right of      use they have granted to the Purchaser, then as from the date of receipt      of the notice onwards, the Executing Contractors will act solely in      accordance with the instructions of the Municipality and the Company as      will be given at that time.  The Municipality and the Company      will be entitled to elect whether to complete the works of the Executing      Contractors through the Executing Contractors or to evict them from the      Municipality Lands and the Additional Real Estate Rights without the      Municipality and/or the Company owing them any indebtedness of whatsoever      nature.  The Purchaser undertakes to present for the prior      written approval of the Company and the Municipality the identity of the      Executing Contractors and the terms and conditions of the contractual      arrangement with them (including the text of the contractual      agreement). |
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|   | 10.4 | Date      of delivery of possession |
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|   | 10.4.1 | Simultaneous      with and against the making of the second payment, possession of the      Municipality Lands and the Additional Real Estate Rights will be delivered      to the Purchaser (hereinbefore and hereinafter: “Date of Delivery of      Possession”).  With regard to the Open Public Areas      (namely: on the upper ground floor only and which are intended for an Open      Public Area, as marked in green on the Leasehold Drawings), the provisions      of sub-clause 1.6(d) above      will apply accordingly. |
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|   | 10.4.2 | Without      derogating from the contents of Clause 10.2.2 above, on the Date of      Delivery of Possession, the parties will sign a deed of assignment of      Obligations and Commitments Transferred to the Purchaser, in the text      attached to this Agreement as Appendix      10.4.2.  In addition, the Purchaser will deliver to the      Municipality a declaration verifying representations in the text of      Appendix 4.13 to this Agreement. |
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|   | 10.4.3 | It      is clarified that at the Date of Delivery of Possession the Municipality’s      rights in the Municipality Lands are free and clear of any attachment      and/or encumbrance and/or mortgage and/or any third party right, save and      except caveats and/or mortgages and/or attachments and/or encumbrances      and/or any third party rights which have their origin in the Purchaser and      excluding caveats over an antiquities site, and in accordance with      leaseholds that have expired which are registered over Parcel 92 Block      7104 and which have not been expunged by the Municipality up to the Date      of Delivery of Possession.  If attachments and/or mortgages      and/or third party rights and/or caveats are imposed on the Municipality’s      rights in the Municipality Lands where the origin for same does not lie      with the Purchaser (hereinafter: - “the Impediment”), then      the Municipality undertakes to remove such Impediment within 90 days from      the date the Municipality becomes aware of the  Impediment. |
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| 11. | Taxes |
|-----|-------|

|  | 11.1 | Land      Appreciation Tax and Sales Tax, if same apply, in respect of the sale by      the Municipality of the Property Sold to the Purchaser shall be borne by      the Municipality.  It is hereby clarified that the Municipality      is entitled to embark on objection or appeal proceedings before any      relevant authority, in its discretion, against its being held liable for      any of the payments imposed on it according to this sub-clause      11.1. |
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|  | 11.2 | Land      Acquisition Tax in respect of the purchase of the rights of leasehold in      respect of Municipality Lands and in respect of the Additional Real Estate      Rights shall be borne and paid by thePurchaser. |
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|  | 11.3 | All      taxes, rates, fees, levies, pursuant to any law, and all compulsory      payments of any sort pursuant to any law, as well as any payment which is      imposed on the Purchaser as a leasehold lessee in accordance with the      special conditions of leasehold (Appendix 1.6 to this Agreement) which      applied and/or which apply and existed or which may apply and come into      being in connection with the Municipality Lands and the Additional Real      Estate Rights, the cause of action for which pertains to any period,      whether before the date of signing of this Agreement or subsequent      thereto, shall be borne and paid by the Purchaser, except as stated in      sub-clause 11.5 below and unless otherwise expressly stipulated in this      Agreement.  Notwithstanding the foregoing, payment of property      tax in respect of the Municipality Lands and the Additional Real Estate      Rights the grounds for which arose before the Date of Delivery of the      Right of Use and payments of the consumption of water and electricity in      respect of the Municipality Lands and the Additional Real Estate Rights,      the grounds for which preceded the Date of Delivery of the Right of Use,      will not apply to the Purchaser. |
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|  | 11.4 | Without      derogating from the contents of sub-clauses 11.3 above, the Purchaser      undertakes to pay the Municipality the full betterment, in respect of any      change in the Plan TA/3001 (including an application for relief,      exceptional use, alteration of the approved plan and so forth) that may be      approved in relation to the Municipality Lands and/or the Additional Real      Estate Rights after the date of signing of this Agreement, with this being      in accordance with the provisions of the special conditions document for      the leasehold.  Nothing in the foregoing shall derogate from the      provisions of sub-clause 6.3.5above. |
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|  | 11.5 | With      respect to a betterment levy – it is agreed that any liability for a      betterment levy in respect of the Municipality Lands and the Additional      Real Estate Rights, in relation to the full rights and the uses that are      approved and the full building capacity in accordance with the statutory      situation that is in force (up to and including Plan TA/3001), shall be      imposed on the Municipality and shall be arranged by it, and no liability      and/or responsibility in connection therewith will apply to the      Purchaser. |
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|  | 11.6 | It      is agreed that each party will render to the tax authorities all the      reports it is obliged to render according to law and the time prescribed      for this by law. |
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|  | 11.7 | If      the Municipality has paid development levies and/or payments for      connection up to electricity in respect of the Municipality Lands, and to      the extent that a right exists at law for setting off such development      levies against fees and levies that will be imposed on the Purchaser in      connection with the Purchaser’s Project and/or payments for connection up      to the Israel Electric Corporation, it is agreed that the Municipality (in      its capacity as a seller) does not object to the Purchaser setting off a      pro rata portion of such development levies and electricity connections      against the development levies and/or the connecting up payments to the      Electric Corporation which the Purchaser will be charged by the      Municipality. “Pro rata      share” in this sub-clause 11.7 means, the ratio between the      building rights (main areas) on the Municipality Lands and the      Municipality’s share in the total building rights (main areas) in the      Project Lands (save and except Plot No. 8).  For the removal of      doubt it is clarified that nothing in the foregoing in this sub-clause      constitutes any form of representation and/or undertaking on the part of      the Company in connection with development levies and/or payments for      connecting up to electricity and/or in connection with the payment      thereof, the amount thereof and/or the right to set-offs in connection      therewith. |
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|  | 11.8 | It      is hereby clarified that each of the parties is entitled to embark on      objection or appeal proceedings vis-à-vis any relevant authority, in such      party’s discretion, against the charging of any of the payments imposed on      such party in accordance with this Clause 11, provided that this shall not      have the effect of delaying the times specified in this      Agreement. |
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| 12. | Condition      precedent |
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| 13. | Liability,      waiver,  andindemnity |
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|  | 13.1 | The      Purchaser hereby confirms and undertakes that it waives any claim, demand,      cause of action or allegation (hereinafter: “Claim”) of whatsoever      nature under any law and agreement as against the Municipality and/or the      Company and/or any of the bodies connected with either of them, in      connection with the subject matter of this Agreement and the actions of      any of the aforesaid entities in connection with the signing and      consummation of this Agreement. |
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|  | 13.2 | Without      derogating from the Purchaser’s obligations under this Agreement and/or      from its liability as described in this Agreement, any responsibility      and/or liability vis-à-vis any person and/or body, including as against      the various administrative authorities, in connection with the      Municipality Lands and/or in the Additional Real Estate Rights and/or the      Property Sold and/or the quality thereof and/or the use thereof and/or      acts and/or omissions therein and/or in connection therewith, the origin      and/or the cause of action for which and/or the facts that serve as the      basis for same pertain to the period subsequent to the Date of Delivery of      the Right of Use, shall be borne by the Purchaser alone, to the exclusion      of the Municipality’s liability.  Included in this, the      Purchaser undertakes to indemnify the Municipality and/or the local      committee and/or the Company and/or any of the bodies connected with any      of them, in respect of any damage and/or expense of whatsoever nature that      may be incurred by any of them, and the responsibility for which is      imposed on the Purchaser in accordance with the provisions of this      sub-clause 13.2 above.  For the removal of doubt it is clarified      that the provisions of this sub-clause 13.2 do not derogate from the      Purchaser’s liability and/or from its obligations in relation to periods      which preceded the Date of Delivery of Right of Use as set forth in any of      the provisions of this Agreement. |
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|  | 13.3 | Without      derogating from the Purchaser’s liability according to law and/or this      Agreement, commencing from the Date of Delivery of the Right of Use and      throughout the entire period in which any works are performed by the      Purchaser and/or on its behalf on the Municipality Lands and/or on the      Additional Real Estate Rights, the Purchaser undertakes to effect and      maintain all the insurances at its expense which are necessary and      customary in projects of this sort, in appropriate amounts, including and      without derogating from the generality of the foregoing, building      contracting works insurance, third party liability insurance, employer’s      liability insurance and similar other insurances (hereinafter: “the      Insurances”).  The Purchaser undertakes to pay the      insurance premiums on due date and to comply with all the remaining      provisions of the insurance policies in order that the insurances remain      in force.  The Insurances, including all the chapters thereof,      will be extended to include the Municipality and the buyers of rights in      the Remaining Project Lands (as distinguished from the buyers of      residential units) as an additional insured, subject to a cross-liability      clause pursuant to which the insurance will be deemed to have been      effected separately for each of the individual parties who make up the      insured.  All the insurance policies shall contain a provision      stating that the insurer will notify the Municipality in writing 30 days      in advance before it has the intention of cancelling or reducing the      policies.  In the scope of the contractual arrangements between      the Municipality and buyers of rights in the Remaining Project Lands, the      Municipality will oblige the aforesaid buyers of rights to extend the      insurances which will be effected by them and to include the Purchaser as      an additional insured subject to a cross-liability clause.  It      is agreed that receipt by the Municipality of confirmation that the      Insurances have been effected to the satisfaction of the Municipality      shall constitute a pre-condition to delivery of the right of use and      delivery of possession of the Municipality Lands and the Additional Real      Estate Rights to the Purchaser.  Nothing contained in the      foregoing shall derogate from the Purchaser’s right to include the      financing bank as a beneficiary in the insurances and to charge and      encumber the insurance compensation that may be due to the Purchaser in      favor of the financing bank. |
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| 14. | Agreed      damages |
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|  | 14.1 | It      is hereby agreed between the parties that in every case of a material      breach of this Agreement by the Purchaser, which is not the cured in      accordance with the provisions of sub-clause 18.6 below, including, and      without derogating from the generality of the foregoing, in the case of      actual non-payment of the consideration to the Municipality by the      Purchaser at the times specified in Clause 6 above, for any reason, or in      the case of a registration by the Purchaser of a caveat prior to the time      specified in sub-clause 9.5 above which was not expunged within 48 hours      from the time the Purchaser was called upon to expunge same, the      Municipality will be entitled, without derogating from any right or remedy      available to the Municipality according to any law and agreement in      respect of a breach of this Agreement by the Purchaser, to agreed damages      in the sum equivalent to 10% of the amount of the Basic Consideration      (hereinafter: “the Agreed      Damages”), as agreed pre-estimated liquidated damages in respect of      such material breach.  It is hereby expressly agreed that in      such case the Municipality will have the absolute right to confiscate the      Agreed Damages, either by foreclosing on the sale process guarantee or by      holding forfeit the amounts which have been paid to it on account of the      consideration up to such time, without the necessity for giving a warning      notice or notice of any sort to the Purchaser and/or to the Interested      Parties. |
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|  | 14.2 | The      Purchaser hereby declares that the aforesaid Agreed Damages as referred to      in sub-clause 14.1 above have been fixed by the parties after careful and      reflective assessment of the damage that will be incurred by the      Municipality as a result of such material breach, and accordingly no      argument by the Purchaser to the effect that the compensation is      unreasonable will be entertained, and the Purchaser hereby irrevocably,      fully and expressly waives any allegation or argument of any sort by      it.  It is further agreed that the Municipality will have the      absolute right, for purposes of collecting the Agreed Damages, to      foreclose on the sale process guarantee or to hold forfeit the amounts      that have been paid to it on account of the Consideration up to such time      without being obliged to give notice to the Purchaser about the effecting      of such foreclosure. |
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|  | 14.3 | It      is agreed that the provisions of this Clause 14 above are subject to the      provisions of sub-clause 5.2above. |
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| 15. | Name      of the Project |
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| 16. | Transfer      of rights and encumbrances |
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|  | 16.1 | It      is hereby agreed that until completion of the construction of all the      built areas that can be erected on the Municipality Lands, the Company’s      Lands and the Additional Real Estate Rights (including the Public      Buildings) in accordance with the provisions of Plan TA/3001 and pursuant      to the provisions of this Agreement, the Purchaser will not be entitled to      transfer any of its rights and obligations in the Property Sold, or any      part thereof, to third parties (excluding a sale of residential units to      the buyers of apartments as defined above and/or the letting of      residential units and/or built commercial areas) (hereinafter for purposes      of this sub-clause: “the      Transferee”) without the prior written consent of the Company and      the Municipality. |
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|  | 16.2 | Notwithstanding      the contents of Clause 16.1 above and subject to what is stated in Clause      16.3 below, it is agreed that: |
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|  | 16.2.1 | Until      the date of payment of the full Basic Consideration, the Mall Company will      be entitled to sell portion of its rights and obligations in relation to      the commercial areas that are the subject of this Agreement to a third      party which is a financial entity and/or an entity whose field of business      is the management and operation of yield producing assets (hereinafter for      purposes of this sub-clause – “the Transferee”),      provided that the obligations of the Mall Company and the Transferee      vis-à-vis the Municipality and the Company in relation to the commercial      areas shall be joint and several, and that the provisions of sub-clause      16.5 below shall be compliedwith. |
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|  | 16.2.2 | Commencing      from the date of payment of the full Basic Consideration to the      Municipality and the Company, the Mall Company will be entitled to sell      the commercial areas or part thereof to any third party, provided that the      Transferee assumes the full obligations of the Mall Company in accordance      with this Agreement as regards the transferred portion of the commercial      areas, and the Mall Company shall remain liable to the Company for the      full obligations pursuant to this Agreement in connection with that      portion of the commercial areas which remains in its possession after the      transfer, if any, and that the provisions of sub-clause 16.5 below are      complied with. |
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|  | 16.3 | If      the Mall Company should wish to sell its rights in the commercial areas      (in whole or in part) prior to the issue of a certificate for initial      occupation (Form 4) in respect of the School, the Sports Center and the      area of the Municipality’s parking places (hereinafter in this Clause 16:      “the School, the Sports      Center and the Municipality’s Parking Places Area”), then such      transfer shall be subject to the prior written consent of the Municipality      on such conditions as the Municipality may stipulate in accordance with      the provisions of this sub-clause below, and subject to fulfillment of the      provisions of sub-clause 16.5 below.  This consent shall be      given if the Municipality has been persuaded that such transfer does not      affect the obligations of the Housing Company for erecting the School and      the Sports Center, the construction and actual completion thereof, and the      obligations of the Mall Company for constructing the Municipality’s      Parking Places Area, the construction and actual completion      thereof.  It is clarified that the only factor the Municipality      will be entitled to take into account for purposes of giving such consent      and the conditions thereof, is the guaranteeing of construction of the      School, the Sports Center and the Municipality’s Parking Places      Area. |
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|  | 16.4 | It      is agreed that in the case of the transfer of rights by the Purchaser in      accordance with the provisions of this Clause 16 above, the Municipality      will sign the necessary documents for purposes of transferring the      Purchaser’s rights to the Transferee (including consent to registration of      a caveat, amendment of the deeds of mortgage and so forth), provided that      within the framework of such documents the Municipality’s rights pursuant      to this Agreement will be secured and the Transferee’s stepping into the      Purchaser’s shoes vis-à-vis the Municipality in all respects shall be      guaranteed, all subject to the condition that the Municipality’s signing      as aforesaid shall not derogate from any of the Municipality’s rights      under this Agreement and/or have the effect of the imposing any      obligations and/or expenses on the Company which are not expressly imposed      on it in accordance with this Agreement.  The Municipality’s      consent to a transfer of rights as aforesaid, to the extent that it is      given, will in any event be subject, inter alia, to the expunging of a      caveat that has been registered in favor of the individual party who makes      up the Purchaser who is the transferor or to an amendment thereof, as the      case may be, cancellation of the mortgage that was registered in favor of      the financing bank in connection with the individual party who makes up      the Purchaser who is the transferor or an amendment thereof, as the case      may be, the furnishing of all the powers of attorney required under this      Agreement, the Transferee signing the Transfer Documents that are demanded      by the Company and the Municipality, and similar other      documents. |
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|  | 16.5 | It      is agreed that the provisions of this Clause 16 above (including all the      sub-clauses hereof) regarding restrictions on the transfer of rights will      also apply to a transfer of shares and/or an allotment of shares and/or      the grant of options for shares and/or any disposition or act, directly or      indirectly (hereinafter – “Operations in Shares”)      in the shares of any of the individual parties who make up the Purchaser      and/or in the shares of their parent companies (up to and not including      Interested Parties) (apart from a public offering of shares of such      companies, provided that there shall be no change in control in any of the      individual parties who make up the Purchaser or in any of their parent      companies), and Operations in Shares as a result of which there will be a      change in control (within the meaning of that term in the Securities Law,      5728-1968) in any of the Interested Parties, in a manner whereby any      Operation in Shares as referred to above in this sub-clause will require      the Company’s consent in accordance with the conditions of Clause 16      above. |
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|  | 16.6 | The      encumbrances |
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|  | 16.6.1  | Up      to the date of actual settlement of the Second Payment, the Purchaser will      not be entitled to encumber any of its rights pursuant to this Agreement      and/or in the Municipality Lands and the Additional Real Estate Rights in      favor of any third party. |
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|  | 16.6.2  | Simultaneous      with settlement of the Second Payment, as defined above, the Purchaser      will be entitled to encumber its rights in the Municipality Lands and the      Additional Real Estate Rights and/or its rights pursuant to this      Agreement, solely in favor of a commercial bank that will provide it with      a loan for purposes of financing the transaction that is the subject      matter of this Agreement and/or realization of the transaction, but      subject to the following cumulative conditions (hereinafter – “the Financing Bank”, and      “the Construction      Loans”),respectively): |
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|  | 16.6.2.1 | The      monies of the Second Payment and the monies of the Third Payment shall be      paid by the Financing Bank directly to the Municipality in the manner and      at the times set forth in the provisions of sub-clause 6.2.5 above and      sub-clause 6.2.6 above. |
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|  | 16.6.2.2 | In      the scope of the banking documents the Financing Bank shall confirm to the      Municipality in writing that it is aware, and it agrees thereto, that the      Municipality will, in its discretion, be entitled to create encumbrances      and third party rights of any sort in the Remaining Project Lands,      including encumbrances ranking pari passu with the      encumbrance in favor of the FinancingBank. |
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|   | 16.6.2.3 | The      credit which is the subject of the Construction Loans shall be given      solely in connection with the Purchaser’s Project and the encumbrance to      the Financing Bank shall secure the obligations to the Financing Bank of      the Purchaser and the Interested Parties in connection with the      Purchaser’s Project only. |
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|   | 16.6.2.4 | All      the expenses, the liability and the obligations in connection with the      construction loans, if same are provided to the Purchaser, including      commissions and costs in respect of the issue of any guarantees, including      Sale Law guarantees to buyers of apartments, shall be borne in their      entirety by the Purchaser, in a manner that there shall be no liability on      the Municipality in connectiontherewith. |
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|   | 16.6.2.5 | The      signature by the Municipality to the encumbrance documents to the      Financing Bank will be subject to the condition that the Municipality’s      liability and/or obligation in connection with receiving the Construction      Loans will be confined to the creating of an encumbrance in favor of the      Financing Bank as stated in Clause 16.6.3 below and to the Financing      Bank’s ability to realize same, to the extent necessary, without      additional obligations being imposed on the Municipality vis-à-vis the      Financing Bank and/or without the Financing Bank being able to have      recourse to the Municipality’s other assets (including its rights in the      Remaining Project Lands and/or in the land of Plot No.  8). |
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|   | 16.6.2.6 | The      Financing Bank shall confirm in writing to the Municipality that      realization of the encumbrance in favor of the Financing Bank and its sale      of the rights to a third party pursuant to the aforesaid realization of      the encumbrance shall be made subject to the condition that such third      party shall step into the Purchaser’s shoes with respect to all the rights      and obligations according to the provisions of this Agreement and subject      to the Municipality’s rights pursuant to this Agreement, without this      derogating from the provisions of sub-clause 5.2.5  above. |
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|   | 16.6.2.7 | The      Financing Bank shall give consent in writing to registration of the      parcellation, registration of a leasehold in favor of the Municipality      over the Municipality Lands and the Additional Real Estate Rights, to the      extent that the Municipality so desires, as well as registration of any      act required in the Remaining Project Lands and in the land of Plot No. 8,      provided that its rights pursuant to the encumbrance in its favor shall      not be adversely affected. |
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|   | 16.6.3 | It      is agreed that the encumbrances that will be given by the Municipality in      favor of the Financing Bank will include only the encumbrances mentioned      below, with it being agreed that under all circumstances the encumbrance      documents shall conform with the provisions of Clause 16.6.2 above      (hereinafter – “the      Encumbrance in favor of the Financing  Bank”): |
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|   | 16.6.3.1 | Registration      of a mortgage over the Municipality’s rights of title in Parcel 92 (in      respect of which the provisions set forth at the end of this sub-clause      16.6.3.1 will apply), 93, 95 and 114 Block 7104, as same stand at the date      of signing of this Agreement (and if registration of the encumbrance in      favor of the bank is executed after registration of the parcellation, the      registration shall be carried out in relation to the Municipality’s rights      as same will be after registration of the parcellation), on a basis that      registration of the mortgage will, in any event, be effected in relation      only to the Municipality Lands, by way of registration of a mortgage      according to a diagram and in the alternative, if this is not possible, by      way of registering a mortgage over the above-mentioned parcels coupled      with the exclusion of: (1) the Company’s Lands and (2) the Remainder of      the Project Lands, from the applicability of the mortgage in a manner      which makes it possible to create first-ranking encumbrances in favor of      third parties over the Remainder of the Project Lands, all subject to the      provisions of Clause 16.6.3.3 below.  Notwithstanding the      foregoing, if at the time of registration of the Encumbrance in favor of      the Financing Bank all the leaseholds which have expired have not been      expunged, then in relation to Parcel 92 only (or in relation to the new      parcel that will be created following the registration of the parcellation      and the origin for which is in Parcel 92) a deed of undertaking to      register a mortgage shall be given by the Municipality, pursuant to which      a caveat will be      registered in favor of the Financing Bank over Parcel 92 or over the new      parcel that is created following registration of parcellation as      aforesaid, with it being agreed that in such case no mortgage in favor of      the Financing Bank will be registered.  Upon completion of the      expungement of the leaseholds which have expired, a mortgage will be      registered in favor of the bank over Parcel 92 in the format described      above. |
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|   | 16.6.3.2 | After      registration of a leasehold in favor of the Municipality in connection      with the Municipality Lands, to the extent that same is registered, the      Encumbrance in favor of the Financing Bank will be registered by way of      registration of a mortgage over the Municipality’s rights of leasehold in      the Municipality Land.  After registration of a leasehold in      favor of the Municipality in connection with the Additional Real Estate      Rights, if same is registered, and after completion of the expungement of      the leaseholds that have expired as stated in sub-clause 16.6.3.1 above,      the Encumbrance in favor of the Financing Bank will be registered by way      of registering a mortgage over the Municipality’s rights of leasehold in      the Additional Real Estate Rights. |
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|   | 16.6.3.3 | It      is hereby clarified and agreed that under all circumstances, the      Encumbrance in favor of the Financing Bank will be subject to the      Company’s rights in the Project Lands (both in the Company’s Lands as well      as in the Company’s share of the Remainder of the Project      Lands). |
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|   | 16.6.3.4 | The      Purchaser undertakes to deliver to the Municipality the documents that are      required by the Bank for purposes of registering the Encumbrance in favor      of the Financing Bank (as defined above) not later than 60 days from the      date of the local committee’s decision on approving the first building      permit on conditions, or at least 60 days before the date specified for      making the Second Payment, whichever is the earlier.  The      Municipality will be entitled to discuss the wording of the aforesaid      documents with the Financing Bank and the conformance of those documents      with the provisions of this Agreement.  As long as the aforesaid      documents do not conform with the provisions of this Agreement, the      Company will not sign the saiddocuments. |
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|   | 16.6.3.5 | The      documents as shall be agreed between the Municipality and the bank and      which under all circumstances shall conform with the provisions of this      Clause 16.6 will henceforth be referred to as – “the Encumbrance Documents in      favor of the Financing Bank”.  The Encumbrance Documents      in favor of the Financing Bank shall be signed by the Municipality, and      shall be delivered by the Municipality to the Purchaser in accordance with      the provisions of Clause 6.2.5 above.  Contemporaneous with the      Municipality signing the Encumbrance Documents in favor the Financing      Bank, the Municipality shall furnish the Financing Bank with an      undertaking to register a mortgage over the Company’s rights of leasehold      in the Company’s Lands, in accordance with the provisions of sub-clause      16.7.3.1 (b) of the Company’s LandsAgreement. |
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|  | 16.7 | It      is hereby agreed that in a case in which each of the individual parties      who make up the Purchaser takes a Construction Loan separately from the      other, the sole responsibility for arranging the series of encumbrances      with the separate Financing Bank of each of the individual parties who      make up the Purchaser in a manner whereby the series of encumbrances as      aforesaid shall conform with the provisions of this Agreement, is that of      the Purchaser or the individual parties who make up the Purchaser, as the      case may be, and the Municipality will sign the Encumbrance Documents in      favor of each of the Financing Banks only in accordance with and subject      to the provisions of sub-clause 16.6above. |
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|  | 16.8 | It      is agreed that the provisions of Clauses 16.1 to 16.7 above will also      apply in relation to any transferee who may acquire any rights in the      Project Lands from the Purchaser and/or from the Purchaser’s      transferees. |
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| 17. | Sale      of apartments by the HousingCompany |
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|  | 17.1 | The      Housing Company undertakes that all the sale agreements that will be      signed between it and buyers of apartments up to the Date of Delivery of      Possession will be contingent upon a condition precedent of settlement of      the Additional First Payment, the Later First Payment and the Second      Payment on the due date of each of them.  It is further agreed      that (1) up to the date of settlement of the Additional First Payment, the      Later First Payment and the Second Payment – all the proceeds that will be      received by the Housing Company from buyers of apartments will be      deposited in a trust account and/or in the account of the Financing Bank,      and under no circumstances will same be transferred to the Housing      Company; (2) if up to the Date of Delivery of Possession, the Housing      Company guarantees the payments that have been paid to it by buyers of      apartments by way of a Sale Law guarantee, then the Sale Law guarantee      will contain an additional ground for foreclosure pursuant to which      cancellation of this Agreement and/or the Company’sLands Agreement by the Company and the Municipality will constitute      grounds for foreclosure on the Sale Law guarantee.  If the      Housing Company has secured the monies of buyers of apartments in another      way, a refund of the money shall be guaranteed accordingly in the case      mentioned above. |
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|  | 17.2 | The      Housing Company undertakes that it will include in all the sale agreements      with buyers of apartments a provision pursuant to which the buyers of      those units declare that the Company and the Municipality do not bear any      responsibility or liability to the buyers of  apartments. |
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|  | 17.3 | The      Housing Company will not be entitled to register a caveat in favor of the      buyers of apartments, until after payment of the full Basic Consideration      and after registration of the leasehold rights in the Municipality Lands      in the name of the Purchaser. |
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| 18. | Miscellaneous |
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|  | 18.1 | The      Housing Company undertakes that at the time residential apartments on the      Land that is the subject of this Agreement are offered by it for sale or      rental, every buyer who meets the financial conditions that will be      offered by it at that time in the scope of marketing the apartments, will      be entitled to acquire rights in the apartments that are offered as      aforesaid. |
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|  | 18.2 | This      Agreement embodies everything that has been agreed between the parties up      to the date of the signing hereof.  There shall be no validity      to any representation, statement, exchanges, written or verbal, directly,      indirectly or impliedly, and similar other things on the part of the      Municipality and/or the Company and/or the local committee and/or the      entities connected with any of them, which preceded the signing of this      Agreement.  However, with the removal of doubt it is clarified      that nothing contained at the start of this sub-clause 18.2 shall derogate      from the obligations and commitments of the Purchaser and the Interested      Parties in accordance with the sale procedure, to the extent that same are      not contradicted by the provisions of this  Agreement. |
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|  | 18.3 | No      alteration or waiver of the provisions of this Agreement will be of any      validity unless a written document to that effect has been drawn up and      signed by both the parties. |
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|  | 18.4 | Any      waiver by a party to this Agreement of any of its rights shall be of no      force and validity unless drawn up in writing.  Where in this      Agreement the consent of the party to the contract is required for      purposes of any act, such consent will be of no validity unless given in      writing. |
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|  | 18.5 | Where      a date has been specified for the obligations of all the parties, they      shall have the right to extend that date by way of written      consent. |
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|  | 18.6 | Clauses      3, 4 (excluding sub-clause 4.11), 5, 6, 7, 9 (excluding clause 9.9), 10      (excluding 10.2), 11, 13, 16, 17 constitute basic and fundamental clauses      of this Agreement and a breach of a provision contained in any of them      which has not been cured within 30 days from the date of receipt by the      Purchaser of written notice to that effect will be deemed to be a material      breach.  It is further agreed that a repeated breach (that is to      say, commencing from the third breach onwards) of any of the provisions of      the above  clauses will immediately be deemed to be a material      breach without the necessity for any warning or notice being given by the      Municipality.  This provision shall be deemed to have been      included at the end of each of the abovementioned  clauses. |
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|  | 18.7 | Without      derogating from the contents of Clause 18.6 above, it is hereby agreed      that each of the following cases will be deemed to be a material breach on      the part of the Purchaser, which will entitle the Municipality, in its      discretion, inter alia to the remedy of the cancellation of this contract      by written notice to be delivered to the  Purchaser: |
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|  | 18.7.1 | If      an application for a stay of proceedings is filed by any of the individual      parties who make up the Purchaser or by any of the Interested      Parties.  In a case in which such application is filed by any      third party – only if a stay of proceedings order is    granted. |
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|  | 18.7.2 | In      the event that a liquidation order or receivership order is granted      against any of the individual parties who make up the Purchaser or against      any of the Interested Parties, or if a provisional or permanent receiver      is appointed for the property of any of them, or if a liquidator or      provisional liquidator is appointed for any of the individual parties who      make up the Purchaser or for any of the Interested Parties, or if any of      the individual parties who make up the Purchaser or any of the Interested      Parties files a proposal for making an arrangement with his or its      creditors – all in a case in which such appointment or order has not been      set aside within 90 days from the date the court order was      granted. |
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|  | 18.7.3 | If      an attachment has been imposed on the Purchaser’s rights in the      Municipality Lands and/or the rights of any of the individual parties who      make up the Purchaser and/or any of the Interested Parties in other assets      of any sort which serve as collateral for the banking finance, and the      attachment has not been removed within 90 (ninety) days from the date the      attachment was imposed. |
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|  | 18.7.4 | In      relation to the cases mentioned in sub-clauses 18.7.1-18.7.3 above, which      will be deemed to be material breaches as aforesaid, it is agreed that the      occurrence of the aforesaid events will be examined in relation to each of      the individual parties who make up the Purchaser separately, where an      individual party in respect of whom one of the events mentioned in      sub-clauses 18.7.1-18.7.3 above has occurred will be deemed to be a      Defaulting Individual Purchaser and an individual party who makes up the      Purchaser with respect to whom one of the aforesaid events has not      occurred will be deemed to be a Complying Individual Purchaser, as more      fully described in the provisions of sub-clause 5.2.4.3    above. |
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|   | 18.8 | If      the Purchaser has fulfilled all its obligations under this Agreement up to      and including payment of the full Basic Consideration on due date, and the      Third Payment has been paid in the hands of the Municipality, then,      without derogating from the remaining remedies available to the      Municipality according to law and agreement, the Municipality will no      longer have a right to cancel thisAgreement. |
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|  | 18.9 | It      is agreed that any payment which applies to any of the parties to this      Agreement, which is made after the date specified for the payment thereof      in accordance with this Agreement, will bear penalty interest at an annual      rate of 10%, commencing from the first day of default.  All this      will be without derogating from any other or additional right or remedy to      which the other party is entitled according to any law and/or      agreement. |
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|  | 18.10 | This      Agreement is being signed simultaneously with the signing of the agreement      between the Purchaser and the Company for the purchase by the Purchaser of      the rights in the Company’s Lands (hereinbefore and hereinafter: “the Company’s Lands      Agreement”).  For the removal of doubt it is clarified      and agreed that this Agreement is the separate and independent agreement      from the Company’s Lands Agreement, and that the transaction which is the      subject of this Agreement is a separate and independent transaction from      the transaction that is the subject of the Company’s Lands      Agreement.  The obligations and rights of the Municipality, on      the one hand, and the Company on the other, pursuant to the      above-mentioned agreements, do not constitute joint and several      obligations and rights vis-à-vis the Purchaser, and the Municipality or      the Company are not a guarantor for the fulfillment of the obligations of      one another vis-à-vis the Purchaser in accordance with the aforesaid      agreements, and the existence of the agreements and of the transactions      that are the subject of the Agreements are separate and      independent.  Nothing contained in this clause above shall      derogate from the provisions of sub-clause 6.2.5.5  above. |
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|  | 18.11 | In      the case of a conflict between the provisions of the sale procedure and      the provisions of this Agreement, the provisions of this Agreement shall      prevail. |
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|  | 18.12 | It      is agreed that the provisions of the Contracts Law (Remedies for Breach of      Contract), 5731-1970 shall apply to this  Agreement. |
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|  | 18.13 | The      Purchaser will not have any right of set-off or lien, for any reason, in      respect of any amount it is obliged to pay in accordance with the      provisions of this Agreement. |
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|  | 18.14 | The      Municipality reserves the right, in its sole discretion, to assign,      transfer or endorse its rights and/or obligations under this      Agreement. |
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|  | 18.15 | Should      this Agreement be cancelled, such cancellation will not derogate from the      validity of the provisions contained in Clauses 4.1 to 4.4, 4.7 to 4.10,      4.11, 4.17, 4.21, 4.22, 13.1 and 14 above and from the validity of the      undertaking pursuant to the deeds of confidentiality of the Purchaser, the      Interested Parties and their representatives which were delivered in the      scope of the sale process. |
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|  | 18.16 | This      Agreement shall be governed by the laws of the State of Israel and the      court in Tel Aviv will have sole and exclusive jurisdiction to try any      matter connected with this Agreement and/or arising herefrom, according to      its substantive jurisdiction. |
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|  | 18.17 | Each      party to this Agreement shall bear its own costs and    expenses. |
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|  | 18.18 | It      is clarified that if this Agreement is translated into foreign languages,      the translation will be solely for purposes of convenience and under all      circumstances the binding version will be the version in the Hebrew      language. |
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|  | 18.19 | Any      notice that is sent by one party to another shall be deemed to have been      received: |
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|  | 18.19.1 | After      3 business days from the time of its posting by registered mail at a post      office in Israel; |
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|  | 18.19.2 | If      delivered by hand - at the time of itsdelivery; |
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|  | 18.19.3 | If      sent by facsimile – at 12:00 noon on the first business day following the      transmission thereof, as confirmed by notice of the facsimile machine from      which it was sent. |
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|  | 18.20 | The      parties fix their addresses for purposes of the contract as      follows: |
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| /s/                      |   | /s/                   |
|--------------------------|--------|-----------------------|
| The      Housing Company |   | The      Mall Company |

| /s/                   |
|-----------------------|
| The      Municipality |

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| 1. | That      the declarations and undertakings given by us in the scope of the sale      process and the sale procedure are correct, complete, full and updated,      and are binding on us along with the Purchaser, for all intents and      purposes. |
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| 2. | That      we are aware that on the strength of our undertakings as set forth below,      the Municipality has agreed to accept the Purchaser’s offer to buy the      Property Sold and to enter into this Agreement with  it. |
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| 3. | We      confirm the correctness of all the declarations and representations of the      Purchaser as set forth in the Agreement, in a manner whereby those      declarations and representations shall be deemed as if given by us      directly to the Municipality. |
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| 3A. | Each      of the Interested Parties hereby declares and undertakes to the      Municipality that it is duly incorporated and that it is entitled and      authorized to make the undertakings set forth in this Deed of Undertaking      and to perform same, and has passed all the resolutions and obtained all      the approvals required according to the provisions of the law and its      documents of incorporation for purposes of entering into this Deed of      Undertaking.  Each of the Interested Parties further declares      and undertakes that no steps have been taken with respect to it for an      arrangement, stay of proceedings, winding-up, liquidation, expungement,      bankruptcy or receivership, and that there is no threat against it of such      legal proceedings (including the fact of there being no attachment of its      assets), that are likely to have an effect on its contracting under this      Deed of Undertaking and on the performance of its obligations pursuant      hereto. |
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| 4. | We      are fully conversant with the provisions of the Agreement and we declare      and undertake that we have the ability to abide by all the Purchaser’s      obligations pursuant to the Agreement, in accordance with the contents of      Paragraph 5 below. |
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| 5. | We      owe a direct obligation to the Municipality for the fulfillment of all the      Purchaser’s obligations pursuant to the Agreement, including payment of      the Consideration, in accordance with the following      provisions: |
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|   | 5.1 | The      Interested Parties are responsible and liable directly to the Municipality      for the fulfillment of all the Purchaser’s obligations for payment of the      Consideration as follows: |
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|   | 5.1.1 | Dirot      Yukra Ltd. is responsible as a direct debtor to the Municipality for      payment of 50% of the payments of the Consideration imposed on the Housing      Company under the Agreement and also for payment of 50% of the payments of      the Consideration imposed on the Mall Company under the      Agreement. |
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|   | 5.1.2 | Gindi      Investments 1 Ltd. is responsible as a direct debtor to the Municipality      for payment of 25% of the payments of the Consideration imposed on the      Housing Company under the Agreement and also for payment of 25% of the      payments of the Consideration imposed on the Mall Company under the      Agreement. |
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|   | 5.1.3 | Blue      Square Real Estate Ltd. is responsible as a direct debtor to the      Municipality for payment of 50% of the payments of the Consideration      imposed on the Housing Company under the Agreement and also for payment of      50% of the payments of the Consideration imposed on the Mall Company under      the Agreement. |
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|   | 5.1.4 | Without      derogating from the Municipality’s remaining rights pursuant to the      Agreement and according to this Deed of Undertaking, it is clarified for      the removal of doubt that nothing in sub-paragraph 5.1 above has the      effect of derogating from any of the remedies available to the      Municipality according to any law and agreement in the event that the      Housing Company and/or the Mall Company should default in any of their      obligations for payment of the full Consideration (or any part thereof)      under the Agreement (even if the Interested Parties or any of them has      complied with the fulfillment of its obligations to the Municipality      pursuant to this Paragraph 5.1). |
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|   | 5.2 | The      Interested Parties are directly responsible and liable to the Municipality      for the fulfillment of all the Purchaser’s obligations pursuant to this      Agreement (except only the Purchaser’s obligations for payment of the full      Consideration, in respect of which the provisions of sub-clause 5.1 above      will apply) as follows: |
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|   | 5.2.1 | Blue      Square Real Estate Ltd. and Dirot Yukra Ltd. are liable, jointly and      severally, as direct debtors to the Municipality for all the Purchaser’s      obligations under the Agreement. |
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|   | 5.2.2 | Gindi      Investments 1 Ltd. is responsible as a direct debtor to the Municipality      for payment of 50% of all the Purchaser’s obligations pursuant to this      Agreement. |
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|   | 5.2.3 | For      the removal of doubt it is clarified that included in this sub-clause 5.2,      the Interested Parties in the Housing Company are directly liable and      responsible for all the obligations of the Housing Company for the      construction of the public buildings, as defined in the Agreement above,      with this being in accordance with the provisions of Clause 7 of the      Agreement above and the provisions of the Construction Contract between      the Housing Company and theMunicipality. |
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|   | 5.3 | Our      undertakings above and below are absolute, irrevocable and unconditional      and included therein our obligations to the Municipality are not      contingent on prior reference by the Municipality to any of the individual      parties who make up the Purchaser and/or upon the exhausting of any      proceedings and/or remedies that are available to the Municipality      according to the Agreement and/or anylaw. |
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| 6. | The      Interested Parties hereby confirm and undertake that they waive any claim,      demand, cause of action or allegation (hereinafter: "Claim") of whatsoever      nature according to any law and agreement as against the Company and/or      the Municipality and/or any of the bodies connected with either of them,      in connection with the subject matter of this Agreement and the actions of      any of the aforesaid entities in connection with the signing and      consummation thereof.  The confirmation of the Interested      Parties as set forth above is also given in connection with what is stated      in Clause 4.10 of this Agreementabove. |
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| 7. | The      Interested Parties confirm that their obligations under this Deed of      Undertaking are as a principal debtor, directly to the Municipality, and      not as a guarantor.  Without derogating from the foregoing and      for the sake of caution, the Interested Parties hereby absolutely,      unconditionally and irrevocably waive all or any defense or argument that      is available and/or may be available to them, if any, pursuant to the      Guarantee Law. |
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| 8. | All      the remedies and forms of relief that are available and/or may in the      future be available to the Municipality as against the Purchaser in      accordance with any law and agreement shall also be available against us      in all respects, including in a manner that none of us will have any      argument or defense which is not expressly available to the      Purchaser. |
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| /s/      Dror Moran, Zeev Stein               |   | /s/                  |
|-----------------------------------------------|--------|----------------------|
|   Blue      Square Real Estate Ltd. |   | Dirot      Yukra Ltd |

| /s/                                                         |
|-------------------------------------------------------------|
|      Gindi Investments 1      Ltd. |

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