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Exhibit 1

Article 1221

|122. | Exemption,
Indemnity and Insurance
|---- | ----------------------------------

(a)        Subject
to the provisions of the Companies Law  1999 as amended from time to time, and any
regulations promulgated thereunder (the Companies Law), the Company
may resolve in advance to exempt an Office Holder, as defined in the Companies Law, from
all or any of his or her liability for damage in consequence of a breach of the duty of
care vis-à-vis the Company.

(b)        Subject
to the provisions of the Companies Law, the Company may enter into a contract to insure
the liability of an Office Holder therein for an obligation imposed upon him or her in
consequence of an act done in his or her capacity as an Office Holder therein, in any of
the following cases:

| | (1) | a
breach of the duty of care vis-à-vis the Company or vis-à-vis
                    another person;
| | --- | ---------------------------------------------------------------------------------------------------

| | (2) | a
breach of the fiduciary duty vis-à-vis the Company, provided that the
                    Office Holder acted in good faith and had reasonable basis to believe
that the                     act would not harm the Company;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (3) | a
monetary obligation imposed on him or her in favor of another person;
| | --- | -----------------------------------------------------------------------

| | (4) | any
other incident for which it is or shall be permitted to insure the liability
                    of an Office Holder.
| | --- | -------------------------------------------------------------------------------------------------------------------------

(c)        Subject
to the provisions of the Companies Law:

| | (1) | the
Company may undertake in advance to indemnify an Office Holder for an
                    obligation or expense as specified in article (d) below, imposed on
him or her                     in consequence of an act done in his or her capacity as an
Office Holder,                     including in consequence of an act done in his or her
capacity as an officer of                     another company in the event such office is
held on the Companys behalf or                     on its request, provided that
the undertaking is limited to types of events                     which in the Directors opinion
may be foreseen at the time of giving the                     indemnity undertaking, and
to an amount which the Directors have determined is                     reasonable in the
circumstances of the case (hereinafter: anIndemnification Undertaking);
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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|1 | As
amended on January 7, 2004. The remainder of our Articles of Association were adopted on
February 1, 1994, and were filed by us as an Exhibit to our annual report on Form 20-F
for the fiscal year ended December 31, 2000, as filed with the Securities and Exchange
Commission on June 30, 2001.
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| | (2) | without
derogating from the provisions of article (1) above, the Company may
                    indemnify an Office Holder therein retroactively, for an obligation
or expense                     as specified in article (d) below, imposed on him or her
in consequence of an                     act done in his or her capacity as an Office
Holder in the Company.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

(d)        The
Indemnification Undertaking or indemnity, as mentioned in article (c) above,
                    may be given for an obligation or expense as specified in
sub-articles (d)(1) to                     (d)(3) below, imposed on the Office Holder in
consequence of an act done in his                     or her capacity as an Office Holder
in the Company, as follows:

| | (1) | a
monetary obligation imposed on him or her in favor of another person pursuant
                    to a judgment, including a judgment given in settlement or a court
approved                     arbitrators award;
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (2) | reasonable
litigation expenses, including attorneys professional fees, incurred
                    by the Office Holder or which he or she is ordered to pay by a court
in                     proceedings filed against him or her by the Company or on its
behalf or by                     another person, or in a criminal indictment of which he
or she is acquitted, or                     in a criminal indictment in which he or she
is convicted of an offence not                     requiring proof of criminal intent;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (3) | any
other obligation or expense for which it is or shall be permitted to
                    indemnify an Office Holder.
| | --- | ------------------------------------------------------------------------------------------------------------------------

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