---

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Exhibit 1.2

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# ARTICLES OF ASSOCIATION

# of

# RADVISION LTD.

# (Adopted by Special
Resolution passed on January 18, 2000)

---



---

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# PUBLIC COMPANY LIMITED
BY SHARES

# ARTICLES OF ASSOCIATION

# OF

# RADVISION LTD.

# (Adopted by Special
Resolution passed on January 18, 2000)

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# TABLE OF CONTENTS

|DESCRIPTION                            | Page No.
|-------------------------------------- | --------
|
|
|
|
|PRELIMINARY                            | 1       
|PUBLIC COMPANY                         | 3       
|OFFICE                                 | 3       
|SHARE CAPITAL                          | 3       
|SHARE CERTIFICATES                     | 5       
|LIEN ON SHARES                         | 6       
|CALLS ON SHARES                        | 6       
|FORFEITURE OF SHARES                   | 8       
|TRANSFER OF SHARES                     | 10      
|TRANSMISSION OF SHARES                 | 11      
|ALTERATION OF CAPITAL                  | 12      
|INCREASE OF CAPITAL                    | 13      
|VARIATION OF CLASS RIGHTS              | 13      
|GENERAL MEETINGS                       | 14      
|PROCEEDINGS AT GENERAL MEETINGS        | 16      
|VOTES OF SHAREHOLDERS                  | 18      
|CORPORATIONS ACTING BY REPRESENTATIVES | 20      
|DIRECTORS                              | 20      
|POWERS AND DUTIES OF DIRECTORS         | 22      
|BORROWING POWERS                       | 22      
|ELECTION OR REMOVAL OF DIRECTORS       | 23      
|ALTERNATE DIRECTORS                    | 24      
|PROCEEDINGS OF DIRECTORS               | 24      
|GENERAL MANAGER                        | 27      
|MINUTES                                | 27      
|STAMP AND SIGNATURES                   | 27      
|SECRETARY                              | 28      
|DIVIDENDS AND RESERVES                 | 28      
|CAPITALIZATION OF RESERVES             | 30      
|ACCOUNTS                               | 31      
|AUDIT                                  | 31      
|AUDITORS                               | 31      
|NOTICES                                | 31      
|RECONSTRUCTION                         | 33      
|INSURANCE AND INDEMNITY                | 33      
|WINDING UP                             | 35      

a

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# PUBLIC COMPANY LIMITED
BY SHARES

# ARTICLES OF ASSOCIATION

# OF

# RADVISION LTD.

# (Adopted by Special
Resolution passed on January 18, 2000)

---

# PRELIMINARY

|1. | The
regulations contained in the Second Schedule to the Companies Ordinance
                    shall not apply to the Company.
|-- | -------------------------------------------------------------------------------------------------------------------------------

|2. | (a) | In these Articles, unless the context otherwise requires, the following
                    words and expressions have the following meanings:
|-- | --- | ----------------------------------------------------------------------------------------------------------------------------------------------

| |                       |                                                                                               
| | --------------------- | ----------------------------------------------------------------------------------------------
|
|
|
|
| | these Articles      | these Articles of Association of the Company, as amended from time to time;                   
| |                      
| | Auditors            | the auditors of the Company, from time to time;                                               
| |                      
| | the Board           | the Directors or a quorum of such Directors assembled as a meeting of Directors duly convened;
| |                      
| | Companies Law       | the Companies Law, 5759-1999;                                                                 
| |                      
| | Companies Ordinance | the Companies Ordinance (New Version), 5743-1983;                                             
| |                      
| | the Company         | RadVision Limited;                                                                            
| |                      
| | Director            | a director of the Company, from time to time;                                                 
| |                      
| | month               | Gregorian month;                                                                              
| |                      
| | Office              | the registered office for the time being of the Company;                                      
| |                      
| | Office Holder'       | every Director and every other person defined, under the Statutes, as a "Nosei Misra" ;       

1

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| | Ordinary Resolution | a resolution approved at a General Meeting of the Company by shareholders present, in person, by proxy, or by written ballot, or deemed under the Statutes to be present, holding greater than fifty percent (50%) of the total voting power attached to the shares whose holders were present, in person, by proxy, or by written ballot, or deemed under the Statutes to be present, at such General Meeting an voted thereon.                                                                                                                                         
| | --------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| |                      
| | Register            | the register of shareholders or, as from the date of the coming into force of the Companies Law, the register of shareholders, including any such register allowed under Article 47;                                                                                                                                                                                                                                                                                                                                                                                     
| |                      
| | Secretary           | subject to the provisions of the Statues includes joint Secretaries, a temporary or an assistant Secretary or any other person appointed by the Board to perform any of the duties of the Secretary;                                                                                                                                                                                                                                                                                                                                                                     
| |                      
| | shareholder         | any person whose name is entered in the Register as a holder of a share in the Company; prior to the entry into force of the Companies Law, reference to a "shareholder" are deemed to be references to a "member" as defined in the Companies Ordinance.;                                                                                                                                                                                                                                                                                                               
| |                      
| | Special Resolution  | a resolution approved at a General Meeting of the Company by shareholders present, in person, by proxy, or by written ballot, or deemed under the Statutes to be present, holding at least sixty-five percent (65%) of the total voting power attached to the shares whose holders were present, in person, by proxy, by written ballot or deemed under the Statutes to be present, at such General Meeting an voted thereon. Prior to the effectiveness of the Companies Law, the "Special Resolution" shall have the meaning assigned to it in the Companies Ordinance.
| |                      
| | Statutes            | the Companies Ordinance or the Companies Law (and any regulations adopted thereunder), whichever shall be in force at the time of an act or decision as to which reference to the "statutes" is made herein;                                                                                                                                                                                                                                                                                                                                                             
| |                      
| | United States       | the United States of America;                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| |                      
| | writing"             | includes printing, typewriting, lithography, photography and any other mode or modes of presenting or reproducing words in a visible form;                                                                                                                                                                                                                                                                                                                                                                                                                               
| |                      
| | "year"                | Gregorian year.                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          

2

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| | (b) | Words
and expressions importing:
| | --- | --------------------------------

| | (i) | the
singular number shall include the plural number and vice versa;
| | --- | -------------------------------------------------------------------

| | (ii) | the
masculine gender shall include the feminine gender and vice versa.
| | ---- | ----------------------------------------------------------------------

| | (c) | References
to an Article by number are to the identified Article of these           Articles.
| | --- | ---------------------------------------------------------------------------------------------

| | (d) | Any
word or expression defined in the Statutes shall, if not otherwise defined
                    herein, bear the same meaning in these Articles as in the Statutes.
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (e) | The
headings in these Articles are inserted for convenience only and shall not
                    be deemed a part hereof nor affect the construction of any provision
hereof.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (f) | References
in these Articles to any statute or regulation shall also be deemed
                    to include a reference to any re-enactment thereof or amendment
thereto, as in                     force from time to time.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (g) | References
in these Articles to a person shall be construed
                    broadly and shall include an individual, firm, company, corporation,
                    governmental entity (including any department or agency thereof),
association or                     partnership (whether or not having separate legal
entity).
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# PUBLIC COMPANY

|3. | The
Company is a Public Company as such term is defined in the Companies           Ordinance.
|-- | ---------------------------------------------------------------------------------------------

# OFFICE

|4. | Subject
to the Statutes, the Office shall be at such place as the Board may from           time
to time designate.
|-- | ------------------------------------------------------------------------------------------------------------------

3

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# SHARE CAPITAL

|5. | The
authorized share capital of the Company is 4,500,000 New Israeli Shekels
          divided into 45,000,000 Shares divided into 44,984,470 Ordinary Shares of a
          nominal value of ten Agorot (NIS 0.10) each and 15,530 Deferred Shares of
a           nominal value of ten Agorot (NIS 0.10) each.
|-- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|6. | Subject
to the Statutes and these Articles and to the terms of any resolution           creating
new shares, the unissued shares from time to time shall be under the           control of
the Board which may, subject as aforesaid, allot the same to such           persons,
against cash, or for such other consideration which is not cash, with           such
restrictions and conditions, in excess of their nominal value, or at their
          nominal value, or at a discount to their nominal value, and at such times as
the           Board shall deem appropriate. Subject as aforesaid, the Board shall have
the           power to cause the Company to grant to any person the option to acquire
from the           Company any unissued shares, and on such terms as the Board shall deem
          appropriate.
|-- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|7. | From
and after the date of the coming into force of the Companies Law, the Board
          shall have the power, to the extent permitted under the Statutes and these
          Articles, to cause the Company to purchase shares of the Company during such
          period, for such consideration and on such terms as the Board shall deem fit.
|-- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|8. | The
Company shall not issue bearer shares or exchange a share certificate for a
          bearer share certificate.
|-- | -------------------------------------------------------------------------------------------------------------------

|9. | Subject
to the Statutes, the Company may pay a commission at a rate not           exceeding ten
percent (10%) of the price at which the shares are issued to any           person in
consideration of his subscribing or agreeing to subscribe (whether           absolutely
or conditionally) for any shares in the Company or procuring or           agreeing to
procure subscriptions (whether absolute or conditional) for any           shares in the
Company.
|-- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|10. | Subject
to the Statutes and these Articles, and without prejudice to any special           rights
previously conferred upon the holders of any existing shares or class of
          shares, the Company may, from time to time in a Special Resolution, create
          shares with such preferential, deferred, qualified or other special rights,
          privileges, restrictions or conditions, whether in regard to dividend, voting,
          return of capital of otherwise as may be stipulated in such Special Resolution.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|11. | The Company shall have the power to issue redeemable shares and redeem the same
          all in accordance with, and subject to, the provisions of the Statutes.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------

|12. | If two or more persons are registered in the Register as joint holders of any
          share, any one of such persons may give effective receipts for any dividends or
          other moneys payable in respect of such share.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|13. | Except as otherwise expressly provided in these Articles, the Company shall be
          entitled to treat the registered holder of any share as the absolute owner
          thereof and, accordingly, shall not, except as required by law or as ordered by
          a court of competent jurisdiction, be bound to recognize (even when having
          notice thereof) any equitable or other claim to, or interest in, such share on
          the part of any other person.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

4

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# SHARE CERTIFICATES

|14. | Every
shareholder shall be entitled, without payment, to receive within two (2)
                    months after allotment of shares or registration of transfer of
shares (unless                     the conditions of issue provide for a longer interval)
one (1) certificate                     representing all the shares of each class
registered in his name, specifying the                     number, class and
distinguishing numbers of the shares in respect of which it is                     issued
and the amount (if less than nominal value) paid thereonand any
                    other detail the Company is required, under the Statutes, to include
in a share                     certificate.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|15. | In
the case of a share registered in the name of two or more persons, the
                    Company shall not be bound to issue more than one certificate to such
persons,                     and delivery of such certificate to any one of them shall be
sufficient delivery                     to all.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|16. | Where
a shareholder has transferred only a part of the shares represented in a
                    certificate, the old certificate shall be cancelled and he shall be
entitled,                     without charge, to a new certificate representing the
balance of his shares.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|17. | (a) | Any two or more certificates representing shares of any one class held by
                    any shareholder may at his request be cancelled and a single new
certificate for                     such shares issued in lieu thereof.
|--- | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) | If
any shareholder shall surrender for cancellation a share certificate
                    representing shares held by him and request the Company to issue in
lieu thereof                     two (2) or more share certificates representing such
shares in such numbers as                     he may specify, the Board, or some other
person authorized by the Board for such                     purposes, may, if it thinks
fit, comply with such request.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c) | The
Company may, in its sole discretion, charge to any shareholder making a
                    request pursuant to paragraphs (a) or (b) of this Article any
out-of-pocket                     expenses incurred by it in complying with such request.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (d) | If
a share certificate is defaced, worn out, destroyed or lost, it may on
                    request be replaced without charge (other than payment of out of
pocket expenses                     incurred by the Company in connection therewith) upon
the furnishing of evidence                     of ownership and such indemnity as the
Board, or some other person authorized by                     the Board for such purpose,
shall require, and (in the case of defacement or                     wearing out) on
delivery to the Company of the old certificates.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (e) | In
the case of shares registered in the Register in the name of two (2) or more
                    persons, any such request mentioned in this Article may be made by
any one of                     such persons.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|18. | A
Registration Company (as such term is defined in the Securities Law 5728-1968)
          shall be entitled, without payment, to receive, within such time as may be
          prescribed under the Statutes or, if not prescribed as aforesaid, within such
          time period as the Board may deem fit, a certificate that specifies the number
          and class of shares, together with any other details the Company is required,
          under the Statutes, for inclusion therein, that are registered in its name in
          the Register.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

5

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|19. | Every
share certificate and certificate referred to in Article 19 shall be           signed by
one Director and countersigned by the Secretary or some other person           authorised
by the Board for such purpose.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# LIEN ON SHARES

|20. | The
Company shall have a first and paramount lien upon every partly paid or           unpaid
share for all moneys owing from a shareholder to the Company, whether           presently
payable or not, payable at a fixed time or on demand in respect of           that share
whether the period for payment has actually arrived or not, and           notwithstanding
that it is the joint debt or liability of the shareholder or his           estate. Such
lien shall apply whether before or after notice is given to the           Company of any
interest or claim of any person other than the holder or holders           of such share.
The Companys lien (if any) on a share shall extend to all           dividends or
other moneys from time to time, payable in respect of such share.           The Board may
waive any lien which has arisen and may resolve that any share           shall be (or be
issued on terms that it is) wholly or partially exempt from the           provisions of
this Article.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|21. | The
Board may cause the Company to sell, in such manner as the Board may think           fit,
any shares subject to a lien, but no sale shall be made until such time as           the
sum in respect of which such lien exists is presently payable and until a
          demand and notice in writing stating the amount due and demanding payment
          thereof and giving notice of intention to sell in default shall have been
served           on such shareholder or the persons (if any) entitled to the shares by
reason of           his death or bankruptcy and default in payment shall have been made
by him or           them for seven (7) days after service of such notice.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|22. | The
net proceeds of any sale of a share subject to any lien, after payment of           any
costs incurred by the Company in connection with such sale, shall be applied           in
or towards satisfaction of the amount due to the Company in respect of such
          share, and any balance shall (subject to a like lien for any amount not
          presently payable as existed upon the shares prior to the sale) be paid to the
          shareholder or the person (if any) entitled by reason of transmission of shares
          on death or bankruptcy to the shares so sold.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|23. | To
give effect to any such sale as aforesaid, the Board may authorise a person           to
transfer the shares sold to, or in accordance with the directions of, the
          purchaser and may enter the transferees name in the Register as holder of
          the shares, and the purchaser shall not be bound to see to the application of
          the purchase money, nor shall his title to the shares be affected by any
          irregularity or invalidity in the proceedings in reference to the sale.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

6

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# CALLS ON SHARES

|24. | Subject
to the provisions of these Articles and to the terms of allotment of the
          shares, the Board may from time to time make such calls on the shareholders in
          respect of all moneys unpaid on their shares (whether on account of the nominal
          amount of the shares or by way of premium or, if the shares shall have been
          issued at a discount to their nominal value, on account of all moneys unpaid on
          such shares) as it may think fit, provided that at least 14 (fourteen)
          days notice is given of each call. Each shareholder shall be liable to
pay           the amount of every call so made on him to the Board. A call may be wholly
or in           part revoked or the time fixed for its payment postponed by the Board. A
person           upon whom a call is made shall remain liable for calls made upon him
          notwithstanding the subsequent transfer of the shares in respect of which the
          call was made. Unless otherwise stipulated by the Board and in the notice given
          in respect of the call each payment in response to a call shall be deemed to
          constitute a pro rata payment on account of all the shares in respect of which
          such call was made.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|25. | A
call shall be deemed to have been made at the time when the resolution of the
          Board authorising such call was passed and may be made payable by installments.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|26. | The
joint holders of a share shall be jointly and severally liable for the           payment
of all calls and installments in respect hereof.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------

|27. | If
a call or installment payable in respect of a share is not paid before or on
          the day appointed for payment thereof, the person from whom the said call or
          installment is due shall pay interest on the amount of the call or installment
          from the day appointed for pay thereof to the time of actual payment at such
          rate (not exceeding the then prevailing rate of interest for unauthorised
          overdrafts as charged by the Bank Hapoalim B.M. or any other leading commercial
          Bank in Israel as the Board may, at its discretion, nominate) as the Board
shall           fix, but the Board may waive payment of such interest wholly or in part.
The           provisions of this Article shall not deprive the Company, or derogate from,
any           other rights or remedies the Company may have against such person pursuant
to           these Articles or law.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|28. | No
shareholder shall be entitled to receive any dividend or other payment or
          distribution or be present or vote at any general meeting either personally or
          (save as proxy for another shareholder) by proxy, or by any other means as may
          be permitted under the Statutes, or be reckoned in a quorum, or to exercise any
          other privilege as a shareholder until he shall have paid all calls for the
time           being due and payable on every share registered in his name, whether
registered           alone or jointly with any other person, together with interest and
expenses, (as           referred to in Article 32(a) thereon).
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|29. | Any
sum which by the terms of issue of a share is made payable upon allotment or           at
any fixed date, whether on account of the nominal value of the share or by           way
of premium, or, if such share shall have been issued at a discount to its
          nominal value, on account of the amount payable in respect of such share, shall
          for all purposes of these Articles be deemed to be a call duly made and payable
          on the date fixed for payment, and in case of non-payment all the relevant
          provisions of these Articles as to payment of interest and expenses, forfeiture
          or otherwise shall apply as if such sum were a call duly made and notified.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|30. | Subject
to the terms of allotment, the Board may make arrangements on the issue           of
shares for a difference between the registered holders thereof in the amounts
          and times of payment of calls.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

7

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|31. | With
the approval of the Board, a shareholder may advance to the Company all or           any
part of the sums due on his shares beyond the sums actually called upon
          thereon, and the Board may approve the payment of interest on such moneys so
          paid in advance or such much thereof as exceeds the amount for the time being
          called up on the shares in respect of which such advance has been made, at such
          rate and times as may be approved by the Board, in addition to the dividend
          payable upon such part of the share in respect of which such advance has been
          made as is actually called up provided that no dividend shall be payable on so
          much of the moneys paid up on a share as exceeds the amount for the time being
          called up thereon. The Board may at any time cause the Company to repay the
          amount so advanced upon at least three (3) months written notice to such
          shareholder of its instruction to do so, unless before the expiration of such
          notice the amount so advanced shall have been called up on the share in respect
          of which it was advanced.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# FORFEITURE OF SHARES

|32. | (a) | If a shareholder fails to pay the whole or any part of any call or
                    installment of a call on or before the day appointed for the payment
thereof,                     the Board may at any time thereafter, during such time as
the call or                     installment or any part thereof remains unpaid, serve a
notice on him or on the                     person entitled to the share by transmission,
requiring payment of such call or                     installment or such part thereof as
remains unpaid, together with interest as                     provided for in accordance
with Article 27 and any expenses incurred by the                     Company by reason of
such non-payment.
|--- | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) | The
notice shall:
| | --- | -----------------

| | (i) | name
a further day (not earlier than the expiration of fourteen (14) days from
               the date of the notice) on or before which such call or installment or
part                thereof and all interest and expenses that have accrued by reason of
such                non-payment are to be paid;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (ii) | name
the place where the payment is to be made; and
| | ---- | ---------------------------------------------------

| | (iii) | state
that, in the event of non-payment at or before the time and at the place
               appointed, the shares in respect of which such call was made or
installment was                due will be liable to be forfeited.
| | ----- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c) | If
the requirements of any such notice as aforesaid are not complied with, any
                    share in respect of which such notice has been given may at any time
thereafter,                     before the payment required by the notice has been made,
be forfeited by a                     resolution of the Board to that effect. A
forfeiture of shares shall include all                     dividends in respect of the
shares not actually paid before the forfeiture,                     notwithstanding that
they shall have been declared.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|33. | When any share has been forfeited in accordance with these Articles, notice of
          the forfeiture shall forthwith be given to the registered holder of the share or
          to the person entitled to the share by transmission, as the case may be, and an
          entry of such notice having been given and of the forfeiture with the date
          thereof shall forthwith be made in the Register in respect of such share; but
          the provisions of this paragraph are directory only, and no forfeiture shall be
          in any manner invalidated by any omission or neglect to give such notice or to
          make such entry as aforesaid.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

8

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|34. | Notwithstanding any such forfeiture as aforesaid, the Board may, at any time
          before the forfeited shares have been otherwise disposed of, annul the
          forfeiture, on the terms of payment of all calls and interest due thereon and
          all expenses incurred in respect of the share and on such further terms (if any)
          as it shall see fit but no such nullification shall stop the Board from adopting
          a further resolution of forfeiture in respect of the non-payment of such
          amounts.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|35. | The Company may, by resolution of the Board, accept a surrender of any share
          liable to be forfeited hereunder. A surrendered share shall be treated as if it
          has been forfeited.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|36. | Subject to the provisions of the Statutes, every share which shall be forfeited
          or surrendered shall thereupon become the property of the Company and may be
          sold, re-allotted or otherwise disposed of either to the person who was before
          forfeiture or surrender the holder thereof or entitled thereto or to any other
          person on such terms and in such manner as the Board shall think fit, and the
          Board may, if necessary, authorise a person to transfer the same to such other
          person as aforesaid.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|37. | A person whose shares have been forfeited or surrendered shall cease to be a
          shareholder in respect of them but shall notwithstanding the forfeiture or
          surrender remain liable to pay to the Company all calls made and not paid on
          such shares at the time of forfeiture or surrender, and interest thereon to the
          date of payment in the same manner in all respects as if the shares had not been
          forfeited or surrendered, and to satisfy all (if any) claims and demands which
          the Company might have enforced in respect of the shares at the time of
          forfeiture or surrender without any reduction or allowance for the value of the
          shares at the time of forfeiture. In the event of any such forfeiture or
          surrender, the Company, by resolution of the Board, may accelerate the date(s)
          of payment of any or all amounts then owing to the Company by the shareholder in
          question (but not yet due) in respect of shares, whether registered in his name
          or registered jointly with any other person forfeited or surrendered as
          aforesaid.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|38. | The forfeiture or surrender of a share shall involve the extinction at the time
          of forfeiture or surrender of all interest in and all claims and demands against
          the Company in respect of the share as between the shareholder whose share is
          forfeited or surrendered and the Company, except only such of those rights and
          liabilities as are by these Articles expressly saved, or as are by the Statutes
          given or imposed in the case of past shareholders.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|39. | A declaration that the declarant is a Director or Secretary of the Company and
          that a share has been duly forfeited or surrendered pursuant to these Articles,
          and stating the date on which it was forfeited or surrendered, shall, as against
          all persons claiming to be entitled to the share adversely to the forfeiture or
          surrendered thereof, be conclusive evidence of the facts therein stated and such
          declaration, together with the receipt of the Company for the consideration (if
          any) given for the share on the sale or disposition thereof and a certificate of
          proprietorship of the share delivered to the person to whom the same is sold or
          disposed of, shall constitute a good title to the share. Subject to the
          execution of any necessary transfer document, such person shall be registered as
          the holder of the share and shall be discharged from all calls made prior to
          such sale or disposition and shall not be bound to see to the application of the
          purchase money or other consideration (if any), nor shall his title to the share
          be affected by any act, omission or irregularity relating to or connected with
          the proceedings in reference to the forfeiture or surrender, sale, re-allotment
          or disposal of the share.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

9

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# TRANSFER OF SHARES

|40. | Subject to applicable restrictions contained in these Articles, any shareholder
          may transfer all or any of his shares by instrument in writing in any usual or
          common form signed by the transferor and, in the case of a partly paid share,
          the transferee, or in such other form as the Board shall from time to time
          approve. The transferor shall be deemed to remain the holder of the share until
          the name of the transferee is entered in the Register in respect thereof.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|41. | The instrument of transfer of a share must be delivered to the Office, or such
          other place that the Board shall from time to time approve, accompanied by the
          certificate for the shares to be transferred and/or such other evidence (if any)
          as the Board, or some other person authorised by the Board for such purpose, may
          require to prove the title of the intending transferor.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|42. | Every instrument of transfer of a share must be in respect of only one class of
          share.
|--- | ------------------------------------------------------------------------------------------------

|43. | Subject to Article 48, all instruments of transfer which shall be registered in
          the Register shall (except in case of fraud) be retained by the Company, but any
          instrument of transfer which the Board may refuse to register in the Register
          shall (except in case of fraud) be returned to the party presenting the same.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|44. | The Board may, in its absolute discretion, refuse to register a transfer of any
          share which is not fully paid up.
|--- | ---------------------------------------------------------------------------------------------------------------------------

|45. | Intentionally Omitted.
|--- | ----------------------

|46. | No fee shall be charged:
|--- | ------------------------

| | (i) | for
registration of a transfer; or
| | --- | ----------------------------------

| | (ii) | on
the registration of any probate, letters of administration, certificate of
                    death or marriage, power of attorney, notice or other instrument
relating to or                     affecting the title to any shares.
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|47. | The Company shall maintain a Register and, if applicable, a register of
          Substantial Shareholders as required by the Statutes. Subject to and in
          accordance with the provisions of the Statutes, the Company may cause to be kept
          in any other country, a branch register or registers of shareholders resident in
          such other country, and to exercise all the other powers mentioned in the
          Statutes relating to such branch registers.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

10

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|48. | The Company shall be entitled to destroy: (a) all instruments of transfer of
          shares and all other documents on the face of which entries are made in the
          Register at any time after the expiration of six (6) years from the date of
          registration of the same; (b) all dividend mandates and notifications of change
          of name or address at any time after the expiration of two (2) years from the
          date of recording; and (c) all share certificates which have been cancelled at
          any time after the expiration of one (1) year from the date of cancellation. If
          the Company destroys a document in good faith and without notice of any claim
          (regardless of the parties) to which the document might be relevant, it shall
          conclusively be presumed in favour of the Company that every instrument of
          transfer so destroyed was a valid and effective instrument duly and properly
          registered, every share certificate so destroyed was a valid and effective
          document duly and properly cancelled and every other document mentioned above so
          destroyed was a valid and effective document in accordance with the recorded
          particulars in the books or records of the Company. Nothing in this Article
          shall be construed as imposing upon the Company any liability in respect of the
          destruction of any document at an earlier date than that provided above or if
          the condition as to good faith and absence of notice is not met. References in
          this Article to the destruction of any document include references to its
          disposal in any manner.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# TRANSMISSION OF SHARES

|49. | In the case of the death of a shareholder, the survivor or survivors, where the
          deceased was a joint holder, and where he was a sole or only surviving holder,
          the executors or administrators of the deceased, or failing executors or
          administrators, the heirs declared by a court of competent jurisdiction to be
          entitled to such shares of the deceased, shall be the only persons recognised by
          the Company as having any title to his shares, but nothing herein contained
          shall release the estate of a deceased holder (whether sole or joint) from any
          liability in respect of any share solely or jointly held by him.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|50. | Subject to the provisions of these Articles, any person becoming entitled to a
          share in consequence of the death or bankruptcy of a shareholder may, on such
          evidence as to his title being produced as the Board may require, elect either
          to be registered himself as holder of the share or to have some person nominated
          by him registered as the transferee thereof.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|51. | If the person so becoming entitled shall elect to be registered himself, he
          shall deliver or send to the Company a notice in writing signed by him stating
          that he so elects. If he shall elect to have another person registered, he shall
          testify his election by executing a transfer of such share to such person. All
          the provisions of these Articles relating to the right to transfer and the
          registration of transfers of shares shall be applicable to any such notice or
          transfer as aforesaid as if the death or bankruptcy of the shareholder had not
          occurred and the notice or transfer were a transfer executed by such
          shareholder.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

11

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|52. | A person entitled to a share in consequence of the death or bankruptcy of a
          shareholder shall be entitled to receive, and may give a discharge for, any
          dividends or other moneys payable in respect of the share, but he shall not be
          entitled in respect of it to receive notices of, or to attend or vote at
          meetings of the Company, or, save as aforesaid, to exercise any of the rights or
          privileges of a shareholder unless and until he shall become a shareholder in
          respect of the share.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# ALTERATION OF CAPITAL

|53. | (a) | The Company may, from time to time, by Special Resolution subject to           Article 56:
|--- | --- | ------------------------------------------------------------------------------------------

| | (i) | consolidate
and divide all or any of its issued or unissued share capital into                shares
of larger nominal value than its existing shares;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------

| | (ii) | cancel
any shares which at the date of the adoption of such Special Resolution
               have not been taken or agreed to be taken by any person, and diminish the
amount                of its share capital by the amount of the shares so cancelled;
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (iii) | subject
to the Statutes, subdivide its shares (issued or outstanding) or any of
               them, into shares of smaller nominal value than is fixed by the Memorandum
of                Association, and the resolution whereby any share is subdivided may
determine                that, as among the holders of the shares resulting form such
subdivision, one or                more of the shares may, as compared with the others,
have special rights, or be                subject to any such restrictions, as the
Company has power to attach to unissued                or new shares;
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (iv) | reduce
its share capital and any capital redemption reserve fund in any way that
               may be considered expedient and, in particular, exercise any or all of the
               powers conferred under the Statutes in relation to such reduction of share
               capital or capital redemption reserve.
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) | Upon
any consolidation or subdivision of shares, the Board may settle any
                    difficulty which may arise with regard thereto, as it deems fit,
including (but                     without prejudice to the generality of the foregoing),
in the event of a                     consolidation or any action which may result in
fractional shares:
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (i) | allotting,
in contemplation of, or such subsequent to, such consolidation or                other
action, such shares or fractional shares sufficient to preclude or remove
               fractional shareholdings;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (ii) | making
such arrangements for the sale or transfer of the fractional shares to
               such person or persons at such times and at such price as the Board thinks
fit                so as to most expeditiously preclude or remove any fractional
shareholdings. The                Board shall cause the Company to distribute the net
proceeds of sale in due                proportion among the shareholders who would have
been entitled to the fractional                shares sold or transferred as aforesaid.
For the purpose of giving effect to a                sale, the Board is authorised to
appoint some person to transfer such fractions                sold to the purchaser and
to receive the purchase price therefor. The name of                the purchaser of such
share or fractions shall, upon presentation of the                instrument of transfer,
be entered in the Register as the holder thereof and                such purchaser shall
not be bound to see to the application of the purchase                money and the title
of the purchaser shall not be affected by an irregularity                in, or
invalidity of the proceedings relating to, such sale;
| | ---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

12

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| | (iii) | to
the extent as may be permitted under the Statutes redeem or purchase such
               fractional shares sufficient to preclude and remove such fractional
shareholding                and the Board shall cause the Company to distribute the net
proceeds payable in                connection with such redemption or purchase in due
proportion among the                shareholders who would have been entitled to such
fractional shares.
| | ----- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (iv) | determining,
as to the holders of shares so consolidated, which issued shares                shall be
consolidated into each share of a larger nominal value.
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------

# INCREASE OF CAPITAL

|54. | The Company may from time to time, Special Resolution, whether or not all the
          shares then authorised have been issued, and whether or not all the shares
          theretofore issued have been fully called up for payment, increase its share
          capital by the creation of new shares, such new capital to be of such amount and
          to be divided into shares of such respective amounts and (subject to any special
          rights for the time being attached to any existing class of shares) to carry
          such preferential, deferred or other special rights (if any) or to be subject to
          such conditions or restrictions (if any) in regard to dividend, return of
          capital, voting or otherwise as such Special Resolutionshall provide.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|55. | Except so far as otherwise provided in such Special Resolutionor
          pursuant to these Articles, the Special Resolution creating the new shares, or
          by the conditions of issue thereof, any new share capital shall be considered as
          part of the original ordinary share capital of the Company, and shall be subject
          to all the provisions applicable to such original ordinary share capital.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# VARIATION OF CLASS
RIGHTS

|56. | If at any time the share capital is divided into different classes of shares,
          the rights attached to any class (unless otherwise provided by the terms of
          issue of the shares of that class) may be varied with the sanction of a Special
          Resolutionpassed at a separate general meeting of the holders of the
          shares of that class. The provisions of these Articles relating to general
          meetings shall mutatis mutandis apply to every such separate general
          meeting, save that the necessary quorum shall be not less than two (2)
          shareholders present in person, or by proxy, or deemed, by the Statutes, to be
          present at such meeting, holding at least thirty-three and one-third percent
          (33(1)/3%) of the voting rights of the issued shares of
          the class
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

13

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|57. | Unless otherwise provided by these Articles, the enlargement of an authorised
          class of shares, or the issuance of additional shares thereof out of the
          authorised and unissued share capital, shall not be deemed, for the purposes of
          Article 56 to vary, modify or abrogate the rights attached to previously issued
          shares of such class or of any other class of shares.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# GENERAL MEETINGS

|58. | (a) | General meetings shall be held at least once in every calendar year at such
                    time, being not more than fifteen (15) months after the last
preceding general                     meeting, and at such place as may be determined by
the Board. Such general                     meetings shall be called Annual
General Meetings and all                     other general meetings of the
Company shall be called Extraordinary                     General Meetings.
Subject to the Statutes, meetings of the Company may                     be held within
or outside Israel.
|--- | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) | The
Board may, whenever it thinks fit, and it shall, within twenty-one (21) days
                    after receiving a requisition in writing by shareholders or
directors, as                     provided in the Statutes, convene an Extraordinary
General Meeting. Any such                     requisition must state the objectives for
which the meeting is to be called, be                     signed by the requisitioners,
and deposited at the Office. Such requisition may                     consist of several
documents in like form, each signed by one (1) or more
                    requisitioners. If the Board does not within twenty-one (21) days
from the date                     of the deposit of such requisition proceed to convene a
meeting, the                     requisitioners, or any of them representing more than
fifty percent (50%) of the                     total voting rights of all the
requisitioners, may themselves convene the                     meeting, but any meeting
so convened shall not be held after three (3) months                     from the date on
which the requisition was deposited, as aforesaid, at the                     Office.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|59. | At least twenty-one (21) days notice of a general meeting, specifying the
          place, the day and the hour of the meeting, shall be given in the manner
          hereinafter mentioned to such shareholders, as are under the provisions of these
          Articles, and such persons, as are under the Statutes, entitled to receive
          notices from the Company, provided that the accidental omission to give such
          notice to, or the non-receipt of such notice by, any such shareholder or person
          shall not invalidate any resolution passed or proceeding held at any such
          meeting, and, with the consent of all the shareholders for the time being
          entitled to receive notices of meetings, a meeting may be convened upon a
          shorter notice or without notice and generally in such manner as such
          shareholders may approve. A waiver or consent as aforesaid may be validly given
          in writing retrospectively even after the date of the meeting.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|60. | Notice of a general meeting shall include:
|--- | ------------------------------------------

| | (a) | the
agenda for such meeting. The contents of such agenda shall be determined by
                    the Secretary according to the Board instructions but shall include
the                     following:
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

14

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| | (i) | if
such meeting is being held pursuant to a requisition of shareholders or
               Directors in the manner as provided by the Statutes, particulars of the
               objectives for which such meeting has been called as aforesaid;
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (ii) | any
subject as may be requested for inclusion in the manner referred to in
               Article 61;
| | ---- | -----------------------------------------------------------------------------------------------------

| | (iii) | any
other particulars as may be required under the Statutes.
| | ----- | ------------------------------------------------------------

| | (b) | the
text of any resolution which is proposed to be put and voted upon at such
                    meeting, unless the Statutes permit a general description of the
text; and
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c) | any
other matter as so required, under the Statutes, for inclusion in any such
          notice.
| | --- | ------------------------------------------------------------------------------------------------

|61. | Any shareholder or shareholders of the Company that holds, at least, one percent
          (1%)of the voting rights in the issued share capital of the Company may,
          as provided by the Statutes, request that the Board includes a subject in the
          agenda of a general meeting to be held in the future. Any such request must be
          in writing, give particulars of the subject which is requested to be included in
          such agenda, be signed by the shareholder or shareholders making such request
          and must be deposited at the Office and addressed to the Board.The Board
          will include, in the agenda for a general meeting, a subject, requested as
          aforesaid, if the Board deems that such subject is suitable for discussion at a
          general meeting.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|62. | Subject to the Statutes, all general meetings shall be held at such time and
          place as the Board may determine. The Board may, in its absolute discretion,
          resolve to enable persons entitled to attend a general meeting to do so by
          simultaneous attendance and participation at the principal meeting place and a
          satellite meeting place or places anywhere in the world and the shareholders
          present in person, by proxy or by written ballot at satellite meeting places
          shall be counted in the quorum for and entitled to vote at the general meeting
          in question, and that meeting shall be duly constituted and its proceedings
          valid provided that the Chairman of the general meeting is satisfied that
          adequate facilities are available throughout the general meeting to ensure that
          shareholders attending at all the meeting place are able to:
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (i) | participate
in the business for which the meeting has been convened;
| | --- | --------------------------------------------------------------------

| | (ii) | hear
all persons who speak (whether by the use of microphones, loudspeakers,
                    audio-visual communications equipment or otherwise) in the principal
meeting                     place and any satellite meeting place, and
| | ---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (iii) | be
heard by all other persons so present in the same way.
| | ----- | ---------------------------------------------------------

| | The
Chairman of the general meeting shall be present at, and the meeting shall be deemed to
take place at, the principal meeting place.
| | ---------------------------------------------------------------------------------------------------------------------------------------

15

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# PROCEEDINGS AT GENERAL
MEETINGS

|63. | (a) | No business shall be transacted at any general meeting unless a quorum is
                    present when the meeting proceeds to business. For all purposes the
quorum shall                     not be less than two (2) shareholders present in person,
or by proxy, or deemed,                     by the Statutes, to be present at such
meeting, holding, in the aggregate, at                     least, thirty-three and
one-third percent (33 1/3%) of the voting rights in the                     issued share
capital of the Company.
|--- | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) | If
within half an hour (or within such longer time not exceeding one (1) hour as
                    the Chairman of the meeting may decide) from the time appointed for
the holding                     of a general meeting a quorum is not present, the meeting
shall stand adjourned                     to the same day in the next week at the same
time and place (unless such day                     shall fall on a public holiday either
in Israel or the United States, in which                     case the meeting will be
adjourned to the first day, not being a Friday,                     Saturday or Sunday,
which follows such public holiday). If at such adjourned                     meeting a
quorum is not present within one-half an hour from the time appointed
                    for holding the meeting, the shareholders present, in person, by
proxy or by                     written ballot or deemed, pursuant to the Statutes, to be
present, shall be a                     quorum save that if the general meeting was
convened upon requisition of the                     shareholders or Directors, as
provided by the Statutes, a quorum at such                     adjourned meeting shall be
not less than two (2) shareholders present, in                     person, or by proxy,
or deemed, pursuant to the Statutes, to be present,                     holding, at
least, the minimum percentage of the issued share capital, or voting
                    rights of the issued share capital, of the Company that would
entitle, under the                     Statutes, such shareholders to requisition an
Extraordinary General Meeting.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|64. | The
Chairman (if any) of the Board shall preside at every general meeting of the
                    Company. If there be no such Chairman or if at any meeting he shall
not be                     present within fifteen (15) minutes after the time appointed
for holding the                     same, or shall be unwilling to act as Chairman, the
Deputy Chairman (if any)                     shall if present and willing to act preside
at such meeting but if the Chairman                     and Deputy Chairman shall not be
so present and willing to act the Directors                     present shall choose one
of their number to act, or if there is only one                     Director present he
shall be Chairman if willing to act. If there is no Director                     present
and willing to act, the shareholders present and entitled to vote shall
                    choose one of their number to be Chairman of the meeting. The
Chairman of any                     general meeting shall not, by virtue of such office,
be entitled to vote at any                     general meeting nor shall the Chairman
have a second or casting vote (without                     derogation, however from the
rights of such Chairman to vote as a shareholder or                     proxy of a
shareholder if, in fact, he is also a shareholder or a duly appointed
                    proxy).
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|65. | (a) | The Chairman may, with the consent of any general meeting at which a quorum
                    is present, and shall, if so directed by the meeting, adjourn any
meeting from                     time to time and from place to place as the meeting
shall determine. The                     Chairman of the meeting may, at his sole
discretion and without the requirement                     for the consent of the
meeting, adjourn or otherwise make alternative                     appropriate
arrangements for any general meeting at which in his opinion the
                    venue arrangements cannot cater in an orderly fashion so as to enable
the                     shareholders present adequately to hear, speak and vote on the
matters before                     the meeting. Without prejudice to the generality of
the foregoing, the Chairman                     of the meeting may in such circumstances
direct that the meeting be held                     simultaneously in two or more venues
connected for the duration of the meeting                     by audio or audio-visual
links or in two or more consecutive sessions with the                     votes taken
being aggregated or that it be adjourned to a later time on the same
                    day or a later date at the same or any other venue.
|--- | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

16

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| | (b) | Whenever
a meeting is adjourned for twenty-one (21) days or more, notice of the
                    adjourned meeting shall be given in the same manner as in the case of
an                     original meeting. Save as aforesaid, no shareholder shall be
entitled to any                     notice of an adjournment or of the business to be
transacted at any adjourned                     meeting.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c) | 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.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|66. | (a) | (a)
Subject to these Articles and the Statutes a resolution of the Company in a
                    general meeting shall be deemed adopted if passed as an Ordinary
Resolution.                     Every vote at a general meeting shall be conducted
according to the number of                     votes to which each shareholder is
entitled on the basis of the number of shares                     held by him which
confer on him a right to vote at a general meeting.
|--- | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) | At
any general meeting, a resolution, in respect of any business, put to vote of
                    the meeting shall be decided on a poll and such poll shall be held in
such                     manner, at such time and at such place as the Chairman of the
general meeting                     directs (including the use of ballot or voting papers
or tickets), whether                     immediately or after an interval or
postponement, or in any other way, and the                     results of the poll shall
be deemed to be the resolution at the general meeting                     for which such
poll was taken. The holding of a poll shall not prevent the                     continued
business of the general meeting.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (d) | A
resolution in writing signed by all shareholders of the Company then entitled
                    to attend and vote at general meetings or to which all such
shareholders have                     given their written consent (by letter, facsimile
telecopier, telegram, telex,                     e-mail or otherwise), or their oral
consent by telephone (provided that a                     written summary thereof has
been approved and signed by the Chairman) shall be                     deemed to have
been unanimously adopted by a general meeting duly commenced and
                    held.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|67. | A declaration by the Chairman of the meeting that a resolution has been carried,
          or has been carried unanimously or by a particular majority, lost, or not
          carried by a particular majority shall be conclusive and entry to that effect in
          the minute book of the Company shall be conclusive evidence thereof, without
          proof of the number or proportion of the votes recorded in favour of or against
          such resolution. Without derogating from the generality of the foregoing, if:
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

17

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| | (a) | any
objection shall be raised to the qualification of any voter; or
| | --- | -------------------------------------------------------------------

| | (b) | any
votes have been counted which ought not to have been counted or which might
                    have been rejected; or
| | --- | --------------------------------------------------------------------------------------------------------------------------

| | (c) | any
votes are not counted which ought to have been counted,
| | --- | -----------------------------------------------------------

| | the
objection or error shall not vitiate the decision of the meeting or adjourned meeting on
any resolution unless it is raised or pointed out at the meeting or, as the case may be,
the adjourned meeting at which the vote objected to is given or tendered or at which the
error occurs. Any objection or error shall be referred to the Chairman of the meeting; and
shall only vitiate the decision of the meeting on any resolution if the Chairman decides
that it may have affected the decision of the meeting. The decision of the Chairman on
such matters shall be final and conclusive.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# VOTES OF SHAREHOLDERS

|68. | Subject to any rights or restrictions for the time being attached to any class
          or classes of shares and to these Articles, every shareholder who is present, in
          person, by proxy, or by written ballot or is deemed under the Statutes to be
          present shall be entitled to have one vote for each share of which he is the
          holder.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|69. | A shareholder in respect of whom an order has been made by any court having
          jurisdiction in matters concerning mental disorder may vote in person, by proxy
          or by written ballot, by the person authorised by such court or by law to act on
          such shareholders behalf, provided that such evidence as the Board, or
          some other person who may be authorized by the Board for such purpose, may
          require of the authority of the person claiming to vote shall have been
          deposited at the Office, or at such other place as is specified in accordance
          with these Articles for the lodgment of instruments of proxy, not less than
          forty-eight (48) hours before the time appointed for holding the meeting or
          adjourned meeting.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|70. | If two (2) or more persons are registered as the holder of a share, then in
          voting on any question the vote of the senior who tenders the vote, whether in
          person, by proxy, or by written ballot or by any other means that the Statutes
          expressly prescribe, 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.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|71. | No shareholder shall, unless the Board otherwise determines, be entitled in
          respect of any share held by that shareholder, to vote at any general meeting,
          personally or by proxy or by any other lawful means, or at any separate meeting
          of the holders of any class of shares, or to exercise any other right conferred
          by virtue of being a shareholder in relation to any such meeting if any call or
          other sum presently payable by the shareholder in respect of that share remains
          unpaid.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

18

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|72. | Votes may be given personally, by proxy, by ballot (in accordance with the
          Companies Law) or by any other manner that the Company is required, under the
          Statutes, to recognise and a shareholder entitled to more than one vote need not
          use all his votes or cast all the votes he uses in the same way. Any person
          (whether a shareholder of the Company or not) may be appointed to act as a
          proxy.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|73. | An instrument appointing a proxy:
|--- | ---------------------------------

| | (i) | shall:
| | --- | ------

| | (a) | be
in writing under the hand of the appointer or of his attorney duly authorised
               in writing, or if such appointor is a corporation, either under its seal
or                under the hand of some officer or attorney duly authorised in that
behalf;
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) | be
deemed to include the power to vote on any amendment of a resolution put to
               the meeting for which it is given as the proxy thinks fit; and
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c) | unless
the contrary is stated therein, be valid as well for any adjournment of
               the meeting as for the meeting to which it relates;
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------

| | (ii) | whether
for a specified meeting or otherwise, shall be in the following form or
                    as near thereto as circumstances will admit or in such other form as
the Board                     may approve:
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | I,
___________, of _________________ and entitled to ______ votes hereby appoint ___________
of __________________________ and failing him _______________________ of
_____________________ to vote for me and on my behalf at the (Annual, Extraordinary or
adjourned, as the case may be) general meeting of the Company to be held on the ________
day of ____________ and at every adjournment thereof. AS WITNESS my hand
this _______ day of ___________.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|74. | (a) | The instrument appointing a proxy and the power of attorney or other
                    authority (if any) under which it is signed, or a notarially
certified copy of                     such power or authority shall be deposited at the
Office, or at such other                     place, whether in Israel or elsewhere, as
the Board may from time to time either                     generally or in a particular
case or class of cases prescribe, not less than                     forty-eight (48)
hours before the time appointed for holding the meeting or                     adjourned
meeting at which the person named in the instrument proposes to vote,
                    and in default the instrument of proxy shall be invalid. No
instrument                     appointing a proxy shall be valid after the expiration of
twelve (12) months                     from the date stated in it as the date of its
execution, except at an adjourned                     meeting where the meeting was
originally held within twelve (12) months from                     such date. Where valid
but differing instruments of proxy or other instrument                     which the
Company is required, under the Statutes, to recognise in relation to
                    the exercise of the voting rights in respect of a share, are
delivered in                     respect of the same share for use at the same meeting,
the instrument which is                     delivered last (regardless of its date or of
the date of its execution) shall be                     treated as replacing and revoking
the others as regards that share; if the                     Board, or some other person
as may be authorised by the Board for such purpose,                     is unable to
determine which was the last delivered, none of them shall be                     treated
as valid in respect of that share. Delivery of an instrument appointing
                    a proxy or any other instrument, as aforesaid, shall not preclude a
shareholder                     from attending and voting in person at the meeting.
|--- | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

19

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| | (b) | The
Board may cause the Company to send, by post or otherwise, instruments of
                    proxy to shareholders for use at any general meeting.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------

|75. | A vote given in accordance with the terms of an instrument of proxy or by the
          duly authorised representative of a corporation shall be valid notwithstanding
          the death or mental disorder of the principal or the revocation of the
          instrument of proxy, or the determination of the authority of the person voting,
          or of the authority under which the instrument of proxy was executed, or the
          transfer of the share in respect of which the instrument of proxy is given,
          unless notice in writing of such death, mental disorder determination,
          revocation or transfer shall have been received by the Company at the office, or
          at such other place as is referred to in Article 73, at least twenty-four (24)
          hours [before the commencement of the meeting or adjourned meeting.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# CORPORATIONS ACTING BY
REPRESENTATIVES

|76. | Any corporation which is a shareholder of the Company may, by resolution of its
          directors or other governing body, authorise such person as it thinks fit to act
          as its representative at any meeting of the Company, or at any meeting of any
          class of shareholders of the Company, and the person so authorised shall be
          entitled to exercise the same powers on behalf of the corporation which he
          represents as that corporation could exercise if it were an individual
          shareholder of the Company.
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# DIRECTORS

|77. | Unless otherwise determined by an ordinary resolution, the number of Directors
          shall be not less than five (5) and not more than nine (9) as may be determined
          by Ordinary Resolution of the Company
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|78. | Subject to the Statutes, no person shall be disqualified to serve as a Director
          by reason of his not holding shares in the Company or by reason of his having
          served as a Director in the past.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|79. | Subject to the Statutes, the remuneration of a Director shall be such sum (if
          any) as shall from time to time be approved by the Company in general meeting.
          The Directors and their alternates shall be entitled to be repaid all reasonable
          travelling, hotel and other expenses incurred by them arising from their
          travelling to and from Board meetings or meetings of any committee of the Board.
          If by any arrangement, approved by the Board, any Director shall perform or
          render any special duties or services outside his ordinary duties as a Director,
          the Board may cause the Company to pay him special remuneration, in addition to
          his ordinary remuneration, and such special remuneration may be by way of
          salary, commission, participation in profits, or otherwise as may be arranged,
          all subject to the provisions of the Statutes with regard to all such matters.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

20

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|80. | The
office of a Director shall be vacated, ipso facto:
|--- | ------------------------------------------------------

| | (a) | if
he becomes bankrupt or suspends payment or colludes or compounds with his
          creditors;
| | --- | -------------------------------------------------------------------------------------------------

| | (b) | if
he be declared legally incompetent;
| | --- | --------------------------------------

| | (c) | if
by notice in writing given to the Company he resigns his office;
| | --- | -------------------------------------------------------------------

| | (d) | if
he is removed from office by an ordinary resolution of the general meeting of
                    the Company;
| | --- | -----------------------------------------------------------------------------------------------------------------

| | (e) | if,
under the Statutes, he is required to resign his office; or
| | --- | ---------------------------------------------------------------

| | (f) | upon
his death.
| | --- | ---------------

|81. | Subject to the provisions of the Statutes, no Director shall be disqualified by
          virtue of his office from holding any office or place of profit in the Company
          or in any company in which the Company shall be a shareholder or otherwise
          interested, or from contracting with the Company as vendor, purchaser or
          otherwise, nor shall any such contract, or any contract or arrangement entered
          into by or on behalf of the Company in which any Director shall be in any way
          interested be avoided, nor, other than as required by the Statutes, shall any
          Director be liable to account to the Company for any profit arising from any
          such office or place of profit or realised by any such contract or arrangement
          by reason only of such Directors holding that office or of the fiduciary
          relations thereby established, but the nature of his interest, as well as any
          material fact or document, must be disclosed by him at the meeting of the Board
          at which the contract or arrangement is first considered, if his interest then
          exists, or, in any other case, at no later than the first meeting of the Board
          after the acquisition of his interest.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|82. | As from the coming into force of the Companies Law and otherwise subject to the
          provisions of the Statutes, the entering into of a transaction by the Company
          with an Office Holder or a third party in which an Office Holder has a personal
          interest (as more fully described in Section 270(1) of the Companies Law), which
          is not an extraordinary transaction shall, if such Office Holder is
          a Director or the General Manager, be approved in such manner as may be
          prescribed by the Board, from time to time, and in the absence of thereof, will
          require the approval of the Board. If such Office Holder is not a Director, then
          such transaction shall be approved in such manner as may be prescribed by the
          General Manager from time to time and in the absence of any such determination,
          with the approval of the General Manager, according to guidelines from the Board
          of Directors..
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

21

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# POWERS AND DUTIES OF
DIRECTORS

|83. | The business of the Company shall be managed by the Board, which may exercise
          all such powers of the Company and perform on behalf of the Company all such
          acts as may be exercised and performed by the Company as are not by the Statutes
          or by these Articles required to be exercised or done by the Company in general
          meeting or (if the Company is under an obligation, under the Statutes, to
          appoint a General Manager), the General Manager, subject nevertheless to the
          provisions of the Statutes and of these Articles and to such regulations (not
          being inconsistent with such aforesaid provisions) as may be prescribed by the
          Company in general meeting, but no regulation made by the Company in general
          meeting shall invalidate any prior act of the Board which would have been valid
          if such regulation had not been made. The general powers given by this Article
          shall not be limited or restricted by any special authority or power given to
          the Board by any other Article.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|84. | Subject to the provisions of these Articles and the Statues, the Board may at
          any time and from time to time, by power of attorney or otherwise, appoint any
          person to be the attorney or attorneys of the Company for such purposes and with
          such powers, authorities and discretions (not exceeding those vested in or
          exercisable by the Board under these Articles) and for such period and subject
          to such conditions as it may think fit, and any such power of attorney may
          contain such provisions for the protection and convenience of persons dealing
          with any such attorney as the Board may think fit, and may also authorise any
          such attorney to sub-delegate all or any of the powers, authorities and
          discretions vested in him.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|85. | The Directors may act as a Board at any time notwithstanding any vacancy in
          their body provided always that in case the Directors shall at any time be
          reduced in number to less than the minimum number prescribed by or in accordance
          with these Articles it shall be lawful for them to act as a Board for the
          purpose of filling any vacancies in their body or for summoning a general
          meeting of the Company, but not for any other purpose.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# BORROWING POWERS

|86. | Subject to the Statutes and these Articles, the Board may cause the Company to
          borrow money and to mortgage or charge its undertaking, property and assets
          (present or future) and uncalled capital or any part thereof and issue
          debentures and other securities, whether outright or as collateral security for
          any debt, liability or obligation of the Company or of any third party.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

22

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# ELECTION OR REMOVAL OF
DIRECTORS

|87. | (a) | Directors (other than External Directors referred to in paragraph (c) of
               this Article 87) shall be elected at the Annual General Meeting by an
Ordinary                Resolution. The Directors, other than External Directors, shall
be divided into                three (3) classes, each consisting of approximately
one-third of the                non-External Directors, provided, however, that subject
to the statutes, one                vacancy at any given time in one of the three
aforesaid classes shall be                permitted. The three classes are to be
designated Class A, Class B, and Class C                and shall initially consist of
one director, one director and two directors,                respectively. The term of
office of the director in Class A shall expire at the                end of the first
Annual General Meeting after his or her initial election; the                term of
office of the director in Class B shall expire at the end of the second
               Annual General Meeting after his or her initial election; and the term of
office                of the directors in Class C shall expire at the end of the third
Annual General                Meeting after their initial election. At each Annual
General Meeting after the                initial classification of the Board, the class
of directors whose term expires                at the time of such election shall be
elected to hold office until the third                succeeding Annual General Meeting.
Each director shall hold office until the end                of the Annual General
Meeting at which his or her term ends, or until his or her                office is
vacated pursuant to these Articles or the Companies Law, in which                event
his or her successor may be appointed by the shareholders of the company
               for a term ending on the scheduled end date for the service of such
director.                The General Meeting is not entitled to remove from office any
director, other                than an External Director, prior to the end of the Annual
General Meeting at                which his or her term ends.
|--- | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) | Except
for Directors whose term of office expires pursuant to Article 87(a)           (including
any Director appointed in the circumstances set out in this           Article 87),
no person shall be nominated for the office of a Director at           an Annual General
Meeting unless, not less than seven (7) days and not more than           forty-two (42)
days prior to the date set for such meeting, a notice signed by a           shareholder
entitled to participate and also present at the meeting with respect           to which
notice was given, indicating his intention of proposing a candidate to           the
office of a Director and accompanied with the written consent thereto of           such
candidate of his willingness to be appointed as a Director, was delivered           to
the Office.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c) | To
the extent required under the Statutes, as construed by the appropriate
                    courts, the Company shall appoint or arrange the election of at least
two (2)                     persons as Public or, as required as aforesaid, Outside
Directors. The                     appointment or election and removal of such Directors
shall be made in                     accordance with the Statutes. The provisions of
Articles 87(a) and (b) shall not                     apply to a Director who is a Public
Director.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (d) | Notwithstanding
the provisions of paragraphs (b) and (c) of this Article, no                     person
shall be nominated or appointed to the office of a Director if such
                    person is disqualified, under the Statutes, from being appointed as a
Director.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|88. | The Board may at any time appoint any other person as a Director, whether to
          fill a vacancy or whether in addition to those of their body but so that the
          total number of Directors shall not at any time exceed any maximum number (if
          any) fixed by or in accordance with these Articles. Any Director so appointed
          shall hold office until the first Annual General Meeting convened after such
          appointment and shall be eligible for re-election at such Annual General
          Meeting.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

23

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# ALTERNATE DIRECTORS

|89. | (a) | A Director may, by written notice to the Company given in the manner set
                    forth in Article 87(b), appoint any individual who is qualified to
serve as a                     Director, to act as alternate Director at meetings of the
Board in his place                     during his absence (and, at his discretion, to
revoke such nomination) provided                     that such individual is not a
Director or is a person acting as an alternate                     Director for any other
Director.
|--- | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) | Any
appointment or removal of an alternate Director shall be effected by an
                    instrument in writing delivered at the Office and signed by the
appointor or by                     such other method as may be approved by the Board.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c) | An
alternate Director shall be entitled to receive notice of meetings of the
                    Board and of any committee of the Board of which the appointor is a
member, to                     attend and to vote at any such meeting at which his
appointor is not personally                     present and generally to perform all the
functions of his appointor (except as                     regards power to appoint an
alternate, unless the instrument of his appointment                     states otherwise)
as a Director in his absence. Save as otherwise provided in                     these
Articles, an alternate Director shall be deemed for all purposes to be a
                    Director.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (d) | An
alternate Director shall not be entitled to receive from the Company in
                    respect of his appointment as alternate Director any remuneration.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (e) | An
alternate Director shall ipso facto cease to be an alternate Director
                    if his appointor ceases for any reason to be a Director or on the
happening of                     any event which, if he were a Director, would cause him
to vacate the office of                     Director.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# PROCEEDINGS OF
DIRECTORS

|90. | Board meetings will be convened in accordance with the needs of the Company and,
          in any event, shall be convened at least once every three (3) months. Save as
          aforesaid, the Board may meet, adjourn and otherwise regulate its meetings as it
          thinks fit. Board meetings may be convened at any time by the Chairman of the
          Board. The Chairman of the Board shall convene a Board meeting upon the request
          of any two (2) Directors as soon as practicable after receiving such request and
          shall otherwise convene a Board meeting as provided by the Statutes. If the
          Chairman of the Board does not, within fourteen (14) days after the date of
          receiving a request from two Directors as aforesaid, convene a Board meeting,
          then the Director requesting the convening of such Board meeting may convene the
          Board meeting. If the Chairman of the Board does not, within fourteen (14) days
          after being obliged to convene a Board meeting as provided under the Statutes,
          convene a Board meeting, the person who, as provided in the Statutes in such
          circumstances, is entitled to convene the Board meeting, may convene such
          meeting. Notice of a Board meeting shall be prepared in accordance with the
          Statutes and shall be served upon the members of the Board, not less than three
          (3) days before such meeting.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

24

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|91. | Notice of a Board Meeting may be given orally or in writing, and if given in
          writing, may be sent by hand, post, facsimile or electronic mail to a Director
          at the address, facsimile number or electronic mail address given by such
          Director to the Company for such purpose. Any such notice shall be deemed duly
          received, if sent by post, five (5) days following the day when any such notice
          was duly posted and if delivered by hand or transmitted by facsimile
          transmission or electronic mail, such notice shall be deemed duly received by
          the Director on the date of delivery or, as the case may be, transmission of the
          same. Notwithstanding anything contained to the contrary herein, failure to
          deliver notice to a Director of any such meeting in the manner required hereby
          may be waived by such Director and a meeting shall be deemed to have been duly
          convened notwithstanding such defective notice if such failure or defect is
          waived prior to action being taken at such meeting, by all Directors entitled to
          participate at such meeting to whom notice was not duly given as aforesaid.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|92. | Any Director may participate in a meeting of the board by means of telephone or
          similar communication equipment whereby all the Directors participating in the
          meeting can hear each other and the Directors participating in this manner shall
          be deemed to be present in person at such meeting and shall be entitled to vote
          or be counted in a quorum accordingly. Such a meeting shall be deemed to take
          place where the largest group of those participating is assembled or, if there
          is no such group, where the Chairman of the meeting then is.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|93. | Until otherwise decided by the Board, a quorum at a meeting of the Board shall
          be constituted by the presence in person, by alternate or by telephone or
          similar communication equipment (as referred to in Article 92) of a majority of
          the Directors out of which the Chairman of the Board is one then in office who
          are lawfully entitled to participate and vote at the meeting. If within one-half
          an hour (or within such longer time not exceeding one (1) hour as the Chairman
          of the meeting may decide) from the time appointed for the holding of the Board
          meeting a quorum is not present, the Board meeting shall stand adjourned to the
          same day in the next week at the same time and place (unless such day shall fall
          on a public holiday either in Israel or the United States, in which case the
          meeting will be adjourned to the first day, not being a Friday, Saturday or
          Sunday, which follows such public holiday). If at such adjourned Board meeting a
          quorum is not present within half an hour from the time appointed for holding
          the meeting, the Directors present, in person, by alternate or by telephone or
          similar communication equipment (as referred to in Article 92) who are lawfully
          entitled to participate and vote at such meeting shall be a quorum. No business
          shall be transacted at a meeting of the Board of Directors unless the requisite
          quorum is present (in person, by alternate or by telephone as aforesaid) when
          the meeting proceeds to business. For the purpose of these Articles an alternate
          Director shall be counted in a quorum.
|--- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|94. | A resolution proposed at a Board Meeting shall be deemed adopted if supported by
          such number (rounded-up in case of fraction) of Directors equal to a majority of
          the number of Directors then in office and who were lawfully entitled to vote on
          such resolution.
|--- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

25

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|95. | The Chairman shall not have a second or casting vote at any Board meeting.
|--- | --------------------------------------------------------------------------

|96. | A resolution in writing signed by all the Directors then in office lawfully
          entitled to vote thereon (including by facsimilia), shall be as effective for
          all purposes as a resolution passed at a meeting of the Board duly convened,
          held and constituted and may consist of several documents in like form each
          signed by one or more of the Directors. For the purpose of this Article, the
          signature of an alternate Director, the appointer of which is entitled to vote
          on such resolution, shall suffice in lieu of the signature of the Director
          appointing him.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|97. | The Board may from time to time elect or otherwise appoint a Director to be
          Chairman or Deputy Chairman and determine the period for which each of them is
          to hold office.
|--- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|98. | The Chairman, or in his absence the Deputy Chairman, shall preside at meetings
          of the Board, but if no such Chairman or Deputy Chairman shall be elected or
          appointed, or if at any meeting the Chairman or Deputy Chairman shall not be
          present within fifteen (15) minutes after the time appointed for holding the
          same, or if the Chairman, or, if applicable, Deputy Chairman, is unwilling or
          unable to chair such meeting, the Directors present shall choose one of their
          number to be Chairman of such meeting.
|--- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|99. | The Board may delegate all or any of its powers, authorities and discretions
          (except for those powers, authorities and discretions which, under the Statutes,
          the Board is unable to delegate) to any committee consisting of such
          shareholders of the Board as the Board may, from time to time, think fit. The
          Board may, subject to the Statutes, widen, curtail or revoke such delegation of
          powers and authorities. Any committee so formed shall in the exercise of the
          power, authorities and discretions so delegated conform to any regulations that
          may be lawfully imposed on it by the Board. The Board shall appoint an audit
          committee, the members of which and the authorities, powers and discretions of
          which shall be governed by the Statutes. The meetings and proceedings of a
          committee 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 and are not lawfully suspended or superseded by any regulations imposed
          by the Board.
|--- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|100. | 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 or alternate Director or a
          member of such committee shall, notwithstanding that it be afterwards discovered
          that there was some defect in the appointment of any such Director or such
          committee or person acting as aforesaid, or that they or any of them were
          disqualified, or had vacated office or were not entitled to vote, be as valid as
          if every such person had been duly appointed or had duly continued in office and
          was qualified and had continued to be a Director or, as the case may be, an
          alternate Director and had been entitled to vote.
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

26

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# GENERAL MANAGER

|101. | Subject to these Articles and the Statutes, the Board may from time to time
          appoint one or more persons (other than the Chairman of the Board), whether or
          not Directors, as the General Manager, Chief Executive Officer, or President of
          the Company. Subject to the Statutes, the powers, authorities and discretions
          any such General Manager, Chief Executive Officer or President shall have shall
          be those that the Board may, at its discretion, lawfully confer on the same. The
          Board may, from time to time, as the Board may deem fit, modify or revoke, such
          title(s), duties and authorities the Board conferred as aforesaid. Subject to
          these Articles and the Statutes, any such appointment(s) and any such powers,
          authorities and discretions, conferred as aforesaid may be either for a fixed
          term or without any limitation of time, and may be made upon such conditions and
          subject to such limitations and restrictions as the Board may, from time to
          time, determine and the Board may from time to time (subject to the provisions
          of the Statutes and of any contract between any such person and the Company) fix
          his or their salaries and remove or dismiss him or them from office and appoint
          another or others in his or their place.
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# MINUTES

|102. | The Company shall cause minutes to be made of all general meetings of the
          Company and also of all appointments of Directors and Office Holders and of the
          proceedings of all meetings by the Board, and committees, and of the attendances
          thereat, and all business transacted at such meetings, (which shall include any
          written resolution of the directors under Article 96 above) and any such minute
          of any meeting, if purporting to be signed by the Chairman of such meeting, or
          by the Chairman of the next succeeding meeting, shall be conclusive evidence
          without any further proof of the facts therein stated. Minutes of a meeting
          shall be kept at the Office of the period, and in the manner, as prescribed in
          the Statutes.
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|103. | Intentionally Omitted.
|---- | ----------------------

# STAMP AND SIGNATURES

|104. | (a) | The Company may have one or more official stamps.
|---- | --- | -------------------------------------------------

| | (b) | The
Company may keep an official stamp for documents made for foreign
                    jurisdiction purposes, and may authorise, from time to time, a person
appointed                     for this purpose to make use of such stamp. The provisions
of Section 102 of the                     Companies Ordinance shall apply to this
Article, and the term seal                    shall have the meaning of stamp.
| | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c) | A
document shall be deemed signed by the Company upon the fulfillment of all of
                    the following:
| | --- | ------------------------------------------------------------------------------------------------------------------

| | (1) | The
Companys stamp was stamped on the document by a person authorised
               therefor by the Board, or the document bears the name of the Company in
print;
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------

27

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| | (2) | It
bears the signature of one or more person authorized, generally or in the
               specific instance, to sign such document by the Board.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------

| | (d) | An
authorisation of one or more persons by the Board to sign on a document on
                    behalf of the Company shall be deemed to include the authority to
stamp the                     Companys stamp thereon, unless otherwise provided by
the Board.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (e) | an
authorisation by the Board as provided in Article 104(d) may be for a
                    specific document or for a certain sort of document or for all the
                    Companys documents or for a definite period of time or for an
unlimited                     period of time, provided that any such authority may be
terminated by the Board,                     at any time.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (f) | The
provisions of this Article shall apply both to the Companys documents
                    executed in Israel and the Companys documents executed abroad.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------

# SECRETARY

|105. | The Board may appoint a Secretary of the Company on any terms it thinks proper.
          The Board may from time to time by resolution appoint a temporary substitute for
          the Secretary who shall be deemed to be the Secretary during the term of his
          appointment.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# DIVIDENDS AND RESERVES

|106. | The
Board may, before recommending any dividend, set aside, out of the profits
                    of the Company, such sums as it thinks proper as reserve or reserves,
which                     shall, at the discretion of the Board, be applicable for any
purpose to which                     the profits of the Company may be properly applied
and pending such application                     may, at the like discretion, either be
employed in the business of the Company                     as the Board may, from time
to time, deem fit. The Board may, also without                     placing the same to
reserve, carry forward any profits which it may deem prudent                     not to
divide.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|107. | The
Company in a general meeting may, by ordinary resolution, declare dividends
                    in accordance with the respective rights of the shareholders but no
dividends                     shall exceed the amount recommended by the Board.
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|108. | The
Board may, from time to time, cause the Company to pay to the shareholders
                    such interim dividends as appear to the Board to be justified by the
profits of                     the Company. The validity of any interim dividend shall
not be affected by the                     subsequent failure of the Company, in general
meeting to declare a dividend, or                     by the general meetings
declaration of a lesser dividend, pursuant to                     Article 107.
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|109. | Subject
to these Articles, the Company may declare and pay any dividend
                    permitted under the Statutes.
|---- | -------------------------------------------------------------------------------------------------------------------------

|110. | No
dividend shall bear interest or linkage against the Company.
|---- | ---------------------------------------------------------------

|111. | (a) | All dividends unclaimed for one year, after having been declared, may be
                    invested or otherwise made use of by the Company as the Board shall
think fit,                     until the same be claimed and so that the Company shall
not thereby be                     constituted as a trustee in respect thereof.
|---- | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | (b) | Any
dividend or other sum remaining unclaimed for a period of seven (7) years
                    after having been declared shall be forfeited and shall revert to the
Company.
| | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|112. | Subject to any special or restricted rights conferred upon the holders of shares
          as to dividends, all dividends shall be declared and paid proportionately to the
          amount paid up on account of the nominal value of the shares in respect of which
          the dividend is being paid. As regards shares not fully paid throughout the
          period in respect of which the dividend is paid, dividends in respect thereto
          shall be apportioned and paid pro rata according to amounts deemed under this
          Article to be paid up on account of the nominal value of such shares during any
          portion or portions of the period in respect of which the dividend is paid. For
          this purpose, the amount deemed to be paid on account on the nominal value of
          such partly paid shares shall be such proportion of the nominal value as the
          amount paid to the Company with respect to the share bears to its full issuance
          price. No amount paid on a share, in advance of a call, shall be treated as paid
          up on a share.
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|113. | Where any dividend is declared by the Company in general meeting pursuant to
          Article 104, or is determined to be paid by resolution of the Board passed
          in accordance with Article 108, the ordinary resolution of the Company in
          general meeting or (as the case may be) the resolution of the Board may provide
          that such dividend shall be payable to the shareholders (or, if applicable, to
          any class of shareholders) registered as such on the date of such resolution or
          such other date as such resolution may specify. Notwithstanding the foregoing,
          if any shares are issued on terms providing that they shall rank for dividends
          as from a specified date, or to a specified extent, they shall rank for
          dividends accordingly.
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|114. | The Board may deduct from any dividend payable to any shareholder all sums of
          money (if any) presently payable by him to the Company on account of calls or
          otherwise in relation to the shares of the Company. The Board may retain any
          dividend or other moneys payable on or in respect of a share on which the
          Company has a lien, and may apply the same in or toward the satisfaction of the
          debts, liabilities or engagement in respect of which the lien exists.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|115. | Subject to the provisions of the Statutes, any general meeting declaring a
          dividend may, upon the recommendation of the Board, direct payment of such
          dividend wholly or partly by the distribution of specific assets of the Company,
          or by distribution of paid up shares, debentures, or debenture stock of the
          Company or any other companies or in any one or more of such ways, and the Board
          shall give effect to such resolution, and where any difficulty arises in regard
          to such distribution, the Board may settle the same as it thinks expedient, and
          in particular may issue fractional certificates and fix the value for
          distribution of such specific assets or any part thereof and may determine that
          cash payments shall be made to any shareholders on the basis of the value so
          fixed in order to adjust the rights of all parties, and may vest any such
          specific assets in trustees as may seem expedient to the Board. When deemed
          requisite a proper contract shall be prepared and filed in accordance with the
          Statutes and the Board may appoint any person to sign such contract on behalf of
          the persons entitled to share in such distribution and such appointment shall be
          effective and binding on such persons.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

29

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|116. | The Board may cause the Company to pay the dividends, interest or other moneys
          payable on shares in respect of which any person is by transmission entitled to
          be registered as holder to such person upon production of such certificate and
          evidence as would be required if such person desired to be registered as a
          shareholder in respect of such shares.
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|117. | Any dividend, interest or other moneys payable in cash on or in respect of a
          share may be paid by check or warrant sent through the post to the registered
          address of the holder or person entitled thereto and in the case of two or more
          persons being registered as joint holders of such share, to the registered
          address of that one of the joint holders who is first named on the Register, or
          to such person and to such address or by such other means offered by the Company
          as the holder or joint holders or person entitled thereto, as applicable, may
          agree in writing with the Company. Every such check or warrant shall be made
          payable to the order of the person to whom it is sent or to such person as the
          shareholder, person entitled or joint holders direct and the payment of the
          check or warrant by the bankers on whom it is drawn shall be a good discharge to
          the Company. Any one of two or more persons registered as joint holders of a
          share may give effectual receipts for any dividends or other moneys payable in
          respect of the shares held by them as joint holders. Every check or warrant
          shall be sent at the risk of the person entitled to the money it represents and
          the Company shall not be responsible nor shall have any liability for any check
          or warrant lost in transmission or in respect of sums lost or delayed in the
          course of payment by a method offered by the Company as aforesaid.
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# CAPITALIZATION OF
RESERVES

|118. | The Company in general meeting may, on the recommendation of the Board, pass a
          resolution that any sum not required for the payment or provision of any fixed
          preferential dividend and: (a) for the time being standing to the credit of
          any reserve fund or reserve account of the Company, including premiums received
          on the issue of any shares, debentures or debenture stock of the Company, or
          (b) being undivided profits in the hands of the Company, be capitalized,
          and that such sum be set free for distribution and be appropriated as capital to
          and amongst the shareholders in the proportions to which they would have been
          therein entitled had such sum been distributed by way of dividends on the shares
          and in such manner as the resolution may direct, and such resolution shall be
          effective, and the Board shall in accordance with such resolution apply such sum
          in paying up in full any unissued shares in the capital of the Company on behalf
          of the shareholders as aforesaid, and appropriate such shares and distribute the
          same credited as fully paid-up amongst such shareholders in the proportion
          aforesaid in satisfaction of their shares and interests in the said capitalized
          sum, or shall apply such sum or any part thereof on behalf of the shareholders
          aforesaid in paying up the whole or part of any uncalled balance which shall for
          the time being be unpaid in respect of any issued shares held by such
          shareholders or otherwise deal with such sum as directed by such resolution.
          Where difficulty arises in respect of any such distribution, the Board may
          settle the same as it thinks expedient, and in particular it may issue
          fractional certificates, fix the value for distribution of any fully paid-up
          shares, make such payments to any shareholders on the footing of the value so
          fixed in order to adjust rights, and vest any such shares in trustees upon such
          trusts for the persons entitled to share in the appropriation and distribution
          as may seem just and expedient to the Board. When deemed requisite a proper
          contract for the allotment and acceptance of the shares to be distributed as
          aforesaid shall be prepared and filed in accordance with the Statutes, and the
          Board may appoint any person to sign such contract on behalf of the persons
          entitled to share in the appropriation and distribution and such appointment
          shall be effective and binding on such persons.
|---- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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# ACCOUNTS

|119. | The Board shall cause accounting records to be kept in accordance with
          applicable law. The books of account shall be kept at the Office, or at such
          other place or places as the Board shall deem fit (either within the State of
          Israel or elsewhere in the world) and shall be open for inspection by
          shareholders of the Board. No shareholder (not being a Director) shall have any
          right of inspecting any account or book or document of the Company, except as
          conferred by the Statutes or as authorized by the Board or by resolution of the
          Company in general meeting.
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# AUDIT

|120. | At least once every fiscal year, the accounts of the Company shall be examined
          and audited and the correctness of the profit and loss account and balance sheet
          certified by one or more duly qualified auditors.
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# AUDITORS

|121. | The appointment, authorities, rights and duties of the Auditors shall be
          regulated by applicable law, provided, however, that in exercising its authority
          to fix the remuneration of the Auditors, the Company in general meeting may, by
          ordinary resolution, act (and in the absence of any action in connection
          therewith, shall be deemed to have so acted), to authorize the Board to fix such
          remuneration, subject to such criteria or standards, if any, as may be provided
          in such resolution, and if no such criteria or standards are so provided, such
          remuneration shall be fixed in an amount commensurate with the volume and nature
          of the services rendered by such Auditors.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# NOTICES

|122. | A notice to a shareholder may be served, as general notice to all shareholders,
          by publication in one of the daily Hebrew newspapers appearing in Israel and in
          one daily English language newspaper appearing in the City of New York, and
          otherwise in such manner as may be required under the Statutes, but in place of
          the publication of general notice as aforesaid, notice may be served on each
          shareholder individually or by hand or by post to the registered address of each
          shareholder. The date of such publication in the newspaper shall be deemed to be
          the date of service on all the shareholders. A notice served on a shareholder
          not sent by post but left at the shareholders registered address shall be
          deemed duly served on the day it was left there. A notice served on a
          shareholder through the post shall be deemed duly served on the day following
          the day when the envelope containing it was posted. Proof that an envelope
          containing a notice was properly addressed, stamped and posted shall be
          conclusive evidence that notice was given. A declaration of an authorized person
          from the American Stock Transfer stating that a notice was mailed to a
          shareholder should suffice for purposes of this Article.
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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|123. | A notice may be given by the Company to the joint holders of a share by giving
          notice to the joint holder named in the Register in respect of the shares.
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------

|124. | Subject to the Statutes, where a given number of days notice extending
          over any period is required to be given, the day of service shall be counted in
          such number of days or other period.
|---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|125. | Any shareholder whose address is not described in the Register and who shall not
          have designated in writing an address for receipt of notices shall not be
          entitled to receive any notice from the Company.
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|126. | Intentionally Omitted
|---- | ---------------------

|127. | Apart from the publication of any advertisement in the press, as mentioned in
          Article 122, a person entitled to a share in consequence of the death or
          bankruptcy of a shareholder upon supplying to the Company such evidence as the
          Board, or such person as may be authorized for such purpose by the Board, may
          reasonably require to show his title to the share, and upon supplying also an
          address in Israel or the United States for the service of notices, shall be
          entitled to have served upon or delivered to him at such address any notice or
          document to which the shareholder but for his death or bankruptcy would be
          entitled, and such service or delivery shall for all purposes be deemed to be
          sufficient service for delivery of such notice or document on all persons
          interested (whether jointly with or as claiming through or under him) in the
          share. Save as aforesaid any notice or document delivered or sent by post to or
          left at the address of any shareholder in pursuance of these presents shall,
          notwithstanding that such shareholder be then dead or bankrupt, and whether or
          not the Company shall have notice of his death or bankruptcy, be deemed to have
          been duly served or delivered in respect of any share registered in the name of
          such shareholder as sole or first-named joint holder.
|---- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

|128. | Any notice or other document (including, but not limited to, a share
          certificate) may be served or delivered by the Company by reference to the
          Register as it stands at any time, as may be determined by the Board from time
          to time, being not more than fifteen (15) days before the date of posting (where
          the notice or other document is posted) or otherwise not more than fifteen (15)
          days before the date of service. No change in the Register after that time shall
          invalidate any such service or delivery. Every person who becomes entitled to a
          share shall be bound by any notice in respect of that share which, before his
          name is entered in the register, has been duly given, or deemed or to be duly
          given to a person from which he derives his title.
|---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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# RECONSTRUCTION

|129. | On any sale of the undertaking of the Company, the Board or the liquidators on a
          winding-up may, if authorized by special resolution, accept fully paid or partly
          paid-up shares, debentures or securities of any other company, whether Israeli
          or foreign, either then existing or to be formed for the purchase in whole or in
          part of the property of the Company, and the Board (if the profits of the
          Company permit), or the liquidators (on a winding-up), may cause the Company to
          distribute such shares, or securities, or any other property of the Company
          amongst the shareholders without realization or vest the same in trustees for
          them, and any special resolution may provide for the distribution or
          appropriation of the cash shares, or other securities, benefits, or property,
          otherwise than in accordance with the strict legal rights of the shareholders or
          contributors of the Company, and for the valuation of any such securities or
          property at such price and in such manner as the meeting may approve, and all
          holders of shares shall be bound to accept and shall be bound by any valuation
          or distribution so authorized, and shall be deemed to have waived all rights in
          relation thereto save only in case the Company is proposed to be or is in the
          course of being wound-up, such statutory rights (if any) under the provisions of
          the Statutes as are incapable of being varied or excluded by these presents.
|---- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

# INSURANCE AND INDEMNITY

|130. | (a) | Subject to the provisions of the Companies Law, the Company may enter into a
                    contract for the insurance of all or part of the liability of an
Office Holder,                     in respect of any of the following:
|---- | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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

| | (ii) | a
breach of his or her fiduciary duty to the Company, provided that such Office
               Holder acted in good faith and had reasonable cause to assume that such
act                would not prejudice the interests of the Company;
| | ---- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (iii) | a
monetary liability imposed on him or her in favor of another person.
| | ----- | ----------------------------------------------------------------------

| | (b) | Subject
to the provisions of the Companies Law, the Company may indemnify an
                    Office Holder for liabilities or expenses imposed on or incurred by
the Office                     Holder, concerning acts of omissions performed by the
Office Holder in such                     capacity in respect of any of the following:
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (i) | a
monetary liability imposed on or incurred by him or her in favor of another
               person by a court judgment, including a settlement judgment or an
               arbitrators award confirmed by a court;
| | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (ii) | reasonable
litigation expenses, including attorneys fees, expended by an                Office
Holder in respect or as a result of an investigation or proceeding
               instituted against the Office Holder by a competent authority, provided
that                such investigation or proceeding concluded without a criminal charge
filed                against the Office Holder or the imposition of a monetary liability
in lieu of a                criminal proceeding, or concluded with the imposition of a
monetary liability in                lieu of a criminal proceeding for an offence that
does not require proof of                criminal intent (the phrases proceeding
concluded without a criminal                charge and monetary
obligation in lieu of a criminal                proceeding shall have the meanings
as defined in Section 260(a)(1a) of the                Companies Law).
| | ---- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| | (iii) | reasonable
litigation expenses, including attorneys fees, expended by an                Office
Holder or which were imposed on an Office Holder by a court, in a
               proceeding instituted against him or her by the Company or on the Companys
               behalf or by any other person, or in a criminal charge from which he or
her was                acquitted or was convicted of an offense that does not require
proof of criminal                intent.
| | ----- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | The
Company may undertake to indemnify an Office Holder as aforesaid: (i) prospectively, provided
that the undertaking according to Article 130 (b)(i) above is limited to events which
in the opinion of the Board can be foreseen, in view of the Companys then current
activities, when the undertaking to indemnify is given, and to an amount or criteria set
by the Board as reasonable under the circumstances, and (ii) retroactively.
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (c) | The
Company may, to the maximum extent permitted by the Companies Law, exempt
                    and release an Office Holder in advance from and against all or part
of his                     liability for damages due to, arising or resulting from, a
breach of his or her                     duty of care to the Company; provided however,
that the Company may not grant an                     exemption in advance to a Director
from his or her liability to the Company for                     a breach of his or her
duty of care in the event of a distribution,                     as such term
is defined in the Companies Law.
| | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (d) | The
provisions of Articles 130(a), 130(b) and 130(c) above are not intended, and
                    shall not be interpreted, to restrict the Company in any manner in
respect of                     the procurement of insurance and/or in respect of
indemnification and/or                     exemption (i) in connection with any person
who is not an Office Holder,                     including, without limitation, any
employee, agent, consultant or contractor of                     the Company who is not
an Office Holder, and/or (ii) in connection with any                     Office
Holder to the extent that such insurance and/or indemnification and/or
                    exemption is not specifically prohibited under applicable law; provided
                    that the procurement of any such insurance and/or the provision
of any such                     indemnification and/or exemption shall be approved by the
Board.
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | In
the event of any change, after the date of adoption of these Articles, in any applicable
law, statute or rule which expands the right of an Israeli company to indemnify or insure
or exempt an Office Holder, these Articles shall automatically be deemed to enable the
Company to expand the scope of indemnification and/or insurance and/or exemption of
Office Holders to the maximum extend permitted by applicable law.
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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# WINDING UP

|131. | If
the Company is wound up, then subject to the Statutes and to the rights of           the
holders of shares with special rights upon winding-up, the assets of the
          Company available for distribution among the shareholders shall be distributed
          to them in proportion to the amounts paid up or credited as paid up on account
          of the nominal value of their respective holdings of the shares at the
          commencement of the winding up, in respect of which such distribution is being
          made, without reference to amounts paid as a premium.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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