| WHEREAS: | The      board of directors of the Company decided on May 18, 2009 to offer the      public, by way of a shelf prospectus which the Company will publish in May      2009 (hereinafter: “the      Prospectus” or “the Shelf Prospectus”),      a series of Debentures (Series C) having an overall par value of up to NIS      500,000,000, a series of Debentures (Series D) having an overall par value      of up to NIS 500,000,000 a series of Debentures (Series E) having an      overall par value of up to NIS 500,000,000, a series of Debentures (Series      F) having an overall par value of up to NIS 500,000,000, a series of      Debentures (Series G) having an overall par value of up to NIS 500,000,000      convertible into ordinary shares of the Company, a series of Debentures      (Series H) having an overall par value of up to NIS 500,000,000      convertible into ordinary shares of the Company, all in the manner and on      the conditions that will be stipulated in this Deed of Trust;      and |
|----------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| WHEREAS: | The      Trustee is a company limited by shares which was incorporated in Israel in      February 1995 in accordance with the Companies Ordinance, whose main      object is to engage in trusteeships;and |
|----------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| WHEREAS: | The      Trustee has declared that there is no bar or impediment under the      Securities Law, 5728-1968, or any other law, to its entering into this      Deed of Trust with the Company and that it complies with the qualification      requirements and conditions prescribed in the Securities Law to serve as a      trustee for the issue of the Debentures that are the subject matter of the      Prospectus; and |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| WHEREAS: | The      Company has made a request to the Trustee to serve as trustee for the      holders of the Debentures (Series C-H), and the Trustee has agreed      thereto, all subject to and in accordance with the terms and conditions of      this Deed of Trust; |
|----------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | Preamble,      interpretation and thedefinitions |
|----|--------------------------------------------------|

|   | 1.1 | The      preamble to this Deed of Trust and the appendices attached hereto form a      fundamental and integral parthereof. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------|

|   | 1.2 | The      division of this Deed of Trust into clauses and the insertion of headings      to the clauses has been done for the sake of caution and as place-finders      only, and no use shall be made thereof for purposes of      interpretation. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.3 | Everything      stated in this clause in the plural shall also include the singular and      vice versa, and      everything in the masculine gender shall also include the feminine, and      vice versa, and      anything relating to a person shall also include a body corporate,      wherever there is no express and/or implied provision to the contrary in      this Deed and/or unless the content and the context otherwise      dictates. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.4 | In      this Deed of Trust and in the Debentures (Series C to H) the following      expressions will have the meanings set opposite them, unless a different      meaning is to be inferred from the content or the  context: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| “This Deed” or “the Deed of      Trust”                        |   | This      Deed of Trust including the appendices attached hereto which form an      integral part hereof;                                                               |
|----------------------------------------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                   |   |                                                                                                                                                                    |
| “The Offering Report” or      “the Shelf Offering      report” |   | As      defined in Paragraph 2.1 of the Prospectus;                                                                                                                     |
|                                                                                   |   |                                                                                                                                                                    |
| “The      Prospectus”                                                      |   | A      shelf prospectus the Company will publish in May 2009, inter alia in respect      of the issue of the Debentures (Series C-H);                                   |
|                                                                                   |   |                                                                                                                                                                    |
| “The      Debentures”                                                      |   | The      Debentures (Series C-H) of the Company, which will be issued in accordance      with the Prospectus and which are in circulation at the time in      question; |
|                                                                                   |   |                                                                                                                                                                    |
| “The      Trustee”                                                         |   | Hermetic      Trust (1975) Ltd. and/or whoever serves from time to time as trustee for      the holders of the Debentures in accordance with this  Deed;                |
|                                                                                   |   |                                                                                                                                                                    |

----

| “Register”                                                                   |   | A      register of holders of the Debentures of each of the series C-H as stated      in the First Schedule to this Deed;                                                                                                                                                                                                                                                                                                                                                                                                                           |
|------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                                     |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| “Debenture holders”      and/or “holders of the      Debentures” |   | The      persons whose names are registered for the time being in the register of      holders of the Debentures of each of the series C to H and in the case of      several joint holders, the joint holder whose name stands first in the      register;                                                                                                                                                                                                                                                                                         |
|                                                                                     |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| “Debenture      certificate”                                                 |   | In      respect of each of the aforesaid series of Debentures – a debenture      certificate the wording of which appears in the First Schedule to this      Deed;                                                                                                                                                                                                                                                                                                                                                                            |
|                                                                                     |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| “The Law” or “the Securities      Law”                           |   | The      Securities Law, 5728-1968 and the regulations pursuant thereto, as in      force from time to time;                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                                                                     |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| “Principal”                                                                  |   | The      par value of the Debentures of the relevant series that are in      circulation, which has not yet been repaid;                                                                                                                                                                                                                                                                                                                                                                                                                            |
|                                                                                     |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| “Trading      day”                                                           |   | A      day on which the banks in Israel are open for the execution of      transactions;                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|                                                                                     |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| “The      Stock Exchange”                                                    |   | The      Tel Aviv Stock Exchange Ltd.;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                                     |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| “Business day” or “banking business      day”                    |   | Any      day on which most of the banks in Israel are open for the execution of      transactions with the public;                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                                                                     |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| “The      Offering Report”                                                   |   | A      shelf offering report that will be prepared and published in accordance      with the provisions of Section 23A(f) of the Securities Law, 5728-1968, in      which all the special conditions for the offer of each of the series of      the Debentures offered pursuant to the Prospectus will be completed,      including the composition of the units offered, in accordance with the      provisions of any law and in conformity with the regulations and      directives of the Stock Exchange, as in force for the time      being; |
|                                                                                     |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| “The      Nominee Company”                                                   |   | Bank      Hapoalim Nominee Company Ltd.;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|                                                                                     |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| “The      Stock Exchange Clearing House”                                     |   | The      Tel Aviv Stock Exchange Clearing HouseLtd.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |

----

| 2. | Issue of the      Debentures and applicability of the Deed of  Trust |
|----|----------------------------------------------------------------------|

|   | 2.1 | Up      to four series of registered Debentures (Series C to F), where of each of      the series of Debentures will have an overall par value of up to NIS      500,000,000, repayable (principal) in a number of installments which shall      not be less than one and not more than fifteen (15) annual installments,      or which shall not be less than one installment and shall not exceed      thirty (30) half-yearly installments, payable at the times as set forth in      the Offering Report, as will be described in the Offering Report, pursuant      to which each of the aforesaid series will first be offered; the      indexation basis (or absence of indexation) and the type of interest the      principal amount of Debentures of each of the aforesaid series that will      be issued will bear shall be specified in the Offering Report pursuant to      which each of the aforesaid series is first issued.  The rate of      interest the principal amount of the Debentures of each of the aforesaid      series that will be issued in accordance with the Prospectus will bear, or      the margin above or below the base interest the principal amount of the      Debentures of each of the aforesaid Debentures will bear, as the case may      be, will be specified in the Offering Report or will be fixed in a tender      pursuant to which the initial offering of the Debentures of that series      will be made.  The interest in respect of the Debentures of each      of the aforesaid series will be payable each year in one annual payment or      in two half-yearly payments or in four quarterly payments, as will be      specified in the Offering Report pursuant to which each of the aforesaid      series is initially offered.  The dates and number of repayments      of principal, the indexation basis (or absence of indexation), the type of      interest, the rate of interest or the manner for fixing it and the times      for payment of interest on the Debentures of each of the aforesaid series,      will be fixed by the Company immediately prior to the initial offering of      the Debentures of the relevantseries. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.2 | Up      to two series of registered convertible Debentures (Series G to H), where      each of the series of Debentures will have an overall par value of NIS      500,000,000, repayable (principal) in a number of payments which shall not      be less than one payment and shall not exceed fifteen (15) annual      payments, or which shall not be less than one payment and shall not exceed      thirty (30) half-yearly payments, payable at the times as set forth in the      Offering Report, all as will be described in the Offering Report, pursuant      to which each of the aforesaid series will be initially offered (“the Convertible      Debentures”); the indexation basis (or absence of indexation) and      the type of interest the principal of each of the series of Convertible      Debentures that will be issued will bear shall be specified in the      Offering Report pursuant to which each of the series of Convertible      Debentures of is initially offered; the rate of interest the principal      each of the series of Convertible Debentures that will be issued in      accordance with the Prospectus will bear, or the margin above or below the      base interest the principal of the Debentures of each of the aforesaid      series will bear, as the case may be, will be specified in the Offering      Report or will be fixed in a tender pursuant to which the initial offering      of the Debentures of that series will be made; the interest in respect of      the Debentures of each of the aforesaid series will be paid each year in      one annual payment or in two half-yearly payments or in four quarterly      payments, as will be described in the Offering Report pursuant to which      each of the aforesaid series is initially offered.  The times      and number of repayments of principal, indexation basis (or absence of      indexation), the type of interest, the rate of interest or the manner for      fixing it and the times for payment of interest on the Debentures of each      of the aforesaid series, will be decided by the Company immediately prior      to the initial offering of Debentures of the relevant series, as will be      specified in the Offering Report pursuant to which each such series is      initially offered (“the      Initial Offering of the Convertible Debentures”); the Convertible      Debentures of each of the series will be convertible into ordinary shares      of NIS 1 par value each of the Company, on any trading day commencing from      the date of their listing for trading on the Stock Exchange and up to a      number of days before the end of the period of the Debentures of that      series, save and except a number of days prior to the effective date for      partial redemption in accordance with the directives of the Stock Exchange      and up to the date on which the partial redemption is effected, with this      being at a conversion rate that will be fixed in the shelf offering      report, subject to adjustments as stated in Paragraph 2.12.2.6B of the      Prospectus, in such manner and on such conditions as will be set forth in      the first Offering Report of Convertible Debentures of that series, in      accordance with the fixing of such details by the Company immediately      prior to the Initial Offering of the Convertible Debentures of the      relevant series. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 3. | Conditions of the      issue; purchase by the Company and additional  issues |
|----|------------------------------------------------------------------------------|

|   | 3.1 | The      Company will issue the Debentures under the conditions as set forth in the      Prospectus, in the Offering Report and in the Debentures.  The      Company will be entitled to issue additional series of debentures of      different classes, whether same rank prior to the conditions of the      Debentures pursuant to the Prospectus, are equal or inferior      thereto. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.2 | The      Company reserves the right to buy debentures of this issue on the open      market at any time, whether on or off the Stock Exchange, at any price it      may deem fit, without prejudicing the obligation for repayment as      described above.  In the case of such purchase by the Company,      the Company will give notice to that effect in an immediate report, a copy      of which shall be delivered to the Trustee.  The debentures that      will be bought by the Company will be cancelled and will be expunged from      trading on the Stock Exchange, and the Company will not be entitled to      reissue same. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 3.3 | A      company under the control of the Company, the controlling shareholders in      the Company and/or companies under the control of the controlling      shareholders in the Company (hereinafter: “Related Holders”) are      entitled at any time to buy and/or sell Debentures at any price they may      deem fit, and to sell same accordingly.  In the case of a      purchase and/or sale as aforesaid, the Company shall deliver an immediate      report/notice to that effect to the Trustee, upon it becoming aware of the      fact.  The Debentures which are held as aforesaid by a Related      Holder will be deemed to be an asset of the Related Holder, and will not      be expunged from trading on the Stock Exchange.  Debentures      which are held as aforesaid will not confer voting rights at meetings of      debenture holders and will not be taken into account for purposes of      determining the presence of a quorum at such  meetings. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.4 | The      Company may at any time, subject to any law, including in a period up to      the date of final redemption of the Debentures of a particular series,      issue additional Debentures of the same series (whether by way of a      private placement, or in the framework of a prospectus or pursuant to a      shelf offering report) at such price and in such manner as the Company      shall deem fit, including a different discount rate or premium than other      issues made of the same series, provided that it gives notice to that      effect to the debenture holders and to the Trustee of such      series.  The Debentures which will be issued in the first      offering of the Debentures of that series pursuant to the Prospectus and      additional Debentures of the same series that will be issued (if any)      pursuant to this clause will (from the time of their issue) constitute one      series for all intents and purposes, and the Deed of Trust for that series      will also apply with respect to additional Debentures as aforesaid that      may be issued by the Company.  In the case of an increase of a      series of Debentures forming part of Series C to H, the Trustee will have      the right to demand an increase in its remuneration proportionate to 50%      of the extent of the enlarged series, and by contracting under this Deed      the Company gives its consent in advance to an increase in the Trustee’s      remuneration as aforesaid.  The Company will apply to the Stock      Exchange requesting to list the additional debentures for trading on the      Stock Exchange. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 3.5 | The      Company may at any time, without requiring the consent of the Trustee      and/or the consent of the debenture holders, issue additional series of      Debentures, whether same confer a right of conversion into shares of the      Company or do not confer such right, and on such conditions with regard to      redemption, interest, indexation, ranking for repayment in the event of a      winding-up and other conditions as the Company shall deem fit, whether      such conditions are more favorable than the conditions of the Debentures      offered pursuant to this Prospectus, equal or inferior      thereto.  This right which the Company has does not exempt the      Trustee from examining such issue, wherever such obligation is imposed by      law on the Trustee, and it does not derogate from the rights of the      Trustee and of a meeting of debenture holders pursuant to this Deed,      including their right to make the Debentures immediately due and payable      as stated in Clause 7.2 or 7.3below. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.6 | Nothing      contained in this clause above shall in itself oblige the Company or the      debenture holders to buy Debentures or to sell the Debentures held by      them. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.7 | The      Company reserves the right to make early repayment of the Debentures upon      the fulfillment of the conditions set forth in Clause 6 of this      Deed. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | The Company’s      obligations |
|----|--------------------------------------|

----

| 5. | Securing of the      Debentures |
|----|---------------------------------|

|   | 5.1 | The      Debentures that will be offered pursuant to the shelf offering reports in      the framework of the Prospectus may be and may not be secured by any      encumbrance.  In a case in which the Debentures are secured by      any collateral, the Trustee’s remuneration will be increased in accordance      with the provisions of Clause 3.4above. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.2 | The      Company will be entitled to sell, let under leasehold, assign, make over,      encumber or otherwise dispose of all and/or part of its assets, in favor      of whomever it deems fit, without any limitation, and at any ranking,      including for securing series of debentures or other obligations, and      without the necessity for the consent of the Trustee or the debenture      holders and without it being obliged to notify the Trustee about the      creation of such encumbrances. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 5.3 | The      Debentures will rank pari passu amongst      themselves in connection with the Company’s obligations pursuant to the      Debentures of that series, and without one series having a right of      priority or preference overanother. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | Early redemption of      the Debentures |
|----|-----------------------------------------|

|   | 6.1 | Early      redemption due to delisting fromtrading |
|--------|-----|----------------------------------------------------|

|   | 6.1.1 | Within      45 days from the date of the decision by the board of directors of the      Stock Exchange, the Company will give notice about the date of early      redemption on which the holder of Debentures will be entitled to redeem      same.  The Company will pay the holder the principal and the      interest which has accrued up to the date of actual      redemption. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  |   | Notice      regarding the date of early redemption will be published in an immediate      report and also in two widely-circulating Hebrew dailies in Israel and      shall be delivered in writing to all the registered debenture      holders. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.1.2 | The      date of early redemption that will fall with respect to Debentures that      are not convertible (Series C to F) not earlier than 17 days from the date      of publication of the notice, and with respect to the Convertible      Debentures (Series G to H) not earlier than 30 days from the date of      publication of the notice, and with respect to all the series of      Debentures not later than 45 days from the aforesaid date, but not during      the period between the date fixed for payment of interest and the date of      actual payment thereof. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.1.3 | At      the time of early redemption the Company will redeem the Debentures which      the holders thereof have requested to redeem, according to the balance of      the par value thereof plus indexation differences and the interest that      has accrued on the principal up to the date of actual redemption      (calculation of the interest shall be made on a basis of 365 days in the      year). |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 6.2 | Early      redemption on the Company’sinitiative |
|--------|-----|--------------------------------------------------------|

|   | The      Company will be entitled to make the Debentures of any of the Series C to      H, which will be offered pursuant to the offering report and in accordance      with the Shelf Prospectus subject to early redemption, on such terms and      conditions, price, mechanism, timetable and the remaining conditions that      are specified in the Stock Exchange directives as in force for the time      being, as shall be specified in the first offering report of the      Debentures of the relevant series. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | Immediate      repayment |
|----|--------------------------|

|   | 7.1 | On      the occurrence of one or more of the events enumerated    below: |
|--------|-----|--------------------------------------------------------------------------|

|   | 7.1.1 | If      the Company does not pay any amount that is due from it in connection with      the Debentures within 30 days after the due date for payment thereof has      arrived. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7.1.2 | If      a provisional liquidator has been appointed by a court, or a valid      resolution has been passed for the winding-up of the Company (save and      except a winging-up for purposes of merging with another company and/or a      change in the Company’s structure), and such appointment or such decision      has not been set aside within 20 business days from the date on which it      was granted. |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7.1.3 | If      an attachment is imposed on material assets of the Company, in whole or in      part, and the attachment is not removed within 60 days from the date on      which it was imposed. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7.1.4 | An      Execution Office operation is executed against a material asset of the      Company, in whole or in part, and the operation is not set aside within 60      days. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 7.1.5 | If      a receiver is appointed for the Company and/or for its material assets, in      whole or in part, and the appointment is not set aside within 60      days. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7.1.6 | If      the Company ceases payments on the Debentures and/or gives notice of its      intention to cease payments on theDebentures. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------|

|   | 7.1.7 | If      the Company ceases to continue to engage in and/or conduct its businesses      and/or gives notice of its intention to cease continuing to engage in its      businesses and/or the conductthereof. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7.1.8 | If      another series of debentures the Company has issued has been made      immediately due and payable. |
|--------|-------|-------------------------------------------------------------------------------------------------------------|

|   | 7.1.9 | If      a stay of proceedings order is granted under Section 350 of the Companies      Law, 5759-1999 against the Company, and such order is not set aside within      60 (sixty) days from the date of commencement  thereof. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7.1.10 | If      an application is lodged in relation to the Company for the making of an      arrangement with the Company’s creditors pursuant to Section 350 of the      Companies Law, 5759-1999, or if a stay of proceedings order is granted      against the Company in accordance with the aforesaid section, and the      application or the order has not been withdrawn or set aside within 60      days from the date of filing or the date of grant thereof, as the case may      be. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7.1.11 | If      the Company is liquidated or expunged for any  reason. |
|--------|--------|----------------------------------------------------------------|

|   | 7.1.12 | If      a genuine fear exists that the Company will cease payments on the      Debentures and/or will cease to continue its businesses and/or be due to      cease continuing its businesses and/or a material fear exists that it will      cease conducting its business. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7.1.13 | Upon      the occurrence of any event that constitutes material prejudice and/or      could cause material prejudice to the rights of the holders of Debentures      of that series. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 7.2 | Upon      the occurrence of any of the events noted in Clauses 7.1.1 to 7.1.11 above      (inclusive): |
|--------|-----|--------------------------------------------------------------------------------------------------------|

|   | 7.2.1 | The      Trustee will be obliged to call a meeting of debenture holders the date      for convening of which will be after 30 days from the date of calling      thereof (or an earlier date in accordance with the provisions of Clause      7.2.4 below), whose agenda shall contain a resolution regarding the making      of the entire unpaid balance of the Debentures immediately due and payable      by virtue of the occurrence of one of the events mentioned in Clauses      7.1.1 to 7.1.11 above (inclusive). |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7.2.2 | In      the event that up to the date of convening of the meeting any of the      events described in Clauses 7.1.1 to 7.1.11 above (inclusive) has not been      set aside or removed, and the resolution at such meeting of debenture      holders is passed as a special resolution (as defined in the Second      Schedule to this Deed), the Trustee will be obliged, within a reasonable      time, to make the entire unpaid balance of the Debentures immediately due      and payable. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7.2.3 | A      copy of a notice calling such meeting shall be sent by the Trustee to the      Company immediately upon publication of the notice and it shall constitute      prior written warning notice to the Company of the Trustee’s intention to      act as aforesaid. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7.2.4 | The      Trustee may, in its discretion, shorten the aforesaid period of 30 days      (as mentioned in Clause 7.2.1 above) in a situation in which the Trustee      is of the opinion that any delay in making the Company’s debt due and      payable endangers the rights of the debenture holders, but under no      circumstances shall the aforesaid period be shortened to less than 7      days. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7.3 | On      the occurrence of any of the events described in Clauses 7.1.12 to 7.1.13      above (inclusive): |
|--------|-----|-----------------------------------------------------------------------------------------------------------|

|   | 7.3.1 | Each      of the debenture holders and the Trustee will be entitled, but not      obliged, to call a meeting of debenture holders, the date for convening of      which shall be after 30 days from the date on which it was called (or an      earlier date in accordance with the provisions of Clause 7.3.4 below),      whose agenda shall contain a resolution regarding the making of the entire      unpaid balance of the Debentures immediately due and payable by virtue of      the occurrence of any of the events mentioned in Clauses 7.1.12 to 7.1.13      above (inclusive). |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7.3.2 | In      a case in which a resolution is passed at a meeting of debenture holders      as referred to in Clause 7.3.1 above as a special resolution (as defined      in the Second Schedule to this Deed), the Trustee shall be obliged, within      a reasonable time, to make the entire unpaid balance of the Debentures      immediately due and payable. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7.3.3 | A      copy of the notice calling such meeting shall be sent by the party calling      the meeting to the Company and to the Trustee immediately upon publication      of the notice, and shall constitute prior written warning notice to the      Company about the intention to act asaforesaid. |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 7.3.4 | A      debenture holder or the Trustee, as the case may be, who calls the meeting      will be entitled, in his or its discretion, to shorten the aforesaid 30      day period (mentioned in Clause 7.3.1 above) in the event that the party      calling the meeting is of the opinion that any delay in making the      Company’s debt payable endangers the rights of the debenture holders, but      under no circumstances shall the aforesaid period be shortened to less      than 7 days. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7.3.5 | The      Trustee, after it becomes aware of the fact, shall be responsible for      reporting to the debenture holders about the occurrence of any of the      events mentioned in Clauses 7.1.12 to 7.1.13 above (inclusive), whether on      the strength of public announcements the Company has published or in      accordance with a notice the Company has sent to it in accordance with the      provisions of Clause 22 below, shortly after this has been brought to its      notice and/or has been delivered toit. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | Claims and proceedings      by the Trustee |
|----|--------------------------------------------|

|   | 8.1 | In      addition to any other provision in this deed, the Trustee will be entitled      as a matter of right and independent authority, in its discretion, and it      will be obliged to do so by any special resolution passed at a meeting of      the debenture holders, and without giving additional notice to the      Company, to take all such proceedings, including legal proceedings as it      sees fit and subject to the provisions of any law, for purposes of      enforcing the Company’s obligations pursuant to this Deed, for purposes of      exercising the rights of the debenture holders and protecting their rights      under this Deed.  The Trustee will be entitled to commence legal      and/or other proceedings also if the Debentures have not been made      immediately due and payable, in order to protect the rights of the      debenture holders and subject to any law.  Notwithstanding the      contents of this clause, a right to make the Debentures immediately due      and payable shall only arise in accordance with the provisions of Clause 7      above and not on the strength of thisclause. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.2 | The      Trustee will be entitled, subject to any special resolution of the      debenture holders as aforesaid, to waive the compliance with such      obligations of the Company, in whole or in part, on such conditions as it      shall deem fit. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.3 | The      Trustee may, in its sole discretion and without the necessity for giving      notice to the Company, apply to the appropriate court with an application      for instructions on any matter connected with and/or arising from this      Deed. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.4 | Subject      to the provisions of this Deed, the Trustee is entitled, but not obliged,      to convene a general meeting of the debenture holders at any time in order      to consider and/or to obtain its instructions on any matter pertaining to      this Deed and it may reconvene suchmeeting. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 8.5 | The      Trustee may, in its sole discretion, delay the performance of any act by      it in accordance with this Deed, for purposes of referring to a meeting of      debenture holders and/or to the court, until such time as it receives      instructions from the meeting of debenture holders and/or the instructions      of the court on how to act.  Notwithstanding the foregoing, the      Trustee is not entitled to delay proceedings for making the Debentures      immediately due and payable which were decided upon by a meeting of the      debenture holders in accordance with the provisions of Clauses 7.2 or 7.3      above. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.6 | For      the avoidance of doubt it is hereby clarified that none of the provisions      set forth above shall prejudice and/or derogate from the Trustee’s right      which is hereby conferred on it to apply to judicial instances, in its      sole discretion, even before the Debentures are made immediately due and      payable, for purposes of the grant of any order in regard to the affairs      of the trust. |
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| 9. | Distribution of      receipts |
|----|-------------------------------|

----

| 9A. | Power to demand      payment to the holders through the  Trustee |
|-----|------------------------------------------------------------------|

| 10. | Power to withhold      distribution of money |
|-----|----------------------------------------------|

|   | 10.1 | Notwithstanding      the contents of Clause 9 above, if the monetary amount that is received as      a result of the taking of the aforesaid steps which is available for      distribution at any time, as stated in that clause, is less than the rate      of interest in respect of the unpaid balance of the principal of the      Debentures and the interest, subject to the conditions of indexation of      the Debentures of the relevant series, the Trustee will be not obliged to      distribute same and it will be entitled to invest such amount, in whole or      in part, in investments which are permitted according to this Deed, and to      vary and replace such investment from time to time with other permitted      investments, as it sees fit. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.2 | When      the aforesaid investments, together with the profits thereon and together      with additional moneys which are received by the Trustee for purposes of      payment thereof to the debenture holders, if any, reach the amount      specified in Clause 10.1 above, the Trustee shall pay same to the      debenture holders as stated in Clause 9above. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11. | Notice regarding      distribution and deposit with theTrustee |
|-----|----------------------------------------------------------------|

----

| 12. | Failure to make      payment for a reason over which the Company has no      control |
|-----|--------------------------------------------------------------------------------------|

|   | 12.1 | Any      amount that is due to a debenture holder which has not been paid in      practice for a reason that is not dependent on the Company, at a time the      Company was prepared to make payment thereof, shall cease to bear interest      and indexation differences from the date specified for the payment      thereof, and the debenture holder will only be entitled to those amounts      to which he was entitled at the date specified for the effecting of such      payment on account of the principal, the indexation differences or the      interest. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 12.2 | The      Company shall deposit with the Trustee, not later than 14 business days      from the date specified for such payment, the amount of the payment which      was not paid for a reason that was not dependent on the Company, and such      deposit shall be deemed to be liquidation of such payment, and in the case      of liquidation of everything due in respect of the Debenture, also as      redemption of the Debenture. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 12.3 | The      Trustee shall deposit any such amount at a bank to the credit of those      account owners and shall invest such amounts in investments that are      permitted to it in accordance with the Deed of Trust, which are securities      of the State of Israel and other securities in which the laws of the State      of Israel allow the investment of trust moneys, all as the Trustee shall      see fit and subject to the provisions of the law.  Where the      Trustee has done so, it will not be liable to the entitled persons in      respect of such amounts, except the proceeds that will be received from      realization of investments, less the expenses, commissions and compulsory      payment, if any, connected with the aforesaid investment in the management      of the trust account, less itsremuneration. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 12.4 | Out      of those moneys that were deposited as aforesaid, less all the expenses,      commissions, compulsory payments and its remuneration, the Trustee shall      transfer to every debenture holder for whom amounts and/or moneys that are      due to the debenture holders have been deposited with the Trustee, and      shall do so against presentation of such proof as may be demanded by the      Trustee to its full satisfaction. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13. | Presentation      of Debenture to the Trustee and registration in connection with partial      payment |
|-----|--------------------------------------------------------------------------------------------------------|

|   | 13.1 | A      debenture holder will be obliged, at the time of payment of any interest      or partial payment of principal, interest and indexation differences      pursuant to Clauses 9, 10 and 11 above, to present to the Trustee the      Debenture in respect of which the payments are being  made. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 13.2 | The      Trustee shall record a note on the Debenture regarding the amounts that      have been paid as aforesaid and the date of payment    thereof. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 13.3 | The      Trustee will be entitled in any special situation, in its discretion, to      waive the presentation of the Debenture after a deed of indemnity and/or      adequate guarantee to its satisfaction has been given to it in respect of      damage likely to be caused due to the non-recording of such note, all as      it shall see fit. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 13.4 | Notwithstanding      the foregoing, the Trustee may, in its discretion, maintain records in      another manner with regard to such partial  payments. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14. | The Company’s      obligations to the Trustee |
|-----|-----------------------------------------------------|

|   | 14.1 | To      notify the Trustee immediately and in writing in regard to the Company’s      reasonable fear that all or any of the events mentioned in Clause 7.1      above are likely to occur and in regard to the occurrence of all or any of      the events mentioned in Clause 7.1above. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 14.2 | Not      later than the end of 30 days from the date of this Deed of Trust to      deliver to the Trustee an amortization table in an Excel file for payment      of the Debentures (principal andinterest). |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 14.3 | To      notify the Trustee in writing within 4 business days about the effecting      of any payment to the debenture holders and in regard to the balance of      the amounts the Company owes at that time to the debenture holders after      the effecting of the aforesaidpayment. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 14.4 | To      continue to manage and operate the business of the Company in a regular,      proper and efficient manner. |
|--------|------|--------------------------------------------------------------------------------------------------------------------|

|   | 14.5 | Not      later than the date specified for the publication thereof, to deliver the      Company’s consolidated audited financial statements for the financial year      ended on December 31, of the preceding year and periodic reports to the      Trustee. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 14.6 | Not      later than the date specified for the publication thereof, to deliver the      Company’s consolidated interim financial statements and any quarterly      statement accompanied by a review report from an accountant in relation      thereto to the Trustee. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 14.7 | To      deliver to the Trustee, immediately upon the delivery thereof, any report      it is obliged to submit to the Securities Authority.  Any report      that may be published by the Company on the Magna system (including      financial statements) shall be deemed to be actual delivery to the Trustee      in accordance with this clause. |
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|   | 14.8 | Each      December 31 of every year, and so long as this Deed is in force, the      Company shall furnish the Trustee with a certificate signed by the      chairman of the board of directors or the CEO of the Company to the effect      that, to the best of his or their knowledge, as the case may be, in the      period from the date of the Deed and/or from the date of the previous      certificate that was delivered to the Trustee, whichever is the later, and      up to the date of giving of the certificate, there has been no breach of      this Deed by the Company (including a breach of conditions of the      Debenture) unless otherwise expresslystated. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 14.9 | To      cause a situation that the Company’s accountant will, within a reasonable      time, provide the Trustee and/or such persons as the Trustee shall direct,      with any explanation, document, calculation or information concerning the      Company, its business and/or its assets that may be reasonably required,      in the Trustee’s discretion, for purposes of examinations that are      performed by the Trustee for purposes of protecting holders of the      Debentures that have been issued in accordance with the shelf offering      report. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 14.10 | To      maintain proper books of account in accordance with accepted accounting      principles. |
|--------|-------|--------------------------------------------------------------------------------------------------|

|   | 14.11 | The      Trustee, by its signing this Deed of Trust, undertakes to keep all      information given as aforesaid confidential.  It is clarified      that the passing on of information to the debenture holders for purposes      of passing a resolution relating to their rights pursuant to the Debenture      or for purposes of providing a report regarding the condition of the      Company, does not constitute a breach of the Trustee’s confidentiality      undertaking. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 14.12 | To      notify the Trustee, immediately it becomes aware thereof, in regard to any      event in which an attachment has been imposed on its assets, in whole or      in part, and also in every case in which a receiver has been appointed for      its assets, in whole or in part, and immediately and at its expense to      take all the reasonable steps necessary for the removal of such attachment      or setting aside of thereceivership. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 14.13 | To      give the Trustee notice of all its general meetings (whether to annual      general meetings or to special general meetings of the shareholders of the      Company) without conferring a right on the Trustee to vote at such      meetings. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 14.14 | To      deliver to the Trustee, upon its written request, a certificate in writing      signed by the Company’s auditor that all the payments to the debenture      holders were paid on due date, and the balance of the par value of the      Debentures that are in circulation. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 14.15 | A      copy of every document the Company sends to its shareholders or to      debenture holders and any additional information in accordance with the      Trustee’s reasonable demand which is necessary for fulfilling the      Trustee’s function of protecting the rights of the debenture      holders. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 14.16 | To      deliver to the Trustee, upon its demand, an affidavit and/or declarations      and/or documents and/or particulars and/or information, as may be demanded      by the Trustee, in its sole discretion, for the exercise and      implementation of the powers, authorities and permissions of the Trustee      and/or its representatives in accordance with the Deed of      Trust. |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 15. | Additional      obligations |
|-----|-----------------------------|

|   | 15.1 | It      shall make the declarations and/or sign all the documents and/or shall      perform and/or cause the performance of all the requisite and/or necessary      acts in accordance with the law for giving validity to the exercise of the      powers, authorities and permissions of the Trustee and/or its      representatives. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 15.2 | It      shall give all the notices, the orders and instructions which the Trustee      may deem to be beneficial and maydemand. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------|

|   | 15.3 | For      purposes of this clause – a notice in writing signed by the Trustee      confirming that an act demanded by it, in the scope of its powers and      authorities, is a reasonable act, shall constitute prima facie evidence of      the fact. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16. | Other      agreements |
|-----|-----------------------|

| 17. | Reporting by the      Trustee |
|-----|-------------------------------|

|   | 17.1 | Current      particulars regarding the course of business of the trust in the preceding      year. |
|--------|------|----------------------------------------------------------------------------------------------------|

|   | 17.2 | A      report on exceptional events in connection with the trust which occurred      during the course of the precedingyear. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------|

----

| 18. | Remuneration and cover      of the Trustee’s expenses |
|-----|-------------------------------------------------------------|

| 19. | Special      powers |
|-----|---------------------|

|   | 19.1 | The      Trustee will be entitled to lodge all the deeds and documents which      evidence, represent or specify its right in connection with any asset      which is for the time being in its possession, in a safe and/or at another      place it may choose, with any banker and/or any banking corporation and/or      with an attorney.  Where the Trustee has done so, it will not be      liable in respect of any loss that may be caused in connection with such      deposit, unless the Trustee acted negligently or    maliciously. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 19.2 | The      Trustee may, in the scope of performing the affairs of the trust pursuant      to this Deed, requisition an opinion and/or advice of any attorney,      accountant, appraiser, valuer, surveyor, real estate agent or other      expert, and will be entitled to act in accordance with the conclusions      thereof, whether such opinion and/or advice was prepared at the request of      the Trustee and/or by the Company.  The Trustee will not be      liable for any loss or damage that may be caused as a result of any act      and/or omission committed by it on the strength of such advice or opinion,      unless the Trustee acted negligently or  maliciously. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 19.3 | Any      such advice and/or opinion may be given, sent or received by way of      letter, telegram, facsimile and/or any other electronic means for the      transfer of information, and the Trustee will not be liable in respect of      acts it performed on the strength of advice and/or an opinion and/or      information transmitted in one of the ways mentioned above,      notwithstanding that errors were made in it and/or that they were not      authentic, unless the Trustee acted negligently or      maliciously. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 19.4 | In      a case in which the Trustee receives a certificate signed by the Company      through two directors of the Company and/or an assessment confirming that      in their opinion a transaction, step, operation or anything else being      done or intended to be done by the Company are desirable and are for the      benefit of the Company, this shall constitute sufficient proof that the      transaction, step, operation or thing are indeed desirable and for the      Company’s benefit.  Where the Trustee has acted in reliance on      such certificate, it will not be liable for any damage and/or loss that      may be caused as a consequence of such step, operation and/or thing,      unless the Trustee acted negligently or  maliciously. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 19.5 | Subject      to the provisions of this Deed, the Trustee shall be entitled, but not      obliged, to call a general meeting of debenture holders at any time in      order to consider and discuss and/or to obtain its instructions on any      matter pertaining to this Deed, and it may reconvene such      meeting. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 19.6 | The      Trustee shall not be obliged to give notice to any party about the signing      of this Deed and it is not entitled to interfere in any way in the conduct      and management of the Company’s business or its affairs, except in      accordance with the powers and authorities conferred on the Trustee      pursuant to this Deed. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 19.7 | In      performing the trust The Trustee shall exercise the powers, permissions      and authorities that have been conferred on it under this Deed, in its      absolute discretion, and it will not be liable for any damage that may be      caused as a result of an error in such discretion, unless the Trustee      acted negligently or maliciously. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 20. | Trustee’s power to      employ agents |
|-----|---------------------------------------------|

| 21. | Indemnification of the      Trustee |
|-----|-------------------------------------|

|   | 21.1 | The      Trustee will be entitled to receive indemnity from the debenture holders      or from the Company, as the case may be, in respect of reasonable expenses      it has incurred and/or may incur in connection with the operations it has      performed or is obliged to perform by virtue of its obligation pursuant to      the terms and conditions of this Deed, and/or according to law and/or a      directive of a competent authority and/or any statute and/or on a demand      by the debenture holders and/or at the Company’s request, provided      that: |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 21.1.1 | The      expenses in respect of liability for damage are  reasonable. |
|--------|--------|-----------------------------------------------------------------------|

----

|   | 21.1.2 | The      Trustee acted in good faith, and the act was performed in the scope of      fulfilling its function. |
|--------|--------|---------------------------------------------------------------------------------------------------------------|

|   | 421.2 | Without      prejudice to the rights to compensation and to indemnity granted to the      Trustee according to the law and/or without prejudice to the commitments      of the Company and/or the debenture holders in accordance with this Deed,      the Trustee, its attorney, manager, agent or other person appointed by the      Trustee in accordance with this Deed, will be entitled to receive      indemnity out of the moneys that will be received by the Trustee as a      consequence of proceedings it has taken and/or otherwise in accordance      with this Deed, with regard to the obligations they have assumed regarding      the expenses that have been incurred in the course of performing the trust      or in connection with such operations, which in their opinion were      necessary for performing the matters aforesaid and/or in connection with      the exercise of the powers and permissions conferred by virtue of this      Deed and also in connection with all kinds of legal proceedings, opinions      of attorneys and other experts, negotiations, discussions, expenses,      claims and demands relating to any matter and/or thing that was done      and/or was not done in any manner in relation to the foregoing, and the      Trustee may withhold money in its possession and make payment out of such      money of the requisite amounts for purposes of paying such      indemnity.  All the aforesaid amounts will rank ahead of and      prior to the debenture holders and subject to the provisions of any law,      provided that the Trustee acted in goodfaith. |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 21.3 | Wherever      the Trustee is obliged pursuant to the terms and conditions of the Deed of      Trust and/or according to law and/or a directive of a competent authority      and/or any statute and/or upon a demand by the debenture holders and/or at      the request of the Company, to perform any act, including, without      limitation, the commencing of proceedings or the filing of claims on a      demand by the debenture holders, as stated in the Deed of Trust, the      Trustee will be entitled to refrain from taking any such action until it      receives a deed of indemnity to its satisfaction from the debenture      holders or any of them, and if the act is performed on a demand by the      Company, from the Company, in respect of any liability for damage and/or      for expenses that might be incurred by the Trustee and the Company or      either of them, as a consequence of the performing of such      act.  The Trustee’s power to refrain from such act shall not      apply in circumstances where urgent action is necessary in order to      prevent material prejudice to the rights of the debenture      holders. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 21.4 | Notwithstanding      the contents of this Clause 21 above (including the sub-clauses hereof),      whenever the Trustee deems fit, for purposes of the protection and/or the      realization of the rights of the debenture holders, and/or is obliged,      according to the conditions of this Deed and/or according to law and/or a      directive of a competent authority and/or any law and/or at the request of      the Company and/or the debenture holders, to institute legal proceedings,      the Company shall deposit with the Trustee an amount that will be fixed by      the Trustee as the anticipated amount of the Trustee’s expenses in      connection with such proceedings.  In the event that the Company      does not deposit the aforesaid amount at the time it was requested by the      Trustee to do so and/or where in the Trustee’s opinion there is doubt      regarding the Company’s ability to cover the expenses connected with the      taking of proceedings by the Trustee, the Trustee shall immediately call a      meeting of debenture holders in order to confirm their liability for the      cover of the expenses connected with the proceedings which the Trustee      will take.  In a case in which the debenture holders refuse to      bear the expenses connected with the taking of proceedings by the Trustee,      there will be no obligation on the Trustee to take such      proceedings.  It is hereby clarified that the agreement of the      debenture holders as aforesaid does not release the Company from its      obligations to bear and to cover all the expenses connected with the      taking of such proceedings.  Likewise, all the moneys that will      be received from proceedings for realization shall also serve for refund      and cover of expenses which the debenture holders have undertaken to bear      as aforesaid. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 21.5 | It      is agreed that indemnity for the Trustee as set forth in this Clause 21 in      respect of: (1) operations it has performed and/or has been called upon to      perform by virtue of its obligation under the terms and conditions of the      Deed of Trust or for purposes of protecting the rights of the debenture      holders (including by virtue of a demand by a holder) – shall be borne and      paid by the Company; (2) acts it has performed and/or has been called upon      to perform at the request of the Company – shall be borne and paid by the      Company; and (3) actions it has performed and/or has been called upon to      perform on a request by the debenture holders (excluding acts as aforesaid      that were taken on a demand by holders for purposes of protecting the      rights of the debenture holders) – shall be borne and paid by the      debenture holders.  It is further agreed that if there is an      obligation for indemnity on the Company as aforesaid and the      indemnification is not received from the Company within 60 days from the      Trustee’s demand, the holders will be liable for the indemnity to the      Trustee.  It is clarified that actual payment by the holders to      the Trustee shall not derogate from the Company’s obligation to refund to      the holders the amount that was paid in a situation in which it was      obliged to make payment thereof in accordance with the provisions of this      Deed. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | 22.1 | Any      notice by the Company and/or the Trustee to the debenture holders shall be      given as follows: |
|--------|------|------------------------------------------------------------------------------------------------------------|

|   | 22.1.1 | By      reporting on the Magna system of the Securities Authority; (the Trustee      may instruct the Company and the Company shall be obliged to report      forthwith on the Magna system in the name and on behalf of the Trustee      with respect to any report in the text as will be transmitted to the      Company in writing by the Trustee); and      also by way of: |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 22.1.2 | A      notice that shall be published in two widely circulating dailies that are      published in Hebrew in Israel; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                 |
|   |   | or                                                                                                                   |

----

|   | by      sending a notice by registered mail to every registered holder of      Debentures according to his last address as recorded in the register of      debenture holders (in the case of joint holders – to the joint holder      whose name stands first in theregister). |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Any      notice that may be published or sent as aforesaid, will be deemed to have      been delivered to the debenture holder on the date of publication thereof      as aforesaid or after three days from the date of posting thereof, as the      case may be. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 22.2 | Any      notice or demand by the Trustee to the Company may be given by way of      letter to be sent by registered mail according to the address set forth in      the Deed of Trust, or according to such other address of which the Company      has given the Trustee written notice, or by the transmission thereof by      facsimile or via a messenger, and any such notice or demand will be deemed      to have been received by the Company: (1) in the case of posting by      registered mail – after three business days from the date of delivery      thereof to the post office; (2) in the case of transmission by facsimile      (together with telephonic verification regarding the receipt thereof) –      after one business day from the day of its transmission; (3) and in the      case of it being sent via messenger – upon delivery thereof by the      messenger to the addressee or upon it being offered for acceptance to the      addressee, as the case may be. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 22.3 | Any      notice or demand by the Company to the Trustee may be given by letter to      be sent by registered mail according to the address set forth in the Deed      of Trust, or according to such other address of which the Trustee has      given the Company written notice, or by the transmission thereof by      facsimile or via a messenger, and any such notice or demand shall be      deemed to have been received by the Trustee: (1) in the case of posting by      registered mail – after three business days from the date of delivery      thereof to the post office; (2) in the case of transmission by facsimile      (together with telephonic verification regarding the receipt thereof) –      after one business day from the day of its transmission; (3) and in the      case of it being sent via messenger – upon delivery thereof by the      messenger to the addressee or upon it being offered to the addressee for      acceptance, as the case may be. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 22.4 | Copies      of notices and invitations to meeting that may be given by the Company      and/or the Trustee to the debenture holders – shall also be sent by the      Company in an immediate report, a copy of which shall be delivered to the      Trustee. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23. | Waiver; compromise;      and amendments to the terms and conditions of the Deed of      Trust |
|-----|-----------------------------------------------------------------------------------------------|

|   | 23.1 | Subject      to the provisions of any law, the Trustee may from time to time and at any      time, if it has been persuaded that this does not, in its opinion,      constitute any form of prejudice to the rights of the debenture holders,      waive any breach or non-fulfillment by the Company of any of the terms and      conditions of this Deed. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 23.2 | Subject      to the provisions of the law and with prior approval to be given by a      general meeting of debenture holders of a particular class by a 75%      majority of the persons participating in the vote, at which the holders of      at least 50% of the balance of the par value of the Debentures of that      series which are in circulation were personally present or represented by      proxy, or at an adjourned meeting, at which the holders of at least 10% of      the aforesaid balance were personally present or represented by proxy, the      Trustee may, either before or after the principal of the Debentures      becomes due for payment, compromise with the Company in connection with      any right or claim of holders of the Debentures of that series and may      agree with the Company on any arrangement in connection with its rights or      the rights of holders of the Debentures of that series, including the      waiving of any right or claim of the debenture holders against the Company      in accordance with this Deed.  Where the Trustee has compromised      with the Company after obtaining prior approval of the holders of the      Debentures as aforesaid, the Trustee will be exempt and released from any      liability in respect of suchaction. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 23.3 | Subject      to the provisions of the law, the Trustee and the Company may, either      before or after the principal of the Debentures becomes due for payment,      alter the Deed of Trust (including an alteration to the terms and      conditions of the Debentures) if one of the following conditions is      fulfilled: |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 23.3.1 | The      Trustee has been persuaded that the alteration is not prejudicial to the      debenture holders. |
|--------|--------|-----------------------------------------------------------------------------------------------------------|

|   | 23.3.2 | The      debenture holders have agreed to the proposed alteration, by way of a      special resolution passed at a general meeting of the debenture holders,      at which the holders of at least 50% of the unpaid balance of the      principal of the Debentures that are in circulation were personally      present or represented by proxy, or at an adjourned meeting, at which the      holders of at least 10% of the aforesaid balance were personally present      or represented by proxy. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 23.4 | The      Company shall lodge an immediate report in regard to any such      alteration. |
|--------|------|-----------------------------------------------------------------------------------------|

|   | 23.5 | The      general meetings mentioned in this clause above shall be called as stated      in the Second Schedule to thisDeed. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------|

|   | In      every case of the exercise by the Trustee of its right pursuant to this      clause above, the Trustee shall be entitled to demand from the debenture      holders that they deliver to it or to the Company their certificates, for      purposes of recording a note in regard to any compromise, waiver,      alteration or amendment as aforesaid and upon the Trustee’s demand, the      Company shall record such note on the certificates that will be delivered      to it. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 24. | Release |
|-----|---------|

| 25.  | Release |
|-----------|---------|

| 25.  | Appointment of new      Trustee and termination of its office as  trustee |
|-----------|---------------------------------------------------------------------------|

|   | 25.1 | The      provisions of the law will apply to the holding of office by the Trustee      and the expiration thereof and to the appointment of a new      trustee.  Subject to the provisions of the law, the Trustee and      any trustee who replaces it shall be entitled to resign from their      positions as trustees after giving the Company three (3) months written      notice in which the reasons for the resignation shall be      specified. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The      resignation shall come into force only after confirmation by the court and      from the day fixed for this in the confirmation.  In the case of      such resignation or in the event of the expiration of the Trustee’s term      of office, the court may appoint another trustee in place of the Trustee,      for such period and on such conditions as it sees  fit. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 25.2 | According      to the provisions of the Deed of Trust, where the Trustee or any trustee      who replaces it have acted in this way, they will not be responsible for      expenses or losses that may be caused as a result of their      resignation. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 25.3 | The      court may dismiss a trustee if it has not fulfilled its function properly      or if the court has found another reason for its  dismissal. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 25.4 | The      holders of ten percent of the unpaid balance of the Debentures and/or the      Company shall be entitled to convene a general meeting of holders of      debenture certificates.  Any meeting that is convened as      aforesaid shall be entitled to decide, according to the vote of the      holders of at least fifty percent of the unpaid balance of the Debentures,      on the removal of the Trustee from itsoffice. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 25.5 | The      Securities Authority is entitled to apply to the court with an application      to terminate the Trustee’s term of office, in accordance with Section 35N      of the Law. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 25.6 | The      Trustee and the Company shall lodge an immediate report with the      Securities Authority regarding any event as mentioned above in this      clause, in connection with the Trustee’s term of  office. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 25.7 | Where      the Trustee’s term of office has expired, the court may appoint another      trustee for such period and on such conditions as it sees      fit.  The Trustee whose term of office has expired shall      continue to serve in its function until the appointment of such other      trustee. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 25.8 | Every      new trustee will have the same powers, authorities and other permissions      and may act in all senses as if it was appointed as a trustee from the      outset, subject to the provisions of Section 35N of the    Law. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 26. | Meetings of debenture      holders |
|-----|------------------------------------|

| 27.  | Investment of      money |
|-----------|--------------------------|

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| 28.  | Governing      law |
|-----------|--------------------|

| 29. | Addresses |
|-----|-----------|

| 30.  | General |
|-----------|---------|

| 31.  | Authorization for      Magna |
|-----------|------------------------------|

| /s/                             |   | /s/ David Weissman, Zeev    Stein |
|---------------------------------|--------|-----------------------------------|
| Hermetic      Trust (1973) Ltd. |   | Blue      Square Real Estate Ltd. |

|   |   | /s/ Meirav Tamir                                  |
|--------|--------|---------------------------------------------------|
|   |   | Meirav      Tamir, Adv.                           |
|   |   | Lic.      No. 32164                               |
|   |   | 2      Ha’amal St., Rosh Ha’ayin48092 |

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| WHEREAS | On      May 20, 2009 the Company and the Trustee signed a deed of trust in      connection with the Shelf Prospectus the Company published on May 20, 2009      (hereinafter: “the Deed      of Trust”), pursuant to which the Company is entitled, inter alia, to issue      Debentures (Series C) of the Company (hereinafter: “Debentures (Series      C)”); and |
|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| WHEREAS | The      Company intends publishing a shelf offering report in accordance with the      Shelf Prospectus, pursuant to which the Company will for the first time      offer Debentures (Series C) (hereinafter: “the Shelf Offering      Report”); and |
|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| WHEREAS | On      October 7, 2009 Midroog Ltd. gave notice of having fixed a A1 rating for      the Company’s new series of debentures to an extent of up to NIS      300,000,000; and |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| WHEREAS | On      October 7, 2009 Standard & Poor’s Maalot gave notice of having fixed a      A+/negative rating for the Company’s new series of debentures to an extent      of up NIS 300,000,000; and |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| WHEREAS | As      an integral part of the Deed of Trust the parties hereby agree to make      alterations in the Deed of Trust which will apply in connection with      Debentures (Series C), as described below in this  Addendum; |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 1. | It      is hereby clarified, agreed and declared that to the extent that any of      the provisions of the Deed of Trust have not been expressly altered, those      provisions will apply in full and will bind the parties in all      respects. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | It      is agreed that to the extent that the meaning of terms and expressions in      the Deed of Trust or any of them have not been expressly altered in this      Addendum, the meaning of the aforesaid terms and expressions will be the      same meaning as accorded to them in the Deed of  Trust. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | In      the Deed of Trust, in      connection with Debentures (Series C) only, the following      alterations will apply: |
|----|---------------------------------------------------------------------------------------------------------------------------|

|   | 3.1 | In      Clause 4 of the Deed of Trust, after the words “the interest”, the      following words will be added: “(including penalty interest, if same      applies)”. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.2 | In      Clause 7 of the Deed of Trust (immediate payment), the following changes      and additions will be made: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------|

|   | 3.2.1 | In      Clause 7.1.1 of the Deed of Trust, instead of: “30 days” there shall be      inserted: “21 days”. |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------|

|   | 3.2.2 | Clause      7.1.14 shall be added to the Deed of Trust, as  follows: |
|--------|-------|----------------------------------------------------------------------|

|   | “7.1.14 | If      the Debentures (Series C) cease to be rated by any rating company, solely      for a reason dependent on the Company, and this is not rectified within 60      business days.  For the removal of doubt it is clarified that if      the Debentures (Series C) are rated by a number of rating companies, then      for purposes of this clause “cessation of rating” means “cessation of      rating by all the ratingcompanies.” |
|--------|---------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.3 | In      Clause 14 of the Deed of Trust (the Company’s obligations to the Trustee)      Clauses 14.17 and 14.18 will be added as  follows: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------|

|   | “14.17 | Even      if the Company ceases to be a reporting corporation, the Company shall      continue to deliver quarterly and annual financial statements to the      Trustee at the times at which a reporting corporation publishes same until      the final and absolute repayment of the Debentures (Series    C). |
|--------|--------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 14.18 | Solely      if this is dependent on the Company, the Company shall cause a situation      that the Debentures (Series C) will continue to be rated by any rating      company until a final and absolute repayment of the Debentures (Series      C).” |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 3.4 | In      Clause 21 of the Deed of Trust, the following alterations and additions      will be made: |
|--------|-----|----------------------------------------------------------------------------------------------------|

|   | 3.4.1 | Clause      21.1.2 of the Deed of Trust after the words: “in good faith”, the words      “was not negligent” shall beinserted. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.4.2 | In      Clause 21.2 of the Deed of Trust, wherever the word “expenses” appears the      word: “reasonable” shall be added ahead ofit. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.4.3 | In      Clause 21.5 of the Deed of Trust, at the end of the clause before the      period the following words will be added: “and in such case, the Trustee      will be obliged to address a demand to the Company for reimbursement of      this amount”. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.5 | In      Clause 23.3 of the Deed of Trust, the following paragraph will be added at      the end thereof: |
|--------|-----|----------------------------------------------------------------------------------------------------------|

|  |   | “It      is clarified that a reduction in the rate of interest specified in the      debenture, a change in the times of payment of the principal and the      interest, the deletion of any of the grounds enumerated in Clause 7 of      this deed, or the deletion of any of the reports according to this deed      which the Company has undertaken to send to the Trustee – will be capable      of being changed only if the provisions specified in Clause 23.3.2 above      have been fulfilled”. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.6 | In      Clause 27 of the Deed of Trust, instead of: “at the bank/s” there shall be      substituted: “at one of the five largest banks”, and instead of: “provided      that any investment in securities shall be in securities that have been      rated with a rating of not lower than a AA rating” there shall be      inserted: “provided that any investment in securities shall be in      government bonds and/or in bank depositsonly.” |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | It      is clarified that the alterations in the Deed of Trust as set forth in      this Addendum shall apply only in regard to the Debentures (Series C) and      this Addendum does not make the conditions set forth in this Addendum      applicable to other series of debentures the Company is entitled to offer      pursuant to the Shelf Prospectus (that is to say, Debentures (Series D to      H). |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| /s/                             |   | /s/ Dror Moran, Zeev  Stein      |
|---------------------------------|--------|----------------------------------|
| Hermetic      Trust (1975) Ltd. |   | Blue      Square Real EstateLtd. |

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