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Exhibit 1.1

# SYNERON MEDICAL LTD.

# AMENDED AND RESTATED
ARTICLES OF ASSOCIATION

# Last amended on
Novemebr 7, 2007



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TABLE OF CONTENTS

|                                                    |   
|--------------------------------------------------- | --
|INTERPRETATION                                      | 1 
|NAME OF THE COMPANY                                 | 2 
|PURPOSE                                             | 2 
|CAPITAL, SHARES AND RIGHTS                          | 2 
|SHARE CERTIFICATES                                  | 3 
|TRANSFER OF SHARES                                  | 3 
|TRANSMISSION OF SHARES                              | 3 
|ALTERATIONS OF THE AUTHORIZED CAPITAL               | 4 
|MODIFICATION OF CLASS RIGHTS                        | 4 
|BORROWING POWERS                                    | 4 
|GENERAL MEETINGS                                    | 5 
|NOTICE TO GENERAL MEETINGS                          | 5 
|PROCEEDINGS AT GENERAL MEETINGS                     | 6 
|QUORUM                                              | 6 
|CHAIRMAN OF THE GENERAL MEETING                     | 6 
|VOTE OF SHAREHOLDERS                                | 7 
|DIRECTORS                                           | 8 
|POWERS, NUMBER OF DIRECTORS, COMPOSITION & ELECTION | 8 
|NOMINATION & REMUNERATION                           | 9 
|CHAIRMAN OF THE BOARD                               | 9 
|PROCEEDINGS OF THE DIRECTORS                        | 9 
|QUORUM                                              | 9 
|METHODS OF ATTENDING MEETINGS                       | 9 
|ALTERNATE DIRECTOR                                  | 10
|COMMITTEES                                          | 10
|APPROVAL OF CERTAIN RELATED PARTIES TRANSACTIONS    | 10
|RECORDS & VALIDITY OF ACTS                          | 11
|GENERAL MANAGER (CHIEF EXECUTIVE OFFICER)           | 11
|INSURANCE, EXCULPATION, AND INDEMNITY               | 11
|APPOINTMENT OF AN AUDITOR                           | 13
|SIGNATORIES                                         | 13
|DISTRIBUTIONS                                       | 13
|REDEEMABLE SECURITIES                               | 14
|DONATIONS                                           | 14
|NOTICES                                             | 14



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# ARTICLES OF ASSOCIATION

# o f

# SYNERON MEDICAL LTD.

# INTERPRETATION

|1. | In
these Articles the following terms shall bear the meanings set opposite to
               them, unless inconsistent with the subject or context:
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------

| | T E R M S          |  | M E A N I N G S                                                       
| | ------------------ |  | ----------------------------------------------------------------------
| | These Articles     |  | These Articles of Association as may be amended from time to time.    
| |                   
| | Auditor            |  | As defined in the Law.                                                
| |                   
| | Board              |  | The Board of Directors of the Company.                                
| |                   
| | CEO                |  | Chief Executive Officer, also referred to in the Law as the general   
| |                    |  | manager.                                                              
| |                   
| | Class Meeting      |  | A meeting of the holders of a class of shares.                        
| |                   
| | Chairman           |  | Chairman of the Board.                                                
| |                   
| | The Company        |  | Syneron Medical Ltd.                                                  
| |                   
| | Distribution       |  | As defined in the Law.                                                
| |                   
| | Simple Majority    |  | A majority of more than fifty percent (50%) of the votes cast.        
| |                   
| | The Law            |  | The Israeli Companies law of 1999.                                    
| |                   
| | NIS                |  | New Israeli Shekel                                                    
| |                   
| | The Office         |  | The registered office of the Company as may be re-located from time to
| |                    |  | time.                                                                 
| |                   
| | Office Holder      |  | As such term is defined in the Law.                                   
| |                   
| | Ordinary Shares    |  | The Company's Ordinary Shares, NIS 0.01 par value each.               
| |                   
| | Register           |  | Shareholders Register maintained by the Company.                      
| |                   
| | Shareholder        |  | As such term is defined in the Law.                                   
| |                   
| | The Statutes       |  | The Law, the Israeli Companies Ordinance (New Version) 1983, the      
| |                    |  | Israeli Securities Act of 1968 and all applicable laws and regulations
| |                    |  | applicable in any relevant jurisdiction (including without limitation 
| |                    |  | U.S Federal laws and regulations), and rules of any stock exchange in 
| |                    |  | which the Company's shares are registered for trading as shall be in  
| |                    |  | force from time to time.                                              
| |                   
| | Supermajority Vote |  | a majority of seventy five percent (75%) or more of the votes cast.   



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|2. | Words
importing the singular shall include the plural, and vice-versa. Words
               importing the masculine gender shall include the feminine gender; and
words                importing persons shall include corporate bodies.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | For
the avoidance of doubt, it is hereby clarified that the Law shall apply to these
provisions, unless otherwise implied or stipulated under these provisions. Any provision
or part thereof of these Articles, prohibited by applicable law, shall be ineffective,
without invalidating any other part of these Articles.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

NAME OF THE COMPANY

|3. | The
name of the Company is Syneron Medical Ltd.
|-- | -----------------------------------------------

PURPOSE

|4. | The
Company may engage in any type of lawful business as may be determined by
               the Board from time to time.
|-- | -------------------------------------------------------------------------------------------------------------------------

CAPITAL, SHARES AND RIGHTS

|5. | The
authorized share capital of the Company is NIS 1,000,000 divided into
               100,000,000 Ordinary Shares of NIS 0.01 each, subject to amendments from
time to                time by resolutions of the general meeting of the shareholders.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | All
issued and outstanding shares of the Company of the same class are of equal rights
between them for all intents and purposes concerning the rights set forth below.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
liability of each Shareholder for the Companys debts is limited to the full payment
of the original issue price of the shares first allotted to such Shareholder or his
predecessors. Once such price is paid by the original owner of shares, there is no
further liability of the holder and such holders transferees for the Companys
debts.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|6. | Each
issued Ordinary Share entitles its holder to the rights as described below:
|-- | --------------------------------------------------------------------------------

| | 6.1 | The
equal right to participate in and vote at the Companys general meetings, whether
ordinary meetings or special meetings, and each of the shares in the Company shall
entitle the holder thereof, who is present at the meeting and participating in the vote,
whether in person, or by proxy, to one vote.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6.2 | The
equal right to participate in any Distribution.
| | --- | ---------------------------------------------------

| | 6.3 | The
equal right to participate in the distribution of assets available for distribution in
the event of liquidation of the Company.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------

|7. | If
two or more persons are registered as joint holders of any shares, any one of
               such persons may give effectual receipts for any dividend or other moneys
in                respect of such share.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

2

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|8. | To
the extent required by the Law a trustee must inform the Company of the fact
               that such trustee is holding shares of the Company in trust for another
person                at such time as may be required by the Law. The Company shall
register that fact                in the Register in respect to said shares. The trustee
shall be deemed to be the                sole holder of said shares. The Company shall
not be bound by or required to                recognize any equitable, contingent, future
or partial interest in any share or                any right whatsoever in respect of any
share other than an absolute right to the                entirety thereof in the
registered holder.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

SHARE CERTIFICATES

|9. | A
shareholder who is registered in the Register is entitled to receive from the
               Company, without payment and at such shareholders request, within a
period                of three months after the allocation or registration of the
transfer, one share                certificate with respect to all the shares registered
in his name, which shall                specify the aggregate number of the shares held
by such shareholders. In the                event of a jointly held share, the Company
shall issue one share certificate for                all the joint holders of the share,
and the delivery of such certificate to one                of the joint holders shall be
deemed to be delivery to all of them. Every                certificate shall be signed by
two Office Holders of the Company.
|-- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|10. | A
share certificate that is defaced, destroyed or lost may be renewed based on
               evidence and guarantees as the Board shall determined, from time to time.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------

TRANSFER OF SHARES

|11. | Subject
to the Statutes and all laws and regulations applicable in any relevant
               jurisdiction or to any specific shareholder, and subject to the rules of
any                stock exchange in which the Companys shares are (or shall be)
registered                for trading, and subject to any applicable agreements or
undertakings of any                specific shareholder, the shares shall be freely
transferable.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|12. | Transfer
of shares shall be made in writing or other manner, in a form specified                by
the Board or the transfer agent appointed by the Company, and such transfer
               form should be delivered to the Office or to such transfer agent, together
with                the certificates of the shares due to be transferred, if such
certificates have                been issued. The transferee shall be deemed to be the
shareholder with respect                to the transferred shares only from the date of
registration of his name in the                Register.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|13. | The
Board may suspend the registration of transfers for such period of time as
               the Board shall deem fit, provided that the period of closure of any such
book                shall not exceed 30 days each year. The Company shall notify the
shareholders of                such decision.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

TRANSMISSION OF SHARES

|14. | In
the case of the death, liquidation, bankruptcy, dissolution, winding-up or a
               similar occurrence of a Shareholder, the legal successors of such
Shareholder                shall be the only persons recognized by the Company as having
any title to such                shares, but nothing herein contained shall release the
estate of the predecessor                from any liability in respect of such shares.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
legal successors may, upon producing such evidence of title as the Directors shall
require, be registered themselves as holders of the shares, or subject to the provisions
as to transfers herein contained, transfer the same to some other person.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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ALTERATIONS OF THE AUTHORIZED
CAPITAL

|15. | Subject
to the Statutes, the General Meeting may from time to time resolve to:
|--- | ------------------------------------------------------------------------------

| | 15.1 | Alter
or add classes of shares that shall constitute the Companys authorized capital,
including shares with preference rights, deferred rights, conversion rights or any other
special rights or limitations.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 15.2 | Increase
the Companys registered share capital by creating new shares either of an existing
class or of a new class.
| | ---- | ---------------------------------------------------------------------------------------------------------------------

| | 15.3 | Consolidate
and/or split all or any of its share capital into shares of larger or smaller par value
than the existing shares.
| | ---- | -----------------------------------------------------------------------------------------------------------------------------

| | 15.4 | Cancel
any registered shares not yet allocated, provided that the Company has made no commitment
to allocate such shares.
| | ---- | -------------------------------------------------------------------------------------------------------------------------

| | 15.5 | Reduce
the Companys share capital and any reserved fund for redemption of capital.
| | ---- | -----------------------------------------------------------------------------------

|16. | Except
as otherwise provided by or pursuant to these Articles or by the
               conditions of issue, any new share capital shall be considered as part of
the                original share capital, and shall be subject to the same provisions of
these                Articles with reference to payment of calls, lien, transfer,
transmission,                forfeiture and otherwise, which applies to the original
share capital.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

MODIFICATION OF CLASS RIGHTS

|17. | If
at any time the share capital is divided into different classes of shares,
               any change to the rights and privileges of the holders of any such class
of                shares, shall require the approval of a Class Meeting of such class of
shares                 by a Simple Majority (unless otherwise provided by the
Statutes or by the                terms of issue of the shares of that class).
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
provisions of these Articles relating to General Meetings shall, mutatis mutandis, apply
to Class Meetings.
| | ---------------------------------------------------------------------------------------------------------------

|18. | The
rights and privileges of the holders of any class of shares shall not be
               deemed to have been altered by creating or issuing shares of any class,
               including a new class (unless otherwise provided by the terms of issue of
the                shares of that class).
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

BORROWING POWERS

|19. | The
Company may, from time to time, raise or borrow or secure the payment of any
          sum or sums of money for the purposes of the Company. The Company may also
raise           or secure the payment or repayment of such sum or sums in such manner and
upon           such terms and conditions in all respects as it deems fit, and in
particular by           the issue of debentures or debenture stock of the Company charged
upon all or           any part of the property of the Company (both present and future)
including its           unissued and/or its uncalled capital for the time being. Issuance
of any series           of debentures shall require Board approval.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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GENERAL MEETINGS

|20. | Annual
general meetings shall be held at least once a calendar year, at such
               place and time as determined by the Board, but not later than fifteen (15)
               months after the last Annual general meeting. Such general meetings shall
be                called Annual Meetings and all other general meetings of
the Company                shall be called Special Meetings. The Annual
Meeting shall appoint                directors and the Auditor and shall transact any
other business required                pursuant to these Articles or to the Law, and any
other matter as shall be                determined by the Board.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|21. | The
Board of Directors may convene a Special Meeting by its resolution, and is
               required to convene a Special Meeting should it receive a request, in
writing,                from a person or persons entitled, under the Companies Law, to
request such                meeting.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Any
request for convening a meeting must specify the purposes for which the meeting is to be
called, shall be signed by the persons requesting the meeting, and shall be delivered to
the Companys registered offices. In addition, subject to the Law, the Board may
accept a request of a shareholder to include a subject in the agenda of a general
meeting, only if the request also sets forth: (a) the name and address of the Shareholder
making the request; (b) a representation that the Shareholder is a holder of record of
shares of the Company entitled to vote at such meeting and intends to appear in person or
by proxy at the meeting; (c) a description of all arrangements or understandings between
the Shareholder and any other person or persons (naming such person or persons) in
connection with the subject which is requested to be included in the agenda; and (d) a
declaration that all the information that is required under the Law and any other
applicable law to be provided to the Company in connection with such subject, if any, has
been provided. In addition, if such subject includes a nomination to the Board in
accordance with the Articles, the request shall also set forth the consent of each
nominee to serve as a director of the Company if so elected and a declaration signed by
each nominee declaring that there is no limitation under the Law for the appointment of
such nominee. Furthermore, the Board, may, in its discretion to the extent it deems
necessary, request that the Shareholders making the request provide additional
information necessary so as to include a subject in the agenda of a general meeting, as
the Board may reasonably require
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
Board shall determine the agenda of any general meeting. The Board may resolve to adjourn
any meeting, until 48 hours prior to the designated date of such meeting.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Notice
to General Meetings
| | --------------------------

|22. | Notice
of a general meeting shall be given in such manner as set forth in the                Law
and any of the regulations promulgated thereunder applying to the Company.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
notice will be sent to those shareholders, who are registered in the Register on such
date as is determined by the Board, but in no event shall such date be less than seven
days prior to the meeting. The Company shall not be obligated to provide notice to
shareholders who are not included in the Register on the specified date, even if such
shareholders are entitled to vote at the meeting.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | A
general meeting that is subject to Article Seven of Chapter Two of the Third Part of the
Law (Voting by Proxy), shall convene no later than sixty (60) days from the date of
publication of the notice of the meeting
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

5

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|23. | The
accidental omission to give notice of any meeting to or the non-receipt of
               any such notice by any of the Shareholders shall not invalidate any
resolution                passed at any such meeting.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

PROCEEDINGS AT GENERAL MEETINGS

| | Quorum
| | ------

|24. | No
business shall be transacted at any General Meeting of the Company unless a
               quorum of Shareholders is present at the opening of the Meeting.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Save
as provided in the following Article with regard to an adjourned Meeting, the quorum for
any General Meeting shall be the presence of at least two Shareholders in person or by
proxy holding 40% or more of the voting rights in the Company.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|25. | If
within half an hour from the time appointed for the holding of a General
               Meeting a quorum is not present, the General Meeting shall stand adjourned
to                the same day one week later at the same time and place or to such other
day,                time and place as the Board may indicate in a notice to the
Shareholders. At                such adjourned Meeting the necessary quorum for the
business for which the                original Meeting was called shall be one
Shareholder holding any number of                shares.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | If
a General Meeting is convened by a request of a shareholder, as provided in Article 21
above, the required quorum for an adjourned meeting is as set forth in Article 24 above.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Chairman
of the General Meeting
| | -------------------------------

|26. | The
chairman (if any) of the Board shall preside as the chairman at every
               General Meeting, but if there shall be no such chairman or if at any
meeting                such chairman shall not be present within fifteen minutes after
the time                appointed for holding the same, or shall be unwilling to act as
chairman, the                Shareholders present shall choose a Director, or if no
Director be present or if                all the Directors present decline to take the
chair, they shall choose a                Shareholder present to be chairman of the
meeting.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|27. | The
chairman may, with the consent of a General Meeting at which a quorum is
               present, and shall if so directed by the General Meeting, adjourn any
meeting                from time to time and from place to place as the meeting shall
determine.                Whenever a meeting is adjourned for more than 21 days, notice
of the adjourned                meeting shall be given in the same manner as in the case
of the original                meeting. Save as aforesaid, no Shareholder shall be
entitled to any notice of an                adjournment or of the business to be
transacted at an adjourned meeting. No                business shall be transacted at any
adjourned meeting other than the business                which might have been transacted
at the meeting from which the adjournment took                place.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|28. | A
vote in respect of the election of the chairman of the meeting or regarding a
               resolution to adjourn the meeting shall be carried out immediately. All
other                matters shall be voted upon during the meeting at such time and
order as decided                by the chairman.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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VOTE OF SHAREHOLDERS

|29. | All
resolutions proposed at any General Meeting will require a Simple Majority,
               unless otherwise required by the Statutes or these Articles. Except as
otherwise                specified in these Articles, alteration or amendment of these
Articles shall                require a Simple Majority.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|30. | At
all General Meetings a resolution put to the vote of the meeting shall be
               decided upon by an open vote. A declaration by the chairman of the meeting
that                a resolution has been carried, or has been carried unanimously or by
a                particular majority, or rejected, or not carried by a particular
majority, shall                be conclusive, and an entry to that effect in the minutes
of the meeting shall                be conclusive evidence thereof (without need to prove
the number or proportion                of the votes in favor of or against such
resolution).
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|31. | The
chairman of the meeting will not have a second and/or a casting vote. If the
               vote is tied with regard to a certain proposed resolution such proposal
shall be                deemed rejected.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|32. | If
two or more persons are jointly entitled to a share, the vote of the senior
               one who tenders a vote, whether in person or by proxy, shall be accepted
to the                exclusion of the votes of the other registered holders of the
share, and for                this purpose seniority shall be determined by the order in
which the names stand                in the Register.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|33. | A
proxy need not be a Shareholder of the Company.
|--- | -------------------------------------------------

|34. | The
instrument appointing a proxy shall be in writing signed by the appointer or
               of his attorney duly authorized in writing. A corporate entity shall vote
by a                representative duly appointed in writing by such entity.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Any
instrument appointing a proxy or a representative of a corporate entity (whether for a
specified meeting or otherwise) shall be in a form as the Board approves, from time to
time.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|35. | The
instrument of appointment must be submitted to the Office or such other
               location determined by the Board, no later than 48 hours prior to the
first                General Meeting to be attended by such proxy or representative. The
instrument                of appointment shall automatically terminate and cease to be of
any force or                affect on the anniversary (12 months) of the date of the
instrument of                appointment, unless such instrument sets out a different
expiry date.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|36. | A
proxy may be appointed in respect of only some of the shares held by a
               Shareholder, and a Shareholder may appoint more than one proxy, each
empowered                to vote by virtue of some of the shares.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|37. | A
Shareholder being of unsound mind or pronounced to be unfit to vote by a
               competent court of law may vote through a legally appointed guardian or
any                other representative appointed by a court of law to vote on behalf of
said                Shareholder.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|38. | A
Shareholder entitled to vote may signify in writing his approval of, or
               dissent from, or may abstain from any resolution included in a proxy
statement                furnished by the Company. A proxy statement may include
resolutions pertaining                to such issues which are permitted to be included
in a proxy statement according                to the Statutes, and such other issues
which the Board may decide, in a certain                instance or in general, to allow
voting through a proxy statement. A Shareholder                voting through a proxy
statement shall be taken into account in determining                presence of a quorum
as if such Shareholder is present at the meeting.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|39. | The
chairman of the general meeting shall be responsible for recording the
               minutes of the General Meeting and any resolution adopted.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------

7

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DIRECTORS

| | Powers,
number of directors, composition & election
| | ---------------------------------------------------

|40. | The
Board shall have and execute any powers and/or responsibility not
               specifically allocated to the CEO by the Statutes or in these Articles.
The                Board shall set the Companys policies and shall supervise the
execution of                the powers and responsibilities of the CEO.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|41. | The
Board shall consist of 7 directors as follows: 2 directors from Class 1, 2
               directors from Class 2, 1 director from Class 3 and two external directors
as                defined in the Law once appointed according to the Statutes.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|42. | The
directors of the Company shall be elected only at Annual Meeting by a Simple
               Majority, and shall not be elected at a Special Meeting, except as
otherwise                provided in these Articles or by the Statutes.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Except
for external directors, the directors shall serve in office until the end of the third
Annual Meeting after the meeting at which they were elected. A director whose term of
office has expired may be re-elected.
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | A
General Meeting may dismiss a director during the term only by a Supermajority vote
(except for External Directors  who may be dismissed only as set forth in the Law).
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|43. | Other
than external directors, the Board shall be divided into three classes as
               set forth in Article 41 above. The directors of Class 1 that are serving
on the                date of the effectiveness of these Articles will continue to serve
until the                first Annual Meeting held in 2005. The directors of Class 2 that
are serving on                the date of the effectiveness of these Articles will
continue to serve until the                first Annual Meeting held in 2006. The
directors of Class 3 that are serving on                the date of the effectiveness of
these Articles will continue to serve until the                first Annual Meeting held
in 2007.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|44. | Should
a General Meeting not elect the number of new directors that were
               scheduled to be elected at such meeting from a certain class, the Board
may fill                the vacancy according to the provisions of Article 45 below.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|45. | Should
a director cease serving (the Retiring Director), the
               remaining directors may continue to act, provided that their number shall
be not                less than three (3). The Board may appoint a director in place of a
Retiring                Director. The appointment of a director by the Board shall be in
effect until                the end of the third Annual Meeting after the meeting at
which the Retiring                Director was elected or until that director shall cease
serving in office                pursuant to the provisions of these Articles, if
earlier.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|46. | The
term of office of a director shall commence on the date of such                directors
appointment by the general meeting or by the Board or on a later                date,
should such date be determined in the resolution of appointment of the
               general meeting or of the Board.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|47. | An
amendment of Articles 40-47 requires a Supermajority vote.
|--- | -------------------------------------------------------------

8

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| | Nomination
& remuneration
| | -------------------------

|48. | Candidates
for the Board shall be nominated by a committee appointed by the           Board.
|--- | --------------------------------------------------------------------------------------------

|49. | The
Company shall determine the remuneration of the directors in accordance with
          the Law.
|--- | ---------------------------------------------------------------------------------------------------

| | Chairman
of the Board
| | ---------------------

|50. | The
Board shall elect one of its members as Chairman. The Board may replace the
               Chairman from time to time. The Chairman shall preside at meetings of the
Board,                but if at any meeting the Chairman is not present within (15)
minutes after the                time appointed for holding the meeting, the directors
shall choose a present                director to be chairman of such meeting.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

PROCEEDINGS OF THE DIRECTORS

|51. | The
directors shall meet together for the dispatch of business, adjourn and
               otherwise regulate their meetings as they think fit  subject to
these                Articles. The Board shall meet no less than once every 3 calendar
months.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Unless
otherwise determined by the Board, written notice of any meeting of the Board and the
agenda setting out the matters to be discussed at such meeting, shall be given to all
directors at least seventy two (72) hours (or such shorter notice as all the directors
may agree) before the meeting. The directors may waive the necessity of such notice
either beforehand or retrospectively.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Quorum
| | ------

|52. | No
business shall be transacted at any meeting of the Board unless a quorum of
               Directors is present at the opening of the meeting. A quorum shall be
formed                when there are present personally or represented by an alternate
director at                least half of the Directors.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | If
a quorum is not present at the meeting of the Board within half an hour after the time
scheduled for the meeting, the meeting shall be adjourned to another time as shall be
decided by the Chairman, or in his absence, the directors present at the meeting,
provided that notice of twenty four (24) hours in advance shall be given to all the
directors of the time of the adjourned meeting. The quorum for the commencement of the
adjourned meeting shall be three members of the Board.
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Methods
of Attending meetings
| | -----------------------------

|53. | Some
or all of the directors may attend meetings of the Board through computer
               network, telephone or any other media of communication, enabling the
directors                to communicate with each other, in the deemed presence of all of
them, provided                that due prior notice detailing the time and manner of
holding a given meeting                is served upon all the directors. Any resolution
adopted by the Board in such a                meeting, pursuant to the provisions of
these Articles, will be recorded in                writing and signed by the Chairman (or
in his absence by the chairman of the                meeting), and shall be valid as if
adopted at a meeting of the Board duly                convened and held.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

9

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|54. | A
Director may signify his/her approval of or dissent from any resolution passed
               or intended to be proposed at a meeting of the Board, or any amendment in
any                such resolution, by written communication, including fax or e-mail, to
the                Company, and such Director will be deemed to have participated in the
meeting                for the purpose of constituting a quorum.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|55. | A
resolution in writing signed by all the directors, or to which all the
               directors have agreed in writing by mail, fax or electronic mail, shall be
as                valid and effective for all purposes as if passed at a meeting of the
Board duly                convened and held.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Any
such resolution may consist of several documents in like form, each signed by one or more
directors. Such resolution in writing (including facsimile) shall be effective as of the
last date appearing on the resolution, or if the resolution is signed in two or more
counterparts, as of the last date appearing on the counterparts.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|56. | While
exercising his/her voting right, each director shall have one vote.
               Resolutions of the Board will be decided by a Simple Majority, except as
               otherwise provided in these Articles or by the Statutes. In the event the
vote                is tied, the Chairman of the Board shall not have a casting vote, and
such                resolution shall be deemed rejected.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Alternate
Director
| | ------------------

|57. | Subject
to the Law, a director shall be entitled at any time and from time to                time
to appoint in writing any person who is qualified to serve as a director,
               to act as his/her alternate and to terminate the appointment of such
person. The                appointment of an alternate director does not negate the
responsibility of the                appointing director and such responsibility shall
continue to apply to such                appointing director  taking into account
the circumstances of the                appointment.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Alternate
directors shall be entitled, while holding office, to receive notices of meetings of the
Board and to attend and vote as a director at any meetings at which the appointing
director is not present and generally to exercise all the powers, rights, duties and
authorities and to perform all functions of the appointing director.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
document appointing an alternate director must be submitted to the Chairman of the Board
no later than at the opening of the first Board meeting to be attended by such alternate
director.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Committees
| | ----------

|58. | The
Board may set up committees and appoint members thereto subject to the
               Statutes. A resolution passed or an act done by a such a committee shall
be                treated as a resolution passed or act done by the Board, unless
expressly                otherwise prescribed by the Board or The Statutes for a
particular matter or in                respect of a particular committee.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|59. | Meetings
of committees and proceedings thereat (including the convening of the
               meetings, the election of the chairman and the votes) shall be governed by
the                provisions herein contained for regulating the meetings and
proceedings of the                Board so far as the same are applicable thereto.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Approval
of certain Related Parties transactions
| | ------------------------------------------------

|60. | A
transaction between the Company and an Office Holder, including transactions
               concerning compensation of non-director Office Holders, and a transaction
               between the Company and a third person in which an Office Holder of the
Company                has a personal interest, which is not an extraordinary
transaction, will require                only the approval of the Board or a committee
authorized by the Board.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | Records
& Validity of Acts
| | --------------------------

|61. | The
resolutions of the Board shall be recorded in the minutes book of the
               Company, signed by the Chairman or the chairman of a certain meeting. Such
               signed minutes shall be deemed an accurate account of the meeting and the
               resolutions resolved therein.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|62. | All
acts done bona fide by any meeting of the Board or of a committee of the
               Board or by any person acting as a director, shall, notwithstanding it be
               afterwards discovered that there was some defect in the appointment of any
such                director or person acting as aforesaid, or that they or any of them
were                disqualified, be as valid as if every such person had been duly
appointed and                was qualified to be a director.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

GENERAL MANAGER (CHIEF EXECUTIVE
OFFICER)

|63. | The
Board shall appoint at least one CEO, for such period and upon such terms as
               the Board deems fit.
|--- | --------------------------------------------------------------------------------------------------------------------

|64. | The
CEO shall have all managing and execution powers within the policies and
               guidelines set forth by the Board, and shall be under the supervision of
the                Board. The CEO may delegate any of his powers to his subordinates,
subject to                the approval of the Board.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

INSURANCE, EXCULPATION, AND
INDEMNITY

|65. | The
Company may insure the liability of an Office Holder, subject to the
               following provisions and the restrictions as set out in The Law.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
Company may enter into a contract to insure the liability of an Office Holder for
liabilities imposed on him/her in consequence of an act performed in his/her capacity as
an Office Holder, in any of the following cases:
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (a) a breach of the duty of
care to the Company or to another person;
| | ---------------------------------------------------------------------

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

| | (c) a monetary obligation
imposed on him in favor of another person.
| | --------------------------------------------------------------------

| | (d) Any other act which is
insurable under the Law.
| | ---------------------------------------------------

| | (e) If the insurance contract
includes coverage for the company in addition to the                     coverage of the
Office Holders, then the Office Holders shall have priority over                     the
Company regarding receipt of insurance benefits under such contract.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|66. | The
Company may indemnify an Office Holder, subject to the following provisions
               of this Article 66.
|--- | ------------------------------------------------------------------------------------------------------------------

|66.1 | The
Company may undertake to indemnify an Office Holder for future obligation or expense
imposed on him/her in consequence of an act done in his/her capacity as an Office Holder
therein, as specified below:
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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

| | (b)
                  reasonable legal fees,
incurred by an Office Holder or which he is ordered to                     pay by a
court, in proceedings filed against him by the Company or on its behalf
                    or by another person, or in a criminal charge of which he is
acquitted, or in a                     criminal charge of which he is convicted of an
offence that does not require                     proof of criminal intent.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c) Reasonable
litigation expenses, including legal fees, incurred as a consequence                of an
investigation or proceedings carried out against the Office Holder by an
               authorized body and which concluded without the filing of an indictment
against                the Office Holder and without imposing any financial liability on
the Office                Holder as an alternative to criminal proceedings, or which
ended without the                filing of an indictment against the Office Holder but
with the imposition of                financial liability as an alternative to criminal
proceedings, in an offense                where criminal intent is not required. (In this
section completion of                proceedings without the filing of an
indictment in a matter in which a criminal                investigation was instigated and
a financial liability as an                alternative to criminal proceedings  is
pursuant to the definitions                given in Section 260(a)(1a) of the Companies
Law, as amended from time to                time).
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (d)  Any
other obligation or expense which is allowable according to the Law.
| | -----------------------------------------------------------------------------

|66.2 | The
 Company  may  undertake  in advance to  indemnify  an Office  Holder  for  obligation
 and        expenses as set forth below
|---- | ----------------------------------------------------------------------------------------------------------------------------------

| | (a)
       for obligations and expenses as set out in
Article 66.1(a) above, provided that                     such undertaking is limited to
events which in the Boards opinion are                     foreseeable at the time
of providing the indemnity undertaking in view of the                     Companys
activities at that time, and in such amount and/or criteria as                     the
Board deems foreseeable in view of the Companys activities at the that
                    time and the undertaking instrument shall such events, sums and
criteria will be                     detailed.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b)
       for obligations and expenses as set out in
Articles 66.1(b)  66.1(d)                     inclusive.
| | ---------------------------------------------------------------------------------------------------------------

|66.3 | Without
prejudice to the aforesaid provisions, the Company may retroactively indemnify an Office
Holder, for events specified in Article 66.1 above, beyond the limits set forth in
Article 66.2 above.
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|67. | The
Company may waive any claim against an Office Holder in advance for all or
               any of his liability for damage in consequence of a breach of his duty of
care                to the Company. Such wavier in advance shall not apply to breach of
duty of care                in a Distribution.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|68. | To
the extent not prohibited by the Statutes, the term in consequence of
               an act performed in his capacity as an Office Holder as used above,
shall                include an act performed as an office holder in any subsidiary or
affiliate of                the Company to which such Office Holder was appointed by the
Company.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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|69. | The
above provisions with regard to insurance, exculpation and indemnification
               shall not limit the Company with regard to its entering into an insurance
               contract and/or with regard to indemnity and/or with regard to
exculpation:
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (a) | in
connection with a person who is not an Office Holder of the Company,
               including employees, contractors or consultants of the Company, who are
not                Office Holders therein;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) | in
connection with Office Holders of the Company  to the extent that the
               insurance and/or waiver and/or indemnification are not expressly
prohibited by                The Law.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|69A | The
provisions of Articles 65  68 shall not apply in the following cases: (a) breach of
the duty of loyalty to the Company, unless the Office Holder acted in good faith and had
reasonable foundation for presuming that the act would not harm the Company; (b) breach
of a duty of care committed intentionally or recklessly; (c) act done with intent to make
unlawful personal profit; or (d) fine or forfeit imposed upon the Office Holder, except
for a conviction in a felony which does not require criminal intent.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

APPOINTMENT OF AN AUDITOR

|70. | Subject
to the Statutes, the Annual Meeting shall appoint an Auditor for a                period
ending at the next Annual Meeting, or for a longer period  but no
               longer than until the third Annual Meeting after the meeting at which the
               Auditor has been appointed. The same Auditor may be re-appointed.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Subject
to the Statutes, the fees of the Auditor for the audit services shall be determined by
the Board or a committee of the Board if such determination was delegated to a committee.
The Board shall report the fees of the Auditor to the Annual Meeting.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

SIGNATORIES

|71. | Signatory
rights on behalf of the Company shall be determined from time to time           by the
Board.
|--- | -------------------------------------------------------------------------------------------------------

DISTRIBUTIONS

|72. | The
Board may decide upon a Distribution, subject to the provisions set forth in
               the Law and these Articles.
|--- | ---------------------------------------------------------------------------------------------------------------------------

|73. | Whenever
the Board decides upon distribution of dividends (cash, shares or in
               kind), the dividends shall be paid in the same manner to all the
outstanding                shares having rights to receive dividends on the date of the
resolution (or a                later date as determined by the Board), subject to the
preferred rights (if any)                of any class of shares in respect of the
distribution.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|74. | Notice
of the declaration of any Distribution, shall be given to all registered
               holders of shares eligible to such Distribution, as determined by the
Board.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|75. | The
Board will determine the method of payment of any Distribution. The receipt
               of the person whose name appears on the record date on the Register as the
owner                of any share, or in the case of joint holders, of any one of such
joint holders,                shall serve as confirmation with respect to all the
payments made in connection                with that share and in respect of which the
receipt was received. All dividends                unclaimed after having been declared
may be invested or otherwise used by the                Directors for the benefit of the
Company until claimed. No unpaid dividend shall                bear interest or accrue
linkage differentials.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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|76. | If
required in a Distribution to present a written contract between the Company
               and the shareholders according to the Law, the Board may appoint one
               representative on behalf of all the Shareholders entitled to receive such
               Distribution and such appointment shall be deemed due appointment by the
all                participating Shareholders.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|77. | For
the purpose of implementing of any resolution concerning any Distribution,
               the Board may settle, as it deems fit, any difficulty that may arise with
               respect to the Distribution, including to determine the value for the
purpose of                the said Distribution of certain assets, and to decide that
payments in cash                shall be made to the Shareholders based on the value so
determined, and to                determine provisions with respect to fractions of
shares or with respect to the                non-payment of small sums.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

REDEEMABLE SECURITIES

|78. | The
Company shall be entitled to issue redeemable securities which are, or at
               the option of the Company may be, redeemed on such terms and in such
manner as                shall be determined by the Board. Redeemable securities shall
not constitute                part of the Companys capital, except as provided in
the Law.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

DONATIONS

|79. | The
Company may make donations of reasonable amounts of money for purposes which
               the Board deems to be worthy causes, even if the donations are not made in
               relation to business considerations for increasing the Companys
profits.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

NOTICES

|80. | Subject
to the Statutes, notice or any other document which the Company shall
               deliver and which it is entitled or required to give pursuant to the
provisions                of these Articles and/or the Statutes shall be delivered by the
Company to any                person, in any one of the following manners as the Company
may choose: in                person, by mail, transmission by fax or by electronic form.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Any
notice or other document which shall be sent shall be deemed to have reached its
destination on the third day after the day of mailing if sent by registered mail or
regular mail, or on the first day after transmission if delivered in person, transmitted
by fax or electronic form.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Should
it be required to prove delivery, it shall be sufficient to prove that the notice or
document sent contains the correct mailing, e-mail, or fax details as registered in the
Register or any other address which the Shareholder submitted in writing to the Company
as the address and fax or e-mail details for the submission of notices or other
documents.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | Notwithstanding
anything to the contrary contained herein and subject to the provisions of the Statutes,
a notice to a Shareholder may be served, as general notice to all Shareholders, in
accordance with applicable rules and regulations of any stock exchange upon which the
Companys shares are listed.
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | In
cases where it is necessary to give advance notice of a particular number of days or
notice which shall remain in effect for a particular period, the day the notice was sent
shall be excluded and the scheduled day of the meeting or the last date of the period
shall be included in the count.
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | Subject
to the Statutes, the Company shall not be required to send notices to any Shareholder who
is not registered in the Register or has not provided the Company with accurate and
sufficient mailing details.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|81. | Any
notice to be given to the Shareholders shall be given, with respect to joint
               shareholders, to the person whose name appears first in the Register as
the                holder of the said share, and any notice so given shall be sufficient
notice for                all holders of the said share.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|82. | Any
notice or other document served upon or sent to any Shareholder in
               accordance with these Articles shall, notwithstanding that he be then
deceased                or bankrupt, and whether the Company received notice of his death
or bankruptcy                or not, be deemed to be duly served or sent in respect of
any shares held by him                (either alone or jointly with others) until some
other person is registered in                his stead as the holder or joint holder of
such shares, and such service or                sending shall be a sufficient service or
sending on or to his heirs, executors,                administrators or assigns and all
other persons (if any) interested in such                share.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|83. | The
accidental omission to give notice to any Shareholder or the non receipt of
               any such notice, shall not cancel or annul any action made in reliance on
the                notice.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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