|   TRANSLATION      FROM HEBREWTHE      BINDING VERSION IS THE HEBREW VERSION  |
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| Whereas: | The      board of the Company decided, on March 30, 2009, to publish a Shelf      Prospectus under which the Company may, inter alia, issue series of      Debentures that would be titled series E through I and series 1      through 2, in the manner described in this Deed of  Trust;                                                                                                                                    |
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|     |                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Whereas: | The      Trustee is a limited shares company that has been incorporated and      registered in Israel according to the Companies Ordinance, whose principal      goal is to engage in Trust; and                                                                                                                                                                                                                                             |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Whereas: | The      Trustee has declared that there is no impediment in accordance with the      Securities Law 5728 – 1968 or any other law to its entering into an      engagement with the Company pursuant to this Deed of Trust, and that it      fulfills all of the requirements and conditions for competency stated in      the Securities Law to serve as a trustee for the issue of the Debentures      covered by the Prospectus; and |
|     |                                                                                                                                                                                                                                                                                                                                                                                                                                         |
| Whereas: | The      Company has requested that the Trustee serve as the trustee for the      Debenture Holders, and the Trustee has agreed thereto, subject to the      terms of this Deed of Trust;                                                                                                                                                                                                                                                    |

| 1.   | Preamble, interpretation and      definitions |
|----------------|-----------------------------------------------|
|           |                                          |   |
|           | 1.1                                           | The      preamble to this Deed of Trust and the appendices attached hereto      constitute a |

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|   |   | material and      integral part hereof                                                                                                                                                                                                                                                                                                                                                                           |
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|   |   |                                                                                                                                                                                                                                                                                                                                                                                                             |
|   | 1.2    | The      division of this Deed and Trust into sections and the titling of the      sections are for the sake of convenience and as references only and may      not be used for construction purposes.                                                                                                                                                                                                           |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                             |
|   | 1.3    | The      provisions hereof in plural apply to singular and vice versa; the      provisions hereof in masculine gender apply to feminine and vice versa,      and all statements regarding natural persons also refer to corporations,      wherever this Deed does not implicitly and/or explicitly state otherwise      and/or if the content of context of the statements does not necessitate      otherwise. |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                             |
|   | 1.4    | The      provisions of this Deed of Trust shall apply specifically to each of the      series of Debentures (as defined below) and the Debentures in each of the      series shall be hereinafter referred to as “the Debentures”, all -      unless otherwise stated or implied by the  context.                                                                                                    |

|   | “This Deed” or the      “Deed of      Trust”                  | – | This      Deed of Trust, including the appendices attached hereto, which constitute      an integral part hereof;                                                                                                                                                                                                                                                                                                                                                             |
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|   |                                                                                  |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   | The “Prospectus” or the      “Shelf      Prospectus”          | – | The      shelf prospectus of the Company that will be published, inter alia, for the      Debentures;                                                                                                                                                                                                                                                                                                                                                                         |
|   |                                                                                  |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   | The “Shelf Offer Report”      or the “Offer      Report” | – | The      shelf offer reports that will be published under the Shelf Prospectus, in      accordance with the provisions of Section 23A(f) of the Securities      Law, 5728 – 1968, wherein all the details that are specific to such offer      will be completed, including the composition of the offered units, under      the provisions of any law and in accordance with the Code and guidelines      of the Tel Aviv Stock Exchange, prevailing at suchtime; |
|   |                                                                                  |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   | “The      Series of Debentures”                                           | – | Series      that would be titled series E through I and/or series 1 through 2 of      debentures, registered to name, the terms of each would be determined in      accordance with the Debenture Certificate of that series and the Initial      Offer Report of the debentures in that series, as shall be issued from      time to                                                                                                                                         |

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|   |                                                                                         |    | time by the Company      at its sole discretion;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
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|   |                                                                                         |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   | The      “Trustee”                                                               | – | Hermetic      Trust (1975) Ltd. and/or any party serving from time to time as a trustee      of the Debenture Holders pursuant to this deed;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |                                                                                         |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   | “Register”                                                                       | – | Register      of the Debenture Holders as stated in Section 26hereof;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   |                                                                                         |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   | The “Debenture Holders”      and/or the “Debenture      Owners” | – | Anyone      holding the Debentures;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   |                                                                                         |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   | The      “Debenture Certificate”                                                 | – | A      Debenture certificate whose form appears as      the first addendum to this deed;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |                                                                                         |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   | The “Law” or the “Securities      Law”                               | – | The      Securities Law, 5728 – 1968 and the regulations thereby, as effective from      time to time;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |                                                                                         |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   | “Business day” or “Banking Business      Day”                        | – | A      day on which most of the banks in Israel are open for conducting      transactions;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   |                                                                                         |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   | “Principal”                                                                      | – | The      outstanding par value of the Debentures in the relevant      series;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   |                                                                                         |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   | The      “Consumer Price Index” (“Index”)                            | – | The      price index known by the name of "the Consumer Price Index", which      includes fruit and vegetables, as published by the Central Bureau of      Statistics and Economic Research, as shall be composed from time to time,      including that index even if published by another official body or      institute, and including any official index that replaces it, whether      composed of the same data as the existing index or not. If it is replaced      by another index that is published by such a body or institute, and that      body or institute did not determine the ratio between it and the index      thus replaced, the ratio will be determined by the Central Bureau of      Statistics, and in the case of such a ratio not being determined, it will      be determined by the Trustee for the relevant series, following      consultation with economic |

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|   |                                               |    | experts of his      choice;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
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|   |                                               |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   | The “Known Index” on a      given date | – | The      last known index;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |                                               |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   | The      “Basic Index”                 | – | The      index known on a given date, which would be published in the Offer Report      under which any series of debentures is initially  offered;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   |                                               |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   | The      “Payment Index”               | – | The      consumer price index known on the date of making any payment on the      account of the principal and/or the interest.The      Initial Offer Report of the debentures in the relevant series, which are      linked to the Index, will specify whether the principal and/or the      interest of the debentures is secured (i.e. in the event that the known      index on the date scheduled for the relevant payment is less than the      basic index, the payment index shall be the basic index) or unsecured      (i.e. the payment index shall be the known index on the date scheduled for      the relevant payment, even if this index is less than the basic      index); |
|   |                                               |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   | “Trade      Day”                       | – | A      day on which transactions are executed on the Stock    Exchange;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |                                               |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   | The      “Stock Exchange”              | – | The      Tel Aviv Stock Exchange Ltd.;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |                                               |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   | “Meeting”                              | – | A      meeting of the Debenture Holders, including a class    meeting;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|   |                                               |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   | “Class      Meeting”                   | – | A      meeting of the Debenture Holders, who have an interest that is materially      different from the interest of other Debenture Holders on the matter that      is being discussed in the meeting;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |                                               |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   | “The      Nominee Company”             | – | The      Israel Discount Bank Nominees Ltd.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |                                               |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   | “Foreign      Currency”                | – | Not      more than one currency per each series of debentures, as shall be      specified in the Initial Offer Report of the                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |

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|   |                                                      |    | Debentures in the      relevant Series;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
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|   |                                                      |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   | “Foreign      Currency Exchange Rate”         | – | The      representative exchange rate of the foreign currency published by the Bank      of Israel, or any official exchange rate of the foreign currency in      relation to Israeli currency that shall supersede the aforesaid      representative exchange rate and that shall be applicable at such time      with respect to government bonds that are linked to the exchange rate of      the foreign currency;                                                                                                                                                                                              |
|   |                                                      |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   | The “Known Exchange      Rate” on any date    | – | The      latest exchange rate determined by the Bank of Israel prior to such date.      However, during a period in which the Bank of Israel does not customarily      determine a representative exchange rate, the known exchange rate shall be      the rate most recently determined by the Minister of Finance together with      the Governor of the Bank of Israel for government bonds that are linked to      the exchange rate of the foreign currency.                                                                                                                                                   |
|   |                                                      |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   | The      “Basic Exchange Rate”                | – | The      known exchange rate on a given date, which shall be determined in the      Initial Offer Report of the Debentures in the relevant    Series;                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   |                                                      |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   | The      “Payment Exchange Rate”              | – | The      known exchange rate on the actual date of payment;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   |                                                      |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   | “Prime Interest Rate” on      any given date  | – | The      interest rate derived from the average of the basic debit interest rate      offered at such date by the four (4) major banks in  Israel.                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   |                                                      |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   | “Telbor Interest Rate”      on any given date | – | Tel      Aviv Interbank Offered Rate - The interest rate for interbank loans, which      is calculated based on interest bids submitted by several banks in Israel,      for a period that shall be determined in the Initial Offer Report of the      Debentures in the relevant Series, and that appears on the Reuters data      distribution system on Mondays through Thursdays at 13:00 or shortly      thereafter and on Fridays at 12:00 or shortly thereafter or on any other      source of information that shall be specified in the Initial Offer Report      of the Debentures in the relevantSeries. |

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|   | “Libor Interest Rate” on      any given date     | – | The      interest rate offered on such date on the interbank market in London for      dollar deposits for a period that shall be determined in the Initial Offer      Report of the Debentures in the relevant Series (week, month, six months      etc.), as quoted at 11:00 London time or shortly thereafter on the Libor01      Page published by the Reuters News Agency or, if this Page is replaced, as      quoted at such time or shortly thereafter on the replacement      page.                                                                                                                               |
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|   |                                                         |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   | “Euribor Interest Rate”      on any given date   | – | Euro      Interbank Offered Rate - The interest rate offered on such date on the      interbank market for euro deposits for a period that shall be determined      in the Initial Offer Report of the Debentures in the relevant Series, as      quoted at 11:00 London time or shortly thereafter on the Euribor01 Page      published by the Reuters News Agency or, if this Page is replaced, as      quoted at such time or shortly thereafter on the replacement page, or on      any other source of information that shall be specified in the Initial      Offer Report of the Debentures in the relevant Series. |
|   |                                                         |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   | The “Basic Interest Rate”      on any given date | – | The      Libor or the Telbor or the Euribor or the Prime or any other basic      interest rate that may be selected by the Company, as shall be determined      in the Initial Offer Report of the Debentures in the relevant      Series.                                                                                                                                                                                                                                                                                                                                                                                 |

| 2.     | Issuance      of the Debentures and the Applicability of the Deed of      Trust |
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|   |                                                                            |   |
|   | 2.1                                                                             | The      Company shall be entitled to issue: |
|   |                                                                            |   |   |
|   |                                                                            | 2.1.1 | Up      to 5 series of Debentures (series E through I), each with a par value of      up to NIS 2,000,000,000, registered to name and repayable (principal)      in a number of installments that shall not fall below one and shall not      exceed ten (10) annual installments, or that shall not fall below one and      shall not exceed twenty (20) semi-annual installments that shall be      consecutive and equal (with the exception of the first or the last      installment, that may be set at a different rate) and shall be payable in      each of the years, all as shall be specified in the Offer Report under      which each of the Series of Debentures (“The Debentures Series E      through I”) is initially offered. The linkage basis (or the absence      thereof) and the type of interest (or the absence thereof) applicable to      the principal of the Debentures in each of the aforementioned series that      is issued will be specified |

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|   |   |   | in the Offer Report      under which the aforesaid Debentures are initially offered. For details of      the linkage bases of the Debentures in Series E through I allowed by the      Shelf Prospectus and for details of the types of interest allowed by the      Shelf Prospectus, see Sections 3 and 4 to the terms listed in the      overleaf, respectively. The interest rate that shall be applicable to the      principal of the Debentures in each of the aforementioned series that may      be issued under the Shelf Prospectus, or the margin above or below the      basic interest that shall be applicable to the principal of the Debentures      in each of the aforementioned series, as appropriate, will be specified in      the Offer Report under which these Debentures are initially offered, or      will be determined in a bid pursuant to which the Debentures would be      initially offered.  The interest, if any, on the principal of      the Debentures in Series E through I will be payable every year in one      annual installment or in two semi-annual installments or in four quarterly      installments, all as shall be stipulated in the Offer Report under which      these Debentures are initially offered. The dates and the number of the      principal payments, the linkage basis (or the absence thereof), the type      of interest, the interest rate or the manner of its determination and the      dates of payment of the interest (or the absence of interest) with respect      to the Debentures in Series E through I, as shall be specified in the      Offer Report under which each of the aforesaid Series of Debentures is      initially offered, will be determined by the Company shortly before the      initial offering of the Debentures in the relevant Series. As to the      Company’s right for the early redemption of the Debentures in Series E      through I, see Section 6 to this Deed. |
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|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   |   | 2.1.2  | Up      to 2 series of Debentures (series 1 through 2), each with a par value of      up to NIS 2,000,000,000, registered to name and repayable (principal)      in a number of installments that shall not fall below one and shall not      exceed ten (10) annual installments, or that shall not fall below one and      shall not exceed twenty (20) semi-annual installments that shall be      consecutive and equal (with the exception of the first or the last      installment, that may be set at a different rate) and shall be payable in      each of the years, all as shall be specified in the Offer Report under      which each of the Series of Debentures (“The Debentures Series 1      through 2”) is initially offered. The linkage basis (or the absence      thereof) and the type of interest (or the absence thereof) applicable to      the principal of the Debentures in each of the aforementioned series that      is issued will be specified in the Offer Report under which the aforesaid      Debentures are initially offered. For details of the linkage bases of the      Debentures in Series 1 through 2 allowed by the Shelf Prospectus and for      details of the types of interest allowed by the Shelf Prospectus, see      Sections 3 and 4 to the terms listed in the  overleaf,                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |

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|   |   |   | respectively. The      interest rate that shall be applicable to the principal of the Debentures      in each of the aforementioned series that may be issued under the Shelf      Prospectus, or the margin above or below the basic interest that shall be      applicable to the principal of the Debentures in each of the      aforementioned series, as appropriate, will be specified in the Offer      Report under which these Debentures are initially offered, or will be      determined in a bid pursuant to which the Debentures would be initially      offered.  The interest, if any, on the principal of the      Debentures in Series 1 through 2 will be payable every year in one annual      installment or in two semi-annual installments or in four quarterly      installments, all as shall be stipulated in the Offer Report under which      these Debentures are initially offered. The dates and the number of the      principal payments, the linkage basis (or the absence thereof), the type      of interest, the interest rate or the manner of its determination and the      dates of payment of the interest (or the absence of interest) with respect      to the Debentures in Series 1 through 2, as shall be specified in the      Offer Report under which each of the aforesaid Series of Debentures is      initially offered, will be determined by the Company shortly before the      initial offering of the Debentures in the relevant Series. The Debentures      in Series 1 through 2 shall be convertible into ordinary shares of the      Company existing at the date of publication of the Initial Offer Report      for each of the aforesaid series, at any day on which trade is held on the      Stock Exchange, commencing on the day on which these Debentures are listed      for trade on the Stock Exchange until a few days prior to the end of the      term of the Debentures in that series, with the exception of a number of      days preceding the determinant date for partial redemption in accordance      with the guidelines of the Stock Exchange on the date of the Initial Offer      Report for each of the aforesaid series, until the date on which the      redemption is executed, this at a rate of conversion that shall not fall      below the par value of the ordinary shares of the Company on the date of      the Initial Offer Report of the Debentures in Series 1 though 2,      subject to adjustments as described in Section 5.3 of the terms      listed in the overleaf, all in the manner and under the conditions that      shall be stipulated in the Initial Offer Report of the Debentures in each      of the aforementioned series, in accordance with the details determined in      this respect by the Company shortly before the initial offering of the      Debentures in the relevant series. As to the Company’s right for the early      redemption of the Debentures in Series 1 through 2, see Section 6 to      this Deed. |
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|   |   | 2.1.3  | In      the event that, subsequent to the date of the initial offering of the      Debentures in the aforesaid series, these Series of Debentures are      expanded by the Company, the Holders of Debentures in those series that      are issued in the                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |

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|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                         | framework of the      expansion of the series will not be entitled to receive a payment on      account of the interest on the Debentures in respect of interest periods      that had ended prior to their issuance by the Company as aforesaid, and/or      to receive payment on account of the principal and/or interest in respect      of said Debentures, that had been paid by the Company prior to their      issuance as aforesaid.  |
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|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   | 2.2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          | The      Company intends to publish a Shelf Prospectus not later than      April 30, 2009, under which the Company shall be entitled to issue      the Debentures to the public by way of Shelf Offer Reports (this section      does not derogate from the Company’s right to offer Debentures under other      Prospectuses and/or private placements, or in any other way under any      law). |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                         |                                                                                                                                                                                                                                                                                                                                                                                                                                                |
| 2.3    | It      is clarified that if, on the date of publication of any Offer Report the      Trustee serves as trustee for another Series of Debentures of the Company      and/or the Offer Report relates to more than one Series of Debentures, the      possibility of the Trustee acting as Trustee for the additional Series of      Debentures would be considered in light of the directives of the      Securities Authority and/or the laws in force at such time. If another      Trustee is appointed for any Series of Debentures as a result of the      aforesaid, the details of such Trustee will be published in the framework      of the relevant Offer Report. |

| 3.     | Terms      of the Issuance; Self-Purchase |
|--------|-------------------------------------------|
|   |                                      |   |
|   | 3.1                                       | The      Company shall issue the Debentures according to the conditions specified      in the Prospectus and in the Offer Report under which the Debentures are      initially offered. |
|   |                                      |   |
|   | 3.2                                       | The      Company reserves the right to purchase at any time, within or without the      Stock Exchange, Debentures at any price of its choosing, without prejudice      to the obligation of repayment of the Debentures remaining in circulation      as specified above. The Debentures that will be purchased by the Company      will be cancelled and delisted from trade on the Stock Exchange, and the      Company will not be allowed to re-issue them. If the purchase of the      Debentures by the Company is carried out as part of the trade on the Stock      Exchange, the Company will apply to the Stock Exchange Clearing House to      withdraw the relevant Debentures. |
|   |                                      |   |
|   | 3.3                                       | A      subsidiary of the Company and/or the controlling share Holder and/or      companies under the control of the controllers of the controlling share      Holder of the Company (“Affiliated Company”)      are allowed to purchase and/or sell from time to time within or without      the Stock Exchange, including by way of issuance by the Company,      Debentures at any price of their choosing and sell them accordingly. The      Debentures thus held by the Affiliated Company will be considered as an      asset of the Affiliated Company, and if they are listed for trading, they      will not be delisted from trade on the Stock  Exchange. |

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|   |   | On      the matter of holding Meetings of Holders of Debentures, the provisions of      Section 2.19 of the second addendum to this Deed will      apply.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
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|   | 3.4    | The      Company is allowed, at any time and from time      to time, without needing the consent of the Debenture Holders or the      Trustee, to issue, including to an Affiliated Company, Debentures of a      different type and/or of different series and/or other Debentures      securities, whether secured or unsecured, whether granting a right of      conversion into shares of the Company or not granting such right, whether      by public offering pursuant to a prospectus, by private placement, by a      Shelf Offer Report or otherwise, under terms of redemption, interest,      linkage, discounting, repayment rate in the case of liquidation and other      conditions, as the Company sees fit, whether they are preferable to the      terms of the Debentures issued pursuant to the prospectus, equal to them      or inferior to them.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   | 3.5    | Without      derogating from the foregoing, the Company is allowed, at any time and      from time to time, without needing the consent of the Debenture Holders or      the Trustee of each of the series, to issue, including to an Affiliated      Company, additional Debentures from the Series offered under the Shelf      Prospectus. The additional Debentures that will be issued, to the extent      issued, including their conditions and resulting rights, will be identical      and as the existing Debentures in the same series, and will together      constitute one series for all purposes (it is clarified that in the case      of such issuance, the offerees to which additional Debentures will be      issued will not be entitled to payment of principal and/or interest whose      determinant payment date preceded the issuing date). The provisions of the      Deed of Trust of the relevant series will apply to these additional      Debentures. The Company will publish an immediate report on such an      issuance of additional Debentures and will apply to the Stock Exchange in      an application to list these additional for trading these additional      Debentures therein. In the case of expansion of the series of the      Debentures as above, the fee of the Trustee shall be increased in      proportion to the increase of the size of the series. |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   |   | The      Company shall inform the Trustee and the Debenture Holders of the issue of      these additional Debentures.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   |   | This      right of the Company does not exempt the Trustee from examining such an      issuance, to the extent that such a duty is imposed on the Trustee by law,      and it does not derogate from the rights of the Trustee and of the Meeting      of the Debenture Holders according to the Deed of Trust, including their      right to make the Debentures immediately repayable as stated in      Section 16 of the terms listed in the overleaf.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   | 3.6    | The      Company reserves the right to allocate the Debentures following an      expansion of the series at a different discount rate (higher or lower)      than the discount rate of the Debentures then in circulation (including      due to issuance at a price that reflects a                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |

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|   |   | different discount      rate). The discounted allocation of the Debentures originating from      expansion of the series of the Debentures at a rate exceeding the discount      rate established for the Debentures before the expansion may adversely      affect the state of the Debenture Holders. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                    |
|   | 3.7    | The      provisions of this Section 3 above itself do not bind the Company or the      Debenture Holders to purchase Debentures or sell the Debentures in their      possession.                                                                                                                        |
|   |   |                                                                                                                                                                                                                                                                                                    |
|   | 3.8    | Wherever      the rules of the Stock Exchange apply or will apply to any action      according to this Deed of Trust, they will have preference over the      provisions hereof, and the dates of such an action will be determined in      accordance with the rules of the StockExchange.             |

| 4.     | Undertakings      of the Company |
|--------|----------------------------------|
|   |                             |   |
|   | 4.1                              | The      Company undertakes hereby towards the Debenture Holders, through the      Trustee, to pay, on the dates set thereto, all of the sums of the      principal, the interest and the linkage differences that will be payable      pursuant to the terms of the Debentures, and fulfill all of the other      conditions and undertakings imposed thereupon pursuant to the terms of the      Debentures and this Deed. |
|   |                             |   |
|   | 4.2                              | The      Company hereby warrants that the capital raised that it will hold until      the date of their use according to the designation of the issuance      remuneration as stated in the relevant Shelf Offer Report, will be      deposited and invested by the Company as it deems fit, as long as each      investment is made in solid channels, including, but not limited to, an      interest-bearing monetary deposit, a foreign currency deposit, Debentures      with a rating of not less than BBB-, and so on. For this purpose, an      investment in shares or basket certificates whose base asset is shares or      share indices or options in the Maof or the purchase or writing of      positions in derivatives, will not be considered as an investment in solid      channels. |

| 5.     | Securing      of the Debentures |
|--------|---------------------------------|
|   |                            |   |
|   | 5.1                             | The      Debentures may or may not be secured by collateral, any pledge or      otherwise. Information concerning the Debentures’ securing mechanism, if      secured by collateral, any pledge or otherwise, will be provided in the      Initial Shelf Offer Report for each of the relevant Series of      Debentures. |
|   |                            |   |
|   | 5.2                             | Unless      otherwise stated in the Initial Shelf Offer Report for each of the      relevant Series of Debentures, the Company shall be allowed to pledge its      assets, in part or in full, by any pledge and in any way, including to any      third party, without the need for any consent from the Trustee and/or the      Debenture Holders in any of the Series. Additionally, the Company will be      allowed to sell, lease, assign, deliver or transfer in any other way its      assets, in part or in full, in any way, for benefit of any third party, |

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|   |   | without the need for      any consent of the Trustee and/or the Debenture Holders in any of the      Series.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|   | 5.3    | For      the removal of doubt, it is clarified that the Trustee has no duty to      examine, and in fact the Trustee will not examine, the need for providing      collateral for securing the payments to the Debenture Holders. In its      entering the engagement in this Deed of Trust, and with the consent of the      Trustee to serve as the trustee for the Debenture Holders, the Trustee      does not express its opinion, implicitly or explicitly, as to the ability      of the Company to fulfill its undertakings towards the Debenture Holders      in any of the Series.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|   |   | For      the removal of doubt, it is clarified that if the Company’s undertakings      towards the Debenture Holders are secured by any collateral, the Trustee      has no duty to examine, and in fact the Trustee will not examine, the      value of the collateral. In its entering the engagement in this Deed of      Trust, and with the consent of the Trustee to serve as the trustee for the      Debenture Holders, the Trustee does not express its opinion, implicitly or      explicitly, as to the value of the collateral, to the extent that      collateral is provided, or as to the ability of the Company to fulfill its      undertakings towards the Debenture Holders in any of the Series. In the      event that the Debentures are secured by any collateral, the fee of the      Trustee shall be increased as shall be agreed between the Company and the      Trustee. The Trustee has not been requested to perform, and in fact has      not performed a financial, accounting or legal due diligence as to the      state of affairs of the Company or the subsidiaries and will not perform      such due diligence when a series is taken off theshelf. |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|   |   | The      foregoing does not derogate from the duty of the Trustee by law and/or      Deed of Trust, nor does it derogate from the duty of the Trustee (to the      extent that this duty applies to the Trustee according to any law) to      examine the effect of changes in the Company from the date of the      Prospectus onwards, to the extent that these may adversely affect the      ability of the Company to fulfill its undertakings to the Debenture      Holders in any of the Series.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|   | 5.4    | The      Debentures in any of the Series will be in an equal pari passu degree of      security among themselves concerning the undertakings of the Company      pursuant to the Debentures of the same Series, without precedence or      preference over each other.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |

| 6.     | Early      redemption |
|--------|-----------------------|
|   |                  |   |
|   | 6.1                   | Early      redemption initiated by the Stock Exchange - In the event that the Stock      Exchange decides to delist from trade therein the Debentures in any of the      Series E through I in circulation by reason of the value of the Series      falling below the minimum amount stipulated in the Code and guidelines of      the Stock Exchange with respect to the |

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|   |   | delisting from trade      therein and/or in the event that the Stock Exchange decides to delist from      trade therein the Convertible Debentures in any of the Series 1 through 2      in circulation by reason of the public’s holdings therein falling below      the minimum amount stipulated in the Code and guidelines of the Stock      Exchange with respect to the delisting from trade therein, the Company      will not allow such early redemption of the Series due to the delisting      from trade as aforesaid, unless otherwise notified by the Company in the      Shelf Offer Report under which the Series of Debentures is initially      issued. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   |   | Should      the Company choose to allow early redemption of the Debentures as      aforesaid, the Company will take the following  actions:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |

|   |   | 6.1.1  | Within      forty five (45) days of the decision of the Stock Exchange on the      delisting from trade therein, the Company will announce a date for the      early redemption, on which the Debenture Holder would be allowed to redeem      the Debentures. The announcement of the date of early redemption will be      published in two (2) widely distributed daily newspapers that are      published in Israel in Hebrew.                                                                                                                                             |
|--------|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   |   | 6.1.2  | The      date of early redemption of the Debentures in Series E through I with      respect to which a delisting decision has been made as aforesaid, shall      not be earlier than seventeen (17) days from the date of publication of      the announcement or later than forty five (45) days of the said date, but      shall not fall in the period between the determinant date for the payment      of interest and the date of its actual payment.                                                                                                                    |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   |   | 6.1.3  | The      date of early redemption of the Debentures in Series 1 through 2 with      respect to which a delisting decision has been made as aforesaid, shall      not be earlier than thirty (30) days from the date of publication of the      announcement or later than forty five (45) days of the said date, but      shall not fall in the period between the determinant date for the payment      of interest and the date of its actual payment.                                                                                                                       |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   |   | 6.1.4  | On      the date of early redemption, the Company will redeem the Debentures from      the Series in which the Holders have requested the redemption of the      Debentures, at their par value, with the addition of linkage differences,      if any, and the interest accrued on the principal, with the interest being      calculated in proportion to the period from the last date for which      interest has been paid to the aforesaid actual date of early redemption      (the calculation of interest for a part of a year will be based on a      365-day year). |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   |   | 6.1.5  | The      scheduling of a date of early redemption, as above, does note derogate                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |

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|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      | from the redemption      rights provided for in the Debentures of the same Series, of any of the      Debenture Holders that do not redeem them on the date of early redemption      as above, and in the case of Convertible Debentures, does not derogate      from the conversion rights provided for therein, but the Debentures will      be delisted from trade on the Stock Exchange and shall be, inter alia,      subject to the consequent tax implications.  |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   |   | 6.1.6                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     | The      early redemption of the Debentures as aforesaid will not confer upon the      Holder of Debentures of the same Series redeemed as above the right to      receive interest in respect of the period subsequent to the date of      redemption.                                                                                                                                                                                                                      |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   | 6.2    | Early      redemption initiated by the Company - The Company will be allowed to call      for the early redemption of the Debentures in Series E through I and 1      through to 2 offered under the Offer Report in accordance with the Shelf      Prospectus, under the terms and according to the price, mechanism,      schedules and the other terms stipulated by the Code and guidelines of the      Stock Exchange, prevailing at such time, as shall be determined in the      Initial Offer Report of the Debentures in the relevant    Series. |

| 7.     | Immediate      repayment |
|--------|--------------------------|
|   |                     |   |
|   | 7.1                      | In      one or more of the events enumerated below: |
|   |                     |   |   |
|   |                     | 7.1.1 | If      the Company does not repay any sum that is due from it in connection to      the Debentures within 45 days of the maturity of that  sum. |
|   |                     |   |   |
|   |                     | 7.1.2 | A      temporary liquidator has been appointed by a court, or if a valid      resolution has been adopted to liquidate the Company (other than      liquidation for merging with another company and/or restructuring of the      Company) and this appointment or resolution is not cancelled within 30      Business Days of being given. |
|   |                     |   |   |
|   |                     | 7.1.3 | If      an attachment is imposed on some or all of the material assets of the      Company and the attachment is not removed within 60  days. |
|   |                     |   |   |
|   |                     | 7.1.4 | An      execution action is carried out against a material asset of the Company,      in part or in full, and the action is not cancelled within 90      days. |
|   |                     |   |   |
|   |                     | 7.1.5 | If      a receiver is appointed for the Company and/or some or all of its material      assets, and the appointment is not cancelled within 90    days. |
|   |                     |   |   |
|   |                     |   |   |
|   |                     | 7.1.6 | If      the Company ceases the payments of the Debentures and/or announces its      intent to cease the payments of the Debentures. |
|   |                     |   |   |
|   |                     | 7.1.7 | If      the Company discontinues its business affairs or managing its business      affairs, as they are from time to time, and/or announces its intent to      cease in engaging in or managing its business affairs as shall be from      time to time. |

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|   |   | 7.1.8                                                                                                                                                                                                                                                               | If      another series of Debentures that the Company has issued is called for      immediate repayment other than according to a resolution of the      Company.                                                                                                                                                                                                                                                                                                                                                                                       |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |   | 7.1.9                                                                                                                                                                                                                                                               | If      an order for staying of proceedings is given or if a motion has been filed      concerning the Company to make an arrangement with the creditors of the      Company pursuant to Section 350 of the Companies Law (other than for      merging with another company and/or restructuring of the Company) against      the Company and this order or motion is not cancelled within 90 days of      commencement thereof.                                                                                                                        |
|   |   |                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |   | 7.1.10                                                                                                                                                                                                                                                              | If      the Company is wound up or struck for any reason.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   |   |                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |   | 7.1.11                                                                                                                                                                                                                                                              | A      fundamental breach of the terms of the Debentures and the Deed of Trust,      including if it is found that the undertakings of the Company in the      Debentures or herein are incorrect and/or incomplete, provided a notice      has been given to the Company to rectify the violation and the Company      does not correct such a violation within 14 Business Days of issue of the      notice, and provided that the payments to the Debenture Holders and/or the      rights thereof are infringed or may be infringed as a    result. |
|   |   |                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |   | 7.1.12                                                                                                                                                                                                                                                              | If      there is material concern that the Company will discontinue the payments      of the Debentures and/or there is material concern that it will cease      managing its business affairs as shall be from time to    time.                                                                                                                                                                                                                                                                                                                        |
|   |   |                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |   | 7.1.13                                                                                                                                                                                                                                                              | In      the occurrence of any other event that constitutes material infringement      and/or may cause material infringement of the rights of the Debenture      Holders.                                                                                                                                                                                                                                                                                                                                                                               |
|   |   |                                                                                                                                                                                                                                                                |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |   | For      the purposes of this entire section, "Material Asset" is an asset whose      value in the books of the Company exceeds 20% of the income of the Company      according to its last (audited) consolidated annual statements on the date      of the event. |
|   |   |                                                                                                                                                                                                                                                                |
|   | 7.2    | In      the occurrence of any of the events listed in Section 7.1 above, the      following provisions will apply:                                                                                                                                                  |

|   |   | 7.2.1  | (A)    | In      the case of any of the events in Sections 7.1.1 to 7.1.10 (inclusive)      above, the Trustee will be required to call a Meeting of the Debenture      Holders; or                                                                                                                                                                                                                                                                                            |
|--------|--------|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   |   |   | (B)    | In      the case of any of the events in Sections 7.1.11 to 7.1.13 (inclusive)      above, the Trustee will be allowed (but not required) to call a meeting of      the Debenture Holders, but the Trustee will be required to call a Meeting      of Holders by a written request of Holders of at least ten percent (10%)      of the par value of the unsettled balance of the principal of the      Debentures in circulation, as specified in Section 1.1 of the |

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|   |   |   |   | second addendum      hereto. |
|--------|--------|--------|--------|------------------------------|

|   |   | 7.2.2  | The      date of convening the meeting, which will be called in accordance with the      provisions of Section 7.2.1 A or B above, will be 30 days after the date      of its calling (or a shorter term in accordance with the provisions of      Section 7.2.5 below), whose agenda will have a resolution concerning      calling for immediate repayment the entire unsettled balance of the      Debentures, due to the occurrence of any of the events specified in      Section 7.1 above, as relevant.                                                                                                                                                                                                                                           |
|--------|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   |   | 7.2.3  | In      the case that until the date of convening of the Meeting, none of the      events specified in Section 7.1 above has been canceled or removed, and      the Meeting of the Debenture Holders as stated resolve to call all of the      unsettled balance of the Debentures for immediate repayment as a Special      Resolution (as defined in the second addendum hereto), the Trustee will be      required, within a reasonable time, to call all of the unsettled balance      of the Debentures for immediate repayment, as long as it has given the      Company at least 15 days written warning of its intent to do so and the      event for which the resolution was adopted has not been canceled or      removed within this period. |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   |   | 7.2.4  | A      copy of the      notice for calling the Meeting will be sent by the Trustee to the Company      as soon as the notice is published and will constitute advance written      warning to the Company of the intent to act to call the Debentures for      immediate repayment.                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   |   | 7.2.5  | The      Trustee is entitled, at its discretion, to reduce the count of 30 days (in      Section 7.2.2 above) and/or the said 15 days of warning (in Section 7.2.3)      in the case of the Trustee opining that any deferral in calling the debt      of the Company for repayment endangers the rights of the Debenture      Holders, but in any case the Trustee shall not do so without first      applying to the Company in writing 7 Business Days before the date of the      meeting, indicating the reasons for reducing the time, at the discretion      of the Trustee in the circumstances at hand.                                                                                                                                         |
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   |   | 7.2.6  | The Trustee will be      responsible for reporting to the Debenture Holders of the occurrence of      any of the events specified in Sections 7.1.11 to 7.1.13 (inclusive)      above, whether pursuant to publications that the Company has made or      according to a notice of the Company that will be sent to it according to      the provisions of Section 24 below, soon after it being brought to its      attention or delivered to it.                                                                                                                                                                                                                                                                                                  |

| 8.     | Claims      and Proceedings by the Trustee |
|--------|--------------------------------------------|
|   |                                       |   |
|   | 8.1                                        | Without      derogating from any other provision of the Deed of Trust, the Trustee      shall be allowed, at its discretion, and will be required to do so by a      special resolution that is |

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|   |   | adopted by a meeting      of the Debenture Holders and after issue of written notice to the Company      immediately after the adoption of the resolution, to take all of the      proceedings, including legal proceedings and motions for receiving orders      as, it deems fit and subject to the provisions of the law, for enforcing      the undertakings of the Company according to the Deed of Trust, exercising      rights of the Debenture Holders and protection of their rights according      to the Deed of Trust. The Trustee shall be allowed to instigate legal      and/or other proceedings even if the Debentures are not called for      immediate repayment, for protecting the rights of the Debenture Holders      and subject to the law. Notwithstanding the provisions of this section,      the right of calling for immediate repayment will apply only in accordance      with the provisions of Section 6 of thus Deed and not pursuant to this      section. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   | 8.2    | The      Trustee is allowed, at its exclusive discretion and without a need for      notice to the Company, to apply to the appropriate court for a motion for      receiving orders on any matter that is related to and/or arises from this      Deed of Trust, whether before or after the Debentures are called for      immediate repayment.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   | 8.3    | Subject      to the provisions of the Deed of Trust, the Trustee is allowed, but not      compelled, to call at any time a general Meeting of the Debenture Holders      in order to discuss and/or receive its instructions on any matter related      to the Deed of Trust, and is allowed to call it  repeatedly.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   | 8.4    | The      Trustee is allowed, at its exclusive discretion, to delay the execution of      any action thereby pursuant to this Deed of Trust, for applying to the      Meeting of the Debenture Holders or the court until it receives      instructions from the Meeting of the Debenture Holders and/or orders from      the court on how to act. Notwithstanding the foregoing, the Trustee is not      allowed to delay proceedings for calling for immediate repayment that have      been decided upon by a Meeting of the Debenture Holders pursuant to the      provisions of Section 7.2 hereto.                                                                                                                                                                                                                                                                                                                                                                                         |

| 9.     | Distribution      of the Receipts |
|--------|-----------------------------------|
|   |                              |   |
|   | 9.1                               | All      of the receipts that are received by the Trustee including but not limited      to as a result of calling the Debentures for immediate repayment and/or as      a result of proceedings that it takes, if it takes any, against the      Company, will be by it in the trust and will serve it for the following      purposes and in the following order of priority: |
|   |                              |   |
|   |                              | Firstly,      for settling all expenses, payments, duties and undertakings expended by      the Trustee, imposed thereupon or caused due to or as a result of the      actions of the Trust or in another manner otherwise connected to the terms      of this Deed, including the fee thereof (on the condition that the Trustee      does not receive a double fee from both the Company and the Debenture      Holders); secondly – in order to pay the Debenture |

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|   |   | Holders the arrears      interest due to them in accordance with the terms of the Debentures and      subject to the terms of the linkage in the Debentures, pari      passu, in proportion to the sum of the arrears interest due to each      of them, without preference or priority for any of them; thirdly, in order      to pay the Debenture Holders the sums of the principal that are due to      them pursuant to the Debentures held thereby, pari      passu, and subject to the terms of linkage in the Debentures,      whether the principal sums have matured or not, in proportion with the      sums due thereto, without any preference concerning priority in time of      issue of the Debentures by the Company or otherwise, and the surplus, if      any, will be paid by the Trustee to the Company or the successors thereof.      Withholding tax will be deducted at source from the payments to the      Debenture Holders, to the extent that there is a duty to deduct it by      law. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   | 9.2    | Payment      of the sums by the Trustee to the Debenture Holders out of the receipts      that are received thereby, will be subject to rights of other creditors of      the Company, which precede or are equal to those of the Debenture Holders      by law, relative to the said receipts, if there are any, in accordance      with the provisions of the law.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |

| 10.    | Authority      to Delay Distribution of Money               |
|--------|-------------------------------------------------------------|
|   |                                                        |   |
|   | 10.1                                                        | Notwithstanding      the provisions of Section 9 of this Deed, if the sum of money that is      received as a result of taking the proceedings stated above that is      available for distribution at any time, as stated in that section, will be      less than ten percent (10%) of the balance of the unsettled principal of      the Debentures and the interest, subject to the terms of the linkage in      the Debentures, the Trustee shall not be required to distribute it and it      will be allowed to invest the said sum, in part or in full, in investments      that are permitted according to the Deed of Trust and replace these      investments from time to time with other permitted investments, as it sees      fit. |
|   |                                                        |   |
|   | 10.2                                                        | On      the first payment date of the principal and/or the interest to the      Debenture Holders that is paid after receipt of the sum stated in Section      10.1 above by the Trustee, or earlier, once the aforementioned      investments, with their profits and other sums that are received by the      Trustee for the said purpose, reach a sum that will suffice to pay at      least ten percent (10%) of the unsettled balance of the principal of the      Debentures and the interest (subject to the terms of linkage in the      Debentures), the Trustee shall pay them to the Debenture Holders as stated      in section 9 hereof. |
|   |                                                        |   |
| 11.    | Notice of Distribution      and Depositing with the Trustee |
|   |                                                        |   |
|   | 11.1                                                        | The      Trustee shall inform the Debenture Holders of the day and place on which      any payment is made out of the payments stated in Sections 9 and 10 of      this Deed, by 14 days prior notice that is delivered in the manner stated      in section 24 to this Deed hereof. |

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|   | 11.2                                                                               | After      the day stated in the notice, the Debenture Holders will be entitled to      interest for the Debentures in accordance with the rate stated in the      Debentures only for the balance of the principal sum (if any) after      deducting the sum that has been paid or offered to them for such      payment.                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|--------|------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                               |
| 12.    | Abstention from      Payment for a Reason that does not depend on the      Company |
|   |                                                                               |
|   | 12.1                                                                               | Any      sum that is due to the debenture Holder that is not actually paid for a      reason that does not depend on the Company, while the Company was prepared      to pay it, will cease to bear interest and linkage differences from the      date stated for its payment, whereas the debenture Holder will be entitled      only to the sums that it would have been entitled to on the date stated      for repayment of that sum on the account of the principal, the linkage      differences or the interest.                                                                                                                                                                                                                                                           |
|   |                                                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   | 12.2                                                                               | The      Company will deposit with the Trustee by no later than 14 business days      from the date stated for that payment, the sum of the payment that has not      been paid for a reason that does not depend on the Company, and such a      deposit will be considered as settlement of that payment, and in the case      of settlement of all dues pursuant to the debenture, as redemption of the      debenture.                                                                                                                                                                                                                                                                                                                                                         |
|   |                                                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   | 12.3                                                                               | The      Trustee shall deposit in a bank the sums that will be transferred thereto      as stated in Section 12.2 of this Deed, to the credit of those Debenture      Holders and will invest it in investments permitted hereby that are      securities of the State of Israel or other securities that the laws of the      State of Israel permit investment of the trust money in, as the Trustee      deems fit and subject to the provisions of the law. Should the Trustee do      so, it will not owe the beneficiaries sums other than the remuneration      that is received from realizing the investments less the expenses,      commissions and mandatory payments, if any that are related to the said      investment in managing the trust account less its fee. |
|   |                                                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   | 12.4                                                                               | The      Trustee shall transfer to each debenture Holder for which sums and/or      funds due to the Debenture Holders have been deposited with the Trustee,      out of sums thus deposited, less all expenses, commissions, the mandatory      payments and its fee, against presentation of the proof that is required      by the Trustee, to the full satisfaction thereof.                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |                                                                               |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   | 12.5                                                                               | The      Trustee shall keep these sums and invest them in the above mentioned      manner until one year elapses from the final redemption date of the      Debentures. After this date, the Trustee shall transfer to the Company      these sums, including profits that result from their investment, less its      expenses and other expenses expended in accordance with the provisions of      this Deed of Trust (such as service provider fees, etc.) to the extent      that these remain in its possession on that date. The Company will keep      these sums in trust for an additional year from the day of their transfer      thereto by the Trustee, for the Debenture Holders that are entitled to      those sums, and with regard to the sums thatare          |

----

|   |   | transferred      thereto by the Trustee as stated above, the provisions of Section 12.3 of      this Deed of Trust will apply, mutatis mutandis. Upon      the transfer of the sums from the Trustee to the Company, to the      satisfaction of the Trustee, the Trustee shall be exempt from payment of      such sums to the entitled Debenture Holders. The Company will approve to      the Trustee in writing the holding of the sums and the receipt thereof in      trust for the said Debenture Holders, and will indemnify the Trustee for      any claim and/or expense and/or damage of any type that it sustains due to      and for the said money transfer, as long as the Trustee has acted      reasonably. The Company will keep these sums in trust for the Debenture      Holders that are entitled to these sums for an additional year from the      day of their transfer to it from the Trustee. Sums that are not demanded      from the Company by a Debenture Holder two years from the final repayment      date of the Debentures will be transferred to the Company, which will be      entitled to use the remaining sums for any  purpose. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13.    | Receipt      from the Debenture Holders as Proof                                           |
|--------|--------------------------------------------------------------------------------------------|
|   |                                                                                       |   |
|   | 13.1                                                                                       | A receipt from the      Debenture Holder for the sums of the principal, the interest and the      linkage differences that have been paid thereto by the Trustee for that      Debenture will release the Trustee categorically in all matters related to      payment of the sums stated on the receipt. |
|   |                                                                                       |   |
|   | 13.2                                                                                       | Until      the end of the period specified in Section 12.5 above, a receipt from the      Trustee concerning the deposit of the sums of the principal, the interest      and the linkage differences in its possession to the benefit of the      Debenture Holders as stated in this Deed will be considered as a receipt      from the Debenture Holders for the sums specified  therein. |
|   |                                                                                       |   |
|   | 13.3                                                                                       | The      sums distributed as stated in Sections 9 and 10 hereof will be considered      as payment on the account of the repayment of the    Debentures. |
|   |                                                                                       |
| 14.    | Presentation of a      Debenture to the Trustee and Noting Concerning Partial      Payment |
|   |                                                                                       |
|   | 14.1                                                                                       | The      Trustee shall be entitled to demand that a Debenture Holder present to the      Trustee, at the time of payment of any interest or partial payment of      principal, interest and linkage differences in accordance with Sections      8-10 hereof, the debenture for which the payments are being      made. |
|   |                                                                                       |   |
|   | 14.2                                                                                       | The      Trustee shall note on the Debenture a comment concerning the sums paid as      above and the date of payment thereof. |
|   |                                                                                       |   |
|   | 14.3                                                                                       | The      Trustee shall be entitled, in any special case, at its discretion, to      waive the presentation of the Debentures after it is given a statement of      indemnification letter and/or a sufficient guarantee, to its satisfaction,      for damages that may be sustained due to not noting the said comment, as      it deems fit. In such a case, the Company will  not |

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|   |   | assume any liability      for the payments stated in Section 14.1 towards that    Holder.                                                                 |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                      |
|   | 14.4   | Notwithstanding      the foregoing, the Trustee shall be entitled, at its discretion, to make      notes in other ways concerning such partial  payments. |

| 15.    | Reporting      and Undertakings of the Company towards the Trustee |
|--------|--------------------------------------------------------------------|
|   |                                                               |   |
|   | 15.1                                                               | The      Company hereby undertakes towards the Trustee, for as long as the      Debentures (including linkage differences thereupon) have not been repaid,      as follows: |
|   |                                                               |   |   |
|   |                                                               | 15.1.1 | To      inform the Trustee upon its notice to the public in writing of reasonable      concern on the part of the Company that any or all of the events specified      in Section 7.1 above may occur and the occurrence of any or all of the      events specified in Section 7.1 above. |
|   |                                                               |   |   |
|   |                                                               | 15.1.2 | To      give to the Trustee by no later than 30 days of the date of the Initial      Offer Report for the relevant Series an amortization table for payment of      the Debentures (principal and interest) in an Excel  file. |
|   |                                                               |   |   |
|   |                                                               | 15.1.3 | To      inform the Trustee in a written notice signed by the Company's senior      financial officer, within 4 Business Days, of effecting any payment to the      Debenture Holders and the balance of the Sums that the Company will owe on      that date to the Debenture Holders after effecting this      payment. |
|   |                                                               |   |   |
|   |                                                               | 15.1.4 | To give to the      Trustee immediately upon their publication a copy of the annual audited      and consolidated financial statements (including the periodical statement)      and the reviewed consolidated financial statements of the      Company. |
|   |                                                               |   |   |
|   |                                                               | 15.1.5 | To      deliver to the Trustee, immediately upon its delivery, any statement that      it must submit to the Securities Authority. |
|   |                                                               |   |   |
|   |                                                               | 15.1.6 | To      deliver to the Trustee notices concerning the purchase of Debentures by      the Company or the subsidiary, as stated in this Deed of      Trust. |
|   |                                                               |   |   |
|   |                                                               | 15.1.7 | On      December 31 of each year, as long as the Deed of Trust is in effect, the      Company will provide the Trustee with a confirmation signed by the CEO of      the Company whereby to the best of his knowledge, during the period from      the date of this Deed and/or the date of the previous confirmation      provided to the Trustee, whichever is later, to the date of the      confirmation, the Company has not violated the Deed of Trust (including      violation of the terms of the Debenture), unless explicitly stated      otherwise. |
|   |                                                               |   |   |
|   |                                                               | 15.1.8 | To      give the Trustee copies of notices and invitations that the Company gives      to the shareholders in the Company and the Debenture Holders, as stated in      Section 24.1 hereof. |

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|   |   | 15.1.9  | To      cause a senior financial officer in the Company  to give, within      a reasonable time, to the Trustee and/or the persons as he instructs, any      explanation, document, calculation or information related to the Company,      its business affairs and/or assets that are reasonably required for the      purpose of inquires conducted by the Trustee for protecting the Debenture      Holders.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|--------|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |   | 15.1.10 | To      keep regular account books in accordance with generally accepted      accounting principles. To keep the books and the documents used for them      as references (including deeds of pledge, mortgage, bills and receipts)      and allow the Trustee and/or the party that the Trustee appoints in      writing for this purpose, to inspect at any reasonable time any such book      and/or document and/or confirmation, to the extent required for protecting      the Debenture Holders. The Trustee undertakes to inform whichever party is      appointed thereby as above that the Trustee has undertaken to keep      information that is given to it in confidence.                                                                                                                                                                                                                                                                                 |
|   |   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |   | 15.1.11 | To      allow the Trustee or a party that is appointed by the Trustee in writing      for this purpose to enter its offices and anywhere where its assets may be      found, at any reasonable time, for inspecting its assets, at the      discretion of the Trustee, for protecting the Debenture      Holders.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |   | 15.1.12 | To      summon the Trustee to all of its general meetings (whether annual general      meetings or special general meetings of the shareholders of the Company),      without granting the Trustee a voting right in these    meetings.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   |   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |   | 15.1.13 | To      give the Trustee, upon his demand, an affidavit and/or declarations and/or      documents and/or details and/or information, as required by the Trustee,      in accordance with its reasonable discretion, for applying and exercising      the authorities, powers and authorizations of the Trustee and/or its      proxies according to this Deed of Trust.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   |   |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    |
|   |   | 15.1.14 | The      Trustee undertakes, by signing the Deed of Trust, to keep in confidence      all information that is given to it by the Company and any information      that the Trustee and/or its representative and/or agent and/or proxy has      inspected and not make any use thereof other than for the fulfillment of      its undertakings according to this Deed. Notice of the authorization of a      representative and/or agent for the Trustee shall be given to the Company      in advance and in writing. The Trustee declares that any representative      and/or agent and/or proxy on its part will be committed towards the      Trustee and towards the Company to keep in confidence the information that      reaches it in its activities for the Trustee. It is clarified that subject      to the law, the transfer of the relevant information only to the Debenture      Holders for making a decision that is related to their rights      in |

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|   |   |   | accordance      with the Debentures or for giving a report on the state of the Company      does not constitute a violation of its undertaking for      confidentiality. |
|--------|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 16.    | Additional      Undertakings |
|--------|------------------------------|
|   |                         |
|   | 16.1                         | After      and to the extent that the Debentures are      called for immediate repayment, as defined in Section 7 hereof, the      Company will perform, from time to time and at any time it is required to      do so by the Trustee, all of the reasonable actions in order to provide      for the exercising of all of the authorities granted to the Trustee, and      in particular the Company will perform all of the following actions, to      the extent that they arereasonable. |

|   |   | 16.1.1 | It      will declare the declarations and/or sign all of the documents and/or      execute and/or have executed all of the actions that are necessary and/or      required by law for validating the exercise of the authorities, the powers      and the authorizations of the Trustee and/or the agent      thereof. |
|--------|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |                                                                                                                                                                                                                                                                                                                   |
|   |   | 16.1.2 | It      will give all of the notices, the orders and the instructions that the      Trustee considers beneficial and will demand them.                                                                                                                                                                                 |
|   |   |   |                                                                                                                                                                                                                                                                                                                   |
|   |   | 16.1.3 | For      the purposes of this section – a written notice signed by the Trustee that      confirms that an action that is required thereby, within his authorities,      is a reasonable action, will constitute prima facie evidence      thereof.                                                               |

| 17.    | Agents |
|--------|--------|
|   |   | 17.1 | The      Company hereby irrevocably      appoints the Trustee as its agent, to effect and execute on its behalf and      in its place all of the actions that it will be required to execute      according to the conditions of this Deed, and in general to act on its      behalf with regard to the actions that the Company is required to perform      according to this Deed, which it has not performed, or exercise some of      the authorities granted thereto, and appoint any other person as the      Trustee deems fit for performing its duties according to this Deed,      subject to the Company not having performed the actions that it must      perform pursuant to the terms of this Deed within a reasonable time from      the date of the demand of the Trustee, provided it has acted in good faith      and reasonably. |
|   |   |   |   |
|   |   | 17.2 | The      appointment pursuant to Section 17.1 above does not bind the Trustee to      perform any action. |

| 18.    | Other      agreements |
|--------|-----------------------|
|   |                  |   |
|   |                  | Subject      to the provisions of the law and the restrictions imposed on the Trustee      by law, the performance of the duty of the Trustee according to this Deed      or pursuant to its status as a Trustee will not prevent it from      associating with the Company by various contracts or executing      transactions with it within the normal course of its business      affairs. |

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| 19.    | Reporting by the      Trustee |
|--------|-------------------------------|
|   |                          |   |
|   | 19.1                          | The      Trustee shall prepare, within three months of the end of each Trust year,      an annual report on the trust affairs (the “Annual      Report”) |
|   |                          |   |
|   | 19.2                          | The      Annual Report will include a breakdown of the following subjects: current      details of the course of affairs of the Trust in the elapsing year; a      report on extraordinary events concerning the Trust that have occurred      during the elapsing year. |
|   |                          |   |
|   | 19.3                          | The      Debenture Holders will be allowed to review the Annual Report in the      offices of the Trustee during acceptable business hours and will be      allowed to receive a copy thereof upon demand. A copy of the report will      be provided to the Company along with it being made available for review      by the Debenture Holders. |
|   |                          |   |
|   | 19.4                          | The      Trustee shall give the Debenture Holders notice of the date of submission      of the report as stated in Section 24 hereof. Should the Trustee learn of      a material violation hereof on the part of the Company, it will inform the      Debenture Holders of the violation and of the steps that it has taken for      preventing it or for fulfilling the undertakings of the Company, as      relevant. |

| 20.    | Fee and coverage of      expenses of the Trustee |
|--------|--------------------------------------------------|
|   |                                             |   |
|   | 20.1                                             | The      Company shall pay the Trustee for its services hereby as elaborated below      - in respect of each Series of Debentures for which it shall serve as      Trustee: |
|   |                                             |   |

|   |   | 20.1.1 | For      the first year of Trust, i.e. until 12 months from the date of the issue      of the relevant Debentures, a sum of NIS 12,000. This sum will be paid      within 30 days of the end of the month on which the Company has received      from the Trustee a proforma invoice for this payment. The Trustee will be      allowed to provide the Company with a proforma invoice within one business      day of publishing the results of the issue.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|--------|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   |   | 20.1.2 | For      each of the years from the second year (i.e. from the end of 12 months      from the date of issue of the relevant Debentures) in which Debentures      will be in circulation and not yet paid up, a sum of NIS 10,000, linked to      the index known on the date of publication of the Prospectus, but in any      case the sum will not be less than the sum specified above (“the Annual Fee”). The      Annual Fee will be paid to the Trustee within 30 days of the end of the      month on which the Company received from the Trustee a proforma invoice      for the Annual Fee. The Trustee will be allowed to provide the Company a      proforma invoice at the beginning of each year of Trust. The Annual Fee      shall be paid to the Trustee for the period through to the end of the term      of the Trust hereby even if a receiver and/or administrative receiver is      appointed for the Company and/or if the Trust hereby is managed under the      supervision of a court. |

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|   |   | 20.1.3 | If      the tenure of the Trustee expires, as stated in Section 28 below, the      Trustee will not be entitled to payment of the fee thereof from the day of      the expiry of its tenure. If the tenure of the Trustee expires during the      Trust year, the fee that was paid for the months for which the Trustee did      not serve as the trustee of the Company will be refunded. It is clarified      that this refund will not apply to the first year of  Trust. |
|--------|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 20.2   | The      Trustee is      entitled to a refund of reasonable expenses incurred within the      performance of its duty and/or by the authorities granted thereto hereby,      including for publications in the press, as long as for the expenses of an      expert opinion, as elaborated in Section 21.2 below, the Trustee will give      advance notice of its intent to receive an expert  opinion.                                                                    |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   | 20.3   | The Trustee is      entitled to additional payment, for an action that results from a      violation hereof by the Company or for an action of calling the Debenture      for immediate repayment and for special actions that it will be required      to perform, if required, for fulfillment its duties hereby, without      prejudice to the entirety of this Section 20.                                                                                              |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   |   | It      is agreed hereby between the parties that the Trustee will be entitled to      a fee of 120 US dollars for each hour of work that is required as stated      above.                                                                                                                                                                                                                                                                                                      |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   | 20.4   | For      each annual meeting of shareholders or Meeting of Debenture Holders that      the Trustee participates in, an additional fee of NIS 500 per meeting will      be paid, linked to the Index in accordance with the provisions of Section      20.1.2 above.                                                                                                                                                                                                              |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   | 20.5   | If      changes occur      in the provisions of the Law whereby the Trustee will be required to      perform actions and/or checks and/or prepare additional reports, the      Company undertakes to bear all of the reasonable expenses that the Trustee      incurs as a result, including reasonable fee for these actions. The      Trustee will inform the Company in advance and in writing before incurring      the expenses, of changes as stated in this section. |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   | 20.6   | VAT,      if charged, will be added to the payments that are due to the Trustee      pursuant to the provisions of this section and will be paid by the      Company. The Trustee will transfer to the Company a tax invoice for these      payments, within 14 days of the date of payment thereof to the Trustee by      the Company.                                                                                                                                          |

| 21.    | Special      Authorities |
|--------|--------------------------|
|   |                     |
|   | 21.1                     | The      Trustee shall be entitled to deposit all of the deeds and documents that      attest, represent and/or determine its right concerning any asset then in      its possession, in a safe and/or in any other place of its choice, in the      possession of any banker and/or any banking company and/or an      advocate. |

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|   | 21.2                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | The      Trustee is entitled, within the performance of the Trust affairs hereby,      to order the opinion and/or advice of any advocate, certified public      accountant, appraiser, assessor, surveyor, mediator or other expert,      whether such an opinion and/or advice has been prepared at the request of      the Trustee and/or by the Company and shall be allowed to act in      accordance with its conclusions. The Trustee shall allow the Company to      review any such opinion that the Company as paid for, upon demand. The      provisions of this section do not exempt the Trustee of its responsibility      by law. |
|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   | 21.3                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | Any      such advice and/or opinion may be given, sent or received by a letter,      telegram, facsimile and/or any other electronic data transfer      medium.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   | 21.4                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | The      Trustee shall not be required to inform any party of the signing of this      Deed of Trust and is not allowed to intervene in any way in the management      of the business or affairs of the Company other than pursuant to the      authorities that have been granted to the Trustee  herein.                                                                                                                                                                                                                                                                                                                                      |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   | 21.5                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           | The      Trustee shall faithfully use the powers, authorizations and authorities      granted thereto hereby in good faith and reasonably.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 22.    | Authority of the      Trustee to Employ Proxies                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   | The      Trustee shall be entitled to appoint a proxy/ies for acting in its place,      whether an advocate or another party, in order to perform or participate      in the performing of special actions that must be performed concerning the      Trust, including, but not limited to, taking legal proceedings. In      addition, the Trustee shall be entitled to settle, at the expense of the      Company, the reasonable fee of any such proxy, and the Company will return      to the Trustee immediately upon the first demand thereof any such      reasonable expense, on the condition that the Trustee gives the company      advance notice of such appointment of proxies. |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   | The      Company will be allowed to object to such an appointment on reasonable      grounds, including in the case of the proxy competing directly or      indirectly with the business of the Company.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   | The      Trustee is allowed at any time to delegate from the Trusteeships, powers,      authorizations and authorities granted thereto hereby, in part or in full,      to another person or persons, and any such delegation will be made under      the conditions and instructions (including permission for a proxy to      appoint a proxy) that the Trustee deems suitable, but such delegation of      authority will not release the Trustee from any responsibility assumed      thereby in case the authorities were not delegated.                                                                                                                                                  |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   | Such      proxies and/or delegates will be bound by the confidentially provisions      stated in Section 15.1.4 above.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |

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| 23.    | Indemnification of the      Trustee |
|--------|-------------------------------------|
|   |                                |   |
|   | 23.1                                | The      Trustee shall be entitled to receive indemnification from the Debenture      Holders or from the Company, as relevant, for reasonable expenses that it      has incurred and/or will incur in connection with the actions that it has      performed or must perform pursuant to its duty hereby, and/or by law      and/or by order of a competent authority and/or any statute and/or upon      the demand of the Debenture Holders and/or according to the demand of the      Company. Notwithstanding the above, it is clarified and agreed hereby      that: |

|   |   | 23.1.1 | The      Trustee shall not be entitled to demand such indemnification in advance on      a matter that is urgent.                                                                                                                                      |
|--------|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |                                                                                                                                                                                                                                                   |
|   |   | 23.1.2 | The      Trustee shall be entitled to indemnification for liability for torts, in      the case of being found thus liable by a final court ruling or a concluded      settlement towards a third party that is not one of the Debenture      Holders. |

|   | 23.2   | The      Indemnification right detailed in section 23.1 above will be subject to      the following terms: |
|--------|--------|------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                       |   |
|   |   | 23.2.1                                                                                                     | The      expenses for liability for damages are reasonable. |
|   |   |                                                                                                       |   |
|   |   | 23.2.2                                                                                                     | The      Trustee acted in good faith and the appropriate care, and the action was      preformed within the fulfillment of its duty, according to the provisions      of law and this Deed. |

|   | 23.3   | Subject      to the provisions of Sections 23.1 and 23.2 above, without prejudice to      the rights to compensation and indemnification that are granted to the      Trustee by law and/or the commitments of the Company and the Debenture      Holders hereby, the Trustee, its proxy, manager, agent or other person      appointed by the Trustee hereby will be entitled to receive      indemnification out of the sums that are received by the Trustee out of      the proceedings taken and/or otherwise hereby, concerning undertakings      that they have assumed, concerning expenses they incurred due to      the  performance of the Trust or related to such actions, which      in their opinion were required for executing the aforesaid and/or      concerning the exercising of authorities and authorizations granted hereby      and concerning all kinds of legal proceedings, opinions of advocates and      other experts, negotiations, discussions, expenses, claims and demands      concerning any matter and/or thing that are made and/or not made in any      way concerning the subject matter, and the Trustee may withhold the funds      that are in its possession and pay out of them the sums that are necessary      for payment of the said indemnification. The said sums will take      precedence over the rights of the Debenture Holders, subject to the      provisions of the law. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   | 23.4   | For      as long as the Trustee is required pursuant to the terms hereof an/or any      statute and/or an order of a competent authority and/or the law and/or      upon the demand of the                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |

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|   |   | Debenture Holders      and/or the demand of the Company to perform any action, including, but not      limited to instigating proceedings or filing claims upon the demand of the      Debenture Holders, as stated herein, the Trustee shall be allowed to      abstain from taking any such action until it receives, to its      satisfaction, a letter of indemnification from any or all of the Debenture      Holders, and if the action is performed owing to a demand of the Company,      from the Company, for any liability for damages and/or expenses that may      be incurred by the Trustee and by the Company or either of them, due to      performing such an action. It is clarified that the foregoing does not      exempt the Trustee from taking an urgent action that is required for      preventing material infringement to the rights of the Debenture      Holders.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   | 23.5   | Notwithstanding the provisions of      this Section 23, as long as the trustee deems it right for protecting      and/or exercising the rights of the Debenture Holders, and/or it is      required hereby and/or by law and/or by an order of a competent authority      and/or any statute and/or upon the demand of the Company and/or the      Debenture Holders, to take legal proceedings, in the case of taking such      an action due to a demand of the Company, the Company will deposit in the      hands of the Trustee a sum that will be determined by the Trustee as the      expected sum of the expenses of the Trustee concerning the proceedings. In      any other case, the Trustee shall immediately call a Meeting of Debenture      Holders in order to confirm their responsibility for covering the expenses      involved in proceedings that the Trustee takes. In the case of the      Debenture Holders refusing to assume the expenses involved in taking      proceedings by the Trustee, the Trustee shall assume no duty to take such      proceedings. In addition, all of the sums that are received from the      realization proceedings will also be used for refunding and covering      expenses that the Debenture Holders thus undertake to bear. It is      clarified that the foregoing does not exempt the Trustee from taking an      urgent action that is required for preventing material infringement of the      rights of the Debenture Holders. The consent of the Debenture Holders as      above does not release the Company from its undertakings to bear and to      cover all of the expenses involved in the taking of proceedings as      aforesaid, to the extent that such expenses are applicable to the Company      under the provisions of any law or this Deed. |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   | 23.6   | The      Trustee is entitled to order the Company in writing to transfer to the      Trustee part of the payment that is due by the Company to the Debenture      Holders, for the purpose of financing proceedings and/or expenses and/or      the Trustee’s fees as aforesaid. The Company will act in accordance with      the Trustee’s notice and will be deemed as having fulfilled its      undertakings towards the Debenture Holders if it proves that it has      transferred the required amount in full to the account whose details have      been specified in the Trustee’snotice.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |

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| 24.    | Notices |
|--------|---------|
|   |    |   |
|   | 24.1    | Any      notice from the Company and/or the Trustee to the Debenture Holders, as      relevant, shall be given as follows: |
|   |    |   |
|   |    | 24.1.1 | By      reporting in the MAGNA system of the Securities Authority; the Trustee is      allowed to instruct the Company and the Company will be required to report      forthwith in the MAGNA system on behalf of the Trustee any report in the      format as forwarded in writing by the Trustee to the Company); and      by |
|   |    |   |   |
|   |    | 24.1.2 | A      notice that will be published in two widely distributed daily newspapers      that are published in Israel in Hebrew; |
|   |    |   |   |
|   |    |   | Any      notice or demand from the Trustee to the Company may be given by a letter      that is sent by registered mail to the address stated herein, or to any      other address that the Company informs the Trustee of in writing, or by      transmission by facsimile or by courier and any such notice or demand will      be considered as having been received by the Company: (1) in the case of      sending by registered mail – three business days from the day of mailing      thereof; (2) in the case of transmission by facsimile (along with a      telephone check of receipt thereof) – one business day from the day of its      transmission; (3) and in the case of sending by courier – upon its      delivery by the courier to the addressee or the offering thereof to the      addressee for receipt, as relevant. |
|   |    |   |
|   | 24.2    | Any      notice or demand from the      Company to the Trustee may be given by a letter that is sent by registered      mail to the address stated herein, or to another address that the Trustee      informs the Company of in writing, or by transmission by facsimile or by      electronic mail (“email”) or by courier and any such notice or demand will      be considered as having been received by the Trustee: (1) in the case of      sending by registered mail – three business days from the day of mailing      thereof; (2) in the case of transmission by facsimile or email (along with      a telephone check of receipt thereof) or of sending by courier – upon its      delivery by the courier to the addressee or the offering thereof to the      addressee for receipt, as relevant. |
|   |    |   |
|   | 24.3    | Copies      of notices and invitations that the Company gives to the Debenture Holders      will also be sent by the Company in an Immediate Report, a copy of which      will be given to the Trustee. |

| 25.    | Waiver; Settlement;      and Changes in the Terms of the Deed of Trust |
|--------|------------------------------------------------------------------------|
|   |                                                                   |   |
|   | 25.1                                                                   | Subject to the provisions      of the Law and the regulations promulgated and/or that will      be  promulgated thereby, the Trustee shall be allowed, from time      to time and at any time, if it is convinced that this does not in its      opinion infringe upon the rights of the Debenture Holders, to waive any      violation or non-fulfillment of any of the terms hereof |

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|   |   | by the Company, as      long as these do not relate to the terms of repayment of the Debentures      and the grounds for calling for immediate repayment as specified in      Section 7 hereof.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   | 25.2   | Subject      to the provisions of the Law and the regulations promulgated and/or that      will be promulgated thereby, the Trustee is allowed, whether before or      after the principal of the Debentures is called for immediate repayment,      to settle with the Company concerning any right or claim of the Debenture      Holders and agree with the Company to any arrangement concerning the      rights of the Debenture Holders, including waiving any right or claim of      the Debenture Holders towards the Company hereby. If the Trustee settles      with the Company after having received prior approval of the Debenture      Holders as stated above, the Trustee shall be exempt of liability for this      action, as approved by the general Meeting. The foregoing does not exempt      the Trustee from responsibility for its actions until the date of making a      decision of the Meeting of the Holders and/or its actions concerning its      application. |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            |
|   | 25.3   | Subject      to the provisions of the Law and the regulations promulgated and/or to be      promulgated thereby, the Trustee and the Company may, whether before or      after the principal of the Debentures is called for immediate repayment,      change the Deed of Trust (including a change in the conditions of the      Debentures), if one of the following is  fulfilled:                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |

|   |   | 25.3.1 | The      Trustee is satisfied that the change does not adversely affect the      Debenture Holders.                                                                      |
|--------|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |   |                                                                                                                                                                     |
|   |   | 25.3.2 | The      Debenture Holders have agreed to the proposed change, by a special      decision as specified in Sections 2.4 and 2.10 of the second addendum      hereinafter. |

|   | 25.4   | The      Trustee shall be entitled, at the request of the Company from time to      time, to make changes in the Deed of Trust and/or in the Debentures, as      required by a Securities Authority and/or the Stock Exchange and/or any      other governmental authority, for the purpose of listing the Debentures      for trade on the Stock Exchange, as long as the Trustee is satisfied that      the change does not cause a material adverse effect to the Debenture      Holders. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   | 25.5   | The      Company shall give the Debenture Holders a notice of any such change, in      accordance with Section 24 hereof, as soon as possible after its      execution.                                                                                                                                                                                                                                                                                                                      |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   | 25.6   | The      general meetings as stated in this section above will be convened, as      stated in the second addendum hereto.                                                                                                                                                                                                                                                                                                                                                                    |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         |
|   | 25.7   | In      any case of use of the right of the Trustee in accordance with this      section above, the Trustee shall be entitled to demand that the Debenture      Holders give to it or to the                                                                                                                                                                                                                                                                                                 |

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|        |   |                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   | Company      their certificates, for noting a comment concerning any such settlement,      waiver, change or amendment and according to the demand of the Trustee,      the Company shall note such a comment in the certificates that are given      to it. In any case of use of the right of the Trustee pursuant to this      section, the Trustee shall announce this, within a reasonable time, in      writing, to the Debenture Holders. |

| 26.    | Register of Debenture      Holders and Transfer of Debentures |
|--------|---------------------------------------------------------------|
|   |                                                          |
|   |                                                          | 26.1.1 | The      Company shall keep and maintain in its Registered office a register of the      Debenture Holders, listing the names of the Debentures Holders, their      addresses and the number and par value of the Debentures registered to      their name. The register will also list any transfer of title to the      Debentures. The Trustee and any Debenture Holder will be entitled, at any      reasonable time, to inspect this Register. The Company is entitled to      close the register from time to time or for a period or periods that do      not exceed an aggregate of thirty (30) days a year. |
|   |                                                          |   |   |
|   |                                                          | 26.1.2 | The      Company will not be required to note in the Registers of Debenture Holder      any notice concerning explicit, implicit or putative Trust, or      hypothecation or pledging of any kind or any equity, claim or offset right      or any other right, concerning the Debentures. The Company will only      recognize the ownership by the person whose name the Debentures are listed      under, as long as the legal heirs, administrators of estate or executors      of the will of the registered owner or any person who will be entitled to      the Debentures due to the bankruptcy of any registered owner (and in the      case of a corporation - due to the liquidation thereof) will be entitled      to register as the Holders thereof, after giving evidence that in the      opinion of the Company is satisfactory for proving the right of any of the      above to be registered as the Holderthereof. |

| 27.    | Release                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        |
|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   | Once      it is proved to the satisfaction of the Trustee that all of the Debentures      have been paid up, redeemed or when the Company deposits in the trust of      the Trustee sums of money that are enough for redeeming all of the      Debentures, and once it is proved to the satisfaction of the Trustee that      all of the undertakings and expenses made or sustained by the Trustee      concerning the Deed of Trust and the instructions thereof have been fully      paid up, the Trustee shall be required, upon the first demand of the      Company, to act with the sums that have been deposited for Debentures      whose redemption is not required according to the conditions stated      herein. |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
| 28.    | Appointment of a New      Trustee and Expiry of the Tenure of the  Trustee                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |

|   | 28.1 | The      provisions of the Securities Law will apply to the tenure of the Trustee      and the expiration thereof and the appointment of a new Trustee. Subject      to the provisions of the Law, the Trustee and any Trustee replacing it      will be entitled to resign from their |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   |   | functions as      Trustees after giving written notice to the Company three (3) months in      advance, elaborating the reasons for resignation.                                                                                                                                                                                                                                                                                                                                                     |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   | 28.2   | The      resignation will take effect only after it is confirmed by the court, from      the day established in the confirmation. In the case of such resignation      or in the case of expiry of the tenure of the Trustee, the court is      entitled to appoint another Trustee instead of the Trustee, for a period      and under conditions as it deems fit.                                                                                                                                  |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   | 28.3   | The      court will be entitled to dismiss a Trustee if it does not fulfill its      duty properly or if the court finds another reason for the dismissal      thereof.                                                                                                                                                                                                                                                                                                                              |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   | 28.4   | The      Holders of ten percent (10%) of the unsettled balance of the Debentures      are entitled to call a general meeting of the Debenture certificate      Holders owners. Each Meeting thus convened is allowed to decide, according      to a vote of Holders of at least fifty percent (50%) of the unsettled      balance of the Debentures, for the transfer of Trustee from its      duty.                                                                                                 |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   | 28.5   | The      Securities Authority is allowed to apply to the Court with a motion to      conclude the tenure of the Trustee, in accordance with Section 35 N of the      Law.                                                                                                                                                                                                                                                                                                                            |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   | 28.6   | The      Trustee and the Company will submit an immediate report to the Securities      Authority of any such event in this section, concerning the tenure of the      Trustee.                                                                                                                                                                                                                                                                                                                      |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   | 28.7   | Each      new trustee will have the same powers, authorities and other      authorizations and may act in all senses as though appointed as the      Trustee from the outset, subject to the provisions of Section 35 N of the      Law.                                                                                                                                                                                                                                                             |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   | 28.8   | The      Trustee shall transfer to the new Trustee all of its records concerning      the Debenture Holders, if there are any, information about the payments      made by the Trustee through to that time, if such were effected, any      report and any information given hereby and any information that is      reasonably required for the new Trustee, and the Trustee shall transfer to      the new Trustee any sum that will be held thereby at that time concerning      the Debentures. |

| 29.    | Meeting of Debenture      Holders                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
|   | Meetings      of the Debenture Holders will be managed, as stated in the second addendum      hereto.                                                                                                                                                                                                                                                                                                                                                                                              |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| 30.    | Investments of      Funds                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               |
| 30.1   | All      sums that the      Trustee is allowed to invest hereby will be invested thereby in bank/s, in      its name or to its order, in investments that the laws of the State of      Israel permit investing trust funds in, as it deems suitable, subject to      the terms hereof and the provisions of the law, as long as any investment      in securities will be in securities that have been given a rating of not      less than AA. If the Trustee has done so, it will not  owe |

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|   | the      beneficiaries of these sums other than the remuneration received from      realizing the investments less the expenses related to this investment and      managing the trust accounts, the commissions, after deducting the      mandatory payments imposed on the trust account. Out of these sums, the      Trustee shall transfer sums to the Debenture Holders that are entitled      thereto, as soon as possible after the Trustee is provided proof and      confirmations of their right to these sums to the full satisfaction of the      Trustee, after deducting its expenses and commission at the rate that is      generally employed thereby at thattime. |
|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| 31.    | Applicability of the      Law                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   | This      Deed and the Debentures are subject to Israeli law. On any matter that has      not been mentioned herein and in any case of a contradiction between the      provisions of the law and this Deed, the parties will act in accordance      with the provisions of Israeli law. In any case of a contradiction between      the provisions described in the Prospectus concerning this Deed and/or the      Debentures, the provisions hereof will take precedence.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 32.    | Exclusive      Jurisdiction                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   | The      only court that will be authorized for hearing matters related hereto and      to the Debentures attached as an appendix hereto will be competent court      in Tel Aviv Yaffo.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 33.    | General                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   | Without      derogating from the other provisions hereof and of the Debentures, any      waiver, extension, accommodation, silence, abstention from action (“waiver”) on the part of      the Trustee concerning the non-fulfillment or partial or incorrect      fulfillment of any of the undertakings towards the Trustee hereby and in      accordance with the Debenture will not be considered as a waiver by the      Trustee of any right but as limited consent for the particular instance on      which it has been given. Without derogating from the other provisions      hereof and the Debenture, any change in the undertakings to the Trustee      necessitates receipt of the prior written consent of the Trustee. Any      other consent, whether oral or by waiver or abstention from action or in      any way that is not in writing, will not be considered as any consent. The      rights of the Trustee hereby are independent and unconditional of each      other and are in addition to any right that the Trustee has and/or will      have by law and/or agreement (including this Deed and the      Debenture). |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 34.    | Addresses                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   | The      addresses of the parties will be as specified in the preamble hereto, or      any other address for which an appropriate written notice is given to the      counterparty.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                           |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
| 35.    | Certification for      MAGNA                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   | In      accordance with the provisions of the Securities Regulations (Signing and      Electronic                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |

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|                                             |   |   |                            |   |
|--------------------------------------------------|--------|--------|---------------------------------|--------|
|                                             |   |   |                            |   |
| Cellcom      Israel Ltd.     |   |   | Hermetic Trust (1975)      Ltd. |   |
|                                             |   |   |                            |   |

|             |   |   |   |   |
|------------------|--------|--------|--------|--------|
|             |   |   |   |   |
| Tamar Enav, Adv. |   |   |   |   |
|             |   |   |   |   |

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|   | This      certificate attests that Cellcom Israel Ltd. (hereinafter: “the Company”) shall pay      on [date_______*/ dates_______*] in each of the years _____* through      _____* (inclusive) __% of the par value of this Debenture to the Debenture      Holder on the determinant date for such payment, all subject to the terms      listed in the overleaf and in the Deed ofTrust. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 1. | This      Debenture bears interest at the annual interest rate specified above and      is payable on the dates, all subject to the terms listed in the overleaf.      The Debenture will be [linked/unlinked], all subject to the terms listed      in the overleaf. |
|----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 2. | The      last installment will be made against delivery of the Debenture to the      Company at its registered office or anywhere else as advised by the      Company, not later than five (5) Business Days before the payment becomes      due under the terms of theDebentures. |
|----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 3. | This      Debenture is issued as part of a Series of Debentures under terms that are      identical to the terms of this Debenture, which is issued pursuant to the      Deed of Trust (hereinafter: the “Deed of Trust”) from      March 31, 2009 that has been signed between the Company and Hermetic      Trust (1975). It is clarified that the provisions of the Deed of Trust      will form and integral part of the provisions of this Debenture and will      be binding to the Company and to the Holder of Debentures included in said      Series. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 4. | The      Debentures in this Series will have an equal degree of security among each      other (pari      passu) concerning the undertakings of the Company pursuant to the      Debenture, without a preferential right or priority over one      another. |
|----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | This      Debenture is issued subject to the conditions listed in the overleaf, the      conditions listed in the Deed of Trust, the Prospectus and the Shelf Offer      Report. |
|----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | _____________________________ |
|--------|-------------------------------|

|   | Cellcom      Israel Ltd. |
|--------|--------------------------|

|   | Date:      _____________________ |
|--------|----------------------------------|

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|   | The      Terms Listed in the Overleaf |
|--------|---------------------------------------|

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

|   | “The Company”      and/or "the      Issuer"                          | – | Cellcom      Israel Ltd.                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|--------|----------------------------------------------------------------------------------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                             |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   | The “Deed of      Trust”                                             | – | The      Deed of Trust that was signed between the Company and the Trustee on      March 31, 2009, including the appendices attached thereto, which      constitute an integral part thereof;                                                                                                                                                                                                                                                                            |
|   |                                                                             |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   | The “Prospectus” or “the Shelf      Prospectus”          | – | The      shelf prospectus of the Company that is due to be published, inter alia, for the      issue of the Debentures;                                                                                                                                                                                                                                                                                                                                                       |
|   |                                                                             |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   | The “Shelf Offer Report”      or “the Offer      Report” | – | The      shelf offer reports that will be published under the Shelf Prospectus, in      accordance with the provisions of Section 23A(f) of the Securities      Law, 5728 – 1968, wherein all the details that are specific to such offer      will be completed, including the composition of the offered units, under      the provisions of any law and in accordance with the Code and guidelines      of the Tel Aviv Stock Exchange, prevailing at suchtime; |
|   |                                                                             |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   | The      “Series of Debentures”                                      | – | Series      that would be titled series E through I and/or series 1 through 2 of      debentures, registered to name, the terms of each would be determined in      accordance with the Debenture Certificate, as defined below, of that      series and the initial offer report of the debentures in that series, as      shall be issued from time to time by the Company at its sole      discretion;                                                                     |
|   |                                                                             |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   | The      “Trustee”                                                   | – | Hermetic      Trust (1975) Ltd. and/or any party serving from time to time as a trustee      of the Debenture Holders pursuant to the Deed of  Trust;                                                                                                                                                                                                                                                                                                                         |

----

|   | “Register”                                                                       | – | Register      of the Debenture Holders as stated in Section 26 of the Deed of      Trust;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|--------|----------------------------------------------------------------------------------------------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                                         |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   | The “Debenture Holders”      and/or the “Debenture      Owners” | – | Anyone      holding the Debentures;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |                                                                                         |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   | The      “Debenture Certificate”                                                 | – | A      Debenture certificate whose form appears as the first addendum to this      deed;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  |
|   |                                                                                         |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   | The “Law” or “the Securities      Law”                               | – | The      Securities Law, 5728 – 1968 and the regulations thereby, as effective from      time to time;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|   |                                                                                         |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   | “Principal”                                                                      | – | The      outstanding par value of the Debentures in the relevant      series;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             |
|   |                                                                                         |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   | The      “Consumer Price Index” (“the Index”)                        | – | The      price index known by the name of “the Consumer Price Index’, which      includes fruit and vegetables, as published by the Central Bureau of      Statistics and Economic Research, including that index even if published      by another official body or institute, and including any official index      that replaces it, whether composed of the same data as the existing index      or not. If it is replaced by another index that is published by such a      body or institute, and that body or institute did not determine the ratio      between it and the index thus replaced, the ratio will be determined by      the Central Bureau of Statistics, and in the case of such a ratio not      being determined, it will be determined by the Trustee for the relevant      series, following consultation with economic experts of his      choice; |
|   |                                                                                         |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   | The      “Known Index”                                                           | – | The      last known consumer price index;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   |                                                                                         |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   | The      “Basic Index”                                                           | – | The      index known on a given date, which would be published in the offer report      under which any Series of Debentures is initially  offered;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   |                                                                                         |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      |
|   | The      “Payment Index”                                                         | – | The      consumer price index known on the date of making any payment on the      account of the principal and/or the                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |

----

|   |   |   | interest. The      initial offer report of the debentures in the relevant series, which are      linked to the index, will specify whether the principal and/or the      interest of the debentures is secured (i.e. in the event that the known      index on the date scheduled for the relevant payment is less than the      basic index, the payment index shall be the basic index) or unsecured      (i.e. the payment index shall be the known index on the date scheduled for      the relevant payment, even if this index is less than the basic      index); |
|--------|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | “Business day” or “Banking Business      Day” | – | A      day on which most of the banks in Israel are open for conducting      transactions;                                                                                                                                                                                                                                                                                 |
|--------|-----------------------------------------------------------------------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                                  |    |                                                                                                                                                                                                                                                                                                                                                                       |
|   | The      “Stock Exchange”                                 | – | The      Tel Aviv Stock Exchange Ltd.                                                                                                                                                                                                                                                                                                                                      |
|   |                                                                  |    |                                                                                                                                                                                                                                                                                                                                                                       |
|   | “Trade      Day”                                          | – | A      day on which transactions are made on the Stock  Exchange;                                                                                                                                                                                                                                                                                                          |
|   |                                                                  |    |                                                                                                                                                                                                                                                                                                                                                                       |
|   | “Meeting”                                                 | – | A      meeting of the Debenture Holders, including a class    meeting.                                                                                                                                                                                                                                                                                                     |
|   |                                                                  |    |                                                                                                                                                                                                                                                                                                                                                                       |
|   | “Class      meeting”                                      | – | A      meeting of the Debenture Holders, who have an interest that is materially      different from the interest of other Debenture Holders on the matter that      is being discussed in the meeting.                                                                                                                                                                    |
|   |                                                                  |    |                                                                                                                                                                                                                                                                                                                                                                       |
|   | The      “Nominee Company”                                | – | The      Israel Discount Bank Nominees Ltd.                                                                                                                                                                                                                                                                                                                                |
|   |                                                                  |    |                                                                                                                                                                                                                                                                                                                                                                       |
|   | “Foreign      Currency”                                   | – | Not      more than one currency per each series of debentures, as shall be      specified in the initial offer report of the debentures in the relevant      series;                                                                                                                                                                                                       |
|   |                                                                  |    |                                                                                                                                                                                                                                                                                                                                                                       |
|   | “Foreign      Currency Exchange Rate”                     | – | The      representative exchange rate of the foreign currency published by the Bank      of Israel, or any official exchange rate of the foreign currency in      relation to Israeli currency that shall supersede the aforesaid      representative exchange rate and that shall be applicable at such time      with respect to government bonds that are linked to the |

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|   |                                                      |    | exchange rate of the      foreign currency;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|--------|-----------------------------------------------------------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                      |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   | The “Known Exchange      Rate” on any date    | – | The      latest exchange rate determined by the Bank of Israel prior to such date.      However, during a period in which the Bank of Israel does not customarily      determine a representative exchange rate, the known exchange rate shall be      the rate most recently determined by the Minister of Finance together with      the Governor of the Bank of Israel for government bonds that are linked to      the exchange rate of the foreign currency.                                                                                                                                                    |
|   |                                                      |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   | The      “Basic Exchange Rate”                | – | The      known exchange rate on a given date, which shall be determined in the      initial offer report of the debentures in the relevant    series;                                                                                                                                                                                                                                                                                                                                                                                                                                                                |
|   |                                                      |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   | The      “Payment Exchange Rate”              | – | The      known exchange rate on the actual date of payment;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          |
|   |                                                      |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   | “Prime Interest Rate” on      any given date  | – | The      interest rate derived from the average of the basic debit interest rate      offered at such date by the four (4) major banks in  Israel.                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |                                                      |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   | “Telbor Interest Rate”      on any given date | – | Tel      Aviv Interbank Offered Rate - The interest rate for interbank loans, which      is calculated based on interest bids submitted by several banks in Israel,      for a period that shall be determined in the initial offer report of the      debentures in the relevant series, and that appears on the Reuters data      distribution system on Mondays through Thursdays at 13:00 or shortly      thereafter and on Fridays at 12:00 or shortly thereafter or on any other      source of information that shall be specified in the initial offer report      of the debentures in the relevant series. |
|   |                                                      |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 |
|   | “Libor Interest Rate” on      any given date  | – | The      interest rate offered on such date on the interbank market in London for      dollar deposits for a period that shall be determined in the initial offer      report of the debentures in the relevant series (week, month, six months      etc.), as quoted at 11:00 London time or shortly thereafter on the Libor01      Page published by the Reuters News Agency or, if this Page is replaced, as      quoted at                                                                                                                                                                                       |

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|   |                                                         |    | such time or shortly      thereafter on the replacement page.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
|--------|--------------------------------------------------------------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |                                                         |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   | “Euribor Interest Rate”      on any given date   | – | Euro      Interbank Offered Rate - The interest rate offered on such date on the      interbank market for euro deposits for a period that shall be determined      in the initial offer report of the debentures in the relevant series, as      quoted at 11:00 London time or shortly thereafter on the Euribor01 Page      published by the Reuters News Agency or, if this Page is replaced, as      quoted at such time or shortly thereafter on the replacement page, or on      any other source of information that shall be specified in the initial      offer report of the debentures in the relevant series. |
|   |                                                         |    |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       |
|   | The “Basic Interest Rate”      on any given date | – | The      Libor or the Telbor or the Euribor or the Prime or any other basic      interest rate that may be selected by the Company, as shall be determined      in the initial offer report of the debentures in the relevant      series.                                                                                                                                                                                                                                                                                                                                                                                 |

|   | 2.1 | The      Debentures may or may not be secured by collateral, any pledge or      otherwise. Information concerning the Debentures’ securing mechanism, to      the extent that they are secured by collateral, any pledge or otherwise,      will be provided in the Initial Shelf Offer Report for each of the      relevant Series of Debentures. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 2.2 | Unless      otherwise stated in the Initial Shelf Offer Report for each of the      relevant Series of Debentures, the Company will be      allowed to pledge its assets, in part or in full,  by |
|--|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | any      pledge and in any way, to the benefit of any third party, without the need      for any consent from the Trustee and/or the Debenture Holdersfrom each of      the Series. In      addition, the      Company will be allowed to sell, lease, assign, deliver or transfer in any      other way its assets, in part or in full, in any way, for benefit of any      third party, without the need for any consent of the Trustee and/or the      Debenture Holders in each of theSeries. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.3 | For      the removal of doubt, it is clarified that the Trustee has no duty to      examine, and in fact the Trustee has not examined, the need for providing      collateral for securing the payments to the Debenture Holders. In its      entering the engagement in this Deed of Trust, and with the consent of the      Trustee to serve as the trustee for the Debenture Holders, the Trustee      does not express its opinion, implicitly or explicitly, as to the ability      of the Company to fulfill its undertakings towards the Debenture Holders      of each of the Series. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.4 | The      Debentures in any of the Series will be in an equal pari passu degree of      security among themselves concerning the undertakings of the Company      pursuant to the Debentures of the same Series, without precedence or      preference over each other. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 3.1 | Linkage      to the Index |
|--------|-----|---------------------------|

|   | 3.2 | Linkage      to foreign currency |
|--------|-----|----------------------------------|

----

|   | 3.3 | Unlinked      Debentures |
|--------|-----|--------------------------|

|   | 3.4 | Subject      to the stated in the Code and Guidelines of the Stock Exchange, the      linkage method will not be changed throughout the period of the Debentures      and no more than one linkage basis will be assigned to each of the Series      of Debentures. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | 4.1 | Interest      on index-linked principal |
|--------|-----|-----------------------------------------|

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|   | 4.1.1 | Interest      at a fixed rate - interest at a fixed rate, as shall be stipulated in the      Initial Offer Report of the Debenture in the relevant Series and/or      determined in a bid carried out under said Offer  Report. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.1.2 | Interest      at a variable rate, for which the margin above or below the Basic Interest      is specified in the Initial Offer Report of the Debentures or determined      in a bid thereunder, if the Basic Interest is the Prime - the interest      rate for the full interest period would be determined according to the      Basic Interest Rate specified in the Initial Offer Report of the      Debentures, as quoted on the Banking Business Day that takes place two (2)      Business Days prior to the first day of the interest period (“the Sample Date”). The      Company will submit an immediate report on the interest rate determined as      above within four (4) days of the SampleDate. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | 4.2.1 | Fixed      NIS interest - interest at a fixed rate, as shall be stipulated in the      Initial Offer Report of the Debenture in the relevant Series and/or      determined in a bid carried out under such Offer  Report. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.2.2 | Interest      at a variable rate, for which the margin above or below the Basic Interest      is specified in the Initial Offer Report of the Debentures or determined      in a bid thereunder, if the Basic Interest is the Prime or the Telbor, or      any other Basic Interest determined in the Initial Offer Report of the      Debentures -the interest rate for the full interest period would be      determined according to the rate of the Prime, the Telbor or any other      Basic Interest, as quoted on the Banking Business Day that takes place two      (2) Business Days prior to the first day of the interest period (“the Sample Date”). The      Company will submit an immediate report on the interest rate determined as      above within four (4) days of the SampleDate. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | 4.3.1 | Fixed      interest linked to foreign currency - interest that is linked to a foreign      currency, the fixed rate of which would be determined in the Initial Offer |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 4.3.2 | Interest      at a variable rate, for which the margin above or below the Basic Interest      is specified in the Initial Offer Report of the Debentures or determined      in a bid thereunder,if the Basic Interest is the Libor, the Euribor or any      other Basic Interest determined in the Initial Offer Report of the      Debentures, the interest rate for the full interest period would be      determined according to the rate of the Libor, the Euribor or any other      Basic Interest, as quoted on the Banking Business Day that takes place two      (2) Business Days prior to the first day of the interest period (“the Sample Date”). The      Company will submit an immediate report on the interest rate determined as      above within four (4) days of the SampleDate. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.4 | The      interest rate for the first interest period of the Debentures in the      relevant Series will be specified in the Initial Offer Report of the      Debenture in that Series and/or in a report that will be published by the      Company with respect to the results of the bid that would be conducted by      the Company, as appropriate. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.5 | It      is clarified that, for Debentures that bear a variable interest rate, as      described in Sections 4.1.2, 4.2.2 and 4.3.2 above, the interest rate      paid in each interest period will vary, as stated  above. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.6 | The      interest rate determined for each relevant Series will be an annual      rate. |
|--------|-----|-----------------------------------------------------------------------------------------|

|   | 4.7 | The      interest on the Debentures in the relevant Series will be payable every      year in one annual installment or in two semi-annual installments or in      four quarterly installments, as shall be stipulated in the Initial Offer      Report of the Debentures in the relevant Series (the “Interest Periods”)      in respect of the interest period ended on the last day prior to the date      of payment. The first interest period of the Debentures in the relevant      Series will commence on the first Trade Day following the date of closing      of the list of signatures, as specified in the Initial Offer Report of the      Debentures in the relevant Series, and end on the last day prior to the      first date of payment. Any subsequent interest period of the Debentures in      the relevant Series will commence on the first day following the end of      the preceding interest period and end on the last day prior to the date of      payment closest after to its date of commencement. The interest for the      first interest period will be calculated according to the number of days      in this period based on a 365-dayyear. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.8 | The      interest on the principal of the Debentures in the relevant Series will be      calculated starting from the date of clearing (the first Trade Day      following the date of closing of the list of signatures, as specified in      the Initial Offer Report of the Debentures in the |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 4.9 | The      last installment of interest on the principal of the Debentures in the      relevant Series will be paid together with the last installment on account      of the principal of the Debentures in that Series, against the delivery of      the Debenture Certificates of the Series to the  Company. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 4.10 | Income      tax (see Section 2.11 of the Prospectus) will be deducted from each      payment of interest for the Debentures, according to the    law. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------|

| 5. | The right for      Conversion of Debentures (Series 1 through 2) into shares (“the      Convertible Debentures”) |
|----|------------------------------------------------------------------------------------------------------------------------------|

|   | 5.1 | Terms of      conversion |
|--------|-----|--------------------------|

|   | 5.1.1 | On      every Trade Day, commencing on the first-time listing of each of the      Series of Convertible Debentures for trade on the Stock Exchange until      several days prior to the end of the period of the Debentures in the      relevant Series, in accordance with the guidelines of the Stock Exchange      as of the date of the Initial Offer Report of the Debentures in that      Series and as shall be provided for in the aforesaid Offer Report (“the Conversion      Period”, and each Trade Day as aforesaid shall be hereinafter      referred to as “the Date      of Conversion”, and the final date of the Conversion Period shall      be hereinafter referred to as “the End of the Conversion      Period”), with the exception of several days prior to the      determinant date for partial redemption in accordance with the Code and      guidelines of the Stock Exchange as of the date of the aforesaid Initial      Offer Report through to the date of execution of the partial redemption,      the balance of the principal of the Convertible Debentures in that Series      that are in circulation on such date will be convertible into fully paid      ordinary shares of the Company, registered to name, outstanding in the      Company’s equity on the date of the Offer Report (“the Conversion      Shares”), at a conversion rate that shall not be less than the par      value of the Company’s ordinary shares as of the date of said Offer Report      (“the Conversion      Rate”), subject to adjustments as specified below, and in the      manner and under the terms, all as shall be stipulated in the aforesaid      Offer Report. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.1.2 | Any      Holder of Convertible Debentures in any Series looking to convert the par      value balance of the principal of Convertible Debentures in the Series      held by him into Conversion Shares (“the Converter”) will submit to the      Company, directly at its registered office (if the Debentures are      registered to the name of |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 5.1.3 | Within      a single Conversion Notice, the conversion of the par value balance of the      number of Convertible Debentures of the same Series that are registered to      the name of one Holder may be requested and must be accompanied by all the      Certificates of the Convertible Debentures to which the Conversion Notice      relates. |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.1.4 | In      the event of conversion of Convertible Debentures into shares pursuant to      this section that relates only to part of the par value sum of Convertible      Debentures registered in the same Certificate, the Certificate of      Convertible Debentures must first be split into the appropriate number of      Debenture Certificates, such that the sum of all the par value amounts of      the Debentures registered therein is equal to the par value sum of the      Debenture Certificate divided up asaforesaid. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.1.5 | The      Conversion Notice forms are available at the registered office of the      Company as well as in any other location advised by the      Company. |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.1.6 | The      Converter will, at any time, sign any document that may be required under      any law and pursuant to the Company’s directives for the allocation of the      Conversion Shares. The date on which the Company receives a Conversion      Notice directly from the Converter (with respect to directly held      Debentures), or the Stock Exchange Clearing House receives a notice of the      conversion of the Convertible Debentures from a member of the Stock      Exchange (with respect to Debentures held through the Nominee Company),      that fully complies with all the terms stipulated in this Prospectus, as      appropriate, will be deemed as the date of conversion (“the Conversion      Date”). |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.1.7 | In      the event that the Converter does not fully comply with the terms for the      conversion of the Convertible Debentures, the Conversion Notice will be      deemed as void and the Certificates of the Convertible Debentures will be      returned to the applicant. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.1.8 | A      Conversion Notice submitted to the Company may not be cancelled or      altered. |
|--------|-------|-----------------------------------------------------------------------------------------|

----

|   | 5.1.9 | The      Converter will not be entitled to the allocation of a part of a single      Conversion Share, however any fractions of Conversion Shares that arise      upon conversion, if any, will be sold on the Stock Exchange by a trustee      that would be appointed by the Company for this purpose, within thirty      (30) days of the accrual of such fractions into whole shares in a quantity      that is reasonable for sale on the Stock Exchange, taking into      consideration the costs involve, and the net consideration from the sale      will be proportionately divided between the beneficiaries within fifteen      (15) days of the selling date. A check will not be issued to any of the      beneficiaries for an amount less than NIS 50; such amounts may be      collected at the offices of theCompany. |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.1.10 | Conversion      Shares will confer upon their holders full participation rights in any      dividend and other distribution the determinant date for entitlement      thereto is the Conversion Date or a later date, and will be equal in      rights in all respects to the ordinary shares outstanding in the Company’s      equity on such date. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.1.11 | Any      Convertible Debentures that are converted will be removed from circulation      on their Conversion Date and will be fully cancelled, with retroactive      effect to the Conversion Date, from the date of allotment of Conversion      Shares in their respect, and will not confer any right to any interest      subsequent to the final date of payment of interest thereon, with respect      to which the determinant date precedes the Conversion date, and will not      confer any right to linkage differences accrued on the balance of the      principal under the terms of linkage as stated in Section 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). |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.1.12 | Any      part of the Convertible Debentures of any Series that is not converted      until the End of the Conversion Period of such Series will no longer      confer upon its Holder any right to convert it into Conversion Shares, and      the related conversion right will be null and void subsequent to said      date. |
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|   | 5.2 | Timetables for the      conversion |
|--------|-----|------------------------------------|

|   | 5.2.1 | The      notification by a client of a conversion that is received by 12:00 noon at      the offices of the member of the Stock Exchange will be transmitted by      that |
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----

|   | 5.2.2 | Having      received a notification of a conversion from a member of the Stock      Exchange by 12:00 noon, the Clearing House will debit the member of the      Stock Exchange and credit the Nominee Company accordingly, this not later      than 12:00 noon on the following TradeDay. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.2.3 | Having      received a credit notification pursuant to Section 5.2.2 above by      12:00 noon, the Nominee Company will transmit the Conversion Notice to the      offices of the issuing company not later than 12:00 noon on the following      Trade Day. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.2.4 | Any      notification from the parties mentioned in Sections 5.2.1 through      5.2.3 above that is received after 12:00 noon on any Trade Date will be      deemed as having been received by 12:00 noon of the following Trade      Day. |
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|   | 5.2.5 | Notwithstanding      the said above, on the last Conversion Date preceding final redemption or      preceding an ex partial redemption date, as applicable, the members of the      Stock Exchange are required to transmit to the Clearing House the final      conversion applications by 12:00 noon. The conversion will be executed on      the same date. Any member of the Stock Exchange that does not submit an      application by said time will be deemed as not having exercised its      right. |
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|   | 5.2.6 | In      the event that the final date for the conversion of the Convertible      Debentures of any Series or the final date for conversion prior to partial      redemption falls on a day that is not a Trade Day, such date will be      deferred to the following TradeDay. |
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|   | 5.3 | Directives for the      protection of the Holders of Convertible Debentures during the Conversion      Period |
|--------|-----|---------------------------------------------------------------------------------------------------------------|

|   | 5.3.1 | Distribution of bonus      shares |
|--------|-------|-----------------------------------|

----

|   | 5.3.1.1 | Subsequent      to the determinant date for the entitlement to participate in such      distribution, the number of Conversion Shares receivable by the Holder of      Convertible Debentures in such Series upon their conversion would be      increased by adding the number of shares to which the Holder would have      been entitled as bonus shares had he converted the Convertible Debentures      immediately before the aforesaid determinant  date. |
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|   | 5.3.1.2 | The      Holder of the Convertible Debentures will not be entitled to the      allocation of a part of a bonus share as above, however any fractions of      bonus shares that arise upon allotment, if any, will be sold on the Stock      Exchange by a trustee that would be appointed by the Company for this      purpose, within thirty (30) days of the aforesaid date of allotment, and      the net consideration (less selling costs and compulsory payments and      fees) will be divided between the beneficiaries within fifteen (15) days      of the selling date. A check will not be issued to one beneficiary for an      amount less than NIS 50; such amounts may be collected at the offices      of the Company. |
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|   | 5.3.1.3 | Subject      to the stated in the Code and guidelines of the Stock Exchange, the      adjustment method may not bealtered. |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------|

|   | 5.3.2 | Issuance of      rights |
|--------|-------|-------------------------|

|   | 5.3.3 | Adjustment with      respect to dividenddistribution |
|--------|-------|------------------------------------------------------|

----

|   | 5.3.3.1 | The      Conversion Rate and/or the Conversion Ratio will not be adjusted as a      result of a distribution by theCompany. |
|--------|---------|-----------------------------------------------------------------------------------------------------------------------------|

|   | 5.3.3.2 | Commencing      on the first Trade Day on which the Company’s shares are traded subsequent      to the determinant date for distribution (ex dividend), the Conversion      Ratio of the Convertible Debentures in circulation will be adjusted by its      multiplication by the ratio of the price of the Company’s share on the      Stock Exchange, as determined by the Stock Exchange, adjusted for the      distribution (ex dividend price), to the closing price determined for the      Company’s share by the Stock Exchange on the determinant date for      distribution). The Company will announce the adjustment of the Conversion      Ratio, as above, in an immediate report not later than the date on which      the Company’s shares are traded “exdividend”. |
|--------|---------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.4 | Additional directives      for the protection of the Holders of Convertible Debentures during the      Conversion Period |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------|

|   | 5.4.1 | The      Company will maintain a sufficient amount of ordinary shares in its      authorized share capital, to secure the allotment of all of the shares      that may result from the conversion of all of the Convertible Debentures      in a given Series |
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----

|   | 5.4.2 | Should      the Company consolidate the ordinary shares in its issued share capital      into shares with a greater par value or subdivide them into shares with a      lesser par value - the number of Conversion Shares for allotment      following the conversion of the Convertible Debentures in the relevant      Series would be consequently reduced or increased, as appropriate. In such      case, the provisions of this Section 5.4 must be followed, mutatis      mutandis. |
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|   | 5.4.3 | Within      ten (10) days of any adjustment to the Conversion Rate or to the number of      Conversion Shares in relation to the aforesaid Series of Convertible      Debentures, the Company will publish a notice in two (2) widely      distributed daily newspapers that are published in Israel in Hebrew,      concerning the entitlement of the Holders of Convertible Debentures in      said Series to convert them into shares, specifying the Conversion Period,      the Conversion Rate and the number of Conversion Shares to which the      Holder of Convertible Shares would be entitled following a conversion at      such time, all in relation to the abovementioned  Series. |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.4.4 | In      addition to said notice, not later than three (3) weeks and not earlier      than four (4) weeks before the End of the Conversion Period in respect of      said Series, the Company will publish a notice in two (2) widely      distributed daily newspapers that are published in Israel in Hebrew, and      will issue a written notice, with copies to the Stock Exchange and the      Trustee of the Series, to the Holders registered in the Register of the      Holders of Convertible Debentures in that Series, one month prior to the      End of the Conversion Period, as aforesaid, concerning the final date for      the conversion of the Convertible Debentures in that Series. Such notice      will specify the Conversion Rate, the number of Conversion Shares and the      number of bonus shares to which the Holder of Convertible Shares would be      entitled following a conversion at such time, all in relation to the      abovementioned Series. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.4.5 | The      Company will not distribute nor offer to the holders of ordinary shares a      cash dividend or bonus shares or an offer of rights in any securities,      unless the determinant date for their receipt is at least ten (10) days      after the publication of the Company’s notice concerning the distribution      or offer of rights, as appropriate. |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.4.6 | The      Company will refrain from any action, including the distribution of bonus      shares, which may result in the reduction of the price of a Conversion      Share below its par value. |
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----

|   | 5.4.7 | In      accordance with the Code and guidelines of the Stock Exchange, the terms      of the Convertible Debentures with respect to the Conversion Rate, the      conversion dates and the linkage method cannot be changed; nevertheless,      the Company is allowed to change the Conversion Period and/or the      Conversion Rate provided that such change is effected within the framework      of an arrangement or settlement that has been approved by Court, under      Section 350 of the Companies Law. Additionally, in accordance with      the Code and guidelines of the Stock Exchange, the Company may change the      Conversion Rate as part of a procedure for the split of the Company or a      procedure for the merger of the Company, provided that the change includes      only those adjustments that are essential to such    procedure. |
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|   | 5.5 | Voluntary      liquidation |
|--------|-----|----------------------------|

|   | 5.5.1 | In      the event that a resolution is passed for the voluntary liquidation of the      Company, the Company will issue a written notice to this effect to all the      Holders of Convertible Debentures in circulation at the time, that are      registered in the Register of the relevant Series of Convertible      Debentures, and will additionally publish a notice in this regard in two      (2) widely distributed daily newspapers that are published in Israel in      Hebrew. Every Holder of Convertible Debentures shall be entitled, at his      choice, to be considered as having exercised the conversion right      pertaining to the Debentures shortly before the resolution was passed,      provided that he notifies the Company of his choice within three (3)      months of the said notice by theCompany. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 5.5.2 | In      such case, the Holder of the Convertible Debentures shall be entitled to      participate in the distribution of the excess assets of the Company upon      liquidation (following the settlement of all its debts) between its      shareholders, this in the amount that he would have received upon the      liquidation of the Company had he been a shareholder in the Company      shortly before the passing of the liquidation resolution by virtue of the      conversion of the Convertible Debentures that are in his possession, with      respect to which he had notified the Company as aforesaid, less the amount      of interest that was paid for such Convertible Debentures on the date of      the resolution or shortly thereafter (with the exception of interest that      falls due prior to the date of the resolution, even if paid on the date of      the resolution or thereafter); and the Holder of the Convertible      debentures will not be entitled to any payment under the Debentures that      falls due subsequent to the date of the  resolution. |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.1 | The      payments on account of the interest and/or the principal of the Debentures      will be paid to the persons whose names are listed in the Register of      Debenture Holders of the relevant Series on the dates that will be      specified in the Initial Offer Report of the Debentures in such Series in      accordance with the guidelines of the Stock Exchange Code on such date      (the “Determinant Day for the      Relevant Series”), with the exception of the last installment of      the principal and the interest, which will be paid against delivery of the      Debentures Certificates to the Company, at its registered office or      anywhere else as advised by the Company, by no later than five (5)      Business Days before the day stated for payment of the last      installment. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   | 6.2 | In      any case of the date of payment on account of principal and/or interest      falls on a day that is not a Business Day, the payment date will be      deferred to the first Business Day thereafter without additional payment,      interest or linkage. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.3 | The      payment of principal and interest will be subject to the linkage terms      stipulated in Section 3 above, as  appropriate. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.4 | Payment      to beneficiaries will be made by checks or by bank transfer to the credit      of the bank account of the persons whose names are listed in the Register      of the Debenture Holders and that is indicated in the details that they      give to the Company in writing in advance, in accordance with the      provisions of subsection 6.5 below. If the Company cannot, for any reason      that does not depend thereupon, pay any sum to the beneficiaries, the      provisions of Section 7 below willapply. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.5 | A      Debenture Holder that will be interested in informing the Company of the      details of the bank account for crediting it with payments pursuant to the      Debentures as stated above, or change these account detail or instructions      concerning the mode of payment, may do so by notice to the company by      registered letter. However, the Company will fulfill the instruction only      if it reaches its registered office at least thirty (30) days before the      determining Date for payment of any installment pursuant to the      Debenture. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | In      the case of the notice being received by the Company belatedly, the      Company shall act thereby only concerning installments whose Determinant      Payment Date  is after the date of payment  which is      near to the day of receipt of thenotice. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 6.6 | If      a Debenture Holder who is entitled to such a payment has not given the      Company in advance details concerning its bank account, any installment on      the account of the principal and interest will be made out by a check that      will be sent by registered mail to its last address listed in the Register      of the Debenture Holders. Sending of a check to a beneficiary by      registered mail as stated above will be considered, for all intents and      purposes, as payment of the sum specified therein on the date of its      mailing, as long as it is duly paid upon its presentation for      collection. |
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|   | 7.1 | Any      sum that is due to the debenture Holder that is not actually paid for a      reason that does not depend on the Company, while the company was prepared      to pay it, will cease to bear interest and linkage differences from the      date stated for its payment, whereas the Debenture Holder will be entitled      only to the sums that it would have been entitled to on the date stated      for repayment of that sum on the account of the principal, the |
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|   | 7.2 | The      Company will deposit with the Trustee by no later than 14 business days      from the date stated for that payment, the sum of the payment that has not      been paid for a reason that does not depend on the Company, and such a      deposit will be considered as settlement of that payment, and in the case      of settlement of all dues pursuant to the Debenture, as redemption of the      Debenture. |
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|   | 7.3 | The      Trustee shall deposit in a bank the sums that will be transferred thereto      as stated in Section 7.2 above, to the credit of those Debenture Holders      and will invest it in investments permitted hereby that are securities of      he State of Israel or other securities that the laws of the State of      Israel permit investment of the trust money in, as the Trustee deems fit      and subject to the provisions of the law. Should the Trustee do so, it      will not owe the beneficiaries for sums other than the remuneration that      is received from realizing the investments less the expenses, commissions      and mandatory payments, if any that are related to the said investment in      managing the trust account less itsfee. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7.4 | The      Trustee shall transfer to each Debenture Holder for which sums and/or      funds due to the Debenture Holders have been deposited with the Trustee,      out of sums thus deposited, less all expenses, commissions, the mandatory      payments and its fee, against presentation of the proof that is required      by the Trustee, to the full satisfaction  thereof. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 7.5 | The      Trustee shall keep these sums and invest them in the above mentioned      manner until one year elapses from the final redemption date of the      Debentures. After this date, the Trustee shall transfer to the Company      these sums, including profits that result from their investment, less its      expenses and other expenses incurred in accordance with the provisions of      this Deed of Trust (such as service provider fees, etc.) to the extent      that these remain in its possession on that date. The Company shall keep      these sums in trust for an additional year from the day of their transfer      thereto by the Trustee, for the Debenture Holders that are entitled to      those sums, and with regard to the sums that are transferred thereto by      the Trustee as stated above, the provisions of Section 7.3 of this Deed of      Trust will apply, mutatis mutandis. Upon      the transfer of the sums from the Trustee to the Company, to the      satisfaction of the Trustee, the Trustee shall be exempt from payment of      such sums to the entitled Debenture Holders. The Company shall approve to      the Trustee in writing the holding of the sums and the receipt thereof in      trust for the said Debenture Holders, and will indemnify the Trustee for      any claim and/or expense and/or damage of any type that it sustains due to      and for the said money transfer, as long as the Trustee has acted      reasonably. The Company shall keep these sums in trust for the Debenture      Holders that are entitled to these sums for an additional year from the      day of their transfer to it from the Trustee. Sums that are not demanded        |
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|   | 8.1 | The      Company shall keep and maintain in its registered office a Register of the      Debenture Holders, listing the names of the Debentures Holders, their      addresses and the number and par value of the Debentures registered to      their name. The register will also list any transfer of title to the      Debentures. The Trustee and any Debenture Holder will be entitled, at any      reasonable time, to review this Register. The Company is entitled to close      the Register from time to time or for a period or periods that do not      exceed an aggregate of thirty (30) days ayear. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 8.2 | The      Company will not be required to note in the Debenture Holder registers any      notice concerning explicit, implicit or putative Trust, or hypothecation      or pledging of any kind or any equity, claim or offset right or any other      right, concerning the Debentures. The Company shall only recognize the      ownership of the person whose name the Debentures are listed under, as      long as the legal heirs, administrators of estate or executors of the will      of the registered owner or any person who will be entitled to the      Debentures due to the bankruptcy of any registered owner (and in the case      of a corporation - due to the liquidation thereof) will be entitled to      register as the Holders thereof, after giving evidence that in the opinion      of the Company is satisfactory for proving the right of any of the above      to be registered as their Holderthereof. |
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|   | 9.1 | For      the Debentures that are listed to one Holder, one certificate will be      issued, or at its request, a number of certificates will be issued (the      certificates referred to in this section will be referred to hereinafter      as: the “Certificates”). |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 9.2 | Each      Certificate may be split into certificates whose total principal equals      the sum of the par value of the Debentures that have been included in a      Certificate whose split has been requested, as long as the new Debenture      Certificates that are issued will be to par value sums in whole New      Israeli Shekels, in accordance with a split request that has been signed      by the registered owner of that Debenture Certificate, against the      provision of that Debenture Certificate to the Company at its registered      office for effecting the split. The split shall be made within seven (7)      days of the end of the month on which the Certificate along with its split      request were provided at the registered office of the Company. All of the      expenses and commissions involved in the split, including stamp tax and      other duties, if any, will apply to the party requesting the      split. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 9.3 | The      foregoing will apply accordingly to allocation letters, as long as they      have not been |
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|   | 9.4 | The      Debentures may be transferred concerning any par value sum, as long as it      is in whole New Israeli Shekels. Any transfer of the Debentures that is      not performed through the trading system of the Stock Exchange will be      made out according to a transfer deed that is made out in a generally      accepted format for transferring shares, duly signed by the registered      owner or the legal representatives thereof, and by the transferee or the      legal representatives thereof, which will be delivered to the Company at      its registered office along with any other proof that is required by the      Company for proving the right of the transferor to their transfer and the      identity thereof. If any stamp tax or other mandatory payment applies to      the deed of transfer of the Debentures, the company will be given proof of      their payment by the requester of the transfer, which will be to the      satisfaction of the Company. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 9.5 | It      is clarified hereby that all of the expenses and commissions involved in      the transfer, including stamp tax and other mandatory payments and duties,      if any, will be borne by the party requesting the transfer only. The      Company shall be allowed to keep the deed of  transfer. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 9.6 | In      the case of a transfer of only part of the sum of the specified principal      of the Debentures in the Certificate, the Certificate will be split first      as specified in Section 9.2 above into a number of Debenture Certificates      as required thereby, in such a manner that the total sums of the principal      specified therein is equal to the sum of the specified principal of the      said Debenture Certificate. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 9.7 | After      fulfillment of all of the conditions stated above, the transfer will be      registered in the Register of the Debenture  Holders. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------|

| 10. | Early      redemption |
|-----|-----------------------|

|   | 10.1 | Early      redemption initiated by the Stock Exchange - In the event that the Stock      Exchange decides to delist from trade therein the Debentures in any of the      Series E through I in circulation by reason of the value of the Series      falling below the minimum amount stipulated in the Code and guidelines of      the Stock Exchange with respect to the delisting from trade therein and/or      in the event that the Stock Exchange decides to delist from trade therein      the Convertible Debentures in any of the Series 1 through 2 in circulation      by reason of the public’s holdings therein falling below the minimum      amount stipulated in the Code and guidelines of the Stock Exchange with      respect to the delisting from trade therein, the Company will not allow      such early redemption of the Series due to the delisting from trade as      aforesaid, unless otherwise notified by the Company in the Shelf Offer      Report under which the Series of Debentures is initially      issued. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 10.1.1 | Within      forty five (45) days of the decision of the Stock Exchange on the      delisting from trade therein, the Company will announce a date for the      early redemption, on which the Debenture Holder would be allowed to redeem      the Debentures. The announcement of the date of early redemption will be      published in two (2) widely distributed daily newspapers that are      published in Israel in Hebrew. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.1.2 | The      date of early redemption of the Debentures in Series E through I with      respect to which a delisting decision has been made as aforesaid, shall      not be earlier than seventeen (17) days from the date of publication of      the announcement or later than forty five (45) days of the said date, but      shall not fall in the period between the determinant date for the payment      of interest and the date of its actualpayment. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.1.3 | The      date of early redemption of the Convertible Debentures in Series 1 through      2 with respect to which a delisting decision has been made as aforesaid,      shall not be earlier than thirty (30) days from the date of publication of      the announcement or later than forty five (45) days of the said date, but      shall not fall in the period between the determinant date for the payment      of interest and the date of its actualpayment. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.1.4 | On      the date of early redemption, the Company will redeem the Debentures from      the Series in which the Holders have requested the redemption of the      Debentures, at their par value, with the addition of linkage differences,      if any, and the interest accrued on the principal, with the interest being      calculated in proportion to the period from the last date for which      interest has been paid to the aforesaid actual date of early redemption      (the calculation of interest for a part of a year will be based on a      365-day year). |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.1.5 | The      scheduling of a date of early redemption, as above, does note derogate      from the redemption rights provided for in the Debentures of the same      Series, of any of the Debenture Holders that do not redeem them on the      date of early redemption as above, and in the case of Convertible      Debentures, does not derogate from the conversion rights provided for      therein, but the Debentures will be delisted from trade on the Stock      Exchange and shall be, inter alia, subject to the consequent tax      implications. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 10.1.6 | The      early redemption of the Debentures as aforesaid will not confer upon the      Holder of Debentures of the same Series redeemed as above the right to      receive |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 10.2 | Early      redemption initiated by the Company - The Company will be allowed to call      for the early redemption of the Debentures in Series E through I and 1      through to 2 offered under the Offer Report in accordance with the Shelf      Prospectus, under the terms and according to the price, mechanism,      schedules and the other terms stipulated by the Code and guidelines of the      Stock Exchange prevailing at such time, as shall be determined in the      Initial Offer Report of the Debentures in the relevant    Series. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 11.1 | The      Company reserves the right to purchase at any time, within or without the      Stock Exchange, Debentures at any price of its choosing, without prejudice      to the obligation of repayment of the Debentures remaining in circulation      as specified above. The Debentures that will be purchased by the Company      will be cancelled and delisted from trade on the Stock Exchange, and the      Company will not be allowed to re-issue them. If the purchase of the      Debentures by the Company is carried out as part of the trade on the Stock      Exchange, the Company will apply to the Stock Exchange Clearing House to      withdraw the relevant DebentureCertificates. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 11.2 | A      subsidiary of the Company and/or the controlling shareholder and/or      companies under the control of the controlling shareholder of the Company      (“Affiliated      Company”) are allowed to purchase and/or sell from time to time      within or without the Stock Exchange, including by way of issuance by the      Company, Debentures at any price of their choosing and sell them      accordingly. The Debentures thus held by the allied corporation will be      considered as an asset of the affiliated company, and if they are listed      for trading, they will not be delisted from trade on the Stock Exchange      other than subject to the rules of the Stock  Exchange. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | On      the matter of holding Meetings of Holders of Debentures, the provisions of      Section 2.19 of the second addendum to this Deed will    apply. |
|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 11.3 | The      Company is allowed, at any time and from time      to time, without needing the consent of the Debenture Holders or the      Trustee, to issue, including to an affiliated company, Debentures of a      different type and/or of different series and/or other securities, whether      secured or unsecured, whether granting a right of conversion into shares      of the Company or not granting such right, whether by public offering, by      a private placement or under a Shelf Offer Report or otherwise, under      terms of redemption, interest, linkage, discounting, repayment rate in the      case of liquidation and other conditions, as the Company sees fit, whether      they are preferable to the terms of the Debentures issued pursuant to the      Prospectus, equal to them or inferior tothem. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 11.4 | Without      derogating from the foregoing, the Company is allowed, at any time and      from |
|--------|------|-----------------------------------------------------------------------------------------------|

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|   | 11.5 | The      Company reserves the right to allocate the Debentures following an      expansion of the series at a different discount rate (higher or lower)      than the discount rate of the Debentures then in circulation (including      due to issuance at a price that reflects a different discount rate). The      discounted allocation of the Debentures originating from expansion of the      series of the Debentures at a rate exceeding the discount rate established      for the Debentures before the expansion may adversely affect the state of      the Debenture Holders. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 11.6 | The      provisions of this Section 11 above itself do not bind the Company or the      Debenture Holders to purchase Debentures or sell the Debentures in their      possession. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 11.7 | Wherever      the rules of the Stock Exchange apply or will apply to any action      according to this Deed of Trust, they will have preference over the      provisions hereof, and the dates of such an action will be determined in      accordance with the rules of the StockExchange. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 12.1 | Subject to the provisions      of the Law and the regulations promulgated and/or that will |
|--------|------|-------------------------------------------------------------------------------------------------|

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|   |   | promulgated      thereby, the Trustee shall be allowed, from time to time and at any time,      if it is convinced that this does not in its opinion infringe upon the      rights of the Debenture Holders, to waive any violation or non-fulfillment      of any of the terms hereof by the Company, as long as these do not relate      to the terms of repayment of the Debentures and the grounds for calling      for immediate repayment as specified in Section 16  below. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 12.2 | Subject      to the provisions of the Law and the regulations promulgated and/or that      will be promulgated thereby, the Trustee is allowed, whether before or      after the principal of the Debentures is called for immediate repayment,      to settle with the Company concerning any right or claim of the Debenture      Holders and agree with the Company to any arrangement concerning the      rights of the Debenture Holders, including waiving any right or claim of      the Debenture Holders towards the Company hereby. If the Trustee settles      with the Company after having received prior approval of the Debenture      Holders as stated above, the Trustee shall be exempt of liability for this      action, as approved by the general Meeting. The foregoing does not exempt      the Trustee from responsibility for its actions until the date of making a      decision of the Meeting of the Holders and/or its actions concerning its      application. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 12.3 | Subject      to the provisions of the Law and the regulations promulgated and/or to be      promulgated thereby, the Trustee and the Company may, whether before or      after the principal of the Debentures is called for immediate repayment,      change the Deed of Trust (including a change in the conditions of the      Debentures), if one of the following is  fulfilled: |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 12.3.1 | The      Trustee is satisfied that the change does not adversely affect the      Debenture Holders. |
|--------|--------|-----------------------------------------------------------------------------------------------------|

|   | 12.3.2 | The      Debenture Holders have agreed to the proposed change, by a special      decision as specified in Sections 2.4 and 2.10 of the second addendum      hereinafter. |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 12.4 | The      Trustee shall be entitled, at the request of the Company from time to      time, to make changes in the Deed of Trust and/or in the Debentures, as      required by a Securities Authority and/or the Stock Exchange and/or any      other governmental authority, for the purpose of listing the Debentures      for trade on the Stock Exchange, as long as the Trustee is satisfied that      the change does not cause a material adverse effect to the Debenture      Holders. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 12.5 | The      Company will give the Debenture Holders a notice of any such change, in      accordance with Section 17 hereof, as soon as possible after its      execution. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 12.6 | The      general meetings as stated in this section above will be convened, as      stated in the |
|--------|------|---------------------------------------------------------------------------------------------------|

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|   |   | second      addendum of the Deed of Trust. |
|--------|--------|--------------------------------------------|

|   | 12.7 | In      any case of use of the right of the Trustee in accordance with this      section above, the Trustee shall be entitled to demand that the Debenture      Holders give to it or to the Company their certificates, for noting a      comment concerning any such settlement, waiver, change or amendment and      according to the demand of the Trustee, the Company will note such a      comment in the certificates that are given to it. In any case of use of      the right of the Trustee pursuant to this section, the Trustee shall      announce this, within a reasonable time, in writing, to the Debenture      Holders. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| 13. | Meetings of Debenture      Holders |
|-----|------------------------------------|

|   | 14.1 | A receipt from the      Debenture Holder for the sums of the principal, the interest and the      linkage differences that have been paid thereto by the Trustee for that      Debenture will release the Trustee categorically in all matters related to      payment of the sums stated on thereceipt. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 14.2 | Until      the end of the period specified in Section 7.5 above, a receipt from the      Trustee concerning the deposit of the sums of the principal, the interest      and the linkage differences in its possession to the benefit of the      Debenture Holders as stated in this Deed will be considered as a receipt      from the Debenture Holders for the sums specified  therein. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 14.3 | The      sums distributed as stated in Sections 7 and 14 hereof will be considered      as payment on the account of the repayment of the    Debentures. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

| 15. | Replacement of      Debenture Certificates |
|-----|--------------------------------------------|

| 16. | Immediate      Repayment |
|-----|--------------------------|

|   | 16.1 | In      one or more of the events enumeratedbelow: |
|--------|------|----------------------------------------------------|

----

|   | 16.1.1 | If      the Company does not repay any sum that is due from it connection to the      Debentures within 45 days of the maturity of that  sum. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.1.2 | If      a temporary liquidator has been appointed by a court, or if a valid      resolution has been adopted to liquidate the Company (other than      liquidation for merging with another company and/or restructuring of the      Company) and this appointment or resolution is not cancelled within 30      Business Days of being given. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.1.3 | If      an attachment is imposed on some or all of the material assets of the      Company and the attachment is not removed within 60  days. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.1.4 | An      execution action is carried out against a material asset of the Company,      in part or in full, and the action is not cancelled within 90      days. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.1.5 | If      a receiver is appointed for the Company and/or some or all of its material      assets, and the appointment is not cancelled within 90    days. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.1.6 | If      the Company ceases the payments of the Debentures and/or announces its      intent to cease the payments of theDebentures. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.1.7 | If      the Company discontinues its business affairs or managing its business      affairs, as they are from time to time, and/or announces its intent to      cease in engaging in or managing its business affairs as shall be from      time to time. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.1.8 | If      another series of Debentures that the Company has issued is called for      immediate repayment other than according to a resolution of the      Company. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.1.9 | If      an order for staying of proceedings is given or if a motion has been filed      concerning the Company to make an arrangement with the creditors of the      Company pursuant to Section 350 of the Companies Law (other than for      merging with another company and/or restructuring of the Company) against      the Company and this order or motion is not cancelled within 90 days of      commencement thereof. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.1.10 | If      the Company is wound up or struck for any  reason. |
|--------|---------|------------------------------------------------------------|

|   | 16.1.11 | A      fundamental breach of the terms of the Debentures and the Deed of Trust,      including if it is found that the undertakings of the Company in the      Debentures or herein are incorrect and/or incomplete, provided a notice      has been given to the Company to rectify the violation and the Company      does not correct such a violation within 14 Business Days of issue of the      notice, and provided that the payments to the Debenture Holders and/or the      rights thereof are infringed or may be infringed as a    result. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.1.12 | If      there is material concern that the Company will discontinue the payments      of the |
|--------|---------|----------------------------------------------------------------------------------------------|

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|   | 16.1.13 | In      the occurrence of any other event that constitutes material infringement      and/or may cause material infringement of the rights of the Debenture      Holders. |
|--------|---------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.2 | In      the occurrence of any of the events listed in Section 6.1 above, the      following provisions will apply: |
|--------|------|--------------------------------------------------------------------------------------------------------------------|

|   | 16.2.1 | (A) | In      the case of any of the events in Sections 16.1.1 to 16.1.10 (inclusive)      above, the Trustee will be required to call a Meeting of the Debenture      Holders; or |
|--------|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | (B) | In      the case of any of the events in Sections 16.1.11 to 16.1.13 (inclusive)      above, the Trustee will be allowed (but not required) to call a meeting of      the Debenture Holders, but the Trustee will be required to call a meeting      of Holders by a written request of Holders of at least ten percent (10%)      of the par value of the unsettled balance of the principal of the      Debentures in circulation, as specified in Section 1.1 of the second      addendum hereto. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.2.2 | The      date of convening the Meeting, which will be called in accordance with the      provisions of Section 16.2.1 A or B above, will be 30 days after the date      of its calling (or a shorter term in accordance with the provisions of      Section 16.2.5 below), whose agenda will have a resolution concerning      calling for immediate repayment the entire unsettled balance of the      Debentures, due to the occurrence of any of the events specified in      Section 16.1 above, as relevant. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.2.3 | In      the case that until the date of convening of the Meeting, none of the      events specified in Section 16.1 above has been canceled or removed, and      the Meeting of the Debenture Holders as stated resolve to call all of the      unsettled balance of the Debentures for immediate repayment as a Special      resolution (as defined in the second addendum hereto), the Trustee will be      required, within a reasonable time, to call all of the unsettled balance      of the Debentures for immediate repayment, as long as it has given the      Company at least 15 days written warning of its intent to do so and the      event for which the resolution was adopted has not been canceled or      removed within this period. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 16.2.4 | A      copy of the      notice for calling the Meeting will be sent by the Trustee to the Company      as soon as the notice is published and will constitute advance written      warning to the Company of the intent to act to call the Debentures for      immediate repayment. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.2.5 | The      Trustee is entitled, at its discretion, to reduce the count of 30 days (in      Section 16.2.2 above) and/or the said 15 days of warning (in Section      16.2.3) in the case of the Trustee opining that any deferral in calling      the debt of the Company for repayment endangers the rights of the      Debenture Holders, but in any case the Trustee shall not do so without      first applying to the Company in writing 7 Business Days before the date      of the meeting, indicating the reasons for reducing the time, at the      discretion of the Trustee in the circumstances at  hand. |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 16.2.6 | The Trustee will be      responsible for reporting to the Debenture Holders of the occurrence of      any of the events specified in Sections 16.1.11 to 16.1.13 (inclusive)      above, whether pursuant to publications that the Company has made or      according to a notice of the Company that will be sent to it according to      the provisions of Section 17 below, soon after it being brought to its      attention or delivered to it. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

|   | 17.1 | Any      notice from the Company and/or the Trustee to the Debenture Holders, as      relevant, shall be given asfollows: |
|--------|------|---------------------------------------------------------------------------------------------------------------------------|

|   | 17.1.1 | By      reporting in the MAGNA system of the Securities Authority; the Trustee is      allowed to instruct the Company and the Company will be required to report      forthwith in the MAGNA system on behalf of the Trustee any report in the      format as forwarded in writing by the Trustee to the Company); and      by |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 17.1.2 | A      notice that will be published in two widely distributed daily newspapers      that are published in Israel inHebrew; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------|

|   | Any      notice or demand from the Trustee to the Company may be given by a letter      that is sent by registered mail to the address stated herein, or to any      other address that the Company informs the Trustee of in writing, or by      transmission by facsimile or by courier and any such notice or demand will      be considered as having been received by the Company: (1) in the case of      sending by registered mail – three business days from the day of mailing      thereof; (2) in the case of transmission by facsimile (along with a      telephone check of receipt thereof) – one business day from the day of its      transmission; (3) and in the case of sending by courier – upon its      delivery by the courier to |
|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | 17.2 | Any      notice or demand from the      Company to the Trustee may be given by a letter that is sent by registered      mail to the address stated herein, or to another address that the Trustee      informs the Company of in writing, or by transmission by facsimile or by      electronic mail (“email”) or by courier      and any such notice or demand will be considered as having been received      by the Trustee: (1) in the case of sending by registered mail – three      business days from the day of mailing thereof; (2) in the case of      transmission by facsimile or by email (along with a telephone check of      receipt thereof) or sending by courier – upon its delivery by the courier      to the addressee or the offering thereof to the addressee for receipt, as      relevant. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 17.3 | Copies      of notices and invitations that the Company gives to the Debenture Holders      will also be sent by the Company in an Immediate Report, a copy of which      will be given to the Trustee. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | Cellcom      Israel Ltd. |
|--------|--------------------------|

|   | Second      Addendum |
|--------|----------------------|

|   | Meetings      of the Debenture Holders |
|--------|----------------------------------------|

| 1. | Calling      of Meetings of the DebentureHolders: |
|----|---------------------------------------------------|

|   | 1.1 | The      Trustee or the Company may call a Meeting of the Debenture Holders. If the      Trustee and/or the Company calls such a Meeting, they must send      immediately a written notice to the Trustee and/or the Company, as      relevant, regarding the site, the day and the time on which the Meeting      will be held and on the matters to be brought for discussion therein, and      the Trustee or the Company, as the case may be, or a representative      thereof, will be entitled to participate in such a Meeting without them      having a voting right. The Company will be required to call a general      meeting by written request of the Trustee or of the Debenture Holders      holding at least ten percent 10%) of the unsettled balance of the      principal of the Debentures in circulation, as relevant. The Trustee shall      be required to call such a Meeting, at the written request of the Holders      of at least ten percent (10%) of the par value of the unsettled balance of      the principal of the Debentures in circulation. If the parties asking to      call the Meeting are the Debenture Holders, the Company and/or the      Trustee, as relevant, are entitled to demand from the requesting parties      indemnification for the reasonable expenses involved    therein. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.2 | Fourteen      (14) days advance notice will be given of each Meeting of the Debenture      Holders, which will elaborate the place, the day and the time of the      Meeting, and will indicate in general the subjects that will be discussed      in the meeting. The Trustee is allowed, at its discretion, to shorten the      duration of the advance notice if it sees that a deferral in calling the      Meeting will cause infringement of the rights of the Debenture      Holders. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.3 | In      case of the purpose of the Meeting being a discussion and adopting a      special resolution as defined in Section 2.4 and 2.10 of this addendum      hereinafter, the notice will elaborate, in addition to the foregoing, the      principle of the proposed decision. No resolution that has been duly      adopted in a Meeting thus called will be disqualified if notice is not      given, erroneously to all of the Debenture Holders, or if such notice has      not been received by all of the Debenture  Holders. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 1.4 | Any      such notice from the Company and/or the Trustee to the Debenture Holders      will be given by a notice that is published in two (2) widely distributed      daily newspapers |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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| 2. | Meetings      of the Debenture Holders: |
|----|-----------------------------------------|

|   | 2.1 | The      chairman of the Meeting will be a person who will be appointed by the      Trustee. If the Trustee has not appointed a chairman or he is absent from      the Meeting for half an hour from the determinant time for holding the      Meeting, the attending Debenture Holders will choose a chairmen from among      their number. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.2 | A      Meeting of the Debenture Holders will be opened after it is proved that      there is the legal quorum for starting the discussion    present. |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.3 | Subject      to the legal quorum that is required in a Meeting that is convened for      adopting a special resolution, and subject to the legal quorum that is      required for the dismissal of a trustee pursuant to the Securities Law,      two Debenture Holders who are attending by themselves or by proxy and      together holding or representing at least a tenth (1/10) of the unsettled      balance of the Debentures in circulation at that time will constitute a      legal quorum. |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.4 | A      special resolution of the Debenture Holder Meeting will be required on the      following issues (“Special      Resolution”): |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.4.1 | A      change and/or amendment to the Deed of Trust, in the case of this      requiring a resolution of a general Meeting pursuant to the Deed of      Trust |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.4.2 | Any      amendment, change and/or arrangement of rights of the Debenture Holders,      whether these rights result from the Debenture, the Deed of Trust or      otherwise, or any settlement or waiver concerning these rights, in the      case of a decision of a general meeting being required for this purpose      pursuant to the Deed of Trust. |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.4.3 | Calling      the Debentures for immediate repayment, in accordance with the terms of      the Deed of Trust. |
|--------|-------|--------------------------------------------------------------------------------------------------------------|

|   | 2.5 | In      a meeting that is called for adopting a Special Resolution a legal quorum      will be constituted – if Holders of at least fifty percent (50%) of the      unsettled balance of the Debentures in circulation at that time are      present in the general meeting, or in a deferred meeting, if Holders of at      least ten percent (10%) of the said balance are  present. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.6 | If      within an half an hour of the time set for starting a Meeting, no legal      quorum is present, the Meeting will be deferred to the same day in the      following week (and in the case of this day not being a Business Day to      the Business Day immediately following |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   |   | it)      to the same place and time, without there being a duty to announce this to      the Debenture Holders, or to another day, place and time, as chosen by the      inviting party, which it will announce to the Debenture Holders at least      three (3) days in advance. If no legal quorum is found in a Meeting thus      deferred, half an hour after the time established for starting the      Meeting, two (2) Debenture Holders attending by themselves or by proxy,      regardless of the par value held thereby, will constitute a legal quorum,      and other than the legal quorum required for adopting a special      resolution, provided that the instruction determining the legal quorum as      above is published within the notice of the original Meeting, provided      that the notice to the Debenture Holders of the holding of the deferred      Meeting is announced in accordance with the provisions of Section 1.4      hereto above, by no later than seven (7) days before the date of holding      the deferred Meeting. Such a notice may be published within the notice of      the original meeting (the general Meeting that was    deferred). |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.7 | Other      than the foregoing, a Debenture Holder will not be entitled to receive any      notice of a deferred Meeting and/or of matters that will be discussed in      the deferred Meeting. Only matters that may be discussed in a Meeting will      be discussed in a deferred Meeting. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.8 | With      the consent of a majority in a Meeting in which a legal quorum has      attended, the chairman is allowed, and at the demand of the Meeting is      compelled, to defer the continuation of the Meeting from time to time and      from place to place, as the Meeting decides. If the continuation of the      Meeting is deferred by ten (10) days or more, a notice of the continued      Meeting will be given by way of publishing an immediate report in the      MAGNA system only. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.9 | In      the vote, each Holder who is present in person or by proxy will have one      vote for each NIS 1 par value of the total specified unpaid principal of      the Debentures by which he mayvote. |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.10 | Each      resolution will be adopted by a counting of votes. The majority that is      required for a regular resolution is a regular majority of the number of      votes represented in the vote of the Meeting (except abstainers). The      majority that is required for a Special resolution in such a Meeting is a      majority of not less than 75% of the number of votes represented in such a      vote (except abstainers). |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.11 | An      appointment letter that appoints a proxy will be in writing and will be      signed by the appointer or by the proxy thereof who is duly authorized to      do so in writing. If the appointer is a corporation, the appointment will      be made in writing and will be signed by the stamp of the corporation,      along with the signature of the secretary of the corporation or the      advocate of the corporation who has the authority to do so. The      appointment letter of a proxy will be made out in any generally accepted      form. A proxy   |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   |   | is      not required to be a Debenture Holder by himself. The appointment letter      and the power of attorney or the other certificate by which the      appointment letter is made out or an approved copy of such a power of      attorney will be deposited in the registered office of the Company or at      another address that the Company announces not less than forty eight (48)      hours before the time of the Meeting for which the power of attorney has      been given, unless otherwise determined in the notice calling the Meeting.      The appointment letter will also be valid concerning any deferred Meeting      of a Meeting that the appointment letter relates to, unless stated      otherwise in the appointment letter. A vote that is made in accordance      with the terms in the document appointing a proxy will also be valid if      the appointer has passed away or been declared legally incompetent or if      the appointment letter is cancelled or the Debenture that the vote has      been given for is transferred prior to the vote, unless a written notice      of the death, decisions of legal incompetence, cancellation or transfer,      as relevant, received at the registered office of the Company before the      Meeting. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.12 | Any      corporation that owns a Debenture may, by duly signed written      authorization, empower a person as it deems fit to act as its      representative in any Meeting of the Debenture Holders, and the person who      has been authorized will be allowed to act on behalf of the corporation      that he represents. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.13 | Any      proposal for a resolution that is put to the vote in a Meeting of Holders      will be decided by a show of hands, unless a vote using a ballot box is      demanded by the chairman or by at least two (2) Debenture Holders, who are      present by themselves or by their proxy, whether a vote was made      previously with a raise of hands or thereafter and the vote by ballot box      will prevail. In the case of joint Holders, only the vote of the more      senior Holder wishing to vote will be accepted, whether by himself or by      his proxy, for which purpose seniority will be determined by the order in      which the names are listed in the Register of  Holders. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.14 | The      Trustee shall not have a right to vote in a Meeting of the Debenture      Holder. |
|--------|------|--------------------------------------------------------------------------------------------|

|   | 2.15 | In      a vote, a Debenture Holder or the proxy thereof is allowed to vote with      some of its votes in favor of a proposal that is being discussed, and with      some against the proposal, as it deemsfit. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.16 | Declaration      of the chairman of the Meeting concerning adopting or rejecting a      resolution and recording of this matter in the minutes book will serve as      prima facie      evidence of this fact. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.17 | The      chairman of the meeting will have a minute of the Meeting of the Debenture      Holders prepared which shall be written in the book of minutes. Each such      minutes will be signed by the chairman of the meeting or by the chairman      of the Meeting held |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

----

|   |   | thereafter,      and all minutes thus signed will serve as conclusive testimony of the      proceedings in the Meeting, and as long as it is not proved otherwise, any      resolution adopted in such a Meeting will be considered as having been      duly adopted. |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|   | 2.18 | A      person or persons who are appointed by the Trustee, the secretary of the      Company and any other person or persons authorized by the Company will be      allowed to be present in Meetings of the Debenture Holders without a      voting right. In case that, at the discretion of the Trustee, part of the      meeting requires a discussion without the presence of the Company or      anyone acting on its behalf, then that part of the discussion will be held      without the participation of the Company or anyone acting on its      behalf. |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

|  | 2.19 | Debentures      held by an Affiliated Company will not grant their Holders a voting right      in the general meeting of the Debenture Holders, but they will be      considered for determining the legal quorum in the general meeting, except      Debentures that will be held by an Affiliated Company that is an investor      that is one of the investors listed in the first addendum to the      Securities Law (concerning Section 15A(B)(1) of the Law) that is not      investing for itself (an "Affiliated Institutional Investor”), which will      grant voting rights in a meeting of the Debenture Holders. At the time of      holding the Meeting of the Debenture Holders, the Trustee shall check for      conflicting interests among the Debenture Holders in accordance with the      circumstances at hand and the need for calling Class Meetings in cases in      which there are differing interests among the Debenture Holders, in      accordance with the circumstances at hand. The Company and the Trustee      shall act to call Class Meetings of the Debenture Holders in accordance      with the provisions of the law, the provisions of the Securities Law and      the Regulations and promulgated there under. In the case of holding Class      Meetings, approval of a resolution requires approval in each of the Class      Meetings that are called, and in the Meeting of all of the Holders      Debentures, with the majority that is required by the provisions of the      Deed of Trust and the appendices thereof. At the decision of the Trustee,      a certain class of interest holders may not be invited and their consent      will not be required for the passing of a certain    resolution. |
|--|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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