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Exhibit 4.32

# BLUE SQUARE REAL
ESTATE LTD.

# First Schedule

# Debentures (Series B)

The Company will issue a series of up to
NIS 650,000,000 par value registered Debentures (Series B) (hereinafter:
Debentures (Series B)), repayable in 4 equal annual payments on August
31 of each of the years 2013  2016 (inclusive), which are offered to the public at a
price of 92.5% of their par value. The Debentures (Series B) bear annual interest, which
will be paid every six months, on February 28 and on August 31 of each the years 2007 and
2016 (inclusive), until the final redemption of the Debentures. The rate of interest on
the Debentures (Series B) will be fixed in a tender and shall not exceed 5% (hereinafter:
the Maximum Rate of Interest) and shall not be less than 4.25%
(hereinafter: the Minimum Rate of Interest). The Debentures (Series B)
are linked (as to principal and interest) to the Consumer Price Index for the month of
July 2006.

Registered Debentures
(Series B)

Number                     1

Par value NIS 650,000,000

Annual interest ____%

|1. | This
certificate witnesses that Blue Square Real Estate (hereinafter: the Company)
will pay Bank Hapoalim Nominees Company Ltd., or                     whomever is the
registered owner of this Debenture (hereinafter: Holder                     of
the Debenture (Series B)), at the end of the trading day of August
                    31 in each of the years 2013  2016 part of the par value
principal of the                     Debentures (Series B) which are in circulation,
subject to the conditions of                     linkage and the remaining terms and
conditions set forth in the Conditions                     Overleaf.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|2. | Payments
of the principal of the Debentures and payments of the interest will be
                    made against delivery of the Debenture to the Company at its
registered office,                     as stated in the Conditions Overleaf, or at any
other place of which the Company                     gives notice, not later than five
business days prior to the date of payment.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|3. | Debentures
(Series B) are issued in accordance with a deed of trust
                    (hereinafter: Deed of Trust) dated August 14,
2006, which was                     signed between the Company and Hermetic Trust (1975)
Ltd. (hereinafter: theTrustee).
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|4. | All
the Debentures (Series B) will have a security ranking which is pari passu
                    between the debentures in connection with the Companys
obligations                     pursuant to the Debentures (Series B) and without any
preferential right or                     priority for one Debenture over another.
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|6. | This
Debenture (Series B) is issued subject to the conditions set forth
                    overleaf, and to the conditions set forth in the Deed of Trust and in
the                     Prospectus.
|-- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Signed and sealed with the rubber stamp of the Company on ____________

In the presence of:

Chairman of the board of directors:

By: /s/ D. Weissman

1

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# CONDITIONS RECORDED
OVERLEAF

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

| | 1.1 | In
this Debenture (Series B) the following expressions will have the following meanings,
unless a different meaning is to be implied from the context, namely:
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------

| |                                        |   |                                                                                                                                                                                                                  
| | -------------------------------------- | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|
|
|
|
| | "The Company" and/or "the Issuer"      | - | Blue Square Real Estate Ltd.                                                                                                                                                                                     
|
| | "The Deed of Trust"                    | - | A deed of trust signed between the Company and the Trustee on August 14, 2005, including the appendices attached thereto which constitute an integral part thereof;                                              
|
| | "The Prospectus"                       | - | The Company's Prospectus which is about to be published, inter alia, in respect of the issue of the Debentures (Series B);                                                                                       
|
| | "Debentures (Series B)"                | - | Registered Debentures (Series B) of the Company which will be issued in accordance with the Prospectus, and which are in circulation, for the time being;                                                        
|
| | "The Trustee"                          | - | Hermetic Trust (1975) Ltd. and/or whoever serves from time to time as trustee for the holders of the Debentures (Series B) in accordance with the Deed of Trust;                                                 
|
| | "Register"                             | - | A register of holders of the Debentures (Series B) as mentioned in Clause 24 of the Deed of Trust;                                                                                                               
|
| | "Holders of the Debentures (Series B)" | - | The persons whose names are registered for the time being in the register of holders of Debentures (Series B) and in the case of several joint holders, the joint holder whose name stands first in the register;
|
| | "Debentures (Series B) certificate"    | - | A certificate of Debenture (Series B) the text of which appears as the First Schedule to this deed;                                                                                                              
|
| | "The Law"                              | - | The Securities Law, 5728-1968 and the regulations pursuant thereto as in force from time to time;                                                                                                                
|
| | "Principal"                            | - | The par value of the Debentures (Series B) which are in circulation;                                                                                                                                             

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| | 1.2 | This
Debenture is one of a series of registered Debentures (Series B) in an aggregate par
value of up to NIS 650,000,000. The Debentures of this series will rank pari passuin
connection with the Companys obligations pursuant to the Debentures (Series B)
without any preference or priority for one over another in relation to the amounts that
are due.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|2. | Securing
of the Debentures (Series B)
|-- | -------------------------------------

| | 2.1 | The
Companys obligation for repayment of the Debentures (Series B) (principal, interest
and linkage differentials) is not secured by any charge or encumbrance.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------

| | For
the avoidance of doubt it is clarified that there is no obligation on the Trustee to
examine, and in practice the Trustee has not examined, the necessity for furnishing
collateral to secure the payments to the debenture holders. By its entering into this
Deed of Trust, and the Trustees consent to serve as a trustee for the debenture
holders, the Trustee does not express its opinion, expressly or impliedly, as to the
Companys ability to meet its obligations to the debenture holders. Nothing in the
foregoing shall derogate from the Trustees duties according to law and/or the Deed
of Trust, and nothing therein derogates from the Trustees obligation (to the extent
that such obligation is imposed on the Trustee according to any law) to examine the
impact of changes in the Company from the date of the Prospectus onwards to the extent
that same could adversely affect the Companys ability to meet its obligations to
holders of the Debentures (Series B). Nothing in the foregoing shall derogate from the
Trustees duties according to law and/or the Deed of Trust.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | 2.2 | It
is hereby clarified that the Company will be entitled to charge and encumber its
property, in whole or in part, under any encumbrance and in any manner without a
necessity for consent of any sort from the Trustee.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 2.3 | The
Debentures (Series B) will rank pari passu in connection with the Companys
obligations pursuant to the Debentures (Series B) without preference or priority for one
over another.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|3. | Date
of repayment of the principal of the Debentures (Series B)
|-- | ---------------------------------------------------------------

| | The
Debentures (Series B) are repayable in 4 equal annual installments on August 31 of each
of the years 2013  2016 (inclusive).
| | ---------------------------------------------------------------------------------------------------------------------------------

|4. | The
interest
|-- | ------------

| | The
principal of the Debentures (Series B) will bear annual interest that will be fixed in a
tender and shall not exceed 5% (the Maximum Rate of Interest) and shall not
be less than 4.25% (the Minimum Rate of Interest). The interest will be
calculated on the basis of an interest period of one year and will be paid every 6 months
on February 28 and on August 31 of each of the years between 2007 and 2016 (inclusive)
until the final redemption of the principal of the Debentures (Series B) on August 31,
2016, in respect of the six month period ended on the last day prior to the date of
payment, apart from the first payment of interest which will be made on August 28, 2007,
for the period commencing on the first trading day after closing of the subscriptions
list, and which will end on February 28, 2007, on the basis of 365 days in a year.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
last payment of interest in respect of the Debentures (Series B) will be made on August
31, 2016, concurrent with payment of the balance of the principal of the Debentures
(Series B) in circulation, and against return and surrender of the debenture certificates
to the Company.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|5. | Deferment
of times
|-- | ------------------

| | Where
the date prescribed for any payment of interest and/or of principal of the Debentures
(Series B) falls on a day that is not a business day, the time will be deferred to the
immediately following business day thereafter and no interest shall be payable in respect
of this deferment. A business day is any day on which the banks in Israel are open for
purposes of executing transactions (hereinafter and hereinbefore Business Day).
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

4

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|6. | Conditions
of linkage of the principal and the interest
|-- | -------------------------------------------------------

| | The
principal of the Debentures and the interest thereon will be linked to the Consumer Price
Index in accordance with the following conditions of linkage:
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
term Consumer Price Index (hereinafter: the Index) means
 the price index known by the name of Consumer Price Index, including
fruit and vegetables, which is published by the Central Bureau of Statistics, and
including such index even if it is published by another official body or institution
instead of the Central Bureau of Statistics, and also including any official index that
may replace it, whether or not such other index is structured on the same data on which
the existing index is structured. If another index should replace it which is published
by a body or institution as aforesaid, and such body or institution has not fixed the
ratio between that index and the replaced index, the ratio will be fixed by the Central
Bureau of Statistics. If such ratio is not fixed as aforesaid, then the ratio between the
other index and the replaced index will be determined by the Company in consultation with
experts in economics who will be selected by it.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
term the payment index means  the Consumer Price Index which is known
on the date of effecting any payment on account of the principal and/or the interest.
However if the payment index is lower than the basic index, the payment index will be the
basic index.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
term basic index means  the Consumer Price Index in respect of the
month of July, published on August 15, 2006.
| | ----------------------------------------------------------------------------------------------------------------------

| | The
term the known index means  the last-known Consumer Price Index.
| | -----------------------------------------------------------------------

| | If
it should become apparent at the time of effecting of any payment on account of the
principal and/or the interest that the payment index has risen as compared with the basic
index, the Company will make such payment of the principal and/or the interest where same
is increased proportionately to the extent of the rise in the payment index as against
the basic index, but if it becomes apparent that the payment index is equal to or less
than the basic index, the Company will make such payment according to the basic index.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|7. | Payments
of principal and interest of the debentures
|-- | ----------------------------------------------------

| | The
payments on account of the principal in respect of the Debentures (Series B) will be made
to the persons whose names are registered in the register of debenture holders as holders
at the end of the day on August 19 immediately preceding the date on which the effecting
of such payment falls in the years 2013  2016 (hereinafter: the Date
Specified for Payment of the Principal).
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Payments
on account of the interest in respect of the Debentures (Series B) will be made to the
persons whose names are registered in the register of debenture holders as holders at the
end of the day on February 16 or August 19, as the case may be, immediately preceding the
date on which the effecting of such payment falls in the years 2007 until 2016
(inclusive) (hereinafter: the Date Stipulated forPayment of Interest).
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | The
last payment of the principal and the interest will be made on August 31, 2016, against
delivery and surrender of the debenture certificates to the Company at its registered
office, or at such other place of which the Company shall give notice. The Debentures
must be delivered to the Company at least five Business Days before the date of payment.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Payment
to the entitled persons will be made by checks or by bank transfer to the credit of the
bank account of those persons whose names are registered in the register of debenture
holders, or who deliver the debenture certificates, respectively, as aforesaid. The
payment will be made subject to the conditions of linkage and with deduction of tax at
source as aforesaid.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | If
a holder of a Debenture who is entitled to payment as aforesaid has not furnished the
Company in good time with details about his bank account, each payment on account of the
interest and the principal will be made by way of check that will be sent by registered
mail to his last address recorded in the register of debenture holders. Sending of a
check by registered mail to the entitled person as aforesaid shall, for all intents and
purposes, be deemed to be payment of the amount denominated therein on the date of
dispatch by post, provided that the check is met upon its due presentation for
collection. No check will be sent for an amount of less than NIS 50, but it will be
possible to obtain the payment in cash at the Companys offices.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | A
debenture holder wishing to alter the payment instructions he has given may do so by way
of notice by registered letter, but the Company will only comply with the instruction if
it reaches the Companys registered office at least 30 days before the date
specified for effecting any payment pursuant to the Debentures. In a case that the notice
is received by the Company late, the Company will act pursuant thereto only in relation
to payments the due date for payment of which falls after the date of payment immediately
following receipt of the notice.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|8. | Failure
to make payment for a reason not dependent on the Company
|-- | -----------------------------------------------------------------

| | Any
amount due to a debenture holder which is not actually paid for a reason that is not
dependent on the Company at the date of redemption and/or at the date of payment of the
interest, in circumstances where the Company was prepared to pay it, will cease to bear
interest and linkage differentials that were stipulated for the payment thereof, and the
debenture holder will only be entitled to those amounts he would have been entitled to on
the date specified for effecting of such payment on account of the interest or in respect
of the principal.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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

| | The
Trustee shall invest every amount that has been deposited, as aforesaid, in its name and
to its order in favor of those debenture holders and may invest in investments that are
permitted to it according to the laws of the State of Israel and the provisions of the
Deed of Trust, as the Trustee shall deem fit and subject to the provisions of the law.
Where the Trustee has done so, it will not be liable to the entitled persons in respect
of such amounts, other than for the proceeds that are received from a realization of the
investments, less the expenses connected with the aforesaid investment, the maintaining
of the trust account and a deduction of the Trustees remuneration, and it shall
make payment thereof to the entitled persons against presentation of such proof as may be
demanded by it to its full satisfaction, and with deduction of all the compulsory
payments.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

6

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| | The
Trustee shall hold the aforesaid amounts and shall invest same in the manner aforesaid up
to the end of one year from the date of redemption of the Debentures (Series B). After
that date the Trustee shall return the amounts which have accumulated in its hands
(including the fruits thereof), less its expenses, to the Company, which shall hold these
amounts in trust for the debenture holders.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|9. | Register
of holders of Debentures (Series B)
|-- | --------------------------------------------

| | The
Company shall keep and maintain at its registered office a register of holders of the
Debentures (Series B), in which the names and addresses of holders of the Debentures
(Series B) shall be recorded, as well as the number and par value of the registered
Debentures (Series B). In addition every transfer of ownership of Debentures shall be
registered in the register in accordance with the provisions of the Deed of Trust. The
Trustee and any holder of a Debenture (Series B) may inspect the register of holders of
the Debentures (Series B) at any reasonable time. The Company is entitled to close the
register from time to time for a period or periods which shall not in aggregate exceed 30
days in a year.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
Company will not be obliged to register any notice in the register of holders of the
Debentures (Series B) with regard to an express, implied or presumed trust, or a pledge
or charge of any sort, or of any equitable right, 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, provided that his lawful heirs, the
administrators of the estate or executors of the registered holder and any person who may
be entitled to the Debentures as a consequence of the bankruptcy of any registered holder
(and if it is a body corporate  by virtue of its liquidation) will be entitled to
be registered as holders thereof, after providing such proof as is sufficient, in the
Companys opinion, to prove the right of any of them to be registered as a holders.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|10. | Splitting
of certificate of Debentures (Series B) and transfer thereof
|--- | ----------------------------------------------------------------------

| | Every
certificate of Debentures (Series B) may be split into a number of certificates of
Debentures (Series B) the aggregate amount of the principal of which is equivalent to the
amount denominated in the certificate the splitting of which is requested, provided that
the new debenture certificates that will be issued will each be in par value amounts in
whole shekels, and this will be done against the delivery and surrender of such debenture
certificate to the Company at its registered office for purposes of effecting the split.
The split will be effected within 30 days from the end of the month in which the
certificate was delivered to the Companys office.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
Debenture is transferable in respect of any liquidated amount, provided that it shall be
in whole shekels, by way of a deed of transfer drawn in the usual form as applies in the
Company for the transfer of shares, duly signed by its registered holder or his lawful
representative/s.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

7

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| | The
deed of transfer must be delivered for registration to the Companys registered
office accompanied by the Debenture and such appropriate proof of identity and right as
the Company may demand, and together with proof, to the Companys satisfaction, in
regard to payment of stamp duty and other compulsory governmental payments, if there are
such. The Company will be entitled to retain the deed of transfer in its possession.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | All
the expenses connected with a split and/or transfer of Debentures, including stamp duty
and other levies, if there are such, shall be borne by the party requesting the split
and/or the transfer. The provisions contained in this clause shall also apply to a
renunciation of debentures, mutatis mutandis.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
Companys Articles which apply to the transfer of fully paid-up shares shall apply
mutatis  mutandis  to the transfer of the debentures.
| | ----------------------------------------------------------------------------------------------------------------------------------------------

|11. | Early
redemption
|--- | ----------------

| | If
it should be decided by the Stock Exchange to expunge the Debentures (Series B) in
circulation from trading due to the fact that the value of the publics holdings
thereof is less than the minimum amount specified in the Stock Exchange directives with
regard to deletion from trading, the Company will act as follows, subject to the
condition that the date of early redemption shall not fall less than 17 days from the
date of publication of the notice and not more than 45 days from the aforesaid date, but
not in a period between the effective date for payment of interest and the date of actual
payment thereof:
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 11.1 | Within
45 days from the date of the Stock Exchange notice regarding deletion of the Debentures
(Series B) from trading, the Company will give notice of a date of early redemption at
which the holder of Debentures (Series B) will be entitled to redeem same.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 11.2 | The
notice regarding the date of early redemption will be published in two widely circulating
Hebrew dailies appearing in Israel, and in an immediate report on the Magna system and
shall be delivered in writing to the Trustee and to all the registered holders of the
Debentures (Series B).
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 11.3 | The
date of early redemption will fall not less than 30 days from the date of publication of
the notice and not later than 45 days from the aforesaid date, but not in a period
between the date specified for payment of interest and the date of actual payment
thereof.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 11.4 | On
the date of early redemption the Company will redeem the Debentures (Series B) which the
holders thereof have requested to redeem, according to the balance of the par value
thereof, plus linkage differentials and the interest which has accrued on the principal,
calculated pro rata to the period commencing after the last date in respect of
which the interest was paid and up to the aforesaid date of early redemption.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | Early
redemption of the Debentures (Series B) as aforesaid shall not confer on anyone who held
Debentures (Series B) which were redeemed as aforesaid, the right to payment of interest
in respect of the period subsequent to the date of redemption.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|12. | Purchase
of Debentures (Series B) by the Company and/or by a subsidiary           and additional
issues
|--- | -------------------------------------------------------------------------------------------------------

| | 12.1 | The
Company reserves the right to purchase on the open market at any time, whether on the
Stock Exchange or off the Stock Exchange, Debentures forming part of this issue at any
price it may deem fit, without prejudice to the obligation for repayment as set forth
above. In the case of such a purchase by the Company, the Company will give notice to
that effect in an immediate report, a copy of which shall be delivered to the Trustee.
Debentures that are purchased by the Company will be cancelled and will be expunged from
trading on the Stock Exchange, and the Company will not be entitled to reissue same.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 12.2 | A
subsidiary of the Company, an investee company, an affiliate or the controlling
shareholders are entitled to buy and sell Debentures at any time at such price as they
see fit, and to sell same accordingly. In the case of a purchase and/or sale as
aforesaid, the Company shall render an immediate report to that effect / a notice to the
Trustee immediately after it becomes aware of the fact. The Debentures which are held as
aforesaid by a subsidiary will be deemed to be an asset of the subsidiary, and will not
be expunged from trading on the Stock Exchange.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | At
the time of holding of a meeting of debenture holders, the Trustee shall examine whether
a conflict of interest exists amongst the holders of certificates, in accordance with the
circumstances of the matter. The Company and the Trustee shall take steps to convene
class meetings of certificate holders in accordance with the provisions of any law,
decided cases, provisions of the Securities Law and the regulations and directives issued
pursuant thereto, as the Trustee shall direct. It is presumed that a subsidiary, investee
company, affiliate or the controlling shareholders (hereinafter in this clause: Related
Holders) have conflicting interests. In a case in which any of the Related
Holders holds Debentures (Series B), class meetings of debenture holders will be required
in a manner that one of the classes of holders will be a group which does not include
Related Holders. In a case that class meetings are held approval of a resolution shall
require the approval of each of the class meetings that are called and at a meeting of
all the debenture holders, all by the majority required in accordance with the provisions
of this deed and the appendices hereto. The Trustee may, in its sole discretion,
stipulate that such resolution does not require a meeting of Related Holders or that such
meeting will not be called. Under no circumstances will a meeting of the Related Holders
have the power to prevent the passing of a resolution brought for the approval of the
class meetings.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

9

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| | 12.3 | The
Company may at any time, subject to any law, including in the period up to the time of
final redemption of the Debentures (Series B), issue additional Debentures (Series B) the
terms and conditions of which will be identical to the terms and conditions of the
Debentures (Series B) offered pursuant to the Companys Prospectus, at the same rate
of discount or at a different rate of discount (higher or lower) than the discount rate
of the Debentures (Series B)2, without requiring the consent of the Trustee
and/or the consent of the holders Debentures (Series B) and without being obliged to
obtain the Trustees consent to creating additional charges over its assets, but
subject to giving notice to the Trustee in regard to an enlargement of the Series Bs
aforesaid, but the Trustee shall, in such case, have the right to demand an increase in
its remuneration pro rata to the increase of the series, and the Company gives its
consent in advance, by contracting under this deed, to an increase of the Trustees
remuneration as aforesaid. The Company will apply to the Stock Exchange to list the
additional Debentures (Series B) for trading on the Stock Exchange.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 12.4 | The
Company will be entitled at any time, without requiring the consent of the Trustee and/or
the consent of holders of the Debentures (Series B), to issue additional series of
debentures, whether or not same confer a right to convert into shares of the Company as
aforesaid, under the same conditions of redemption, interest, linkage, ranking for
payment in the case of a winding-up and other conditions as the Company shall deem fit,
whether same are more favorable than the terms and conditions of the Debentures (Series
B), ranking pari passu with them or inferior thereto. This right the Company has
shall in no way release the Trustee from examining such issue, to the extent that such
obligation is imposed on the Trustee according to law, and it shall not have the effect
of derogating from the rights of the Trustee and of a meeting of the debenture holders
pursuant to this deed, including their right to make the Debentures (Series B)
immediately due and payable as stated in Clause 7.2 or 7.3 below.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
Company shall notify the Trustee, and the Trustee shall notify the debenture holders with
regard to the issue of debentures as aforesaid.
| | ---------------------------------------------------------------------------------------------------------------------------------------------

| | 12.5 | Nothing
set forth above in this clause shall in itself oblige the Company or the debenture
holders to buy debentures or sell debentures held by them.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------

| | 12.6 | The
Company reserves the right to effect early repayment of the Debentures (Series B) on the
fulfillment of the conditions set forth in Clause 6 of this deed.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------

|13. | Waiver;
compromise and modifications to the terms and conditions of the           Debentures
(Series B)
|--- | -------------------------------------------------------------------------------------------------------

| | 13.1 | Subject
to the provisions of any law, the Trustee may from time to time and at any time, if it
has been persuaded that this does not, in its opinion, constitute a prejudice to the
rights of holders of the Debentures (Series B), waive any breach or non-fulfillment by
the Company of any of the conditions of this deed.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 13.2 | Subject
to the provisions of the law and with prior approval to be obtained from a general
meeting of holders of the Debentures (Series B) by a majority of 75% of the persons
participating in the vote, at which holders of at least 50% of the balance of the par
value of the Debentures (Series B) in circulation were personally present or represented
by proxy, or at an adjourned meeting, at which holders of at least 10% of the aforesaid
balance were personally present or represented by proxy, the Trustee may, either before
or after the principal of the Debentures (Series B) is due for repayment, compromise with
the Company in connection with any right or claim of holders of the Debentures (Series B)
and may agree with the Company on any arrangement in connection with its rights or the
rights of holders of the Debentures (Series B), including its waiving any right or claim
of holders of the Debentures (Series B) vis-à-vis the Company pursuant to
this deed. Where the Trustee has compromised with the Company after having received prior
approval from the debenture holders as aforesaid, the Trustee will be released from all
liability in respect of such act.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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|2 | With
regard to the tax implications of an issue at a discount, see Paragraph
               2.13 of the Companys Prospectus.
|- | -----------------------------------------------------------------------------------------------------------------------------

10

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| | 13.3 | Subject
to the provisions of the law, the Trustee and the Company may, either before or after the
principal of the Debentures (Series B) is due for repayment, alter the Deed of Trust
(including an alteration of the conditions of the Debentures (Series B)), if one of the
following conditions is fulfilled:
| | ---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 13.3.1 | The
Trustee has been persuaded that the alteration is not prejudicial to holders of the
Debentures (Series B).
| | ------ | --------------------------------------------------------------------------------------------------------------

| | 13.3.2 | The
holders of the Debentures (Series B) have agreed to the proposed alteration, by way of a
special resolution passed at a general meeting of holders of the Debentures (Series B) at
which holders of at least 50% of the unpaid balance of the principal of the Debentures
(Series B) in circulation are personally or represented by proxy, or at an adjourned
meeting, at which the holders of at least 10% of the aforesaid balance were personally or
represented by proxy.
| | ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 13.4 | The
Company shall render an immediate report in regard to any such alteration or
modification.
| | ---- | ----------------------------------------------------------------------------------------------

| | 13.5 | The
general meetings as referred to in this clause shall be convened in the manner stated in
the Second Schedule to this deed.
| | ---- | ------------------------------------------------------------------------------------------------------------------------------

| | In
every case of the exercise of the Trustees right pursuant to this clause as
aforesaid, the Trustee will be entitled to demand from holders of the Debentures (Series
B) to deliver their debenture certificates to it or to the Company, for purposes of
recording a note with regard to any compromise, waiver, modification or amendment as
aforesaid, and on the Trustees request, the Company will record such note on the
certificates that are delivered to it.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|14. | Meetings
of holders of the Debentures (Series B)
|--- | ------------------------------------------------

| | The
general meetings of holders of the Debentures (Series B) will be convened and conducted
in accordance with the contents of the Second Schedule to the Deed
of Trust.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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

| | Without
derogating from any other condition contained in these Conditions, a receipt signed by
one registered holder of a Debenture by any of the joint registered holders of a
Debenture, will constitute proof of full discharge of any payment that was made by the
Company in respect of the Debenture.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

11

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|16. | Replacement
of certificates of Debentures (Series B)
|--- | ----------------------------------------------------

| | In
the event that a debenture certificate should become worn, lost or destroyed, the Company
shall be entitled to issue a new debenture certificate in its place, under the same
conditions. The person requesting replacement of a Debenture shall bear all the expenses
in relation to proof, indemnity and cover of expenses incurred by the Company for
purposes of investigation with regard to the right of title, as the board of directors
shall deem fit, on condition that in the case of a certificate having become worn and
defaced, the defaced debenture certificate shall be returned to the Company before the
new certificate is issued. Stamp duty and other levies, as well as other expenses
attendant on the issue of a new certificate, shall be borne by the party requesting such
certificate.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|17. | Making
of debentures immediately due and payable
|--- | ------------------------------------------------

| | 17.1 | On
the occurrence one or more of the events mentioned below:
| | ---- | ------------------------------------------------------------

| | 17.1.1 | If
the Company does not pay any amount that is due from it in connection with the Debentures
within 30 days after the due date for payment thereof has arrived.
| | ------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 17.1.2 | If
a provisional liquidator has been appointed by a court or a valid resolution has been
passed for the winding-up of the Company (except a winding-up for purposes of merger with
another company and/or a change in the structure of the Company) and such appointment or
such resolution has not been set aside within 20 Business Days from the date on which it
was given or taken.
| | ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 17.1.3 | If
an attachment is imposed on material assets of the Company [of the Company], in whole or
in part, and the attachment is not removed within 60 days.
| | ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------

| | 17.1.4 | An
execution office act is executed against a material asset of the Company, in whole or in
part, and the action is not set aside within 60 days.
| | ------ | -------------------------------------------------------------------------------------------------------------------------------------------------

| | 17.1.5 | If
a receiver is appointed for the assets of the Company and/or for its material assets, in
whole or in part, and the appointment is not set aside within 60 days.
| | ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 17.1.6 | If
the Company ceases payments on the Debentures and/or gives notice of its intention to
cease payments on the Debentures.
| | ------ | --------------------------------------------------------------------------------------------------------------------------

| | 17.1.7 | If
the Company ceases to continue engaging in and/or carrying on its business and/or gives
notice of its intention to cease continuing to engage in its business and/or to manage
same.
| | ------ | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 17.1.8 | If
another series of debentures issued by the Company has been made immediately due and
payable.
| | ------ | ------------------------------------------------------------------------------------------------

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| | 17.1.9 | If
a stay of proceedings order has been granted in accordance with Section 350 of the
Companies Law, 5759-1999, against the Company, and such order has not been set aside
within 60 (sixty) days from the date of its commencement.
| | ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 17.1.10 | If
an application has been filed in relation to the Company for making an arrangement with
creditors of the Company in accordance with Section 350 of the Companies Law, 5759-1999,
or a stay of proceedings order has been granted against the Company in accordance with
the aforesaid section, and the application or the order has not been withdrawn or set
aside, within 60 days from the date of the filing or grant thereof, as the case may be.
| | ------- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 17.1.11 | If
the Company is liquidated or expunged for any reason.
| | ------- | --------------------------------------------------------

| | 17.1.12 | If
there is a genuine fear that the Company will cease payments of the Debentures and/or
will cease to continue its business and/or is about to cease carrying on its business
and/or a genuine fear exists that it will cease conducting its business.
| | ------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 17.1.13 | On
the occurrence of any other event that constitutes material prejudice and/or could cause
material prejudice to the rights of the holders of the Debentures (Series B).
| | ------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
provisions of Clauses 17.2 or 17.3 below, as the case may be, shall apply.
| | ------------------------------------------------------------------------------

| | For
purposes of this clause material asset means  an asset the value of
which in the Companys books exceeds 25% of the Companys equity capital
according to the last financial statements it published.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 17.2 | On
the occurrence of any of the events mentioned in Clauses 17.1.1 to 17.1.11 (inclusive)
above:
| | ---- | ------------------------------------------------------------------------------------------------

| | 17.2.1 | The
Trustee will be obliged to call a meeting of holders of Debentures (Series B) the date
for convening of which shall be after the elapse of 30 days from the date on which it is
called (or such shorter period in accordance with the provisions of Clause 7.2.4 below)
the agenda of which shall contain a resolution with regard to making the entire unpaid
balance of the Debentures (Series B) immediately due and payable by virtue of the
occurrence of one of the events mentioned in Clauses 17.1.1 to 17.1.11 (inclusive) above.
| | ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 17.2.2 | In
a case in which up to the date for convening the meeting any of the events mentioned in
Clauses 17.1.1 to 17.1.11 (inclusive) above has not been set aside or withdrawn, and a
resolution of the meeting of debenture holders as aforesaid has been passed as a special
resolution (as defined in the Second Schedule to this deed), the Trustee will be obliged,
within a reasonable time, to make the entire unpaid balance of the Debentures (Series B)
immediately due and payable.
| | ------ | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | 17.2.3 | A
copy of the notice calling such meeting shall be sent by the Trustee to the Company
immediately upon publication of the notice and will constitute a prior written warning to
the Company regarding the Trustees intention to act as aforesaid.
| | ------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 17.2.4 | The
Trustee may, in its discretion, shorten the period of 30 days as aforesaid (in Clause
20.2.1 above) in a case in which the Trustee believes that any postponement in making the
Companys debt payable endangers the rights of the holders of the Debentures (Series
B), but under no circumstances shall the aforesaid period be shortened to less than 7
days.
| | ------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 17.3 | On
the occurrence of any of the events mentioned in Clauses 17.1.12 to 17.1.13 (inclusive)
above:
| | ---- | -------------------------------------------------------------------------------------------------

| | 17.3.1 | Each
of the debenture holders and the Trustee will be entitled (but not obliged) to call a
meeting of the holders of the Debentures (Series B) the time for convening of which shall
be after the elapse of 30 days from the date it is called (or a shorter period in
accordance with the provisions of Clause 7.2.4 below), the agenda of which shall contain
a resolution with regard to making of the entire unpaid balance of the Debentures (Series
B) immediately due and payable by virtue of the occurrence of any of the events set forth
in Clauses 17.1.12 to 17.1.13 (inclusive) above.
| | ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 17.3.2 | In
a case in which a resolution is passed at a meeting of debenture holders as referred to
in Clause 17.3.1 above as a special resolution (as defined in the Second Schedule to this
deed), the Trustee will be obliged, within a reasonable time, to make the entire unpaid
balance of the Debentures (Series B) immediately due and payable.
| | ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 17.3.3 | A
copy of the notice calling such meeting shall be sent by the party calling the meeting to
the Company and to the Trustee immediately upon the publication of the notice and this
will constitute prior written warning to the Company of the intention to act in the
aforesaid manner.
| | ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 17.3.4 | A
debenture holder or the Trustee, as the case may be, who calls the meeting will be
entitled, at his or its discretion, to shorten the aforesaid 30 day period (as mentioned
in Clause 17.3.1 above) in a case in which the party calling the meeting is of the
opinion that any postponement in making the Companys debt payable endangers the
rights of holders of the Debentures (Series B), but under no circumstances shall the
aforesaid period be shortened to less than 7 days.
| | ------ | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 17.3.5 | The
Trustee will be responsible for reporting to the debenture holders in regard to the
occurrence of any of the events mentioned in Clauses 17.1.12 to 17.1.13 (inclusive)
above, whether on the strength of publicized reports the Company may publish or in
accordance with the notice the Company may send to it in accordance with a provisions of
Clause 22 below, shortly after this has been brought to the notice of the Trustee and/or
has been delivered to it.
| | ------ | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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|18. | Notices
|--- | -------

| | 18.1 | Any
notice by the Company and/or the Trustee to holders of the Debentures (Series B) shall be
given as follows:
| | ---- | ---------------------------------------------------------------------------------------------------------------

| | 18.1.1 | By
reporting on the Magna system of the Securities Authority; (the Trustee is entitled to
instruct the Company, and the Company will be obliged immediately to render a report on
behalf of the Trustee to the Magna system in such text as will be transmitted to the
Company in writing by the Trustee);
| | ------ | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | and also by:
| | ------------

| | 18.1.2 | A
notice to be published in two widely circulating Hebrew dailies published in Israel;
| | ------ | --------------------------------------------------------------------------------------

| | or
| | --

| | By
sending a notice by registered mail to every registered holder of Debentures (Series B)
according to the last address recorded in the register of debenture holders (in the case
of joint holders  to the joint holder whose name stands first in the register).
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 18.2 | Any
notice or demand by the Trustee to the Company may be given by way of a letter sent by
registered mail according to the address set forth in the Deed of Trust, or according to
another address of which the Company shall notify the Trustee in writing, or by the
transmission thereof by facsimile or via messenger, and any such notice or demand shall
be deemed to have been received by the Company: (1) in the case of dispatch by registered
mail  after three Business Days from the date of its posting; (2) in the case of
transmission by facsimile (coupled with telephonic confirmation as to the receipt
thereof)  after one Business Day from the day of its transmission; (3) and in the
case of delivery via a messenger  upon delivery thereof by the messenger to the
addressee or the offer thereof to the addressee, as the case may be.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 18.3 | Any
notice or demand by the Company to the Trustee may be given by way of a letter sent by
registered mail according to the address set forth in the Deed of Trust, or according to
another address of which the Trustee shall notify the Company in writing, or by the
transmission thereof by facsimile or via messenger, and any such notice or demand will be
deemed to have been received by the Trustee: (1) in the case of dispatch by registered
mail  after three Business Days from the date of its posting; (2) in the case of
transmission by facsimile (coupled with telephonic confirmation as to the receipt
thereof)  after one Business Day from the day of its transmission; (3) and in the
case of delivery via a messenger  upon delivery thereof by the messenger to the
addressee or the offer thereof to the addressee, as the case may be.
| | ---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 18.4 | Copies
of notices and invitations to meetings which the Company and/or the Trustee give to
holders of the Debentures (Series B) shall be sent by the Company also by way of an
immediate report a copy of which shall be delivered to the Trustee.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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