| WHEREAS | On      February 18, 2010 the board of directors of the Company approved the      publication of a shelf prospectus (hereinafter: “the Prospectus” or      “the Shelf      Prospectus”) pursuant to which the Company may, inter alia, issue up to      5 series of Debentures (Series C to Series G) which are not convertible      into shares of the Company and up to 3 series of Debentures (Series H to      J) which are convertible into shares of the Company (hereinafter      collectively: “the      Debentures”) to the public in Israel in the framework of shelf      offering reports; and |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| WHEREAS | The      Trustee is a company limited by the shares which was duly incorporated in      Israel and whose object is to engage in trusteeships;  and |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------|

| WHEREAS | The      Trustee declares that there is no impediment according to the law (as      defined below), or any other rule or law, to its entering into this Deed      of Trust with the Company and that it meets the requirements and      conditions of qualification specified in the Law (as defined below) to      serve as a trustee in accordance with this Deed of Trust;    and |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| WHEREAS | The      Company declares that there is no impediment according to any law to its      contracting with the Trustee under this Deed of Trust;  and |
|---------|----------------------------------------------------------------------------------------------------------------------------------------------------|

----

| WHEREAS | The      Company has made a request to the Trustee that subject to the issue to the      public in Israel of a series forming part of the series of Debentures,      that the Trustee serve as trustee for the holders of Debentures that will      be issued in this framework, and the Trustee has agreed thereto, all      subject to and in accordance with the terms and conditions of this Deed of      Trust, subject to the condition that at the time of offering by the      Company of the Debentures the Company and the Trustee will examine a      possibility of the Trustee serving as a trustee for the series of      Debentures offered, coupled with examining the existence or absence of a      conflict of interest between holders of the relevant series, with this      being in accordance, inter alia, with the      terms and conditions of this Deed of Trust, the directives of the      Securities Authority and/or the law which applies at such time;      and |
|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| WHEREAS | The      Trustee agrees to sign this Deed of Trust and to act as trustee for the      debenture holders; |
|---------|----------------------------------------------------------------------------------------------------------|

| 1. | Preamble,      interpretation anddefinitions |
|----|----------------------------------------------|

|   | 1.1 | The      preamble to this Deed of Trust and the appendices hereto constitute an      integral part hereof. |
|--------|-----|------------------------------------------------------------------------------------------------------------|

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

|   | 1.3 | Everything      stated in this deed in the plural shall also include the singular, and      vice versa,      everything in the masculine gender shall also include the feminine, and      vice versa, and      any words importing a person shall also include a body corporate, provided      that there is no other express and/or implied provision in this deed      and/or if the contents or the context thereof otherwise      dictate. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.4 | In      every case of a conflict between the Deed of Trust and the documents which      accompany it, the provisions of the Deed of Trust shall      prevail.  In every case of a conflict between the provisions      described in the Prospectus in connection with this deed and/or the      Debentures, the provisions of this deed shall  prevail. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.5 | In      this Deed of Trust the following expressions will have the meanings set      opposite them, unless a different meaning is to be inferred from the      content or the context thereof; |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | “The      Company” | Blue      Square – Israel Ltd.; |
|--------|--------------------------------|---------------------------------------|

|   | “This deed” or “the Deed of      Trust” | This      Deed of Trust including the addenda and appendices attached hereto which      form an integral parthereof; |
|--------|-----------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------|

----

|   | “The      Trustee” | The      Trustee mentioned at the head of this deed and/or any entity that may from      time to time serve as Trustee for the debenture holders pursuant to this      deed; |
|--------|--------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | “Shelf      Prospectus” | The      Company’s Shelf Prospectus which is due to be published in February      2010; |
|--------|-------------------------------------|-----------------------------------------------------------------------------------------------|

|   | “Offering      report” or      “shelf offering      report” | The      offer of the Debentures of any of the series in accordance with the Shelf      Prospectus, which is made by way of an offering report in accordance with      the provisions of Section 23 of the Law (as defined below), in which all      the special particulars relating to such offering shall 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      Law” | The      Securities Law, 5728-1968 and the regulations made pursuant thereto, as in      force from time to time; |
|--------|----------------------------|-------------------------------------------------------------------------------------------------------------------|

|   | “Register” | The      register of debenture holders as referred to in Clause 24 of this      deed; |
|--------|------------------------|---------------------------------------------------------------------------------------|

|   | “Stock      Exchange” | The      Tel Aviv Stock Exchange Ltd.; |
|--------|-----------------------------------|----------------------------------------|

|   | “Principal” | The      par value of the Debentures of the relevant  series; |
|--------|-------------------------|---------------------------------------------------------------|

|   | “Special      resolution” | A      resolution passed by a general meeting of debenture holders of the      relevant series, at which the holders of at least fifty percent (50%) of      the balance of the par value of the Debentures of that series in      circulation, were personally present or represented by proxy, or at an      adjourned meeting at which the holders of at least ten percent (10%) of      the aforesaid balance were personally present or represented by proxy, and      which resolution was passed (whether at the original meeting or at the      adjourned meeting) by a majority of at least seventy-five percent (75%) of      all the votes of the persons participating in the votes, excluding      abstentions; |
|--------|---------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | “The      nominee company” | Bank      Hapoalim Nominee CompanyLtd.; |
|--------|----------------------------------------|-----------------------------------------|

|   | “Series      of Debentures” or “the      relevant series” | Series      of registered debentures which will be called Series C to G and/or Series      H to J of the Company’s Debentures, on a basis that each of these series      of Debentures will have an aggregate par value of up to NIS 1,500,000, the      conditions of each of which being in accordance with the debenture      certificate of such series and the first offering report of the Debentures      of that series, which will be issued by the Company from time to time in      its sole discretion; |
|--------|-----------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | “The debenture      holders” and/or “holders      of the Debentures” and/or “the      holders” | Any      person who holds theDebentures; |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------|

|   | “Trading      day” | Any      day on which transactions are executed on the Tel Aviv Stock Exchange      Ltd.; |
|--------|--------------------------------|-------------------------------------------------------------------------------------------|

|   | “Stock      Exchange Clearing House” | The      clearing house of the Tel Aviv Stock Exchange  Ltd.; |
|--------|--------------------------------------------------|---------------------------------------------------------------|

|   | “Rating      company”  | A      rating company which has been approved by the Supervisor of the Capital      Market at the Ministry ofFinance; |
|--------|-----------------------------------------|-----------------------------------------------------------------------------------------------------------------------|

| 2. | General |
|----|---------|

|   | 2.1 | Unless      otherwise expressly stated, the contents of this deed will apply      separately to each of the series of Debentures of Series C to G and of      Series H to J which may be issued pursuant to the Shelf Prospectus, and      this Deed of Trust shall be deemed to have been signed separately for each      series forming part of the aforesaid series of  Debentures. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.2 | Unless      otherwise expressly stated in this Deed of Trust, the issue of any of the      series of the Debentures mentioned in this Deed of Trust is not dependent      on another series.  Each series forming part of the series of      Debentures is separate and independent from the other series of Debentures      that might be issued pursuant to the Shelf Prospectus, and the reference      in this Deed of Trust to the series of Debentures shall be in relation to      each series separately without being connected to the other series of      Debentures. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 3. | Issue      of Debentures |
|----|--------------------------|

|   | 3.1 | The      Company may in its sole discretion, subject to the publication of a shelf      offering report, issue up to 5 series of registered Debentures (Series C      to G) where each of the series of Debentures will have a total par value      of up to NIS 1,500,000,000, repayable (principal) in one payment or in      several equal payments which shall not exceed four quarterly payments per      annum as shall be particularized in the first offering report, and will be      paid on each of the dates, as shall be particularized in the offering      report pursuant to which each of the aforesaid series of Debentures is      first issued (“Debentures      of Series C to G”).  The linkage basis (or absence of      linkage) and the type of interest (or absence of interest) which the      principal of the Debentures of any of the aforesaid series that may be      issued will bear will be specified in the offering report pursuant to      which these Debentures are first issued.  For particulars      regarding the linkage bases for the Debentures of Series C to G, that are      possible under the Shelf Prospectus, and for particulars regarding the      possible types of interest pursuant to the Shelf Prospectus, see      Paragraphs 3.1.3 and 4 of the conditions appearing on the reverse side of      the Debentures (Series C to G), respectively.  The rate of      interest which the principal of the Debentures of each of the aforesaid      series that may be issued in accordance with the Shelf Prospectus, or the      margin above or below the base interest which the principal of the      Debentures of each of the aforesaid series will bear, or the absence of      interest which the principal of the Debentures of each of the aforesaid      series will bear, as the case may be, will be particularized in the      offering report pursuant to which these Debentures are first offered, or      will be fixed in a tender pursuant to which the first offering thereof      will be made.  The interest, if any, on the principal of the      Debentures of Series C to G will be paid in a number of payments which      shall not exceed four quarterly payments per annum, as will be      particularized in the offering report pursuant to which these Debentures      are first offered.  The times and the number of payments of      principal, the linkage basis (or absence of linkage), the type of      interest, the rate of interest or the manner of determining it and the      times for payment of the interest (or the absence of interest) of      Debentures of Series C to G, as will be particularized in the offering      report pursuant to which the aforesaid series of Debentures are first      offered, will be decided by the Company immediately prior to the first      offering of the Debentures of the relevant series (“First Offering of Debentures      of Series C to G”).  For further details see also      Paragraph 3, 4 and 5 of the conditions on the reverse side of the      Debentures (Series C to G). |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 3.2 | In      addition the Company may in its sole discretion, subject to the      publication of a shelf offering report, issue up to 3 series of registered      Debentures (Series H to J), on a basis that each of the series of      Debentures will be to an aggregate par value of up to NIS 1,500,000,000,      repayable (principal) in one payment or in several equal payments which      shall not exceed four quarterly payments per annum, as shall be      particularized in the first offering report, and which will be paid on      each of the dates, as will be particularized in the offering report      pursuant to which each of the aforesaid series of Debentures is first      offered (“the Debentures      of Series H to J”).  The linkage basis (or absence of      linkage) and the type of interest (or absence of interest) which the      principal of the Debentures of each of the aforesaid series that will be      issued will bear will be particularized in the offering report pursuant to      which these Debentures are first issued.  For details of the      linkage bases of the Debentures of Series H to J that are possible under      the Shelf Prospectus, and for particulars of the possible types of      interest pursuant to the Shelf Prospectus, see Paragraphs 3.1.3 and 4 of      the conditions appearing on the reverse side of the Debentures (Series H      to J), respectively.  The rate of interest which the principal      of the Debentures of each of the aforesaid series that may be issued in      accordance with the Shelf Prospectus will bear, or the margin above or      below the base interest which the principal of the Debentures of each of      the aforesaid series will bear, or the absence of interest which the      principal of the Debentures of each of the aforesaid series will bear, as      the case may be, will be particularized in the offering report pursuant to      which these Debentures are first offered.  The interest, if any,      on the Debentures of each of the aforesaid series will be paid in a number      of payments which shall not exceed four quarterly payments per annum and      which will be particularized in the offering report pursuant to which      these Debentures are first offered.  The times and number of      payments of principal, the linkage basis (or absence of linkage), type of      interest, the rate of interest or the manner for fixing it and the dates      of payment of the interest (or absence of interest) of the Debentures of      Series H to J, as will be particularized in the offering report pursuant      to which each of the aforesaid series is first offered, will be fixed by      the Company immediately prior to the first offering of the Debentures of      the relevant series (“First Offering of Debentures      of Series H to J”).  Debentures of Series H to J will be      convertible into ordinary shares of the Company of NIS 1 par value each,      on any trading day commencing from the date of the listing of these      Debentures 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, except a      number of days before the effective date for partial redemption in      accordance with the Stock Exchange directives, as in force on the date of      the offering report, as defined in Clause 1.6 above, and up to the date      partial redemption is made, at a conversion price that shall not be less      than the par value of the ordinary shares at the date of the first      offering report of Debentures of Series H to J (subject to adjustments as      stated in Paragraph 6.3 of the conditions appearing on the reverse side of      the Debenture (Series H to J), in such manner and on such conditions as      will be particularized in the first offering report of the Debentures of      each of the aforesaid series, in accordance with the fixing of such      details by the Company immediately prior to the first offering of the      Debentures of the relevant series.  For further particulars see      also Paragraphs 3, 4, 5 and 6 of the conditions appearing on the reverse      side of the Debenture (Series H toJ). |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 3.3 | Enlargement of the      series |
|--------|-----|--------------------------------|

|   | The      Company may at any time and from time to time, in its sole discretion,      without the necessity for the consent of the debenture holders or the      Trustee, or for the giving of notice to any of them to that effect,      including a related corporation as defined in Clause 4.2 below, and in      accordance with the provisions of any law, issue additional debentures of      any series (whether by private placement or by an offering to the public)      the conditions of which shall be identical to the conditions of the      Debentures of the same class which have been issued, at such price and on      such conditions as it deems fit, and this deed shall also apply with      respect to any such additional Debentures that may be issued by the      Company, and the status of the additional Debentures from the date of      their issue shall, mutatis mutandis as the      case may be, be the same as the Debentures issued in this      issue.  The Trustee shall serve as trustee for the Debentures of      the relevant series as may be in circulation from time to time, also in      the case of an enlargement of a series, and the Trustee’s consent to      serving as aforesaid for the enlarged series shall not be      required.  For the removal of doubt, holders of the additional      Debentures referred to above in this clause will not be entitled to      interest in respect of interest periods which ended prior to the date of      their issue.  Notwithstanding the foregoing, in a case in which      the series of Debentures is rated – the enlargement of the series shall be      made subject to obtaining prior approval from the rating company to the      effect that the enlargement of the series as aforesaid will not adversely      affect the rating of the Debentures as applies at such time.  In      the case of an enlargement of a series of Debentures of the relevant      series, the Trustee will have the right to demand an increase in its      remuneration, proportionate to one-half of the extent of the enlargement      of the series (50%), and the Company, by contracting under this deed,      gives its consent in advance to such increase in the Trustee’s      remuneration. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The      Debentures (Series C to G) and the Debentures (Series H to J) may be      issued at their par value, at a discount or at a  premium. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 3.4 | Issue of additional      securities |
|--------|-----|-------------------------------------|

|   | The      Company may at any time and from time to time (whether by private      placement or by an offering to the public) and in its discretion, and      without the necessity for the consent of the debenture holders or the      Trustee or the giving of notice to any of them about this, including a      related corporation as defined in Clause 4.2 below, issue debentures of a      different class or other series of debentures or other securities of any      sort, with or without ancillary rights for the purchase of shares of the      Company, under conditions of interest, linkage, collateral security,      repayment, and other conditions as the Company shall see fit, whether such      conditions are more favorable than the conditions of the Debentures, or      are equal or inferior thereto. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | Purchase      of Debentures by the Company and/or by a related      corporation |
|----|---------------------------------------------------------------------------------|

|   | 4.1 | The      Company reserves the right to buy Debentures of the series of Debentures      at any time and from time to time at such price as it deems fit, without      prejudice to the obligation for repayment of the Debentures that will be      held by others apart from the Company.  Debentures that will be      bought by the Company will be cancelled upon their purchase and will be      delisted, and the Company will not be entitled to reissue      same.  In the event of the purchase of Debentures by the Company      as aforesaid, the Company will give notice to that effect to the Trustee      shortly after the purchase and shall also lodge an immediate report to      that effect.  Where the Debentures are bought as aforesaid by      the Company in the course of trading on the Stock Exchange, the Company      will apply to the Stock Exchange Clearing House with a request to withdraw      the certificates. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.2 | Any      subsidiary of the Company and/or company under its control and/or the      controlling shareholder in the Company (directly or indirectly) or a      company under the control of the controlling shareholder in the Company      (apart from a company with respect to which the contents of Clause 4.1      above apply) (hereinafter: “Related Corporation”)      will be entitled to buy and/or to sell Debentures of any series of      Debentures at any time and from time to time, including by way of an issue      by the Company.  The Debentures that will be held as aforesaid      by a Related Corporation will be deemed to be an asset of the Related      Corporation, same will not be delisted and will be transferable in the      same way as the other Debentures of the Company (subject to the provisions      of the Deed of Trust and the Debenture).  For purposes of      holding a meeting of debenture holders the provisions of the Second      Schedule to the Deed of Trust [shall apply].  In the case of      buying and/or selling of Debentures by such Related Corporation, the      Company will give notice to that effect to the Trustee shortly after the      purchase and/or sale as aforesaid and will also lodge an immediate report      to that effect.  In addition, for purposes of a quorum and in      the counting of the persons who vote at general meetings of the debenture      holders, the contents of the provisions of the Second Schedule to this      deed shall apply. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 4.3 | Nothing      contained in this Clause 4 shall in itself oblige the Company or the      debenture holders to buy Debentures or to sell the Debentures held by      them. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | The      Company’s obligations |
|----|--------------------------------------|

| 6. | Collateral      security |
|----|--------------------------|

|   | 6. | The      Debentures of Series C to G and of Series H to J may or may not be secured      by collateral security, by any encumbrances or in any other      manner.  Particulars regarding the mechanism for securing the      Debentures of Series C to G and of Series H to J, in the event that they      are secured by collateral, any encumbrances or in any other manner, will      be published in the framework of the first shelf offering report of each      of the series of Debentures and in the scope of an addendum to the Deed of      Trust which will be signed between the Company and the      Trustee.  In such case the Trustee will be entitled to extra      remuneration as shall be fixed between it and the  Company. |
|--------|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.2 | For      the removal of doubt it is clarified that there shall be no obligation on      the Trustee to examine, and in practice the Trustee has not examined, the      necessity for providing collateral security to secure the payments to the      debenture holders.  The Trustee was not requested to perform,      and in practice the Trustee has not performed, an economic, accounting or      legal due diligence examination in regard to the state of business of the      Company or the subsidiaries.  By its entering into this Deed of      Trust and by its consent to serve as trustee for the debenture holders,      the Trustee is not expressing its opinion, expressly or impliedly, in      regard to the Company’s ability to meet its obligations to the debenture      holders.  Nothing in the foregoing shall derogate from the      Trustee’s duties and obligations according to any law and/or the Deed of      Trust, nor does it derogate from the Trustee’s duty and obligation (to the      extent that such duty is imposed on the Trustee according to any law) to      examine the impact of changes in the Company from the date of the issue      onwards, to the extent that such changes could have an adverse effect on      the Company’s ability to meet its obligations to the debenture      holders. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 6.3 | The      Company may, from time to time, sell, encumber, lease under leasehold,      assign, make over or otherwise transfer or dispose of its property, in      whole or in part, without the necessity for obtaining approval from the      Trustee or the debenture holders, and the Company is not obliged to notify      the Trustee in regard to the creation of any encumbrance over its      assets. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | Priority      ranking |
|----|-----------------------|

| 8. | Right      to make Debentures immediately due and  payable |
|----|------------------------------------------------------------|

|   | 8.1 | On      the occurrence of one or more of the events mentioned below in this      clause, the provisions of Clause 8.2 will apply, as the case may be      – |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.1.1 | If      the Company does not pay any amount that is due from it in connection with      the Debentures within 45 days after the due date of payment thereof has      arrived. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.1.2 | If      a permanent or final liquidation order is granted by the court in respect      of the Company. |
|--------|-------|--------------------------------------------------------------------------------------------------------|

|   | 8.1.3 | If      a provisional liquidation order is granted by the court, or if a valid      resolution is passed for the winding-up of the Company (apart from a      winding-up for purposes of a merger with another company and provided that      the absorbing company has assumed the Company’s full obligations to the      debenture holders) and such order or resolution has not been set aside or      rescinded within 60 days from the date on which the order was given or the      resolution passed, as the case may be, provided that this has the effect      of endangering the possibility of payment of any amount due from the      Company in accordance with theDebentures. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.1.4 | If      an attachment is imposed on the Company’s assets, in whole or in part, and      the attachment is not removed within 60 days from the date on which it was      imposed, provided that this has the effect of endangering the possibility      of payment of any amount that may be due from the Company in accordance      with Debentures. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 8.1.5 | If      an Execution Office operation is executed against some or all of the      Company’s assets, and such action is not rescinded or set aside within 60      days from the date on which it was performed, provided that this has the      effect of endangering the possibility of payment of any amount that may be      due from the Company in accordance with the  Debentures. |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.1.6 | If      a permanent receiver is appointed for the Company and/or its assets, in      whole or in part. |
|--------|-------|--------------------------------------------------------------------------------------------------------|

|   | 8.1.7 | If      a provisional receiver is appointed for the Company and/or for its assets,      in whole or in part, and the appointment is not set aside within 60 days,      provided that this has the effect of endangering the possibility of      payment of any amount that may be due from the Company in accordance with      the Debentures. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.1.8 | If      the Company ceases, or gives notice of its intention to cease, its      payments, or if it ceases, or gives notice of its intention to cease,      conducting its business as same applies from time to  time. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.1.9 | If      a stay of execution order is granted or if an application has been filed      by the Company for the making of an arrangement with creditors of the      Company pursuant to Section 350 of the Companies Law, 5759-1999 (except      for purposes of a merger with another company and/or a change in the      Company’s structure). |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.1.10 | If      a genuine fear exists that the Company will cease making its payments or      that the Company will, for reasons of insolvency, discontinue its      business. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | “The Company’s assets”      mean: assets owned by the Company the value of which exceeds 75% of the      Company’s consolidated equity, according to its last consolidated      financial statements that werepublished. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | It is clarified that if any      particular series of Debentures is rated, a cessation of rating or a      reduction of rating will not confer on the holders a right to make the      Debentures of the relevant series immediately due and      payable. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.2 | On      the occurrence of any of the events mentioned in Clause 8.1 above, and in      accordance with the provisions contained in the sub-clauses thereof, the      following provisions shall apply: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.2.1 | On      the occurrence of any of the events referred to in Clauses 8.1.1 – 8.1.9      (above), the Trustee will be entitled to call a meeting of the debenture      holders; or |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 8.2.2 | On      the occurrence of the event mentioned in Clause 8.1.10 above, the Trustee      shall be entitled (but not obliged), and each of the debenture holders      (without reference to the extent of his holdings of Debentures), will be      entitled to call a meeting of the debenture  holders. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.2.3 | The      date for convening of the meeting, which will be called in accordance with      the provisions of Clauses 8.2.1 or 8.2.2 above, shall be after 30 days      from the date on which it was called (or a shorter period in accordance      with the provisions of Clause 8.2.6 below), the agenda of which shall      contain a resolution regarding the making of the entire unpaid balance of      the Debentures (of the relevant series) immediately due and payable, by      virtue of the occurrence of any of the events described in Clause 8.1      above.  The Trustee’s action shall be performed in the aforesaid      instances without delay and at the first possible reasonable      time.  In the notice calling the meeting it shall be specified      that if the Company causes the cancellation and/or stoppage of the event      mentioned in Clause 8.1 above by virtue of which the meeting has been      called up to the time the meeting is convened, then the calling of the      meeting of debenture holders as aforesaid will be cancelled.  It      is clarified, that nothing in the foregoing shall prevent the Trustee from      calling a meeting of debenture holders (Series C to G) and Debentures      (Series H to J) at an earlier time, provided that the Trustee shall not be      able to make the Debentures immediately due and payable, except subject to      the times set forth in this Clause8.2. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.2.4 | In      a case in which any of the events mentioned in Clause 8.1 above has not      been cancelled or removed up to the time of convening of the meeting, and      the resolution of the meeting of debenture holders as mentioned in Clause      8.2.3 above was passed by a special resolution (as defined in Clause 1.6      above), the Trustee shall be obliged, within a reasonable time and as soon      as possible, to make the entire unpaid balance of the Debentures of the      relevant series immediately due and payable, provided that it has given      the Company written warning notice of 15 days of its intention to do so,      and the event by virtue of which the resolution was passed has not been      cancelled or removed within suchperiod. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.2.5 | A      copy of the notice calling such meeting shall be sent by the Trustee to      the Company immediately upon publication of the notice and shall      constitute prior written warning notice to the Company of the Trustee’s      intention to act as aforesaid. |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.2.6 | The      Trustee may in its discretion shorten the period of 30 days aforesaid (as      mentioned in Clause 8.2.3 above) and/or the aforesaid 15 days warning      notice (mentioned in Clause 8.2.4 above) in the event that the Trustee is      of the opinion that any delay in making the Company’s debt due and payable      substantially endangers the rights of the debenture holders, but under no      circumstances shall the Trustee do so without prior written reference to      the Company setting forth the reasons for shortening the period and on      condition that no reply satisfactory to the Trustee in this regard has      been received from the Company within 2 business days from the date of the      aforesaid notice. |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 8.2.7 | The      Trustee shall notify the debenture holders of the occurrence of an event      which constitutes grounds for making the Debentures immediately due and      payable, after it has actually become aware of the fact.  Such      notice shall be published as an immediate  report. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9. | Claims      and proceedings by theTrustee |
|----|-------------------------------------------|

|   | 9.1 | In      addition to any provision as aforesaid as a right and independent      authorization, the Trustee shall, without giving additional notice, take      all such steps, including legal proceedings, as it deems fit and subject      to the provisions of any law, for purposes of safeguarding the rights of      the debenture holders. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Nothing      in the foregoing shall prejudice and/or derogate from the Trustee’s rights      to commence legal and/or other proceedings also if the Debentures have not      been made immediately due and payable, all of which is intended to      safeguard the debenture holders and/or for purposes of the grant of any      order in relation to the affairs of the trust, and subject to the      provisions of any law.  Notwithstanding the contents of this      Clause 9, it is clarified that the right to make the Debentures      immediately due and payable shall only arise in accordance with the      provisions of Clause 8 above and not pursuant to this Clause      9. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 9.2 | The      Trustee shall be obliged to act as stated in sub-clause 9.1 above if it is      called upon to do so by special resolution passed at a general meeting of      the debenture holders, unless it finds that in the circumstances of the      matter it is not fair and/or is not reasonable to do so, and has applied      to the appropriate court with an application to receive instructions on      the subject at the first reasonableopportunity. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 9.3 | The      Trustee may, before taking proceedings as aforesaid, convene a meeting of      the debenture holders in order for it to be decided by the holders by      special resolution what steps should be taken to exercise their rights      pursuant to this Deed.  The Trustee shall further be entitled to      reconvene meetings of the debenture holders for purposes of obtaining      instructions in regard to the conduct of such proceedings.  The      Trustee’s action shall be taken in such cases without delay and at the      first possible reasonable time.  For the avoidance of doubt it      is clarified that the Trustee will not be entitled to delay the taking of      steps as aforesaid in a situation in which the procrastination is likely      to prejudice the rights of the debenture  holders. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 9.4 | Subject      to the provisions of this Deed of Trust, the Trustee shall be entitled,      but not obliged, to call a general meeting of the debenture holders, at      any time, in order to discuss and/or to receive instructions of the      meeting on any matter pertaining to this Deed.  For the      avoidance of doubt it is clarified that the Trustee will not be entitled      to delay the calling of the meeting in a situation in which the      procrastination is likely to prejudice the rights of the debenture      holders. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 9.5 | Whenever      the Trustee is obliged according to the terms and conditions of this Deed      to perform any action, including the commencement of proceedings or the      institution of claims on a demand by the debenture holders as stated in      this clause, the Trustee shall be entitled to refrain from taking such      action until it receives instructions from a meeting of the holders and/or      instructions of a court to which the Trustee has applied, in its      discretion, with an application for instructions in a situation in which      it believes that there is a necessity for such      instructions.  For the avoidance of doubt it is clarified that      the Trustee will not be entitled to delay the taking of action or of such      proceedings in a situation in which the procrastination is likely to      prejudice the rights of the debenture holders, including in a case of the      taking of proceedings for making the Debentures immediately due and      payable as decided by a meeting of the debenture holders in accordance      with Clause 8 above, and subject to the instructions    thereof. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10. | Trust      over receipts |
|-----|--------------------------|

----

| 11. | Authority      to delay distribution ofmoney |
|-----|----------------------------------------------|

|  | 11.1 | Notwithstanding      the contents of Clause 10 above, if the monetary amount that will be      received as a result of the taking of the proceedings described above and      which is available at any time for distribution, as stated in that clause,      is less than NIS 3,000,000, the Trustee will be not obliged to distribute      same and it may invest the aforesaid amount, in whole or in part, in the      investments that are permitted pursuant to this Deed and may from time to      time vary and replace such investments with other permitted investments,      as it sees fit. |
|--|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 11.2 | When      the investments referred to above, together with the profits thereon and      together with additional moneys that may come into the possession of the      Trustee for purposes of payment to the debenture holders, if any, reach an      amount that will be sufficient for the payment of at least NIS 3,000,000,      the Trustee shall make payment thereof to the debenture holders as stated      in Clause 10 above.  If within a reasonable period of time the      Trustee does not have possession of an amount that will be sufficient in      order to pay at least NIS 3,000,000, the Trustee shall distribute the      moneys held by it to the debenture holders and under all circumstances not      later than once every three months.  Notwithstanding the      foregoing, the debenture holders may, by ordinary resolution, compel the      Trustee to pay them the amounts that have accumulated in the Trustee’s      possession even if such amounts have not reached NIS      3,000,000.  Notwithstanding the foregoing, payment of the      Trustee’s remuneration and the Trustee’s expenses shall be paid out of the      aforesaid moneys immediately the due date for payment thereof arrives,      even if the amounts that have come into the Trustee’s possession are lower      than a sum of NIS 3,000,000 asaforesaid. |
|--|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 12. | Notice      regarding distribution and deposit with the  Trustee |
|-----|------------------------------------------------------------------|

|  | 12.1 | The      Trustee shall notify the debenture holders of the date and place at which      any of the payments mentioned in Clauses 10 and 11 above will be made, and      shall do so by way of prior notice of 14 days that shall be delivered in      the manner specified in Clause 24 below, not less than ten days and not      more than twenty days in advance. |
|--|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | After      the effective date mentioned in the notice, the debenture holders will be      entitled to interest according to the rate fixed in the Debentures, only      on the balance of the amount of principal (if any) after deduction of the      amount that was paid or offered to them for payment as      aforesaid. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 12.2 | The      moneys that will be distributed as stated in Clause 12.1 above will be      deemed to be a payment on account ofrepayment. |
|--|------|-------------------------------------------------------------------------------------------------------------------------------------|

|  | 12.3 | Any      amount which is due to the debenture holder which was not actually paid on      the date specified for the payment thereof, for a reason not associated      with the Company, and where the Company was prepared to pay it, shall      cease to bear interest and linkage differences from the date that was      fixed for the payment thereof, and the debenture holder will be entitled      only to those amounts he would have been entitled to at the date fixed for      the settlement of such payment on account of the principal, the interest      and the linkage differences. |
|--|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 12.4 | The      Company shall, within 15 business days from the date fixed for such      payment, deposit with the Trustee, in bank accounts in the name of the      Trustee and to its order, the amount of the payment that was not paid on      due date, as referred to in sub-clause 12.3 above, and shall give notice      in writing according to the addresses in its possession to the debenture      holders about such deposit, and the aforesaid deposit shall be deemed to      be liquidation and discharge of such payment, and in the case of      liquidation and discharge of everything due in respect of the Debenture,      shall also be deemed to be redemption of the  Debenture. |
|--|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 12.5 | The      Trustee shall, in the framework of the trust accounts in its name and to      its order, invest the moneys that will be transferred to it as stated in      sub-clause 12.4 above, in investments which are permitted to the Trustee      in accordance with this Deed (as stated in Clause 15      below).  Where the Trustee has done so, it will not be liable to      the entitled persons in respect of such amounts, except to the extent of      the proceeds that will be received from realization of the investments,      less reasonable expenses connected with the aforesaid investments and      management of the trust accounts, the reasonable commissions and less the      compulsory payments imposed on the trust account.  Out of the      aforesaid moneys the Trustee shall transfer amounts to the debenture      holders who are entitled thereto, and shall do so as soon as possible      after reasonable proof and approvals of their right to these amounts has      been furnished to the Trustee, less all the Trustee’s reasonable expenses,      commissions, compulsory payments and its remuneration as mentioned in      Clause 12.4 above. |
|--|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 12.6 | The      Trustee shall hold these moneys and shall invest same in the aforesaid      manner, until the end of one year from the final date of repayment of the      Debentures.  After that date, the Trustee shall transfer to the      Company the moneys referred to in sub-clause 12.5 above, including profits      arising from the investment thereof, less its reasonable expenses and      other reasonable expenses that were incurred in accordance with the      provisions of this Deed (such as the remuneration of service providers,      etc.), if any remain in its possession at that time.  The      Company shall hold such amounts in trust for the debenture holders who are      entitled to such amounts, and the provisions of sub-clause 12.5 above      shall apply, mutatis      mutandis, with respect to the amounts that will be transferred to      it by the Trustee as aforesaid. |
|--|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 12.7 | Upon      transfer of the money from the Trustee to the Company, to the Trustee’s      satisfaction, the Trustee will be exempt from payment of such amounts to      the entitled debenture holders.  The Company shall confirm to      the Trustee in writing the holding of the amounts and the fact of receipt      thereof in trust for the aforesaid debenture holders.  It is      clarified that in accordance with the operations and pursuant to this      clause, the indemnity provisions contained in Clause 22 below shall apply      and shall indemnify the Trustee in respect of any claim and/or expenses      and/or damage of whatsoever nature that may be sustained by it due to and      in respect of the transfer of such moneys, unless the Trustee acted with      gross negligence. |
|--|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 12.8 | The      Company shall hold these moneys in trust for the debenture holders who are      entitled to such amounts for an additional one year from the date of      transfer thereof to it from the Trustee and shall make no use thereof, and      shall invest same in accordance with the provisions of this      Deed.  Moneys which are not claimed from the Company by a      debenture holder up to the end of two years from the final date of      repayment of the Debentures, will be transferred to the Company, and it      will be entitled to make use of the remaining moneys for any      purpose.  The foregoing shall not derogate from the obligation      of the Company to the debenture holders to pay moneys to which they are      entitled as aforesaid according to anylaw. |
|--|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13. | Receipt      from the debenture holders and from the Trustee |
|-----|--------------------------------------------------------------|

|  | 13.1 | A      receipt from the Trustee regarding deposit of amounts of principal,      interest and linkage differences with it to the credit of the debenture      holders shall provide the Company with an absolute release in regard to      the actual effecting of payments of the amounts denominated in the      receipt. |
|--|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 13.2 | A      receipt from a debenture holder in respect of the amounts of principal,      interest and linkage differences which were paid to him by the Trustee in      respect of the debenture shall give the Trustee and the Company an      absolute release in connection with the actual making of payment of the      amounts denominated in the receipt. |
|--|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 13.3 | Moneys      that have been distributed as stated in Clause 12 above shall be deemed to      be a payment on account of repayment of the  Debentures. |
|--|------|------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14. | Presentation      of debenture to the Trustee and note in connection with partial      payment |
|-----|------------------------------------------------------------------------------------------------|

|  | 14.1 | The      Trustee will be entitled to demand from a debenture holder that he exhibit      to the Trustee, at the time of payment of any interest or partial payment      of the principal amount, interest and linkage differences in accordance      with the provisions of Clauses 10, 11 and 12 above, the debenture      certificate in respect of which the payments are made, and the debenture      holder shall be obliged to present such debenture certificate, provided      that this shall not make the debenture holders liable for any payment      and/or expense and/or impose any responsibility and/or liability on the      debenture holders. |
|--|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 14.2 | The      Trustee will be entitled to record a note on the debenture certificate      regarding amounts that were paid as aforesaid as well as the date of      payment thereof. |
|--|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 14.3 | The      Trustee will be entitled in a special case, in its discretion, to waive      the presentation of the debenture certificate after a deed of indemnity      and/or guarantee which is adequate in the Trustee’s opinion for damage      likely to be sustained due to the non-recording of such note, as the      Trustee sees fit, has been given to the Trustee by the debenture      holder. |
|--|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 14.4 | Notwithstanding      the foregoing, the Trustee may, in its discretion, maintain records in      another manner with regard to such partial  payments. |
|--|------|--------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15. | Investment      of moneys |
|-----|---------------------------|

| 16. | The      Company’s obligations to theTrustee |
|-----|----------------------------------------------------|

|  | 16.1 | To      continue uninterruptedly to conduct its business in a regular and proper      manner; |
|--|------|-----------------------------------------------------------------------------------------------|

----

|  | 16.2 | To      maintain proper books of account in accordance with accepted accounting      principles, to keep the books and the documents that serve as vouchers and      authorities for them, and to allow any authorized representative of the      Trustee to peruse and inspect, at any reasonable time that shall be      coordinated in advance with the Company, any such book and/or document the      Trustee may request to peruse.  For these purposes, the      Trustee’s authorized representative means anyone whom the Trustee may      appoint for purposes of such perusal and inspection, which shall be done      by way of written notice from the Trustee to be delivered to the Company      prior to such perusal and which shall also contain the Trustee’s      confirmation that such authorized person has signed the deed of      confidentiality contained in Appendix      A.  The Trustee undertakes, by its signing this Deed of      Trust, to keep all information given as aforesaid secret and      confidential.  It is clarified that subject to any law, the      passing on of information to the debenture holders for purposes of the      passing of a resolution pertaining to their rights under the debenture or      for purposes of reporting on the condition of the Company does not      constitute a breach of such confidentiality undertaking.  For      these purposes, the Trustee and any representative on its behalf shall      sign a deed of confidentiality in the text attached to this Deed of Trust      as Appendix      A. |
|--|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 16.3 | To      notify the Trustee as soon as reasonably possible, and not later than 4      business days after it becomes aware of the fact, of any instance in which      an attachment has been imposed on all or any of the Company’s material      assets, and of any situation in which a receiver, special manager and/or      provisional and/or permanent liquidator has been appointed in respect of      all or any of the Company’s material assets, and at its expense to take      all reasonable steps as soon as possible for the removal of such      attachment or the setting aside of the receivership, liquidation or      management, as the case may be. |
|--|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 16.4 | To      notify the Trustee in writing as soon as possible and not later than 3      business days in regard to the occurrence of any of the events mentioned      in Clause 8.1 above (including all the sub-clauses thereof) or with regard      to the Company’s actual knowledge that such event is about to take      place. |
|--|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 16.5 | To      provide the Trustee with a copy of any document or any information the      Company has passed on to the debenture holders, to the extent that it does      so.  The Company shall further transfer additional information      concerning the Company (including explanations, documents and calculations      pertaining to the Company, its business or its assets) to the Trustee or      to the Trustee’s authorized representative, who shall be an attorney or      accountant by profession (in respect of whose appointment notice shall be      given to the Company by the Trustee) and the Company shall also instruct      its accountant and its legal advisors to do so, upon a reasonable written      request from the Trustee, with this being to the extent that, in the      Trustee’s reasonable opinion, such information is likely to be essential      and required for protecting the rights of the debenture holders, provided      that the Trustee is acting in good faith, and acts skillfully and      reasonably.  The Trustee undertakes, by its signing this Deed of      Trust, to keep all information given as aforesaid      confidential.  It is clarified that subject to any law the      passing on of information to the debenture holders for purposes of passing      a resolution relating to their rights under the debenture or for purposes      of reporting on the condition of the Company, does not constitute a breach      of its confidentiality undertaking as aforesaid.  Any      information which has not passed into the public domain, which may be      transferred to the Trustee or to its authorized representative as      aforesaid shall be kept confidential by them, and no use shall be made      thereof except for purposes of fulfilling the Trustee’s function as a      trustee pursuant to this Deed of Trust, and the Trustee and any authorized      representative of the Trustee as aforesaid shall for that purpose sign a      deed of confidentiality in the text attached to this Deed as Appendix    A. |
|--|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 16.6 | To      notify the Trustee, after its demand, by way of written notice signed by a      senior officer of the Company, and within 7 business days, about the      making of any payment to the debenture holders and about the balance of      the amounts (including the balance of the par value of Debentures in      circulation) which the Company owes at that time to the debenture holders      after the making of the aforesaidpayment. |
|--|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 16.7 | To      deliver to the Trustee not later than the end of 30 days from the date of      this Deed of Trust an amortization table for payment of the Debentures      (principal and interest) in an Excelfile. |
|--|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 16.8 | If      the Debentures were rated at the time of their initial issue, to take      steps to whatever extent that this is under its control, for the      continuation of a rating of the Debentures by at least one of the rating      companies approved by the Supervisor of the Capital Market, throughout the      entire period of the Debentures. |
|--|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 16.9 | To      invite the Trustee to its general meetings (whether ordinary general      meetings or extraordinary general meetings of the shareholders of the      Company), without conferring any right on the Trustee to vote at such      meetings. |
|--|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 16.10 | To      deliver to the Trustee, at its request, documents and/or particulars      and/or information, as may be reasonably requested by the Trustee, in its      reasonable discretion, for purposes of implementing and exercising the      powers and authorities of the Trustee and/or its authorized      representatives in accordance with the Deed of Trust, with this being      subject to the provisions of Clause 16.5above. |
|--|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 16.11 | Each      December 31 of each year, and as long as this Deed remains in force, the      Company shall furnish the Trustee with a confirmation to the effect that,      to the best of the Company’s knowledge, there has not been a material      breach by the Company of this Deed, including a material breach of the      terms and conditions of the Debentures, in the period from the date of the      Deed and/or from the date of the previous confirmation that was delivered      to the Trustee, whichever is the later, and up to the date the      confirmation is given, unless otherwise expressly stated in the      confirmation. |
|--|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 16.12 | To      deliver the statements and reports described in Clause 29 below to the      Trustee. |
|--|-------|----------------------------------------------------------------------------------------------|

|  | 16.13 | To      perform all the requisite and/or reasonably necessary acts and all acts      according to any law for purposes of giving validity to the exercise of      the powers and authorities of the Trustee and/or its authorized      representatives in accordance with the provisions of the Deed of      Trust. |
|--|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 17. | Additional      obligations |
|-----|-----------------------------|

|  | 17.1 | It      will make the declarations and/or will sign all the documents and/or will      perform and/or cause the performance of all the actions that are requisite      or required in accordance with the law for purposes of giving validity to      the exercise of the powers and authorities of the Trustee and/or its      authorized representatives in accordance with this Deed of      Trust. |
|--|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 17.2 | It      shall give all the notices, the deposits and the instructions which the      Trustee may deem to be beneficial and which the Trustee may demand for      purposes of implementing the provisions of this  Deed. |
|--|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 18. | Reporting      by the Trustee |
|-----|-------------------------------|

|  | 18.1 | If      the Trustee becomes aware of a material breach of the Deed of Trust by the      Company, it shall notify the debenture holders within a reasonable time      and without procrastination, and subject to the provisions of the law, in      regard to the breach and the steps that were taken to prevent it or to      achieve the fulfillment of the Company’s obligations, as the case may      be. |
|--|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 18.2 | Each      calendar year the Trustee shall draw up an annual shelf offering report in      regard to the affairs of the trust (hereinafter: “the Annual      Report”). |
|--|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The      Annual Report shall contain particulars on the following      subjects: |
|--------|----------------------------------------------------------------------------------|

|   | 18.2.1 | Current      particulars about the course of the affairs of the trust in the preceding      year. |
|--------|--------|---------------------------------------------------------------------------------------------------|

|   | 18.2.2 | A      report regarding exceptional events in connection with the trust that      occurred during the preceding year. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------|

|   | 18.2.3 | The      Holders are entitled to read the Annual Report at the Trustee’s offices      during normal working hours and will be entitled to receive a copy of the      Report upon request. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 18.3 | The      Trustee shall send the debenture holders a notice regarding any      exceptional event that occurred in the Company that is likely to have a      material impact on the rights of the debenture holders, and shall do so      immediately after it has actually become aware of the      fact.  This duty will not apply if the event involved was an      event published by the Company according to the  law. |
|--|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 19. | Trustee’s      remuneration |
|-----|-----------------------------------|

|  | 19.1 | Within      one business day after publication of the Shelf Prospectus to the public,      a sum of NIS 5,000. |
|--|------|----------------------------------------------------------------------------------------------------------------|

|  | 19.2 | One      business day after publication to the public of an offering report in      respect of a series (in relation to each series separately) a sum of NIS      5,000. |
|--|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 19.3 | In      respect of each year from the date of publication of the shelf offering      report in respect of each series separately (including the first year) and      so long as Debentures of that series are still in circulation, to pay one      of the following amounts: |
|--|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 19.3.1 | In      a case in which Hermetic is serving for the time being as trustee for 2      series or more – an amount of NIS 10,000;or |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------|

|   | 19.3.2 | In      a case in which Hermetic is serving for the time being as a trustee for      one series or less – an amount of NIS15,000. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------|

----

----

| 20. | Special      powers and authorities |
|-----|-------------------------------------|

|  | 20.1 | The      Trustee may in the scope of carrying out the affairs of the Trust in      accordance with this Deed, requisition an opinion or written advice from      any attorney, accountant, chartered real estate appraiser, valuer,      surveyor, real estate agent or other expert, whether such opinion or      advice was prepared at the request of the Trustee and/or by the Company,      and may act in accordance with the conclusions thereof, and the Trustee      shall not be liable for any loss or damage that may be caused as a result      of any act or omission committed by it in reliance on such advice or      opinion, unless it is held in an unappealable judgment that the Trustee      acted with gross negligence and/or not in good faith.  The      Trustee shall make available for the perusal of the debenture holders and      the Company, upon their request, a copy of such opinion or      advice.  The Company shall bear the full fees and the reasonable      expenses involved in engaging the consultant who will be appointed as      aforesaid.  The Trustee and the Company shall reach agreement      regarding a list of not more than three offices of consultants possessing      goodwill and reputation and the relevant expertise, to which the Trustee      may refer to obtain price quotations with regard to such      fees.  The Company shall choose one price quotation amongst      those that will be submitted, and it will be entitled to conduct      negotiations with the offices in regard to their price quotation or      proposal. |
|--|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 20.2 | Any      such advice or opinion may be given, sent or received by way of a letter,      telegram, facsimile or any other electronic means for the transfer of      information, and the Trustee will not be responsible in respect of any      acts it performed in reliance on advice or an opinion or information      transferred in one of the ways described above, even though there were      mistakes in them or they were not authentic, unless it was possible by way      of a reasonable examination to discover the mistakes or the lack of      authenticity, provided that the Trustee did not act with gross negligence      and/or a lack of good faith.  It is clarified that the documents      will be capable of being transferred, on the one hand, and the Trustee      will be entitled to rely thereon, on the other hand, only where they are      received clearly, and where no difficulty arises in reading      them.  In any other case, the Trustee will be entitled to demand      receipt thereof in a manner which makes it possible, as aforesaid, to read      and understand same properly. |
|--|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 20.3 | The      Trustee will be not obliged to notify any party about the signing of this      Deed and will not be entitled to interfere in any manner in the management      of the Company’s business or its affairs.  Nothing contained in      this clause shall limit the Trustee in the actions it is obliged to      perform in accordance with this Deed ofTrust. |
|--|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 20.4 | The      Trustee shall utilize the Trust, and the powers and authorities granted to      it under this Deed in its absolute discretion and will not be liable for      any damage caused as a result of an error in such discretion, unless it is      held in an unappealable judgment that the Trustee acted with gross      negligence and/or not in good faith and/or  maliciously. |
|--|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 21. | Trustee’s      power to engage agents |
|-----|---------------------------------------------|

| 22. | Indemnity      to the Trustee |
|-----|-------------------------------|

|  | 22.1 | The      Trustee will be entitled to receive indemnity from the debenture holders      and/or from the Company in respect of reasonable expenses it incurred      and/or may in the future incur in connection with acts it has performed or      is obliged to perform by virtue of its obligation under the terms and      conditions of this clause, 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 request of the Company.  If the Company      does not provide such indemnity within 60 days from the date of the      Trustee’s demand, the debenture holders will indemnify the Trustee in      respect of reasonable expenses it has incurred and/or may incur as      aforesaid, in connection with actions it has performed or is obliged to      perform in accordance with the demands by the debenture      holders.  Notwithstanding the foregoing, it is hereby clarified      and agreed that: |
|--|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 22.1.1 | The      Trustee will not be entitled to demand such indemnity in advance, on an      urgent matter that cannot bepostponed. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------|

|   | 22.1.2 | The      Trustee will be entitled to indemnity in respect of liability in tort, in      a case in which it is held liable for such liability under a final      judgment or under a compromise that has been concluded with a third      party. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 22.2 | The      right of indemnity referred to in Clause 22.1 above is subject to the      following conditions: |
|--|------|-----------------------------------------------------------------------------------------------------------|

|   | 22.2.1 | The      expenses in respect of liability for damage are  reasonable. |
|--------|--------|-----------------------------------------------------------------------|

|   | 22.2.2 | The      Trustee acted in good faith and in the course of exercising reasonable      discretion, and such action was performed in the scope of fulfilling its      function, in accordance with the provisions of the law and according to      this Deed of Trust, and the Trustee was not guilty of gross      negligence. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 22.2.3 | Such      right of indemnity will not apply in respect of reasonable expenses that      were paid to the Trustee in accordance with Clause 19    above. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 22.3 | Subject      to the provisions of Clauses 22.1 and 22.2 above, and without prejudice to      the rights to compensation and indemnity that are granted to the Trustee      according to the law and/or the commitments of the Company and the      debenture holders under this Deed, the Trustee, its authorized attorney,      manager, agent or other person appointed by the Trustee in conformity with      this Deed, are entitled to receive indemnity out of moneys that will be      received by the Trustee as a consequence of proceedings it has instituted      and/or in another manner in accordance with this Deed, in connection with      reasonable obligations which they have assumed, and in regard to      reasonable expenses they incurred in the course of performing the trust or      in connection with such actions, which in their opinion were reasonably      required for performing the matters aforesaid and/or in connection with      the exercise of the rights and authorities conferred pursuant to this      Deed, and in connection with all types of legal proceedings, opinions of      attorneys and other experts, negotiations, discussions, expenses, claims      and demands relating to any matter and/or thing that were made and/or that      were not made in any way in relation to the matters aforesaid, and the      Trustee may withhold the moneys that are in its possession and make      payments out of such moneys of the amounts required for payment of the      aforesaid indemnity.  All the aforesaid amounts shall rank prior      to the rights of the debenture holders and shall be subject to the      provisions of any law, provided that the Trustee did not act without good      faith and that it acted in accordance with the obligations imposed on it      according to law and according to thisDeed. |
|--|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 22.4 | Whenever      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 in accordance with a demand by the debenture      holders and/or at the request of the Company, to perform any act,      including, but without limitation, the commencement of proceedings or the      filing of claims in accordance with a demand by the debenture holders, as      stated in the Deed of Trust, the Trustee shall be entitled to refrain from      taking any such action, until it has received, to its satisfaction, a deed      of indemnity from the debenture holders or any of them, and if the action      is carried out by virtue of a request from the Company – then from the      Company in respect of any liability for damage and/or expenses that might      be caused to the Trustee and the Company or to either of them, as a      consequence of carrying out the aforesaid  action. |
|--|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 22.5 | Notwithstanding      the contents of this Clause 22 above, whenever the Trustee sees fit, for      purposes of safeguarding and/or realizing the rights of the debenture      holders, and/or will be obliged, in accordance with 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 at the Company’s request      and/or a request by 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 the proceedings.  In a situation in which the      Company has not deposited the aforesaid amount within the time it was      requested to do so by the Trustee and the Trustee has doubts about 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 the debenture holders in order to confirm their liability to cover the      expenses connected with and entailed in the proceedings the Trustee will      prosecute.  It is clarified that the Trustee will not be      entitled to delay the taking of legal proceedings until the convening of a      meeting, in every case in which such delay is likely to have an adverse      effect on the rights of the debenture holders.  In a situation      in which the debenture holders refuse to bear the expenses attendant on      the institution of proceedings by the Trustee, there shall be no      obligation on the Trustee to institute such proceedings.  It is      hereby clarified that nothing contained in the consent of the debenture      holders as aforesaid shall have the effect of releasing the Company from      its obligations and liabilities, to the extent that same apply pursuant to      this Deed, to bear and cover all the expenses attendant on the instituting      of such proceedings.  Likewise, all moneys that may be received      from execution and realization proceedings shall also serve for      reimbursement and cover of expenses which the debenture holders have      undertaken to bear as aforesaid. |
|--|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 23. | Notices |
|-----|---------|

|  | 23.1 | Any      notice from the Company and/or the Trustee to the debenture holders shall      be given by way of the publication of an immediate report.  And      in the cases mentioned below the notice shall also be published in two      widely-circulating Hebrew dailies published in Israel: (a) an arrangement      or compromise under Section 350 of the Companies Law, 5759-1999; (b) a      merger.  Any notice that is published or sent as aforesaid shall      be deemed to have been delivered to the debenture holders on the date of      publication of the immediate report (or publication in newspapers, as the      case may be). |
|--|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 23.2 | The      Trustee shall be entitled to instruct the Company and the Company shall be      obliged to make a report forthwith by way of an immediate report on behalf      of the Trustee of any report to the debenture holders in the text that      will be sent to the Company by the Trustee in  writing. |
|--|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 23.3 | If      the Company ceases to report in Israel in accordance with the provisions      of Chapter E3 of the Law and is not regarded as “a reporting corporation”      within the meaning thereof under the law, any notice from the Company      and/or the Trustee to the debenture holders shall be given by way of      sending it by registered mail according to the last address of the      registered holders of the Debentures as appearing in the register, or by      any other means, as shall be agreed between the Company and the      Trustee.  Any notice that is sent as aforesaid shall be deemed      to have been delivered to the debenture holders after three (3) business      days from the date of its posting by registered  mail. |
|--|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 23.4 | Copies      of notices and invitations to meetings that are given by the Company to      the debenture holders shall also be sent by the Company to the      Trustee.  It is clarified that such notices and invitations to      meetings do not include the Company’s current reports to the      public.  Copies of notices and invitations to meetings that are      given by the Trustee to the debenture holders shall also sent by it to the      Company. |
|--|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 23.5 | Any      notice or demand by the Trustee to the Company or by the Company to the      Trustee 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 at such other      address of which one party has notified the other in writing, and any such      notice or demand shall be deemed to have been received by the party to      whom the notice was sent after three business days from the date of its      posting. |
|--|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 24. | Waiver,      compromise and/or alterations to the terms and conditions of the      Debentures and the Deed ofTrust |
|-----|--------------------------------------------------------------------------------------------------------------------|

|  | 24.1 | Subject      to the provisions of the law, the Trustee may from time to time and at any      time, if it has been satisfied that this does not, in its opinion,      constitute material 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 the Debentures or of this Deed, except in regard to dates      and payments in accordance with the terms and conditions of the Debentures      (but including a technical change in dates or in the dates specified for      the payment thereof), to the conditions of repayment of the Debentures and      grounds for making the Debentures immediately due and payable, to a      reduction in the rate of interest specified in the debenture, to a waiver      regarding effecting of payments and reports which the Company is obliged      to give to the Trustee. |
|--|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 24.2 | Subject      to the provisions of the law and with the prior approval of a special      resolution passed at a general meeting of the debenture holders, at which      two or more holders who hold at least fifty percent (50%) of the par value      of the unpaid balance of the principal of the Debentures were personally      present or represented by proxy, or at an adjourned meeting, at which two      or more holders of at least ten percent (10%) of the aforesaid balance      were personally present or represented by proxy, the Trustee may, either      before or after the principal of the Debentures is due for repayment,      compromise with the Company in connection with any right or claim of the      debenture holders or any of them, and may agree with the Company on any      arrangement of their rights, including the waiver of any right or claim      the Trustee and/or the debenture holders or any of them may have as      against the Company. |
|--|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 24.3 | Subject      to the provisions of the law, the Company and the Trustee may, either      before or after the principal of the Debentures is due for repayment,      alter the Deed of Trust and/or the terms and conditions of the Debentures,      if one of the following conditions isfulfilled: |
|--|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 24.3.1 | The      Trustee has been persuaded that the alteration does not constitute genuine      prejudice to the rights of the debenture holders, apart from a change      relating to times and payments in accordance with the terms and conditions      of the Debentures (but including a technical change in dates or in the      dates specified for the payment thereof), or pertaining to the conditions      for repayment of the Debentures and grounds for making the Debentures      immediately due and payable, to a reduction in the rate of interest      specified in the debenture, to a waiver regarding the making of payments      and reports the Company is obliged to give to the Trustee, provided that      it gave written notice to that effect to the debenture holders, and the      Trustee will be entitled in respect thereof to a reimbursement of expenses      from the Company as stated in Clause 19above. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 24.3.2 | The      proposed alteration has been approved by a special resolution passed at a      general meeting of the debenture holders, at which two or more holders who      hold at least fifty percent (50%) of the par value of the unpaid balance      of the principal of the Debentures were personally present or represented      by proxy, or at an adjourned meeting, at which two or more holders who      hold at least ten percent (10%) of the aforesaid balance were personally      present or represented by proxy. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 24.4 | The      Company shall give the debenture holders written notice of any such      alteration pursuant to Clause 24.1, Clause 24.2 above, without delay and      as soon as possible after same wasmade. |
|--|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 24.5 | In      every case of the exercise of the Trustee’s right pursuant to this clause,      the Trustee shall be entitled to demand from the debenture holders that      they deliver the debenture certificates to it or to the Company, for      purposes of recording a note thereon in regard to any compromise, waiver,      alteration or amendment as aforesaid, and upon the Trustee’s request, the      Company shall record such note on the certificates that will be delivered      to it.  In every case of the exercise of the Trustee’s right      pursuant to this clause, it shall give written notice to that effect to      the debenture holders without delay and as soon as    possible. |
|--|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 25. | Register      of debenture holders |
|-----|------------------------------------|

|  | 25.1 | The      Company shall keep and maintain at its registered office a register of the      debenture holders, in which the names and addresses of the debenture      holders shall be recorded together with the serial number and par value of      the Debentures registered in their names.  Any transfer of      ownership of the Debentures shall also be recorded in the      register.  The Trustee and any debenture holders will be      entitled to inspect the aforesaid register at any reasonable      time.  The Company may from time to time close the register for      a period or periods which shall not collectively exceed thirty days in any      year. |
|--|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 25.2 | The      Company will not be obliged to record in the register of debenture holders      any notice regarding an express, implied or assumed trust, or pledge or      encumbrance of any sort or any right in equity, claim or set-off or any      other right in connection with the Debentures.  The Company will      only recognize the title of the person in whose name the Debentures are      registered.  The legal heirs of a debenture holder, his      administrators or executors and any person who may be entitled to      Debentures as a consequence of the bankruptcy of any registered holder      (and if it is a body corporate – as a consequence of its liquidation or      dissolution), will be entitled to be registered as holders thereof after      having provided such proof as in the opinion of the Company is sufficient      to prove their right to be registered as the holders    thereof. |
|--|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 26. | Certificates      and splitting ofcertificates |
|-----|------------------------------------------------|

|  | 26.1 | One      certificate shall be issued in respect of the Debentures registered in the      name of a single holder, or at his request, several certificates shall be      issued to him (the certificates mentioned in this clause will henceforth      be referred to as – “the      Certificates”), each in a minimum quantity of NIS 1,000 (one      thousand) par value (hereinafter: “the Minimum      Quantity”). |
|--|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 26.2 | Every      Certificate shall be capable of being split into Certificates in which the      total par value of the Debentures included therein shall be equal to the      total par value of the Debentures that were included in the Certificate      the split of which is requested, provided that the par value in respect of      any Certificate shall not be less than the Minimum      Quantity.  The split shall be effected in accordance with an      application for a split signed by the registered holder of the Debentures      that are the subject of the Certificate the split of which is requested,      against delivery to the Company at its registered office of the      Certificate the split of which is requested.  The split will be      effected within 30 days from the end of the month in which the      Certificate, together with an application for the split thereof, was      delivered to the Company’s registered office.  The new Debenture      Certificates that will be issued following the split will be in par value      amounts in whole new shekels.  All the expenses connected with      the split, including any levies, if any, shall be borne by the applicant      for the split. |
|--|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 27. | Expiry      of Trustee’s term of office |
|-----|-----------------------------------------------|

|  | 27.1 | The      provisions of the law shall apply to the Trustee’s term of office and the      expiration thereof and to the appointment of a new  trustee. |
|--|------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 27.2 | The      Trustee will be entitled to resign from its position at any time it      wishes, after having given prior written notice to the Company of 3      months, in which reasons for the resignation are set forth.  The      Trustee’s resignation will be of no force and effect unless it has      received the confirmation of the court, and then from the date specified      for this in the court’s confirmation as  aforesaid. |
|--|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 27.3 | In      the event that the Debentures are listed for trading on the Stock Exchange      – 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 Securities Law or any other provision that may replace      it. |
|--|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 27.4 | The      Trustee shall cease to hold office if it becomes apparent that it is      barred from continuing to serve in its function, due to a change in the      provisions of the law or statute that applies with regard to fitness to      serve as a trustee, including in a case that such impediment is created in      connection with the listing of the Debentures for trading on the Stock      Exchange.  For these purposes “impediment” shall also be deemed      to be a demand by the Securities Authority for termination of the      Trustee’s term of office.  In such case a new trustee, who shall      be proposed by the Company, shall be appointed, subject to the approval of      a meeting of debenture holders as mentioned in Clause 27.7      below. |
|--|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 27.5 | The      Company shall notify the debenture holders about any event as mentioned      above in connection with the Trustee’s term of  office. |
|--|------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 27.6 | The      holders of ten percent (10%) of the par value of the unpaid balance of the      principal of the Debentures may convene a general meeting of the debenture      holders, and such meeting may resolve, on a vote by two or more holders of      at least fifty percent (50%) of the aforesaid balance, given personally or      by way of proxy, on the removal of the Trustee from its      office.  In such case the provisions of Clause 27.7 below shall      apply. |
|--|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 27.7 | Where      the Trustee’s term of office has expired, the court may appoint another      trustee, which shall be a company registered in Israel whose main field of      business is the performing of trusts and which meets the conditions of      fitness required under the law, for such period and on such conditions as      the court shall see fit.  The Trustee whose term of office has      expired shall continue to serve in its function until the appointment of      another trustee. |
|--|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 27.8 | It      is clarified that any appointment of a replacement trustee in accordance      with the provisions of this Clause 27, shall require the approval of the      debenture holders by a resolution on a vote, given personally or by way of      proxy, by two or more holders of at least fifty percent (50%) of the par      value of the unpaid balance of the principal of the      Debentures. |
|--|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 27.9 | Every      new trustee will have the same powers and other authorities as the Trustee      whose term of office has expired, and it may in all respects act as if it      was appointed as trustee from the outset.  It is clarified that      the Trustee’s obligation to perform actions in accordance with the Deed of      Trust and according to the Debenture will not end until the transfer to      the new trustee has been completed of the trust moneys, the assets and the      rights of the trust, to whatever extent there may be such.  The      Trustee undertakes to act in cooperation with the Company and the      replacement trustee for purposes of such transfer.  It is      clarified that termination of the Trustee’s term of office shall not      derogate from the rights, claims or allegations which the Company and/or      the debenture holders may have against the Trustee, if any, the cause of      action for which arose prior to the date of termination of the Trustee’s      term of office, and this shall not have the effect of releasing the      Trustee from any liability according to anylaw. |
|--|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 27.10 | In      every case of a resignation of the Trustee and/or appointment of another      trustee, the Company shall publish an immediate  report. |
|--|-------|------------------------------------------------------------------------------------------------------------------------------------------------|

| 28. | Reporting      to the Trustee |
|-----|-------------------------------|

|  | 28.1 | Until      such time as all the Debentures have been repaid, the Company shall draw      up and deliver to the Trustee: |
|--|------|-------------------------------------------------------------------------------------------------------------------------|

|   | 28.1.1 | The      Company’s audited financial statements for the financial year ended on      December 31 of the preceding year, immediately after publication thereof      by the Company.  Publication by the Company of these statements      on Magna will be deemed to be delivery of the statements to the      Trustee.  If for any reason the Company ceases to render reports      in Israel, the Company shall send the aforesaid statements to the Trustee      by mail, e-mail or by fax. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 28.1.2 | Any      publication of the Company’s financial results, immediately after the      publication thereof by the Company.  Such publications by the      Company on Magna will be deemed to be delivery of the reports to the      Trustee.  If for any reason the Company ceases to render reports      in Israel, the Company shall send the aforesaid reports to the Trustee via      mail, e-mail or fax. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 28.2 | A      copy of any document the Company sends to the debenture      holders. |
|--|------|------------------------------------------------------------------------------|

|  | 28.3 | A      report regarding any change in the rating of the Debentures or regarding a      stoppage of the rating. |
|--|------|----------------------------------------------------------------------------------------------------------------|

| 29. | Applicability      of the Securities Law |
|-----|------------------------------------------|

----

| 30. | Meetings      of debenture holders |
|-----|------------------------------------|

| 31. | Addresses |
|-----|-----------|

| 32. | Governing      law and jurisdiction |
|-----|-------------------------------------|

| 33. | Authorization      to report on Magna |
|-----|---------------------------------------|

| /s/      David Weissman, Yitzhak Bader |   | /s/                             |   |
|----------------------------------------|--------|---------------------------------|--------|
| Blue      Square – Israel Ltd.   |   | Hermetic      Trust (1975) Ltd. |   |

|   | /s/ Eli Levinson-Sela        |   |
|--------|------------------------------|--------|
|   | Eli      Levinson-Sela, Adv. |   |

----

| 1. | This      certificate witnesses that Blue Square – Israel Ltd. (hereinafter: “the Company”) will pay      ___% of the par value of the Debentures contained in this certificate on      the ___ day of _____________ in each of the years ____ to ____      (inclusive), to whomever is the registered holder (as defined in the      conditions appearing on the reverse side hereof) of the Debenture on the      date specified for such payment, all subject to what is set forth in the      conditions appearing on the reverse side hereof and subject to the Deed of      Trust dated February 18, 2010 between the Company, of the one part, and      Hermetic Trust (1975) Ltd. and/or whoever serves from time to time as      trustee for the debenture holders under the Deed of Trust (“the Trustee” and “the Deed of Trust”,      respectively). |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | This      Debenture bears interest at the annual rate of interest specified above      which will be paid at the times as mentioned in the conditions appearing      on the reverse side hereof. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | This      Debenture will be [linked / unlinked] (principal and interest), as more      fully particularized in the conditions appearing on the reverse side      hereof. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | This      Debenture is issued as part of Series _ of the Debentures the terms and      conditions of which are identical to the terms and conditions of this      Debenture (“the Relevant      Series”), subject to the conditions set forth appearing on the      reverse side hereof and in accordance with the Deed of Trust (hereinafter:      “Deed of Trust”)      dated February 18, 2010, which was signed between the Company and Hermetic      Trust (1975) Ltd. (hereinafter: “the Trustee”), and are      not secured by any charge. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | It      is clarified that the provisions of the Deed of Trust shall constitute an      integral part of the provisions of this Debenture and shall be binding on      the Company and on the holders of the Debentures included in the      abovementioned series.  In every case of a conflict between the      contents of this certificate and the contents of the Deed of Trust, the      provisions of the Deed of Trust shallprevail. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 6. | Payment      of the principal and the last payment of interest shall be made against      surrender of the Debenture to the Company at its registered office, as      mentioned in the conditions appearing on the reverse side hereof, or at      such other place of which the Company shall give notice, not later than      five business days before the date ofpayment. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | All      the Debentures of this series shall rank pari passu with one      another, without any series having a preferential right over      another. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | The      Company is entitled at any time and from time to time (whether by private      placement or by an offering to the public) and in its sole discretion,      without the necessity for the consent of the debenture holders or of the      Trustee or the giving of notice to that effect to any of them, including a      related corporation of the Company, to issue debentures of a different      class or other series of debentures or other securities of any sort, with      or without ancillary rights to purchase shares of the Company, on such      conditions as to interest, linkage, collateral security, repayment, and      other conditions as the Company shall see fit, whether more favorable than      the terms and conditions of the Debentures, or equal or inferior      thereto.  In addition, the Company reserves the right to enlarge      the series from time to time in its sole discretion, in accordance with      the provisions of any law and subject to the provisions of Paragraph 2.3      of the conditions appearing on the reverse side hereof, provided that the      enlargement of the series shall be made subject to obtaining prior      approval of the rating company to the effect that such enlargement of the      series will not adversely affect the rating of the Debentures as      prevailing for the time being. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9. | Any      transfer of the Debentures is subject to the restrictions on transfer as      set forth in Paragraph 8 of the conditions appearing on the reverse side      of the debenture certificate. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |                  |   |
|--------|--------------------------------------|--------|
|   | Blue      Square – Israel Ltd. |   |

| Authorized      signatory: __________________________  |   |  Authorized      signatory:__________________________ |
|-------------------------------------------------------------|--------|------------------------------------------------------------|

----

| 1. | This      certificate witnesses that Blue Square – Israel Ltd. (hereinafter: “the Company”) will pay      ___% of the par value of the Debentures contained in this certificate on      the ___ day of _____________ in each of the years ____ to ____      (inclusive), to whomever is the registered holder (as defined in the      conditions appearing on the reverse side hereof) of the Debenture on the      date specified for such payment, all subject to what is set forth in the      conditions appearing on the reverse side hereof and subject to the Deed of      Trust dated February 18, 2010 between the Company, of the one part, and      Hermetic Trust (1975) Ltd. and/or whoever serves from time to time as      trustee for the debenture holders under the Deed of Trust (“the Trustee” and “the Deed of Trust”,      respectively). |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The      Debentures are convertible into shares of the Company, in accordance with      the conditions appearing on the reverse side  hereof. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | This      Debenture bears interest at the annual rate of interest specified above      which will be paid at the times as mentioned in the conditions appearing      on the reverse side hereof. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | This      Debenture will be [linked / unlinked] (principal and interest), as more      fully particularized in the conditions appearing on the reverse side      hereof. |
|----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | This      Debenture is issued as part of Series _ of the Debentures the terms and      conditions of which are identical to the terms and conditions of this      Debenture (“the Relevant      Series”), subject to the conditions set forth appearing on the      reverse side hereof and in accordance with the Deed of Trust (hereinafter:      “Deed of Trust”)      dated February 18, 2010, which was signed between the Company and Hermetic      Trust (1975) Ltd. (hereinafter: “the Trustee”), and are      not secured by any charge. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | It      is clarified that the provisions of the Deed of Trust shall constitute an      integral part of the provisions of this Debenture and shall be binding on      the Company and on the holders of the Debentures included in the      abovementioned series.  In every case of a conflict between the      contents of this certificate and the contents of the Deed of Trust, the      provisions of the Deed of Trust shallprevail. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 6. | Payment      of the principal and the last payment of interest shall be made against      surrender of the Debenture to the Company at its registered office, as      mentioned in the conditions appearing on the reverse side hereof, or at      such other place of which the Company shall give notice, not later than      five business days before the date ofpayment. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | All      the Debentures of this series shall rank pari passu with one      another, without any series having a preferential right over      another. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | The      Company is entitled at any time and from time to time (whether by private      placement or by an offering to the public) and in its sole discretion,      without the necessity for the consent of the debenture holders or of the      Trustee or the giving of notice to that effect to any of them, including a      related corporation of the Company, to issue debentures of a different      class or other series of debentures or other securities of any sort, with      or without ancillary rights to purchase shares of the Company, on such      conditions as to interest, linkage, collateral security, repayment, and      other conditions as the Company shall see fit, whether more favorable than      the terms and conditions of the Debentures, or equal or inferior      thereto.  In addition, the Company reserves the right to enlarge      the series from time to time in its sole discretion, in accordance with      the provisions of any law and subject to the provisions of Paragraph 2.3      of the conditions appearing on the reverse side hereof, provided that the      enlargement of the series shall be made subject to obtaining prior      approval of the rating company to the effect that such enlargement of the      series will not adversely affect the rating of the Debentures as      prevailing for the time being. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 9. | Any      transfer of the Debentures is subject to the restrictions on transfer as      set forth in Paragraph 8 of the conditions appearing on the reverse side      of the debenture certificate. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| Authorized      signatory: ______________________________ | Authorized      signatory:_______________________ |
|-----------------------------------------------------------|---------------------------------------------------|

----

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

| “The      Company” -                                              |   | Blue      Square – Israel Ltd.;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|-------------------------------------------------------------------------------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                          |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| “This      Deed” or “the Deed of Trust”               |   | This      Deed of Trust including the schedules and appendices attached hereto and      forming an integral part hereof;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                                                          |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| “The      Trustee” -                                              |   | The      Trustee mentioned at the head of this Deed and/or whoever holds office      from time to time as trustee for the debenture holders pursuant to this      Deed;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|                                                                          |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| “The      Shelf Prospectus”                                       |   | The      Company’s Shelf Prospectus which is due to be published in February      2010;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|                                                                          |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| “Offering      Report” or “the Shelf Offering Report” |   | The      offer of the Debentures of any of the series in accordance with the Shelf      Prospectus, which is made by way of an offering report in accordance with      the provisions of Section 23A of the Law, in which all the special details      attaching to that offer will be completed, including the composition of      the units offered, in accordance with the provisions of any law and in      accordance with the regulations and directives of the Stock Exchange, as      in force for the time being;                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|                                                                          |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| “The      Law”                                                    |   | The      Securities Law, 5728-1968 and the regulations made pursuant thereto as in      force from time to time;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|                                                                          |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| “Register”                                                        |   | Register      of debenture holders as stated in Clause 24 of this  Deed;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                                                          |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| “Stock      Exchange”                                             |   | The      Tel Aviv Stock Exchange Ltd.;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|                                                                          |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| “Consumer      Price Index” or “the Index” -          |   | The      price index known as “the Consumer Price Index” including fruit and      vegetables and which is published by the Central Bureau of Statistics and      Economic Research, and including such index even if it is published by      another official body or institution, and also including any other      official index that may come in its stead, whether or not same is      structured on the same data on which the existing index is      structured.  If another index should replace it which is      published by such body or institution, and such body or institution has      not fixed the ratio between that index and the replaced index, the      aforesaid ratio will be determined by the Central Bureau of Statistics,      and if such ratio is not fixed as aforesaid, then it will be determined by      the Trustee for the relevant series, after consultation with economic      experts who will be selected byit; |

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| “The      known index” at any date -                        |   | The      last known index before such date;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|-------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| “The      basic index” in respect of each relevant series - |   | The      index which is known on a particular day, which shall be specified in the      first offering of such relevant series;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|                                                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| “The      payment index” -                                  |   | The      index which is known on the date fixed for any payment on account of      principal and/or interest.  The Company shall specify in the      first offering report whether protection will apply to the principal      and/or the interest of the Debentures, as described below: If      in the first offering report of the relevant series it is specified that      the principal and/or the interest is linked to the index and that      protection will apply to the principal and/or the interest of the      Debentures, namely: in the event that the known index on the date fixed      for the relevant payment is lower than the basic index, then the payment      index will be the basic index.  If it is stated in the first      offering report of the relevant series that the principal and/or the      interest are linked to the index and that no protection as aforesaid will      apply to the principal and/or the interest of the Debentures, i.e. – the      payment index will be the known index on the date specified for the      relevant payment even if that index is lower than the basic      index.  If the Company has not stated in the first offering      report whether or not protection will apply as aforesaid, then no      protection will apply; |
|                                                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| “Business      day” or “banking business day” - |   | Any      day on which most of the banks in Israel are open for the execution of      transactions;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|                                                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| “Trading      day abroad” -                                 |   | Any      day on which a quotation of base interest is fixed in relation to foreign      currency as published on Reuters Information Service or any other source      of information that may be specified in the first offering report of the      Debentures of the relevant series;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|                                                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| “Principal”      -                                          |   | The      par value of the Debentures of the relevant series;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                                                    |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| “Special      resolution” -                                 |   | A      resolution passed by a general meeting of the debenture holders of the      relevant series, at which the holders of at least fifty percent (50%) of      the balance of the par value of the Debentures of such series that are in      circulation were personally present or represented by proxy, or at an      adjourned meeting at which the holders of at least ten percent (10%) of      the aforesaid balance were personally present or represented by proxy, and      which was passed (whether at the original meeting or at the adjourned      meeting) by a majority of at least seventy-five percent (75%) of all the      votes participating in the vote, excluding  abstentions;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |

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| “The      nominee company” -                                       |         | The      Bank Hapoalim Nominee Company Ltd.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|--------------------------------------------------------------------------------|--------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                           |         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| “Series      of Debentures” or “the relevant series” - |         | Series      of Debentures that will be called Series C to G and/or Series H to J of      the Company’s Debentures, where each of the series of these Debentures      will be to an aggregate par value of up to NIS 1,500,000,000, registered      in the name of the holder, the conditions of each of which is in      accordance with the debenture certificate of that series and the first      offering report of the Debentures of that series, which will be issued      from time to time by the Company in its solediscretion.                     |
|                                                                           |         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| “Trading      day” -                                               |         | Any      day on which transactions are executed on the Tel Aviv Stock      Exchange.                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                                                           |         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| “Stock      Exchange Clearing House” -                             |         | The      Tel Aviv Stock Exchange Clearing House Ltd.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|                                                                           |         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| “Foreign      currency” -                                          |         | Not      more than one foreign currency in respect of each relevant series, as      shall be specified in the first offering report of the Debentures of that      series.                                                                                                                                                                                                                                                                                                                                                                                         |
|                                                                           |         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| “Foreign      currency rate” -                                     |         | The      representative rate of the foreign currency as published by the Bank of      Israel, or any official rate of exchange of the foreign currency against      Israeli currency that may replace the aforesaid representative rate and      which prevails for the time being with respect to government bonds linked      to the aforesaid foreign currency rate, and in the absence of such rate,      as shall be determined as between the Company and the    Trustee.                                                                                    |
|                                                                           |         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| “Known      rate” on anydate      -                                |         | The      last foreign currency rate fixed by the Bank of Israel before such      date.  However in a period in which the Bank of Israel does not      make a practice of fixing a representative rate, the known rate on any      date will be the rate last fixed before that date by the Minister of      Finance together with the Governor of the Bank of Israel for government      bonds linked to the foreign currency rate, and in the absence of such      rate, as shall be determined  as between the Company and the      Trustee; |
|                                                                           |         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| “Basic      rate” with respect to any relevant series -            |         | The      known rate on a particular day, which will be specified in the first      offering report of that relevant series;                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|                                                                           |         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| “The      payment rate” -                                          |         | The      known rate at the time of actual payment.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|                                                                           |         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| “Prime”      or “prime interest” -                     |    | For      a specific day: the average prime interest for that day as published by      Bank Hapoalim B.M., Bank Leumi le-Israel B.M. and the Israel Discount Bank      Ltd.;                                                                                                                                                                                                                                                                                                                                                                                        |

----

| “Bank      of Israel interest” -              |   | The      rate of interest for unlinked new shekels which the Governor of the Bank      of Israel announces from time to time as the declared rate of interest of      the Bank of Israel, or any rate of interest that may be fixed by any      competent authority instead of the aforesaid rate;                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|-----------------------------------------------------------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                      |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| “Telbor      interest” -                      |   | Tel      Aviv Interbank Offered Rate – the rate of interest for Interbank loans in      shekels, which is calculated on the basis of interest offers given by a      number of banks in Israel, for the period as will be specified in the      first offering report of the relevant series, as appears on the sampling      day (if it is on Mondays to Thursdays – at 13:00 or thereabouts, and if it      is on a Friday, at 12:00 or thereabouts) on the Reuters Information      distribution system or on another source of information as will be agreed      between the Company and the Trustee and which will be mentioned in the      first offering report of the Debentures of the relevant      series;              |
|                                                      |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| “LIBOR      interest” -                       |   | London      Interbank Offered Rate – the rate of interest offered on the Interbank      market in London on US dollar deposits for the period as will be specified      in the first offering report of the relevant series (for one week, one      month, three months, six months, etc.) as will be quoted on the sampling      day, at 11:00 London time or thereabouts, on the LIBOR01 page published by      Reuters Information Service or, if that page is replaced by another page,      as is quoted on the sampling day, at the aforesaid time or shortly      thereafter, on such other page;                                                                                                                                  |
|                                                      |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| “Euribor      interest” -                     |   | Euro      Interbank Offered Rate – the rate of interest offered on the Interbank      market for euro deposits for the period as will be specified in the first      offering report of the relevant series (for one week, one month, three      months, six months, etc.) as will be quoted on the sampling day, at 11:00      central European Time (CET) or thereabouts, on the Euribor01 page which is      published by Reuters Information Service (or if that page is replaced by      another page, then as quoted at the aforesaid time or shortly thereafter      on such other page), or on another information source that will be      mentioned in the first offering report of the Debentures of the relevant      series; |
|                                                      |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
| “Government      bond at variable interest” - |   | A      series of government bonds at variable interest which was issued in      accordance with the State Loan Regulations (Debentures of Government Bond      Type – Variable Interest), 5766-2006, as will be published by the      Government Bond Management Unit at the office of the      Accountant-General.  The relevant series of government bonds and      the date of maturity thereof will be mentioned in the first offering      report of the Debentures of that series that will be    offered;                                                                                                                                                                                                                |

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| “The      base interest” -                                 |         | LIBOR      interest or Telbor interest or Euribor interest or Bank of Israel interest      or prime interest or Makam yield for one year or the interest which      government bonds at variable interest bear, as will be specified in the      first offering report of the relevant series;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|------------------------------------------------------------------------|--------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|                                                                   |         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| “Makam”      -                                             |         | Bonds      issued in series by the State of Israel with the objective of being a      short-term loan which the State of Israel borrows in accordance with the      provisions of the Short-Term Loan Law, 5744-1984 and/or any law which may      come in its stead and/or in addition thereto, which are listed for trading      on the Tel Aviv Stock Exchange and which are sold in a tender by the Bank      of Israel and do not bear interest and/or linkage    differences;                                                                                                                                                                                                                                                                                                                                                          |
|                                                                   |         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| “Makam      for one year” -                                |         | A      Makam series which is in circulation the maturity date of which was fixed      for the nearest period to a period of 12 months from the sampling date (as      defined below), provided that the maturity date is at least 10 days from      the sampling date.  In the event that on the sampling date no      such Makam exists, the Makam for one year will be other government bonds      in shekels which do not bear linkage differences and do not bear variable      interest, that are listed for trading on the Tel Aviv Stock Exchange and      the maturity date of which is fixed for a period which is closest to 12      months from the sampling date.  The relevant Makam series and      the maturity date thereof will be specified in the first Shelf Offering      Report of the Debentures. |
|                                                                   |         |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| “Sampling      date” with respect to any interest period - |    | With      respect to LIBOR interest or Euribor interest – the business day abroad      which falls two (2) business days abroad before the first day of any such      interest period; with respect to Telbor interest – the banking business      day which falls two (2) business days before the first day of any interest      period; and with respect to Bank of Israel interest, prime interest, Makam      yield and interest on government bonds at variable interest – the first      day of any interestperiod.                                                                                                                                                                                                                                                                                                 |

| 2. | The      Debentures |
|----|---------------------|

|   | 2.1 | The      Debentures contained in this certificate are part of a series of up to      five (5) series of Debentures (Series C to G) or up to three (3) series of      Debentures (Series H to J), where each of these series of Debentures will      be to an aggregate par value of up to NIS 1,500,000,000, registered in the      name of the holder.  The Debentures of each of the aforesaid      series will be repayable (principal), will have linkage basis (or without      linkage), type of interest (or absence of interest) and interest rate or      margin above or below the base interest which the principal of the      Debentures of each of the aforesaid series will bear, or without interest      which the principal of the Debentures of each of the aforesaid series will      bear, as the case may be, are all as described in Paragraphs 3-5      below. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 2.2 | The      Debentures of Series H to J will be convertible into ordinary shares of      NIS 1 par value each of the Company, on any trading day commencing from      the listing of such Debentures 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, except a number of days before the effective date for partial      redemption in accordance with the Stock Exchange directives as prevailing      at the date of the offering report, as defined in Clause 1.5 of the Deed      of Trust, and up to the date of effecting of the partial redemption, at a      conversion rate which shall not be less than the par value of the ordinary      shares at the date of the first offering report of the Debentures of      Series H to J (subject to adjustments as mentioned in Paragraphs 6.1 and      6.3 below), in such manner and on such conditions, as shall be      particularized in the first offering report while the Debentures of each      of the aforesaid series, in accordance with the specification of these      details by the Company immediately prior to the initial offering of the      Debentures of the relevant series.  For further details see also      Paragraph 6 below. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.3 | Enlargement of the      series |
|--------|-----|--------------------------------|

|   | With      regard to enlargement of a series, see Clause 3.3 of the Deed of      Trust. |
|--------|----------------------------------------------------------------------------------------|

|   | 2.4 | Issue of additional      securities |
|--------|-----|-------------------------------------|

|   | With      regard to an issue of additional securities, see Clause 3.4 of the Deed of      Trust. |
|--------|--------------------------------------------------------------------------------------------------|

|   | 2.5 | Collateral      security |
|--------|-----|--------------------------|

|   | With      regard to collateral security that may be imposed on the Debentures      contained in this certificate, see Clause 6 of the Deed of      Trust. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | The      principal |
|----|--------------------|

|   | 3.1 | The      principal of the Debentures of Series C to G and of Series H to J which      will be offered pursuant to this Shelf Prospectus and the linkage basis of      the principal are as follows: |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.1.1 | The      principal of the Debentures of Series C to G will be repaid in one payment      or in a number of equal payments which shall not exceed four quarterly      payments in a year, as will be prescribed in the first offering report, at      the times as will be specified in the first offering report of the      aforesaid relevant series and subject to the conditions of linkage as      stated below in this paragraph. |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 3.1.2 | The      principal of the Debentures of Series H to J will be repaid (..) one      payment or in a number of equal payments which shall not exceed four      quarterly payments in a year, as will be prescribed in the first offering      report, at the times as will be specified in the first offering report of      the aforesaid relevant series and subject to the conditions of linkage as      stated below in this paragraph. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 3.1.3 | The      principal and the interest of the Debentures of the relevant series may be      linked to one of the linkage bases described below or may be without      linkage, as will be specified in the first offering report of that series,      coupled with reference to the definitions of the linkage bases described      below: |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 3.1.3.1 | Linkage to the      index |
|--|---------|---------------------------|

----

|  | 3.1.3.2 | Linkage to foreign      currency |
|--|---------|----------------------------------|

|  | 3.1.3.3 | Unlinked      Debentures |
|--|---------|--------------------------|

|  | 3.1.3.4 | Notwithstanding      the contents of the Stock Exchange regulations and directives, the method      of linkage of the principal and/or the interest will not change during the      period of the Debentures, and the linkage of each series will relate to      not more than one linkage basis, to the extent that the Debentures are      linked to any linkage basis. |
|--|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4. | Interest |
|----|----------|

|   | 4.1 | Interest on principal      that is linked to the index |
|--------|-----|--------------------------------------------------------|

|  |   | The      principal of the Debentures, if the Debentures are linked to the Consumer      Price Index, will bear interest linked to the aforesaid index, at a fixed      rate which will be specified in the first offering report of that series      and/or will be determined in a tender in accordance with the aforesaid      offering report. |
|--|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.2 | Interest on unlinked      principal |
|--------|-----|-------------------------------------|

|   | 4.21 | Fixed shekel      interest – interest at a fixed rate that will be specified in the      first offering report of that series and/or will be determined in a tender      pursuant to the aforesaid offeringreport. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.2.2 | Interest at a variable      rate on a basis that if the tender is held on the price of the unit, the      margin above or below the base interest will be specified in the first      offering report of the relevant series, and if the price of the unit is to      be set (without a tender) in the first offering report of the relevant      series, the margin above or below the base interest will be determined      according to the tender, where in both cases the base interest is Bank of      Israel interest or Telbor interest or prime interest as will be specified      in the aforesaid offering report – the rate of interest in respect      of any interest period of the Debentures will be determined according to      the aforesaid base rate of interest (at the Bank of Israel interest or      Telbor interest or prime interest, which will be specified in the      aforesaid report), as will be quoted on the sampling day.  The      Company shall file an immediate report within four (4) days from the      sampling day in regard to the rate of interest that will be determined as      aforesaid.  It is emphasized that the rate of Bank of Israel      interest and/or Telbor interest and/or prime interest as aforesaid are      determined on only one particular sampling day in relation to any interest      period.  The rate of Bank of Israel interest and/or Telbor      interest and/or prime interest may vary during the course of an interest      period (for example: as a result of inflationary or other changes), but      the rate of Bank of Israel interest and/or Telbor interest and/or prime      interest that were determined on the sampling day shall not change during      that interest period. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 4.2.3 | Interest at a variable      rate on a basis that if the tender is held on the price of a unit, the      margin above or below the base interest will be specified in the first      offering report of the relevant series, and if the unit price is to be set      (without a tender) in the first offering report of the relevant series,      the margin above or below the base interest will be determined according      to the tender, where the base interest is the yield on Makam for one year,      as will be specified in the aforesaid offering report    – |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.2.4 | Interest at a variable      rate where if the tender is held on the unit price, the margin above or      below the base interest will be specified in the first offering report of      the relevant series, and if the unit price is to be set (without a tender)      in the first offering report of the relevant series, the margin above or      below the base interest will be determined according to the tender, where      the base interest is the interest which government bonds at variable      interest bear: |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 4.3 | Interest on principal      which is linked to foreigncurrency |
|--------|-----|---------------------------------------------------------------|

|   | 4.3.1 | Fixed interest linked      to foreign currency – interest which is linked to foreign currency      where the interest is at a fixed percentage that will be specified in the      first offering report of that series and/or will be fixed in a tender in      accordance with the aforesaid offeringreport. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.3.2 | Interest at a variable      rate on a basis that if the tender is held on the unit price, the margin      above or below the base interest will be specified in the first offering      report of the relevant series, and if the unit price is to be set (without      a tender) in the first offering report of the relevant series, the margin      above or below the base interest will be determined by way of a tender,      and where the base interest is LIBOR or Euribor interest, as specified in      the aforesaid offering report – the rate of interest in respect of      each interest period of the Debentures will be determined according to the      aforesaid base interest rate (LIBOR interest or Euribor interest as stated      in the aforesaid offering report), for a period which will be specified in      the aforesaid offering report, as quoted on the sampling      day.  The Company shall within four (4) days from the sampling      date lodge an immediate report regarding the rate of interest that will be      determined as aforesaid.  Such base interest will be interest as      prevailing in relation to the currency to which the principal of the      Debentures is linked.  It is emphasized that the LIBOR interest      rate or the Euribor interest rate as aforesaid are fixed on a particular      sampling day solely in relation to any interest period.  The      LIBOR interest rate or the Euribor interest rate are likely to vary during      the course of the interest period (for example: as a result of      inflationary and other changes), but the LIBOR interest rate or the      Euribor interest rate that were fixed on the sampling day shall not change      during that interest period. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.4 | Notwithstanding      the contents of Paragraphs 4.1 – 4.3 above, it will be possible to offer      Debentures of any series as aforesaid, in the scope of a non-uniform offer      as referred to in Paragraph 2.6 to the Prospectus, and in such case the      rate of interest or the margin above the base interest and the unit price      will not be determined in a tender, but will be particularized in the      Shelf Offering Report. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 4.5 | The      rate of interest in respect of the first interest period of Debentures of      the relevant series will be stated in the first offering report of that      series and/or in a report which the Company will publish regarding the      results of the tender in connection with the rate of interest and/or in      relation to Debentures bearing variable interest, as the case may be,      according to the fixed times on the sampling day as defined      above. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.6 | It      is clarified that in relation to Debentures which bear interest at a      variable rate, it is to be expected that the rate of interest payable in      respect of each interest period will be a different rate of interest as      described above. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.7 | The      rate of interest that will be set in respect of each relevant series will      be an annual rate.  If the conditions of the tenders specify      that the interest in respect thereof will be paid at more than one time in      a year, payment of the interest that will be paid on each interest payment      date will be calculated according to the annual rate of interest where      same is divided by the number of payments per annum that are specified      according to the conditions of the Debentures of the relevant      series.  In the first offering report or in the report on the      results of the issue, as the case may be, the Company will specify the      annual rate of interest as well as the rate thereof where it is divided by      the number of annual, half-yearly, or quarterly payments, as the case may      be, in a case where the interest is payable on more than one      date. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.8 | The      interest in respect of the Debentures of the relevant series will be paid      in a number of payments which shall not exceed four quarterly payments in      a year and which will be particularized in the first offering report of      that series, in respect of the interest period which ended on the date of      payment (“the Interest      Period”).  The first Interest Period of the Debentures of      the relevant series will start on the date of clearing which will be      mentioned in the aforesaid offering report and will end on the first date      of payment of the interest.  Any additional Interest Period of      the Debentures of the relevant series will start on the first day      following the end of the immediately preceding Interest Period, and will      end on the date of payment which first follows the date of commencement      thereof.  The interest for the first Interest Period will be      calculated according to the number of days in this period on a basis of      365 days in a year. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.9 | The      last payment of interest on the principal of the Debentures of the      relevant series will be paid together with the last payment on account of      the principal of the Debentures of that series, which shall be done      against surrender to the Company of the certificates of Debentures of that      series. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | Payments      of principal and interest on the  Debentures |
|----|------------------------------------------------------------|

|   | 5.1 | The      payments on account of the interest and/or the principal of the Debentures      of the relevant series which shall be offered pursuant to this Shelf      Prospectus will be paid to the persons whose names are registered in the      register for that series at the times as specified in the first offering      report of that series, in accordance with the provisions of the Stock      Exchange Regulations as in force for the time being (“the Effective Date for the      Relevant Series”), except for the last payment of the principal and      the interest which will be made against surrender to the Company of the      certificates of debenture of that series, at the Company’s registered      office or at such other place of which the Company shall give notice not      later than five (5) business days before the date of the last      payment. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  |   | It      is clarified that anyone who is not registered in the register with      respect to the relevant series on the Effective Date for the Relevant      Series will not be entitled to payment of interest in respect of the      Interest Period the commencement of which was before that      date. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.2 | In      every case in which the date for making the payment on account of      principal and/or interest falls on a day which is not a business day, the      date of payment will be postponed to the first following business day      thereafter without an increment in payment, and “the Effective Date” for      purposes of determining the entitlement to redemption or to interest will      not change by virtue of this. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.3 | The      Company will be entitled to state in the first Shelf Offering Report in      respect of each series of Debentures whether penalty interest will be      payable in respect of a default in payment on account of principal and/or      interest, and in a situation that such interest will be payable, the      Company shall specify in the Shelf Offering Report the time at which the      Company will publish an immediate report in which it gives notice of the      date of payment of such interest.  In a situation in which such      interest is payable, the Company shall publish an immediate report in      relation to the rate thereof and the times for payment      thereof.  If the Company has not specified as aforesaid, no      penalty interest will be payable in respect of such default in      payment. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.4 | Payment      of the principal and the interest will be made subject to the conditions      of linkage as set forth in Paragraphs 3-4 above, if  any. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.5 | Payment      to the entitled persons will be made by check or by bank transfer to the      credit of the bank account of the persons whose names are registered in      the register with respect to the relevant series, which will be indicated      in the details they will furnish in good time in writing to the Company,      in accordance with the contents of Clause 25 of the Deed of      Trust.  If the Company is unable to pay any amount to the      persons entitled thereto, for a reason which is not dependent on it, the      provisions of Paragraph 7 below willapply. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.6 | A      holder of Debentures of the relevant series shall notify the Company of      the details of the bank account to be credited with payment to such holder      in respect of the Debentures of that series as aforesaid, or about a      change in the details of the aforesaid account or in his address, as the      case may be, by way of written notice to be sent to the Company by      registered mail.  The Company will be obliged to act in      accordance with the holder’s notification regarding such change after the      elapse of fifteen (15) business days from the date on which the holder’s      notification reached theCompany. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 5.7 | If      a holder of the Debentures who is entitled to payment as aforesaid has not      furnished the Company with details regarding his bank account in good      time, every payment on account of the principal and the interest will be      made by way of check, which will be sent by registered mail to his last      address as recorded in the register for the relevant      series.  The sending of a check to the entitled person by      registered mail as aforesaid shall for all intents and purposes be deemed      to be payment of the amount denominated in the check on the date of its      posting, provided that the check was met upon due presentation thereof for      collection. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.8 | Any      compulsory payment as required according to law will be deducted from      every payment in respect of the Debentures of the relevant      series. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | Right      to convert Debentures of Series H to J into shares (“the Convertible      Debentures”) |
|----|---------------------------------------------------------------------------------------------------------------|

|   | 6.1 | Conversion      conditions |
|--------|-----|----------------------------|

|   | 6.1.1 | On      any trading day commencing from the first listing for trading of each of      the series of Convertible Debentures on the Stock Exchange and up to a      number of days before the end of the period of the Debentures of that      series, in accordance with the directives of the Stock Exchange as      applicable at the date of the first offering report in respect of that      series and as will be particularized in the aforesaid offering report      (“the Conversion      Period”, and each trading day in the Conversion Period as aforesaid      will henceforth be referred to as “the Conversion Date”,      and the last day of the Conversion Period will be referred to below as      “End of the Conversion      Period”), except a number of days before the effective date for      partial redemption in accordance with the regulations and directives of      the Stock Exchange as in force on the date of the aforesaid offering      report, and up to the date partial redemption is made, the balance of the      principal of the Convertible Debentures of that series which are in      circulation at the time will be convertible into fully paid-up registered      ordinary shares of NIS 1 par value each of the Company (“the Conversion      Shares”), according to a conversion rate that will be specified in      the first offering report, which shall not be less than the par value of      the Company’s ordinary shares at the date of the aforesaid offering report      (“the Conversion      Rate”), subject to adjustments as described below, and in the      manner and on the conditions as will be particularized in the aforesaid      offering report. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.1.2 | Every      holder of the Convertible Debentures of any series wishing to convert the      balance of the par value of the principal of the Convertible Debentures of      that series held by him into Conversion Shares (“the Converting Party”),      shall submit a written application to that effect on a form as will be      devised by the Company, accompanied by the certificates of the Convertible      Debentures to which the application relates, directly to the Company at      its registered office (if those Debentures are registered in the name of      the Converting Party in the register of that series) or through the Stock      Exchange member (in a case in which those Debentures are held by the      Converting Party through such Stock Exchange member) on the Conversion      Dates, and under all circumstances not later than the end of the      Conversion Period with respect to that series (“the Notice of      Conversion”). |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 6.1.3 | It      will be possible in one Notice of Conversion to request the conversion of      the balance of the par value of the principal of a number of Convertible      Debentures of that series that are registered in the name of the same      holder, and in such case all the certificates in respect of the      Convertible Debentures to which such Notice of Conversion relates shall be      attached thereto. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.1.4 | In      the case of a conversion of the Convertible Debentures into shares in      accordance with this paragraph with respect only to part of the amount of      the par value of the Convertible Debentures registered in one certificate,      it shall be necessary first to split the certificate of Convertible      Debentures into a number of debenture certificates as required in the      circumstances, in a manner that the sum total of the par value amounts of      the Debentures recorded therein is equivalent to the par value amount of      the debenture certificate which will be split as  aforesaid. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.1.5 | The      Notice of Conversion forms are obtainable at the registered office of the      Company and at such other place of which the Company shall give      notice. |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.1.6 | The      Converting Party shall at any time sign any document that is required      according to any law and in accordance with the Company’s instructions for      purposes of the allotment of the Conversion Shares.  The day on      which the Company receives a Notice of Conversion directly from the      Converting Party (in respect of Debentures held directly), or the Stock      Exchange Clearing House receives Notice of Conversion of the Convertible      Debentures from a Stock Exchange member (in respect of Debentures held      through the nominee company), which comply with all the conditions set      forth in the Prospectus, as the case may be, will be deemed to be the date      of conversion (“the      Conversion Date”). |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.1.7 | If      the Converting Party has not complied with all the conditions for      conversion of the Convertible Debentures in full, the Notice of Conversion      shall be deemed to be void, and the certificates in respect of the      Convertible Debentures that were attached to such Notice of Conversion      will be returned to the applicant. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.1.8 | A      Notice of Conversion that has been lodged with the Company shall be      irrevocable and incapable of beingaltered. |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------|

----

|   | 6.1.9 | The      Converting Party will not be entitled to the allotment of a fraction of      one Conversion Share, but all fractions of Conversion Shares that come      into being at the time of conversion, if any, will be sold on the Stock      Exchange by a trustee who will be appointed for this purpose by the      Company, within thirty (30) days after such fractions have accumulated      into whole shares in a reasonable quantity for sale on the Stock Exchange,      taking into account the costs connected therewith. The net proceeds of the      sale thereof will be divided amongst the entitled persons respectively      within fifteen (15) days from the date of sale.  A check in an      amount of less than NIS 50 will not be sent to a single entitled person as      aforesaid, and it will be possible to obtain such amount at the Company’s      offices on normal working days and at normal working hours.  An      entitled person as aforesaid who does not come to the Company’s offices to      receive this amount as aforesaid within twelve (12) months from the date      of sale will lose his right to thisamount. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.1.10 | Conversion      Shares will confer on their holders all rights to participate fully in any      dividend and other distribution, the effective date for the right to      receive same is the Conversion Date or subsequent thereto, and the      Conversion Shares will rank pari passu in all      respects with the ordinary shares of NIS 1 par value existing in the      Company’s capital at such time. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.1.11 | The      Convertible Debentures that have been converted will be taken out of      circulation on the date of the conversion thereof and will be absolutely      void, retroactively to the Conversion Dates, from the date of allotment of      Conversion Shares in respect thereof, and will not confer any right to any      interest after the last date for an interest payment the effective date      for which fell before the Conversion Date, nor shall they confer any right      to linkage differences that have accumulated on the principal amount in      accordance with the conditions of linkage as set forth in Paragraph 3      above (and which would have been payable together with the principal of      the Debentures had the applicant not exercised his right to convert the      Convertible Debentures into shares as  aforesaid). |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.1.12 | Any      part of the Convertible Debentures of any series which is not converted up      to the end of the Conversion Period with respect to that series, will no      longer confer on the holder thereof any right to convert same into      Conversion Shares, and the right of conversion in respect thereof will be      null and void after that date. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.2 | Timetables for      conversion |
|--------|-----|--------------------------------|

|   | 6.2.1 | A      customer’s notice regarding conversion which is received up to the hour of      12:00 noon at the offices of the Stock Exchange member shall be      transferred by that Stock Exchange member to the Clearing House by not      later than 12:00 noon on the next tradingday. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 6.2.2 | Where      the Clearing House has received notice from the Stock Exchange member      regarding conversion by not later than 12:00 noon, the Clearing House will      debit the Stock Exchange member and will credit the nominee company      accordingly, by not later than 12:00 noon on the next trading      day. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.2.3 | Where      the nominee company has received a credit note as referred to in      sub-paragraph 6.2.2 above before 12:00 noon, it shall send the Notice of      Conversion to the offices of the issuing company not later than 12:00 noon      on the next trading day. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.2.4 | Any      notice amongst those mentioned in sub-paragraphs 6.2.1 to 6.2.3 above      which is received after 12:00 noon on a trading day, shall be deemed to      have been received before 12:00 noon on the next trading    day. |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.2.5 | Notwithstanding      the foregoing, on the last day for conversion prior to final maturity or      before the ex date for partial redemption, as the case may be, the Stock      Exchange members must transfer the final conversion applications to the      Clearing House by not later than 12:00 noon.  The conversion      will be effected on the same day.  A Stock Exchange member who      has not lodged an application up to the aforesaid hour, will be deemed not      to have exercised his right to convert the Convertible Debentures in his      possession. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  |   | Where      the last date for conversion of the Convertible Debentures of any series      falls prior to final maturity, or the last date for conversion prior to      partial redemption falls on a day that is not a trading day, the aforesaid      date will be postponed to the next tradingday. |
|--|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.3 | Provisions for      protection of holders of the Convertible Debentures in the Conversion      Period |
|--------|-----|-------------------------------------------------------------------------------------------------------|

|   | 6.3.1 | Distribution of bonus      shares |
|--------|-------|-----------------------------------|

|   | If      the Company should distribute bonus shares after the date of the first      offering report of any series of the Convertible Debentures and before the      end of the Conversion Period in relation to such series, the rights of the      holders of the Convertible Debentures of that series will be safeguarded      in the manner described below: |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 6.3.1.1 | After      the effective date for the entitlement to participate in the aforesaid      distribution the number of Conversion Shares to which the holders of the      Convertible Debentures of that series will be entitled upon the conversion      thereof will increase, by way of adding the number of shares to which the      aforesaid holder would have been entitled as bonus shares, had he      converted the Convertible Debentures immediately prior to the aforesaid      effective date. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.3.1.2 | A      holder of Convertible Debentures will not be entitled to the allotment of      a fraction of a bonus share in accordance with the matters aforesaid, but      all fractions of bonus shares that come about at the time of the allotment      and which accumulate into whole shares, will be sold on the Stock Exchange      by a trustee who will be appointed by the Company for this purpose, within      thirty (30) days from the date of the aforesaid allotment, and the net      proceeds (after deduction of selling expenses and compulsory payments and      levies) will be divided amongst the entitled persons within fifteen (15)      days from the date of sale.  A check in an amount of less than      NIS 50 will not be sent to a single entitled person and it will be      possible to obtain such amount at the Company’s offices on normal working      days and at normal working hours.  An entitled person as      aforesaid who does not come to the Company’s offices to receive this      amount as aforesaid within twelve (12) months from the date of sale will      lose his right to this amount. |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.3.1.3 | In      accordance with contents of the Stock Exchange regulations and its      directives, the method of adjustment cannot be  altered. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.3.2 | Rights      issue |
|--------|-------|-------------------|

|   | If      the Company should offer its shareholders securities of any class by way      of a rights issue subsequent to the date of the first offering report in      respect of any series of the Convertible Debentures and up to the end of      the Conversion Period in relation to such series, the number of Conversion      Shares in respect of a conversion of the Convertible Debentures of that      series which have not yet been converted into ordinary shares of the      Company, will be adjusted on the effective date for the right to purchase      the securities that will be offered in the rights issue, according to the      bonus element in the rights, as this is manifested by the ratio between      the price of the Company’s share on the Stock Exchange on the aforesaid      effective date and the base price “ex rights”.  In accordance      with the provisions of the Stock Exchange regulations and its directives,      the method of adjustment as described above cannot be    altered. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 6.3.3 | Adjustment in respect      of distribution of dividend |
|--------|-------|--------------------------------------------------------|

|   | Should      the Company make a distribution of dividend, as defined in the Companies      Law (“the      Distribution”), the effective date for the entitlement to which      (“the Effective Date for      Distribution”) falls before the End of the Conversion Period, one      of the provisions set forth in sub-paragraphs 6.3.3.1-6.3.3.3 below will      apply in such manner as shall be specified by the Company in the first      offering report of the relevant series.  In the aforesaid first      offering report the Company shall publish in detailed fashion the manner      of adjusting the conversion price as a consequence of a Distribution, if      any, in accordance with its choice of one of the following      alternatives: |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.3.3.1 | The      conversion price will not be adjusted as a consequence of a distribution      by the Company. |
|--------|---------|--------------------------------------------------------------------------------------------------------|

|   | 6.3.3.2 | Immediately      after the effective date, a deduction will be made from the conversion      price in respect of each share of an amount equivalent to the “ex” value      as defined in the Stock Exchange trading regulations and in the directives      issued pursuant thereto.  The Company shall give notice of the      adjusted conversion price as aforesaid not later than the day on which the      Company’s shares are traded “exdividend”. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.3.3.3 | Should      the first trading day on which the Company’s shares are traded fall after      the Effective Date for the Distribution (ex dividend), the conversion      ratio of the Convertible Debentures that are in circulation will be      adjusted by multiplying it by the ratio between the price of the Company’s      share on the Stock Exchange, as will be fixed by the Stock Exchange as a      price adjusted for the distribution (ex dividend price), and the closing      price fixed on the Stock Exchange for the Company’s share on the Effective      Date for Distribution.  The Company shall give notice by way of      an immediate report in regard to the adjusted conversion ratio, as      aforesaid, not later than the day on which the Company’s shares are traded      “ex dividend”. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  |   | If      the Company has failed to specify in the first offering report which of      the alternatives mentioned above will apply to the conversion price of the      Convertible Debentures, as aforesaid, the provisions of Paragraph 6.3.3.1      above will apply. |
|--|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.3.4 | Additional provisions      for protection of holders of the Convertible Debentures in the Conversion      Period |
|--------|-------|------------------------------------------------------------------------------------------------------------------|

|   | On      the date of publication of the offering report in relation to any series      of Convertible Debentures and until all the Convertible Debentures of that      series have been converted, but under no circumstances later than the End      of the Conversion Period with respect to that series, the following      provisions will apply: |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.3.4.1 | The      Company shall retain a sufficient quantity of ordinary shares of NIS 1 par      value in its authorized share capital to guarantee the allotment of all      the shares likely to arise from a conversion of all the Convertible      Debentures of that series which are in circulation from time to time, and      to the extent necessary the Company shall cause an increase of its      authorized share capitalaccordingly. |
|--------|---------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 6.3.4.2 | If      the Company consolidates the ordinary shares of NIS 1 par value in its      issued share capital into shares of a larger denomination, or sub-divides      the shares into shares of a smaller denomination – the number of      Conversion Shares that will be allotted in consequence of a conversion of      the Convertible Debentures of that series will be reduced or increased, as      the case may be, after such action.  In such case the contents      of Paragraph 6.1.9 above will apply, mutatis      mutandis. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.3.4.3 | The      Company will make a copy of its periodic reports and of the Company’s      interim financial statements available for perusal and inspection of the      holders of the Convertible Debentures of that series, at its registered      office during normal working hours.  On a request in writing      from a registered holder of Convertible Debentures of that series, the      Company will send him a copy of the aforesaid reports and      statements. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.3.4.4 | Within      ten (10) days from any adjustment in the conversion price or in the number      of Conversion Shares with respect to such series of Convertible      Debentures, the Company shall publish a notice in two (2)      widely-circulating Hebrew dailies published in Israel, regarding the right      of holders of the Convertible Debentures of that series to convert such      Debentures into shares, coupled with an indication of the Conversion      Period, the conversion price and the number of Conversion Shares to which      a holder of the Convertible Debentures will be entitled as a consequence      of conversion at that time, all in relation to the aforesaid      series. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.3.4.5 | In      addition to the aforesaid notice, the Company shall, not later than three      (3) weeks and not earlier than four (4) weeks before the End of the      Conversion Period with respect to that series, publish a notice in two (2)      widely-circulating Hebrew dailies published in Israel, and shall send      written notice, with a copy to the Stock Exchange and to the trustee for      that series, to the holders registered in the register for that series,      regarding the last date for conversion of the Convertible Debentures of      that series.  Such notice shall mention the conversion price,      the number of Conversion Shares and the number of bonus shares to which a      holder of the Convertible Debentures will be entitled at the time of      conversion during that period, all in relation to the aforesaid      series. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.3.4.6 | The      Company shall not distribute and shall not offer to the holders of the      ordinary shares of NIS 1 par value a cash dividend or bonus shares or a      rights offer for any securities, unless the Effective Date for the right      to receive same is at least ten (10) trading days after publication by the      Company in regard to the distribution or the rights offer, as the case may      be. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 6.3.4.7 | The      Company shall refrain from any action, including a distribution of bonus      shares, likely to lead to a reduction in the price of a Conversion Share      to below its par value. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.3.4.8 | In      accordance with the Stock Exchange regulations and directives as      prevailing at the date of the Deed of Trust, the conditions of the      Convertible Debentures cannot be altered with respect to the conversion      price, the conversion dates and the method of linkage but the Company will      be entitled to alter the Conversion Period and/or the conversion price,      provided that this is done in the scope of an arrangement or compromise      that has been approved by a court, in accordance with Section 350 of the      Companies Law.  In addition, pursuant to the aforesaid Stock      Exchange regulations and directives, the Company is entitled to alter the      conversion price in the scope of a spin-off process of the Company or a      merger process of the Company, provided that the change shall include only      the adjustments necessitated by suchprocess. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | According      to the aforesaid Stock Exchange regulations and directives, “the spin-off process”      for these purposes means – a process in which the Company transfers to its      shareholders shares which it holds in another company, or a process in      which the Company transfers assets and liabilities to a new company that      will be established for purposes of the spin-off, and the shareholders in      the new company will also be the shareholders in the Company which      transfers the assets and liabilities, all on condition that the spin-off      process was carried out under equal conditions for the Company’s      shareholders. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | According      to the aforesaid Stock Exchange regulations and directives, “a merger process” for      these purposes means – a process in which all the Company’s shares will be      transferred into the ownership of a new company, or into the ownership of      another registered company whose shares are listed for trading on the      Stock Exchange, or a process in which the Company transfers all its assets      and liabilities to another company as aforesaid, all on condition that the      securities of a company whose shares or assets are transferred as      aforesaid, will be delisted from trading on the Stock Exchange and the      process shall be carried out under equal conditions for the Company’s      shareholders. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 6.3.5 | Voluntary      winding-up |
|--------|-------|---------------------------|

|   | 6.3.5.1 | In      the case of the passing of a voluntary winding-up resolution, the Company      shall give written notice to all holders of the Convertible Debentures      which are in circulation for the time being, who are registered in the      register of the relevant series of the Convertible Debentures, and shall      publish a notice to that effect in two (2) widely-circulating Hebrew      dailies published in Israel.  Every holder of the Convertible      Debentures will be entitled, as he pleases, to be deemed to have exercised      the right of conversion in respect of the Debentures immediately prior to      the passing of the resolution, if he gives the Company written notice of      his desire for this within three (3) months from the date of the Company’s      aforesaid notice. |
|--------|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.3.5.2 | In      such case, a holder of the Convertible Debentures will be entitled to      participate in a distribution amongst its shareholders, of the surplus      assets of the Company in winding-up (after discharge of all its debts),      with this being in an amount he would have received in a winding-up of the      Company had he been a shareholder in the Company immediately prior to the      passing of the winding-up resolution as a consequence of the conversion of      the Convertible Debentures held by him, in respect of which he gave the      Company notice as aforesaid, but after deduction of the amounts of      interest that were paid in respect of those Convertible Debentures at the      date of the resolution or subsequent thereto (except interest the due date      for payment of which fell prior to the date of the resolution, even if      paid on or after the date of the resolution); and the holder of the      Convertible Debentures will not be entitled to any payment in accordance      with the Debentures the due date for payment of which fell after the date      of the resolution. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | Failure      to make payment for a reason not dependent on the      Company |
|----|-----------------------------------------------------------------------------|

|   | 7.1 | Any      amount which is due to a debenture holder which was not actually paid on      the date specified for the payment thereof, for a reason that is not      dependent on the Company, in circumstances where the Company was prepared      to make payment thereof, shall cease to bear interest and linkage      differences from the date specified for the payment thereof, and the      debenture holder will only be entitled to those amounts to which he would      have been entitled on the date specified for the making of such payment on      account of the principal, the interest and the linkage      differences. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7.2 | Within      15 business days from the date specified for such payment, the Company      shall deposit with the Trustee, in a bank account in the name and to the      order of the Trustee, the amount of the payment that was not paid on due      date, as mentioned in sub-paragraph 7.1 above, and shall give notice in      writing as per the addresses in its possession to the debenture holders      about such deposit, and the aforesaid deposit shall be deemed to be a      discharge of that payment and in the case of discharge and liquidation of      everything due in respect of the debenture, also as redemption of the      debenture. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 7.3 | The      Trustee shall, in the framework of trust accounts in its name and to its      order, invest the moneys that will be transferred to it as stated in      Paragraph 7.2 above, in investments that are permitted to the Trustee in      accordance with the Deed of Trust.  Where the Trustee has done      so, it will not be liable to the entitled persons in respect of those      amounts other than for the proceeds that will be received from realization      of the investments, less the reasonable expenses connected with the      aforesaid investment and the maintaining of the trust accounts, the      reasonable charges and commissions and less compulsory payments that are      imposed on the trust account.  Out of the aforesaid moneys the      Trustee shall transfer amounts to the debenture holders who are entitled      thereto, and shall do so as soon as possible after proof and reasonable      confirmations are furnished to the Trustee in regard to their right to      such amounts, and less the Trustee’s reasonable expenses, commissions,      compulsory payments and its remuneration as mentioned in Paragraph 7.2      above. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7.4 | The      Trustee shall hold these moneys and shall invest same in the aforesaid      manner until the end of one year from the date of final repayment of the      Debentures.  After that date, the Trustee shall transfer the      amounts mentioned in sub-paragraph 7.3 above to the Company, including      profits arising from the investment thereof, less its reasonable expenses      and other reasonable expenses that were incurred in accordance with the      provisions of this Deed (such as remuneration to service providers, etc.),      if any such moneys remain in its hands at such time.  The      Company shall hold these amounts in trust for the debenture holders who      are entitled to these amounts, and the provisions of sub-paragraph 7.3      above shall apply, mutatis mutandis, with      regard to the amounts that will be transferred to it by the Trustee as      aforesaid. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7.5 | The      Company shall confirm to the Trustee in writing that it holds the amounts      and the fact of having received same in trust for the aforesaid debenture      holders. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7.6 | The      Company shall hold these moneys in trust for the debenture holders who are      entitled to such amounts for an additional one year from the date of the      transfer thereof to it from the Trustee, and shall not make any use      thereof and shall invest same in accordance with the provisions of the      Deed of Trust.  Moneys which are not claimed from the Company by      a debenture holder up to the end of two years from the date of final      repayment of the Debentures will be transferred to the Company, and it      will be entitled to make use of the remaining moneys for any      purpose. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | Transfer      of the Debentures |
|----|---------------------------------|

|   | 8.1 | The      Debentures are transferable in respect of any amount of par value,      provided that this is in whole new shekels.  Every transfer of      Debentures shall be made in accordance with a deed of transfer drawn up in      the usual form for the transfer of shares, duly signed by the registered      owner or his legal representatives, and by the transferee or his legal      representatives, which shall be delivered to the Company at its registered      office accompanied by the certificates of the Debentures being transferred      pursuant thereto, as well as any other reasonable proof that may be      demanded by the Company for proving the transferor’s right to transfer      same. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | Subject      to the foregoing, the procedural provisions contained in the Company’s      Articles in regard to the manner of transfer of shares shall apply, mutatis mutandis as the      case may be, with respect to the manner of transfer and transmission of      the Debentures. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 8.2 | If      any compulsory payment is imposed on the deed of transfer of the      Debentures, reasonable proof shall be delivered to the Company regarding      the payment thereof by the party requesting the  transfer. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.3 | In      the case of the transfer of only portion of the amount of the par value of      the Debentures contained in this certificate, the certificate shall first      be split in accordance with the provisions of Paragraph 9 below into the      number of debenture certificates necessitated by this, in a manner that      the aggregate amounts of principal denominated therein will be equal to      the amount of the principal denominated in the aforesaid debenture      certificate. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.4 | After      all these conditions have been complied with, the transfer will be      registered in the register and all the conditions set forth in the Deed of      Trust and in this debenture will apply to the  transferee. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.5 | All      the expenses and commissions connected with the transfer shall be borne by      the person requesting the transfer. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------|

| 9. | Split      of debenture certificates |
|----|--------------------------------------|

| 10. | Early      redemption of the Debentures (Series C to G) and the Debentures (Series H      to J) |
|-----|-------------------------------------------------------------------------------------------------|

|  | 10.1 | Within      45 days from the date of the decision by the board of directors of the      Stock Exchange in regard to the delisting from trading as aforesaid, the      Company shall give notice of the date of early redemption on which the      holder of Debentures (Series C to G) and Debentures (Series H to J) will      be entitled to redeem same.  The Company shall pay the holder      the principal plus linkage differences and interest in accordance with the      conditions of the Debentures (Series C to G) and the Debentures (Series H      to J) which have accrued up to the date of actual    redemption. |
|--|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 10.2 | Notice      regarding the date of early redemption shall be published in an immediate      report that shall be sent to the Authority and to the Stock Exchange, and      in two widely-circulating Hebrew dailies in Israel and shall be delivered      in writing to all the registered holders of the Debentures (Series C to G)      and the Debentures (Series H toJ). |
|--|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|  | 10.3 | The      date of early redemption with respect to the Debentures of Series C to G      only shall fall not earlier than 17 days from the date of publication of      the notice and not later than 45 days from the aforesaid date, but not in      the period between the date specified for payment of interest and the date      of actual payment thereof.  Notwithstanding the foregoing, in      the case of early redemption of Debentures of Series H to J only, the date      of early redemption shall fall not earlier than 30 days from the date of      publication of the notice and not later than 45 days from the aforesaid      date, but not in the period between the date specified for payment of      interest and the date of actual paymentthereof. |
|--|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 10.4 | On      the date of early redemption the Company will redeem the Debentures      (Series C to G) and the Debentures (Series H to J) the holders of which      have requested the redemption thereof, on a basis of the balance of the      par value thereof together with linkage differences and the interest which      have accrued to the principal up to the actual date of redemption      (calculation of the interest will be done on a basis of 365 days in      a  year). |
|--|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 10.5 | Fixing      of a date of early redemption as aforesaid does not prejudice the      redemption rights specified in the Debentures of any of the debenture      holders who do not redeem same on the date of early redemption as      aforesaid, and in the case of Debentures of Series H to J only, it also      does not prejudice the conversion rights, but the Debentures (Series C to      G) and the Debentures (Series H to J) will be delisted from trading on the      Stock Exchange, and the tax implications arising therefrom shall, inter alia, apply      thereto. |
|--|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 10.6 | Early      redemption of the Debentures (Series C to G) and the Debentures (Series H      to J) as aforesaid shall not confer on anyone who held the Debentures and      redeemed same as aforesaid the right to payment of interest in respect of      the period subsequent to the date ofredemption. |
|--|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 10.7 | Early redemption on the      Company’s initiative |
|--|------|---------------------------------------------------------|

|   | With      respect to Debentures of Series C to G only – the Company will be entitled      to make the Debentures of any such series, which will be offered pursuant      to a Shelf Offering Report in accordance with the Shelf Prospectus,      available for early redemption on such conditions, at such price      (including the formula for calculation in regard to Debentures of Series H      to J) and such mechanism in relation to Debentures of Series C to G      according to such timetables, at such frequencies of redemption and on the      remaining conditions which must be particularized in accordance with the      provisions of the Stock Exchange regulations and directives, as in force      for the time being, all as shall be prescribed in the first offering      report of the Debentures of the relevantseries. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11. | Purchase      of Debentures by the Company and/or by a related      corporation |
|-----|---------------------------------------------------------------------------------|

----

| 12. | General      provisions |
|-----|-------------------------|

|  | 12.1 | The      amount of the principal and the interest are payable and transferable      without reference to any rights in equity or any right of set-off or      counterclaim which exists or may exist between the Company and a previous      holder, including the original holder of the  Debentures. |
|--|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 12.2 | Any      person who becomes entitled to the Debentures as a result of the      bankruptcy, or as a result of the liquidation proceedings, of a debenture      holder will have the right, after having produced such evidence as the      Company may demand from him from time to time, to be registered in the      register as a holder of the Debentures, or, subject to the conditions set      forth above in this certificate, to transfer  same. |
|--|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 12.3 | The      debenture holders will be entitled to exercise their rights under the      Debentures and the Deed of Trust through the Trustee or in accordance with      a resolution of a general meeting of the debenture holders in the ways      described in the debenture and in the Deed of      Trust.  Notwithstanding the foregoing, if the Trustee acts in a      manner which is not in accordance with the provisions of the Deed of Trust      and the debenture, the debenture holders will be entitled to exercise      their rights including in accordance with a resolution of the general      meeting. |
|--|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 12.4 | The      provisions of the Deed of Trust, including the right to make the      Debentures immediately due and payable, as prescribed in Clause 8 of the      Deed of Trust, shall be deemed to be an integral part of this      debenture. |
|--|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13. | Waiver,      compromise and/or alterations to the conditions of the      Debentures |
|-----|-------------------------------------------------------------------------------------|

|   | In      this regard see Clause 24 of the Deed ofTrust. |
|--------|--------------------------------------------------------|

| 14. | General      meetings of debentureholders |
|-----|-------------------------------------------|

|   | The      general meetings of the debenture holders shall be convened and conducted      in accordance with the contents of the Second Schedule to the Deed of      Trust. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15. | Receipts      as proof |
|-----|------------------------|

| 16. | Replacement      of debenture certificate |
|-----|-------------------------------------------|

----

| 17. | Notices |
|-----|---------|

----

| 1. | The      Trustee or the Company may summon the debenture holders to a meeting of      debenture holders.  If the Company calls such meeting, it must      immediately send written notice to the Trustee about the day and time at      which the meeting will take place, as well as the matters that will be      brought for consideration before it.  If the Trustee calls such      meeting, it must send written notice to the Company about the day and time      at which the meeting will take place, as well as the matters that will be      brought before it forconsideration. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The      Company will be obliged to call such meeting on a requisition in writing      from the Trustee or the holders of at least ten percent (10%) of the par      value of the unpaid balance of the principal of the      Debentures.  The Trustee will be obliged to call such meeting on      a requisition in writing of the holders of at least ten percent (10%) of      the par value of the unpaid balance of the principal of the      Debentures.  Where the parties wishing to call the meeting are      the debenture holders, the Company and/or the Trustee, as the case may be,      shall be entitled to demand indemnity from the parties requesting to call      the meeting in respect of the reasonable expenses connected      therewith. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | At      the time of holding a meeting of debenture holders, the Trustee shall      examine whether, in the circumstances of the matter, there is a conflict      of interest amongst the debenture holders, and shall decide – in      accordance with the provisions of any law, decided cases, provisions of      the Securities Law and the regulations and directives issued pursuant      thereto – who amongst the participants has a conflicting interest, in      relation to whom the provisions of Paragraph 4 below will      apply. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | The      Trustee will be entitled to demand from a debenture holder wishing to      attend a meeting of holders to deliver a declaration to the Trustee      regarding the existence of conflicting interests.  A holder who      does not deliver such declaration shall be deemed to have declared and      represented that he has no conflicting interest.  The Trustee      shall rely only on such declaration and will be not obliged to conduct an      additional investigation orexamination. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 4. | In      regard to every meeting of debenture holders prior notice of at least 14      (fourteen) days shall be given to the debenture holders and to the      Trustee, or in the event that the purpose of the meeting is to consider a      proposal for the passing of the special resolution, prior notice of at      least 21 (twenty-one) days.  The prior notice shall specify the      place, the day and the time of the meeting, and mention shall be made, in      general terms, of the matters that will be considered at the      meeting.  Where the purpose of the meeting is to consider and      pass a special resolution, the aforesaid prior notice shall also specify      the main points of the proposed resolution.  Where the meeting      is called by the Trustee, such notice shall also be given to the      Company. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | The      Trustee will be entitled to shorten the period for the giving of prior      notices, if it is of the opinion that a postponement in convening the      meeting constitutes or is likely to constitute prejudice to the rights of      the debenture holders. |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | No      resolution duly passed at a meeting called as aforesaid shall be      invalidated, if notice of the meeting was inadvertently not given to the      holders of less than ten percent (10%) of the par value of the unpaid      balance of the principal of the Debentures, or such notice was not      received by such holders. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 6. | The      chairman of the meeting will be a person appointed by the      Trustee.  If the Trustee does not appoint such chairman or if      the person whom the Trustee has appointed as aforesaid is not present at      the meeting, the debenture holders present (or represented by proxy) shall      elect a chairman from amongst theirnumber. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | A      meeting of debenture holders shall be opened after it has been proved that      the necessary quorum is present for the start of the    meeting. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (a) | Subject      to the necessary quorum for dismissal of a trustee according to any law,      at meetings of debenture holders, except as stated in Paragraph 5(e) below      [sic], a quorum shall be constituted if at least two debenture holders who      jointly hold or represent at least ten percent (10%) of the par value of      the unpaid balance of the principal of the Debentures for the time being      are personally present or represented byproxy. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | If      within half an hour from the time appointed for the start of such meeting      no quorum as aforesaid is present, the meeting shall be adjourned to the      same day one week later, at the same place and at the same time (without      the necessity for further notice) and if that day is not a business day,      to the next business day (without the necessity for further notice), or to      such other day, place and time as the party calling the meeting shall      decide, on condition that the party calling the meeting shall give notice      at least seven (7) days in advance with regard to the holding of such      adjourned meeting, in the same manner in which notice of the holding of      the original meeting was given, and shall indicate that if a quorum as      aforesaid is not present at the adjourned meeting, the quorum will be two      debenture holders personally present or represented by proxy, without      reference to the par value of the Debentures held by them.  Such      notice may also be given in the notice pursuant to which the meeting that      was adjourned was called. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (c) | If      no quorum is present at a meeting that has been adjourned as aforesaid,      two debenture holders personally or represented by proxy, who hold any      quantity of Debentures, shall constitute a  quorum. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (d) | With      the consent of the holders of a majority of the par value of the unpaid      balance of the principal of the Debentures who are personally present or      represented by proxy at a meeting at which a quorum was present, the      chairman may, and on a demand by the meeting shall be obliged to, adjourn      the meeting from time to time and from place to place, as the meeting      shall decide.  If the meeting is adjourned for ten days or more,      notice of the adjourned meeting shall be given in the same manner as      notice is given about the first meeting, provided that in a case in which      the continuation of the holding of the meeting is adjourned to a time      earlier than fourteen days, notice of the adjourned meeting shall be given      by way of the publication of an immediate notice.  Save for the      foregoing, the debenture holders will not be entitled to receive any      notice about an adjourned meeting and/or about the matters that will be      considered at the adjourned meeting.  No matters shall be      considered at the adjourned meeting except the matters it was possible to      consider at the meeting at which it was decided on the      adjournment. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (e) | At      a meeting convened for the passing of any of the resolutions set forth      below (hereinafter: “Special Resolution”), a      quorum will be constituted if two or more holders who hold at least fifty      percent (50%) of the par value of the unpaid balance of the principal of      the Debentures are present, or at an adjourned meeting at which two or      more holders who hold at least ten percent (10%) of the aforesaid balance      are personally present or represented byproxy: |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (1) | Any      amendment, alteration or material arrangement of the rights of the      debenture holders, whether such rights derive from the Debentures, from      the Deed of Trust or otherwise, or any material compromise or waiver in      connection with such rights; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (2) | The      making of the Debentures immediately due and payable upon the fulfillment      of one or more of the conditions mentioned in Clause 8 of the Deed of      Trust; |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (3) | Any      resolution on another matter which was specified in the Deed of Trust or      in the debenture as being subject to the passing of a special      resolution. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | (a) | The      debenture holders are entitled to attend and vote at every general meeting      either personally or represented by proxy.  In every vote of the      debenture holders the vote shall be conducted by way of a poll, in such      manner that each debenture holder or his proxy will be entitled to one      vote in respect of each NIS 1 par value of the total unpaid nominal amount      of the principal of the Debentures pursuant to which he is entitled to      vote.  In the case of joint holders, only the vote of the person      whose name stands first amongst them in the register will be accepted,      given either personally or by way ofproxy. |
|----|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | (b) | The      debenture holder or his proxy may vote in respect of some of his votes in      favor of a particular proposed resolution, and in respect of portion      against it, and in respect of another portion may abstain, all as he sees      fit. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | The      Trustee who attends the meeting at the invitation of the Company shall      participate without a right tovote. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------|

| 9. | (a) | The      majority required for the passing of an ordinary resolution of the general      meeting is a simple majority of the number of votes represented in the      vote, voting for or against.  The majority required for the      passing of a special resolution at a meeting as referred to in Paragraph      5(e) above is a majority of not less than 75% of the number of votes      represented in such vote. |
|----|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | A      resolution for the alteration of the Deed of Trust shall be passed by a      special resolution and subject to anylaw. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | An      announcement by the chairman that a resolution has been passed or has been      defeated and a note to that effect in the minutes of the meeting shall      serve as prima      facie proof of such fact. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 10. | (a) | The      instrument appointing a proxy and/or attorney shall be in writing and      shall be signed by the appointer or by his representative duly empowered      in writing.  If the appointer is a body corporate, the      appointment shall be made by a written authorization duly signed by the      corporation accompanied by a certificate from an attorney as to the      validity of the signature.  A proxy need not himself be a      debenture holder. |
|-----|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (b) | An      instrument of appointment and a power of attorney or other certificate      pursuant to which the instrument of proxy was signed, or a certified copy      of such power of attorney, shall be lodged at the Company’s office not      less than 48 hours before the time of the meeting in respect of which the      power of attorney was given, unless otherwise specified in the notice      calling the meeting. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (c) | A      vote given in accordance with the conditions contained in the document      appointing a proxy shall be valid even if, prior thereto, the appointer      has died or been declared legally incompetent or the instrument of proxy      was revoked or the debenture in respect of which the vote was given has      been transferred, unless written notice is received at the registered      office of the Company prior to the time of the meeting in regard to the      death, the incapacity decree, the revocation or the transfer as aforesaid,      as the case may be. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 11. | The      Trustee shall attend to the keeping of minutes of all deliberations and      resolutions at every general meeting of the debenture holders, to the      recording and preservation thereof in the minute book of meetings of      debenture holders.  Any minute signed by the chairman of the      meeting at which the resolutions were passed and the deliberations took      place, or by the chairman of the next meeting, shall serve as proof of the      matters recorded therein, and until the contrary is proved, any resolution      passed at such meeting shall be deemed to have been duly      passed. |
|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 12. | A      person or persons appointed by the Trustee, the Company secretary and any      other person or persons who have been permitted to do so by the Company      and/or the Trustee, will be entitled to be present at meetings of the      debenture holders.  In a situation in which, in the reasonable      discretion of the Trustee and on reasonable grounds, it is necessary that      during part of the meeting deliberations should take place without the      presence of representatives of the Company, the Company or anyone on its      behalf will not participate in that part of the    deliberations. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13. | Every      meeting of the debenture holders shall be held at the Company’s registered      office or at such other place of which the Company shall give      notice.  The Trustee shall be entitled to request the Company to      hold a meeting of debenture holders at another address, subject to the      Company’s agreement. |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 14. | Everything      stated in this schedule is subject to the provisions of the Deed of      Trust. |
|-----|-------------------------------------------------------------------------------------------------|

----

| 1. | In      the framework of or in connection with the fulfillment of my duties as      trustee for the holders of Debentures (Series C) – (Series G) and      Debentures (Series H) – (Series J) of Blue Square – Israel Ltd.      (hereinafter: “the      Company”) pursuant to a Deed of Trust dated February 18, 20102      (hereinafter: “the      Work”), I will receive or be exposed to information which is not      part of the public domain, including, but without limitation,      professional, technical, financial, technological, commercial or other      data or information connected directly or indirectly with the Company, the      Company’s subsidiaries or affiliates (as these terms are defined in the      Securities Law, 5728-1968 (hereinafter: “the Securities Law”)),      or connected with corporations in the Company’s group and/or with      interested parties in the Company (hereinafter collectively: “the Blue Square – Israel      Group”), procedures and/or modes of work and/or activity of the      Blue Square – Israel Group as well as commercial and business information      of any other sort which is not part of the public domain (hereinafter      collectively: “Confidential      Information”).  Notwithstanding the foregoing, the term      “Confidential Information” will not include information as aforesaid – (1)      which has passed into the public domain (including information published      by you or by interested parties in your firm) or which pass into the      public domain other than by virtue of a breach of the provisions of this      deed of undertaking; or – (2) which was known to us prior to the      disclosure thereof by the Company and in respect of which we can provide      reasonable proof to that effect; or – (3) which was passed on to us by a      third party, provided that at the time of receiving such information we      were not aware, after having asked the party who gave it, that disclosure      of the information by the third party constitutes a breach of a fiduciary      duty which such third party owes to Blue Square –  Israel. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | I      am aware that it is prohibited for me to disclose the Confidential      Information to any person, and I will not be entitled to make use of the      Confidential Information for any purpose, except for purposes of the      Work. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 1 | For      signature by the Trustee and its representatives in accordance with the      terms and conditions of the Deed ofTrust. |
|---|---------------------------------------------------------------------------------------------------------------------------------|

| 2 | In the case of an authorized      representative of the Trustee – the job description will be amended to the      relevant description. |
|---|-----------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | Notwithstanding      the foregoing, I will be entitled (a) to pass on conclusions and      assessments that are based on the Confidential Information to the holders      of Debentures (Series C) – (Series G) and Debentures (Series H) – (Series      J) of the Company (including the presentation thereof at meetings of the      debenture holders for purposes of passing a resolution that pertains to      their rights); (b) to disclose Confidential Information, to the extent      that I am obliged to do so according to the requirements of the law or on      a demand by a competent authority according to law and/or pursuant to a      judicial order, provided that the disclosure will be confined to the      minimum scope and extent necessary in order to meet the requirements of      the law, and I will, as far as possible and permitted, coordinate with you      in advance the content and timing of the disclosure in order to leave you      with reasonable time to defend against any such  demand. |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | In      addition to the permitted passing on of Confidential Information as stated      in Paragraph 2 and without derogating from the contents thereof,      disclosure of Confidential Information will be made by me only to my      employees and/or to authorized representatives on my behalf, including my      professional advisors (hereinafter: “Authorized Recipient”)      on a “need to know basis” only.  I am aware that disclosure or      use of Confidential Information by an Authorized Recipient other than in      accordance with the provisions of this document shall be tantamount to      such disclosure or use by me and I will take all the necessary steps to      guarantee the preservation of confidentiality of the Confidential      Information.  This undertaking of mine will not apply with      respect to an Authorized Recipient who signs a confidentiality undertaking      similar in all substantial respects to the undertaking set forth in this      document. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | I      am aware that disclosure of the Confidential Information to any person or      body is likely to be contrary to the securities laws in Israel and/or in      the USA.  I am aware that as a result of my being exposed to the      Confidential Information various restrictions are likely to be imposed on      me if inside information, within the meaning thereof under the securities      laws in Israel and/or the USA, should come into my possession, and I am      taking and will take all the reasonable measures to ensure that there will      be no prohibited use of inside information in connection with the      Confidential Information. |
|----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | All      the documents that will be delivered by you to me and which come into my      possession as a result of and/or in connection with my having contracted      with you and which are connected, directly or indirectly, to the Blue      Square – Israel Group and/or its activities (including any copy or      processing thereof), (hereinafter collectively: “the Documents”) will      belong to you at all times and will be deemed to be your property for all      intents and purposes and same will be returned by me to you upon your      demand immediately upon completion of the Work, save and except the      Confidential Information that will be kept by me in accordance with the      provisions of the Deed of Trust and any law, including directives of a      competent authority, or in accordance with internal procedures, to      whatever extent there may be a need for documentation of work      processes. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | For      purposes of the foregoing in this undertaking of mine, the term      “documents” shall be construed as including any means of storing      information, including, but without derogating from the generality of the      foregoing, physical, mechanical, magnetic, electronic, optic and/or      electro-optic means. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

| 6. | My      obligations under this document will remain valid and effectual even after      completion of the Work for any reason and until the earlier of the      following (a) the end of five years from receipt of such Confidential      Information; (b) the Confidential Information becoming public (not as a      result of a breach of the undertaking pursuant to this document, if      any).  My obligations under this Deed of Confidentiality are      irrevocable and cannot be cancelled and they are in addition to, and not      in lieu of, any obligation imposed on me according to law and/or any other      agreement.  My signing this undertaking does not confer on me a      right to perform the Work and the terms and conditions of the Work will be      regulated between us in separatedocuments. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 7. | My      obligations under this document are as against each and every one of the      bodies corporate in the Blue Square – Israel Group whose Confidential      Information may be passed on to me. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 8. | If      it is held by a judicial tribunal or any authority that none of the      obligations in this document are of validity – the obligation will be      reduced to the extent permitted according to law for the time being and      such ruling will not prejudice the remaining rights and obligations under      this document. |
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| 9. | It      is clarified that the signing of this Deed of Undertaking shall not in      itself preclude the replacement of the Trustee in accordance with the      terms and conditions of the Deed of Trust3. |
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|           |         |                 |         |      |
|----------------|--------------|----------------------|--------------|-----------|
| Full      name |    | Identity      number |    | Signature |

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| 3 | This paragraph will not be      included in the Deed of Confidentiality to be signed by the Trustee’s      authorizedrepresentative. |
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