Document:

Exhibit 4.16

 

EXECUTION VERSION

 

WITHOUT PREJUDICE

 

BEA HOTELS EASTERN EUROPE B.V.

 

AS THE VENDOR

 

AND

 

NEMO INVESTMENT VEHICLE S.R.L.

 

AS THE PURCHASER

 

 

 

MASTER AGREEMENT FOR THE SALE AND 

PURCHASE OF SHARES IN BUCURESTI TURISM

S.A., BEA HOTELS EASTERN EUROPE (ROMANIA) S.A. AND

INDIRECTLY ROMEXTUR S.A.

 

 

 

 

29 November 2017

 

    	 	 	 

     

    

 

Table
of Contents

 

	Contents 	Page
	 	 	 
	1.	Definitions	2
	 	 	 
	2.	Sale And Purchase Of The Target Shares	22
	 	 	 
	3.	Calculation and Payment of the Purchase Price	23
	 	 	 
	4.	Condition Precedent to Closing	27
	 	 	 
	5.	Provisions Applicable During The Interim Period	29
	 	 	 
	6.	Closing	35
	 	 	 
	7.	Closing and Post-Closing Obligations	41
	 	 	 
	8.	Vendor’s Warranties	42
	 	 	 
	9.	Purchaser’s Remedies for Breach	43
	 	 	 
	10.	Limitations on Liability	45
	 	 	 
	11.	Claims Procedure	48
	 	 	 
	12.	Third Party Claims	50
	 	 	 
	13.	Purchaser’s Warranties	53
	 	 	 
	14.	Confidential Information	54
	 	 	 
	15.	Announcements	55
	 	 	 
	16.	Payments Net of VAT and Withholdings	56
	 	 	 
	17.	Default Interest	56
	 	 	 
	18.	Notices	57
	 	 	 
	19.	Continuation of Obligations	59
	 	 	 
	20.	Termination	59
	 	 	 
	21.	Further Assurances	60
	 	 	 
	22.	Costs and Expenses	61
	 	 	 
	23.	Assignment	61

 

    	 	i	 

     

    

 

	24.	Set-Off	61
	 	 	 
	25.	Severability	61
	 	 	 
	26.	Whole Agreement	61
	 	 	 
	27.	Third Party Rights	62
	 	 	 
	28.	Amendments	62
	 	 	 
	29.	Language	62
	 	 	 
	30.	Counterparts	62
	 	 	 
	31.	Arbitration	62
	 	 	 
	32.	Service of Process	63
	 	 	 
	33.	Governing Law	63
	 	 	 
	Schedule 1 Land Book Extract	Sch 1-1  
	 	 
	Schedule 2 Extracts from the Trade Register	Sch 2-1
	 	 
	Schedule 3 Purchase Price Calculation Methodology	Sch 3-1  – Sch 3-13
	 	 
	Schedule 4 Vendor ́s Warranties	Sch 4-1 – Sch 4-25
	 	 
	Schedule 5 Disclosed Documents	Sch 5-1 – Sch 5-3
	 	 
	Schedule 6 List of Powers of Attorney	Sch 6-1
	 	 
	Schedule 7 Bank Accounts of the Target Companies	Sch 7-1
	 	 
	Schedule 8 List of Insurance Policies	Sch 8-1
	 	 
	Schedule 9 Form of Closing Shareholders Resolutions	Sch 9-1
	 	 
	Schedule 10 List of Lease Agreements	Sch 10-1
	 	 
	Schedule 11 Form of Off-Set Amount Confirmation Letter	Sch 11-1
	 	 
	Schedule 12 Details of Relevant Bank Accounts	Sch 12-1
	 	 
	Schedule 13 Copy of the Escrow Agreement	Sch 13-1 – Sch 13-27
	 	 
	Schedule 14 Form of Certificate of Consummation	Sch 14-1
	 	 
	Schedule 15 Existing Loan Encumbrances	Sch 15-1

 

    	 	ii	 

     

    

 

	Schedule 16 GSM Convocation Notices	Sch 16-1
	 	 
	Schedule 17 List of Hotel Employees/Company Employees	Sch 17-1
	 	 
	Schedule 18 Deed of Waiver	Sch 18-1
	 	 
	Schedule 19 Vendor Loan Agreement	Sch 19-1 – Sch 19-25 
	 	 
	Schedule 20 Vendor Guarantee	Sch 20-1
	 	 
	Schedule 21 Agreed Upon Procedure	Sch 21-1 –
    Sch 21-5
	 	 
	Schedule 22 Calculation of the NET Estimated Purchase Price	Sch 22-1
	 	 
	Schedule 23 Deed of Termination- Elbit Guarantee Agreement	Sch 23-1
	 	 
	Schedule 24 Deed of Termination- Elbit Management Services Agreement	Sch 24-1
	 	 
	Schedule 25 Elbit Confirmation No Written Agreements	Sch 25-1
	 	 
	Schedule 26 Power of Attorney BEA Hotels N.V	Sch 26-1

 

    	 	iii	 

     

    

 

THIS MASTER AGREEMENT with respect to
the TRANSFER OF SHARES (this “Agreement”), dated 29 November 2017, is made by and between:

 

		(1)	BEA HOTELS EASTERN EUROPE B.V., a limited liability company (besloten vennootschap)
registered with the Chamber of Commerce in Amsterdam, the Netherlands, under file No 34149675, with its registered address at Krijn
Taconiskade 430, 1087 HW Amsterdam, the Netherlands (“Vendor”); and

 

		(2)	NEMO INVESTMENT VEHICLE S.R.L., a limited liability company incorporated and existing under
the laws of Romania, with its registered address at 17 C.A. Rosetti street, office 120 Register 03, 1st floor, District
2, Bucharest, registered with the Trade Register under number J40/19526/2017, sole registration number 38520000 (“Purchaser”),

 

(The Vendor and the Purchaser
hereinafter collectively referred to as the “Parties”).

 

R E C I T A L S

 

		(A)	Vendor is the sole and registered owner of the Bucuresti
Shares;

 

		(B)	The Bucuresti Shares constitute 98.2140% of the entire issued and paid up share capital of the
Company, as well as 98.2140% of the voting rights in the Company;

 

		(C)	The Company is registered as the owner of the Property
(but excluding the Romextur Area);

 

		(D)	The Company is the sole and registered owner of the Romextur
Shares, which comprise 95.3% of the entire issued and paid up share capital of Romextur,
as well as 95.3% of the voting rights in Romextur;

 

		(E)	Romextur is the registered owner of the Romextur Area, which comprises part of the Commercial Areas;

 

		(F)	The Romextur Area is leased by Romextur to the Company under a long term lease for 22 years;

 

		(G)	Vendor is the sole registered owner of the BEA Romania Shares,
and Parent is the sole registered owner of the Parent Share, which jointly comprise the entire issued and paid up share capital
of BEA Hotels Romania;

 

		(H)	The Purchaser desires to purchase the Bucuresti Shares and the BEA Romania Shares from the Vendor,
and the Vendor desires to sell the Bucuresti Shares and the BEA Romania to the Purchaser, all on the terms and subject to the conditions
in this Agreement set forth;

 

    	 	1	 

     

    

 

		(I)	The Purchaser desires to purchase the Parent Share from Parent, and Vendor shall procure that the
Parent sells the Parent Share to Purchaser, all on the terms and subject to the conditions in this Agreement set forth; and

 

		(J)	All capitalized terms contained in these Recitals shall have the meanings ascribed to them in §1
below.

 

		1.	Definitions

 

		1.1	Defined Terms: The following terms shall have the meanings set forth below:

 

“Accepted Accounting
Standards” means Romanian accounting standards based on Romanian law and the Romanian Generally Accepted Accounting Principles
(Romanian GAAP), and any other Romanian laws applicable to accounting matters; all with respect to the preparation of the Financial
Statements in force at the date the Financial Statements were prepared

 

“Accounting Expert”
means one of the “big four” accountancy firms to be agreed between the Parties (but specifically excluding Deloitte,
or PricewaterhouseCoopers), or, if no agreement between the Parties is reached within ten (10) Business Days after receipt by the
Vendor of a Dispute Notice furnished by the Purchaser pursuant to the provisions of Paragraph
9 of Part C of Schedule 3, to be appointed by the senior partner for the time being of BDO-Romania in Bucharest upon the
application of either Party;

 

“Advance Payment”
means (1) EUR 27,965,672 (twenty-seven million nine hundred and sixty-five thousand and six hundred and seventy-two) that
is to be made by the Purchaser on account of the Estimated Net Purchase Price or (2) the amount equal to the principal amount and
any outstanding interest in respect of the Related Party Loan as at the Revised Anticipated Closing Date and which is notified
by the Vendor to the Purchaser no later than 10 Business Days prior to the Revised Anticipated Closing Date, that is to be made
by the Purchaser on account of the Revised Estimated Net Purchase Price, both (1) and (2) by no later than one (1) Business Day
before the relevant Closing Date, which is to be deposited into the Closing Escrow Account by the Purchaser and released in the
manner provided for in the Escrow Agreement;

 

“Affiliate”
means in relation to any person or party:

 

		(a)	a subsidiary of such person, or a holding company of such person, or any other direct or indirect
subsidiary of that holding company;

 

		(b)	a member of any board or another person authorized to act on behalf of such person or party or
on behalf of any person described in paragraph (a) of this definition above; and

 

    	 	2	 

     

    

 

		(c)	any other person that controls, is controlled by, or is under common control with such person or
party.

 

“Agreed Property Value”
means EUR 169,200,000 (one hundred and sixty nine million two hundred thousand Euro)
being the total commercial value of the Property as agreed between the Parties, on the basis of which the Estimated Equity Value
and the Estimated Net Purchase Price have been determined by applying the Purchase Price
Calculation Methodology in accordance with Part A of Schedule 3;

 

“Agreed Upon Procedures”
means the agreed upon procedures in respect of the audit of the Final Accounts by Deloitte in the form attached as Schedule 21;

 

“Agreement”
means this agreement including the recitals and all Schedules attached hereto;

 

“Anticipated Closing
Date” means 18 December 2017;

 

“Applicable Law”
means any of the following enacted or issued by any Public Authority (including any amendments subsequent to the original enactment
or issuance thereof), namely: any law, act, ordinance, regulation, order, decree, judgment, policy, license, permit (or Permit),
certification or registration, which is binding on any Party or any of its assets in Romania, or, if relevant and applicable, in
the given jurisdiction of incorporation of such Party, and the laws of England and Wales in respect of the application of this
Agreement;

 

“Bank Accounts”
means the banking accounts of each of the Target Companies which are listed in Schedule 7;

 

“Bank Hapoalim Consent
Letter” means the written consent of Bank Hapoalim BM to the sale and transfer of the Target Shares pursuant to the provisions
of this Agreement, which the Vendor is required to obtain pursuant to the provisions of that certain Deed on Pledge of Shares dated
February 20, 2014;

 

“Bank Hapoalim Pay-Off
Amount” means the amount of approximately EUR 11,700,000 (eleven million seven hundred thousand Euro) (plus accrued interest
in respect of such amount) which is to be deposited into the Notary Account on the Closing Date in order to secure the release
by the Notary of the Bank Hapoalim Consent Letter and which is notified by the Vendor to the Purchaser no later than 5 Business
Days prior to the Closing Date;

 

“BEA Finance”
means BEA Hotels Finance BV, of Krijn Taconiskade 430, 1087 HW Amsterdam, the Netherlands, registered with the Netherlands Chamber
of Commerce with number 34357583, an Affiliate of the Vendor, being the borrower under the Related Party Loan;

 

    	 	3	 

     

    

 

“BEA Hotels Romania”
means BEA Hotels Eastern Europe (Romania) S.A., being a joint stock company registered in Romania and bearing company registration
number J40/8173/2001 at the Bucharest Trade Register, sole registration number 14198413, whose registered address is Bucharest,
District 1, 63-81 Calea Victoriei, room 7A, whose entire issued and paid up share capital is jointly owned by the Vendor (the BEA
Romania Shares) and by the Parent (the Parent Share);

 

“BEA Romania Shares”
means 7,522 shares of RON 12, which jointly comprise 99.99% of the entire issued and paid up share capital of BEA Hotels Romania;

 

“Books and Records”
means: all accounts, books, ledgers, financial and other records of the relevant Target Company which it is required to keep and
maintain by operation of Applicable Law;

 

“Bucuresti Shares”
means 11,073,313 ordinary shares of RON 2.50 each, which in the aggregate comprise 98.2140% of the entire issued and paid up
share capital of the Company;

 

“Buildings”
means all those buildings constructed upon the Land, including all parts, appurtenances and accessories thereof (all as shown on
the schematic diagram, and as listed in the extracts from the Land Book/OCPI, which are attached as part of Schedule 1);

 

“Business Day”
means any day other than a Saturday or a Sunday on which banks are generally open for business in Romania, the United Kingdom,
the Netherlands, Israel, Austria and Luxembourg;

 

“BUTU Escrow Account”
has the meaning given in the Escrow Agreement;

 

“BUTU Prepayment Amount”
means EUR 4,502,000 (four million five hundred and two thousand) which will be paid by the Company to the Existing Lender on the
Closing Date, in addition to the Partial Loan Repayment;

 

“Certificate of Consummation”
means the written confirmation to be executed by the Vendor and the Purchaser on the Closing Date, substantially in the form attached
hereto as Schedule 14, which will confirm, for evidentiary purposes, that all of the actions specified in §6.2 to §6.4
(inclusive) have been duly executed and completed and as a result the Transaction has been consummated and ownership of the Target
Shares has passed to the Purchaser;

 

    	 	4	 

     

    

 

“CGT Adjustment Amount”
shall have the meaning ascribed to it in Section 2(d) of Part A of Schedule 3;

 

“Claim”
means any claim made by the Purchaser for the compensation by the Vendor for any Losses suffered by the Purchaser and/or the Target
Companies for breach of the terms of this Agreement, including under the provisions of §9, §10, §11 and/or §12;

 

“Claim Event”
means any fact, matter, event or circumstance giving rise to a Warranty Claim or Indemnity Claim;

 

“Closing”
means the consummation of the Transaction contemplated herein which is to be conducted in the manner specified in §6 below;

 

“Closing Date”
means the date upon which the closing and consummation of the Transaction is completed as set out in § 6.1.1 and as evidenced
by the joint issuance by the Parties of the Certificate of Consummation, as contemplated in § 6.4.10 below;

 

“Closing Escrow Account”
means the escrow account to be opened and maintained by the Escrow Agent in terms of the Escrow Agreement, into which the Advance
Payment shall be deposited and from which it shall be released as governed by the terms of the Escrow Agreement;

 

“Closing Payments”
means the payments to be made at Closing as set out in §6.4.5;

 

“Closing Notice”
means the written notice which is to be furnished by the Purchaser following the fulfilment
or waiver of all of the Condition Precedent referred to in § 4.1.1 below, on the Closing Trigger Date, inviting the other
Party to proceed to Closing on the Scheduled Closing Date;

 

“Closing Shareholder
Resolutions” means the shareholder resolutions which are to be adopted at general shareholders meetings of the Company,
BEA Hotels Romania and of Romextur respectively convened on or before the Closing Date, which shall provide for: either
(A) in case of the Anticipated Closing Date: any ratifications or any other changes to the respective articles of association with
immediate effect or (B) in case of Closing Date occurring on a Scheduled Closing Date other than the Anticipated Closing Date:
(i) the acceptance of the resignation and the discharge of the Incumbent Directors; (ii) the appointment of the relevant
Purchaser Nominated Directors as well as any ratifications or any other changes to the respective articles of association; all
with effect from the Closing Date and all substantially in the form and text attached hereto as Schedule 9;

 

    	 	5	 

     

    

 

“Closing Trigger Date”
means the date upon which the Closing Notice is issued in terms of § 4.3.4 below;

 

“Closing Warranties”
means those Vendor’s Warranties repeated on the Closing Date pursuant to § 8.2 below;

 

“Commercial Areas”
means those commercial and retail areas measuring in the aggregate 7,256 square meters, as more fully detailed and described in
Schedule 1, all of which are leased by the Company to their respective tenants in terms of the Lease Agreements;

 

“Company”
means Bucuresti Turism S.A., a joint stock company incorporated and existing under the laws of Romania, whose registered office
is at Calea Victoriei 63-81, Sector 1, Bucharest, registered in the Trade Register under number J40/167/1991, sole registration
code 1567802, as it appears on the extract from the Bucharest Trade Register attached as a part of Schedule 2;

 

“Company Employees”
means those employees of the Company as at the Execution Date, as detailed and specified in Part B of Schedule 17, to be updated
on the Closing Date, and which together with the Hotel Employees form the total number of employees pertaining to the Target Companies;

 

“Condition Precedent”
means the condition precedent which is to be satisfied or waived by the Purchaser prior to and as a condition for the consummation
of the Transaction, as detailed and specified in § 4.1 below;

 

“Confidential Information”
means all information that is used in or otherwise relates to the business, customers or financial or other affairs of the Target
Companies, the Transaction contemplated by this Agreement or a Party to this Agreement (or one of its Affiliates), other than information
that is in the public domain and subject to the provisions of §§ 14.2.3 and 15.4 below;

 

“Disclosed”
means Fairly Disclosed by the Vendor to the Purchaser in the Disclosed Documents and/or in the Disclosure Letter and/or, in respect
of a Warranty Claim relating to the Closing Warranties only, the Supplemental Disclosure Letter; and the words “Disclose”
and “Disclosure” shall be construed accordingly;

 

“Disclosed Documents”
means, collectively: (i) all the information and documents contained in the Vendor’s virtual data room on the Execution
Date, copies of which are recorded on the non-rewritable DVD which is attached hereto comprising Part A of Schedule 5; (ii)
in respect of the Vendor’s Warranties in paragraphs 3.16, 3.18 and 3.20 of Schedule 4 only, the information and documents
contained in the Vendor’s physical data room on the Closing Date, details of which are recorded on the index of documents
which are recorded on the non-rewritable DVD which is attached hereto comprising Part A of Schedule 5; and (iii) the Vendor’s
written responses to the Purchaser contained in the final due diligence Q&A list delivered to the Purchaser, a copy of which
is included in Part B of Schedule 5;

 

    	 	6	 

     

    

 

“Disclosure Letter”
means the written disclosure of exceptions to the Vendor’s Warranties which the Vendor will furnish to the Purchaser prior
to the Execution Date (comprising part C of Schedule 5), which is delivered to the Purchaser on the Execution Date;

 

“Elbit”
means Elbit Imaging Limited of Israel, the ultimate parent company of the Vendor;

 

“Elbit Guarantee”
means the guarantee provided by Elbit to the Existing Lender for the punctual performance of certain obligations by the Company
as borrower under the Existing Loan Facility;

 

“Elbit Guarantee Fee”
means the amount of the outstanding fees due and payable by the Company to Elbit in consideration for the provision of the Elbit
Guarantee in respect of the period terminating on the Closing Date, in that amount which shall be notified by the Vendor to the
Purchaser no later than 10 (ten) Business Days prior to the Closing Date, and which is to be paid by the Company to Elbit on or
prior to the Closing Date as contemplated in § 6.4.5(a) below;

 

“Elbit Consultancy
Fee” means the consultancy fee which shall be due and payable by the Company to Elbit on the Closing Date in consideration
for consultancy services rendered to the Company for the period ending on the Closing Date, in that amount which shall be notified
by the Vendor to the Purchaser no later than 10 (ten) Business Days prior to the Closing Date, and which is to be paid by the Company
to Elbit on the Closing Date as contemplated in § 6.4.5(a) below;

 

“Encumbrance”
means any mortgage (whether arising under a contract, a ruling or by operation of law), easement, lease, right of use, option,
restriction, retention of title, restriction on transfer, lien, pledge, right of first refusal, right of pre-emption, security
assignment, or any other third Party right or interest and any other encumbrance or security right or interest of any kind or other
type of preferential arrangement (including, without limitation, a title transfer or retention arrangement) having similar effect,
or any agreement to create the aforementioned;

 

“Environmental
Contaminants” means any material, substance or waste, the removal of which is required by applicable Environmental
Laws and/or the presence or use of which on the Property and/or in the Hotel Complex contravenes Environmental Laws in Romania;

 

    	 	7	 

     

    

 

“Environmental
Laws” means all or any Applicable Laws relating to Environmental Matters applicable in Romania;

 

“Environmental
Matters” means any matters involving or relating to: (i) the release, spillage or leakage on the Property
or into the environment of any Environmental Contaminants above the limits permitted by Environmental Laws; (ii) any other
material violation of any Environmental Laws;

 

“Escrow Agent”
means Raiffeisen Bank Romania SA in its capacity as escrow agent under the terms of the Escrow Agreement (or such other escrow
agent agreed between the Parties acting reasonably);

 

“Escrow Agreement”
means the escrow agreement which has been entered into on or before the Execution Date by and between the Vendor, the Purchaser,
BEA Finance, the Company and the Escrow Agent, a copy of which is attached hereto as Schedule 14;

 

“Escrow Deposit”
means the amount of EUR 3,000,000 (three million Euro) which has been deposited into the Pre-Closing Escrow Account by the
Purchaser on or within five (5) Business Days from the Execution Date pursuant to the provisions of the Escrow Agreement, and which
shall be held and released in the manner provided for therein and in this Agreement;

 

“Estimated Aggregated
NAV Adjustment Amount” means the aggregated Working Capital of all Target Companies based upon the Initial Accounts or
relevant other Financial Statements, as applicable, but reconciling any inter-company balances between the Target Companies, each
translated into Euro at the Initial Exchange Rate applicable for the Anticipated Closing Date or Revised Anticipated Closing Date
(as relevant), and calculated subject to the provisions of Paragraphs 2, 3 and 4 of Part A of Schedule 3;

 

“Estimated Equity
Value” or “EEV” means the Equity Value as at the Anticipated Closing Date, which has been calculated
by applying the Purchase Price Calculation Methodology provided for in Section 2(a) of Part A of Schedule 3;

 

“Estimated Net Purchase
Price” or “ENPP” means the initial agreed purchase price for the acquisition of the Target Shares
in the aggregate amount of EUR 110,796,152 (one hundred and ten million seven hundred and ninety-six thousand one hundred and fifty-two
Euro) as calculated in accordance with § 3.1.1;

 

    	 	8	 

     

    

 

“Estimated Offset
Amount” means the full outstanding amount of the Existing Loan Facility in respect of which the Company remains indebted
to the Existing Lender under the Existing Loan Facility as at the Anticipated Closing Date or Revised Anticipated Closing Date,
as relevant (including breakage costs and pre-payment fees, if any, accrued interest projected to the Anticipated Closing Date
or Revised Anticipated Closing Date, as relevant, and without any deduction in respects of any restricted cash deposit held on
account as partial security for the repayment of the Existing Loan Facility) following the payment of (1) BUTU Prepayment Amount
as contemplated in § 3.3.2 below and (2) the Partial Loan Repayment as contemplated in § 3.3.1 below (estimated in an
amount corresponding to the Related Party Loan amount, including principal and all accrued and unpaid interest, as at Anticipated
Closing Date or Revised Anticipated Closing Date, as relevant), and which has been or will be estimated by the Parties for the
purpose of calculating the Estimated Net Purchase Price and Revised Estimated Net Purchase Price, if relevant;

 

“EUR” and
“Euro” means the single currency unit of those member states of the European Union that have adopted the Euro
as their legal currency in accordance with EU legislation relating to the European Monetary Union;

 

“Exchange Rate”
means the official foreign exchange rate between EUR and RON (or any other currencies, as relevant) as published by the National
Bank of Romania on the day of the relevant calculation date;

 

“Execution Date”
means the date of the signing and execution of this Agreement by the Parties hereto;

 

“Existing Lender”
means: Raiffeisen Bank International AG and Raiffeisen Bank Romania SA;

 

“Existing Loan Encumbrances”
means the encumbrances created and/or registered as security and collateral for the repayment of the Existing Loan Facility, which
are detailed and specified in Schedule 15 attached hereto;

 

“Existing Loan Facility”
means: the loan facilities agreement dated 16 September 2011, as further amended by the amendment letter dated 27 September 2011
and amendment letter dated 26 March 2012; as further amended on 27 September 2011, 26 March 2012, 18 September 2014, on 5 May 2015;
and as further amended and restated on 10 March 2016 between, among others, the Company, as borrower and the Existing Lender, as
lender, under which the Existing Lender made available to the borrower term loan facilities in a maximum principal amount of EUR
97,000,000 with the final maturity date on 31 December 2020;

 

    	 	9	 

     

    

 

“Fairly Disclosed”
means fully, fairly and clearly disclosed in each case with sufficient detail to enable a reasonable and prudent purchaser of the
Target Shares (and/or any of its professional advisors properly discharging their duties) to identify the nature and scope of the
matter disclosed;

 

“FF&E”
means furniture, fixtures and equipment located in either the Radisson Hotel Facility or
the Park Inn Hotel Facility, as the case may be, that have no permanent connection to the structure of the relevant Buildings;

 

“Final Accounts”
means a set of financial information comprising of statutory trial balances of the Target Companies, summarised balance sheets
of the Target Companies, statement of inter-company balances and underlying notes, where applicable, in each case as at the Closing
Date, which shall be reviewed by the auditors of the Target Companies in accordance with the Purchase Price Verification Procedure
set forth in Part C of Schedule 3 and the Agreed Upon Procedures;

 

“Final Equity Value”
or “FEV” means the Equity Value as at the Closing Date, which shall be calculated by applying the Purchase
Price Calculation Methodology provided for in Section 2(c) of Part A of Schedule 3;

 

“Final Exchange Rate”
means the Exchange Rate used for the purposes of calculating the Final Net Purchase Price as set out in Schedule 3;

 

“Final Net Purchase
Price” means the Final Net Purchase Price payable by the Purchaser to the Vendor in consideration for the acquisition
of the Target Shares, which shall be calculated on the basis of the Final Accounts and the Total Final Consolidated NAV Adjustment
Amount by applying the Purchase Price Calculation Methodology in the manner provided for in Section 2(c) of Part A of Schedule
3;

 

“Financing Agreement”
means a committed and binding legal agreement in respect of borrowings in an aggregate amount of EUR 107,000,000 to be entered
into between the Purchaser or an Affiliate of the Purchaser and a third party debt provider;

 

“Financing Condition”
means the Condition Precedent in § 4.1;

 

“Financial
Statements” means statutory financial statements, of each of the Target Companies as at the end of the relevant calendar
month, financial year or Closing Date (in the case of the Final Accounts), as applicable, all prepared in accordance with the relevant
Accepted Accounting Standards and where applicable in accordance with the same principles consistently applied;

 

    	 	10	 

     

    

 

“Force Majeure”
means any unexpected event or act of God which could not reasonably have been foreseen and
which the Vendor could not reasonably have been able to prevent and/or was beyond its control, including, without limitation,
earthquakes, floods, fire, natural disasters, adverse weather conditions, strikes, war conflicts, uprisings, air crashes, and other
like events (excluding, however, a mere change in that Vendor’s economic situation (insolvency etc.), or a change in the
commercial real estate market and/or the hospitality sector in Romania or elsewhere), which is restricting or preventing the Vendor
from fulfilling its contractual obligations toward the Purchaser;

 

“GSM Convocation Notices”
means the notices of convocation of the General Meeting of Shareholders of the Company and Romextur, respectively, for the purpose
of adopting the Closing Shareholder Resolutions, which notices shall be substantially in the form and text attached hereto as Schedule
16, and which were or are to be published in the Official Gazette in a timely manner so as to ensure that the meetings are properly
convened on or about the Closing Date;

 

“Hotel Complex”
means the Radisson Hotel Facility and the Park Inn Hotel Facility;

 

“Hotel Employees”
means the employees whose details are specified in the Hotel Employee Schedule attached hereto as Part A of Schedule 17 who are
employed by BEA Hotels Romania as at the Execution Date and engaged in the operation of the Hotel Complex pursuant to the provisions
of the Hotel Service Agreement, as updated as at the Closing Date;

 

“Hotel Management
Agreements” means the following agreements entered into by and between the Company and the Hotel Operator, namely: (i)
the Amended and Restated Management Agreement dated 26 November 2010, as further amended, in respect of the Radisson Hotel Facility;
and (ii) the International Management Agreement dated 22 December 2014 in respect of the Park Inn Hotel Facility; copies
of which have been Disclosed to the Purchaser;

 

“Hotel Operator”
means Rezidor Hotels ApS Danmark, care of Rezidor Corporate Accounting, Amager Strandvej 60-64, DK-2300 Copenhagen S, Denmark;

 

“Hotel Service Agreement”
means the agreement dated 15 October 2007 entered into by and between the Company
and BEA Hotels Romania and further amended on 30 May 2008, 01 October 2009, 15 March 2011, 2 January 2012, 9 January 2017, pursuant
to which BEA Hotels Romania provides operational services in relation to the operation of the Hotel Complex, a copy of which has
been Disclosed to the Purchaser;

 

    	 	11	 

     

    

 

“Incumbent Directors”
means the directors and general managers of the Target Companies who hold office as at the Execution Date and the Closing Date;

 

“Indebtedness”
means: (i) all indebtedness in the nature of borrowings for payment or repayment of money or services; (ii) any other
indebtedness that is evidenced by a note, bond, debenture, overdraft, derivative or similar instrument; (iii) all obligations
in respect of acceptances issued or created; (iv) all liabilities secured by any mortgage or lien on any part of the Property;
(v) all guarantee obligations, and (vi) any interest accrued on any of the aforementioned;

 

“Indemnity Claims”
means any claim made by the Purchaser for the compensation by the Vendor for any Losses suffered by the Purchaser and/or the Target
Companies under this Agreement for breach of a Vendor Indemnity;

 

“Initial Accounts”
means a set of financial information as at 31 October 2017, comprising of statutory trial balances of the Target Companies, summarized
balance sheets of the Target Companies, statement of inter-company balances and underlying notes, where applicable, copies of which
are attached as Part B of Schedule 3;

 

“Initial Exchange
Rate” means the Exchange Rate applied as of 31 October 2017, respectively 4.5985 RON/1 EUR;

 

“Insurance Policies”
means all of the valid existing and paid up insurance policies pertaining to and/or for the benefit of the Hotel Complex and each
of the Target Companies, as identified in Schedule 8;

 

“Interim Period”
means the period of time which shall elapse between the Execution Date and the Closing Date;

 

“Inventory”
means all inventories of supplies used in connection with the operation of the Hotel Complex, including, without limitation, paper
goods, brochures, office supplies, unopened food and beverage inventory, chinaware, glassware, flatware, table linens, soap, gasoline,
fuel oil, and other operational and guest supplies currently located at the Hotel Complex, subject to depletions, replacements
and additions in the ordinary course of business (provided that the Hotel Operator shall maintain its normal replenishment and
replacement expenditures for such inventories until the Closing Date);

 

“Joint Closing Release
Instructions” means the written instructions which are to be executed by the Purchaser and the Vendor on the Closing
Date substantially in the form and text attached as a schedule to the Escrow Agreement, and thereafter immediately delivered to
the Escrow Agent, pursuant to which the Escrow Agent shall be directed to release the Escrow Deposit from the Pre-Closing Escrow
Account and transfer the same to the Vendor’s Bank Account;

 

    	 	12	 

     

    

 

“Key
Individuals” means any of: (i) the Incumbent Directors of each of the Target Companies; and (ii)
the following officers and/or employees of the Vendor’s Group Companies, namely: (a)
Mr. Maimon (Momi) Cohen (financial/accounting); (b) Mr. Vladu Dumitru (operations); (c) Mr. Kraus Markus Leo (Hotel
Manager); (d) Ms. Petrescu Catrinel (Chief Accountant); (e) Ms. Cretu Bianca Mihaela (Economist); (f) Ms.
Mitroi Raluca (Economist); (g) Ms. Mirela Draghicesu (HR Manager); (h) Mr. Doron Moshe (Incumbent Director); and
(i) Mr. Adrian Adam (Hotel Operations Manager); and “Key Individual” means
any one of them;

 

“Land”
means the plots of land upon which the Buildings are constructed, together with unconstructed land owned by the Company, identified
with cadastral number 214260, cadastral number 214261, cadastral number 214262, cadastral number 214263, cadastral number 258437,
cadastral number 258438, cadastral number 258439, cadastral number 214264, cadastral number 214265, cadastral number 214266, cadastral
number 214267, cadastral number 214269, cadastral number 214270, cadastral number 214272, cadastral number 214273, cadastral number
214274, cadastral number 214275, cadastral number 214277,  cadastral number 214278, cadastral number 214279, cadastral number
258440, cadastral number 258441, cadastral number 258442, cadastral number 258443, all as fully described and specified in the
Land Book/OCPI extracts and lay out comprising Schedule 1;

 

“Land
Book/OCPI” means the Cadastre and Real Estate Publicity Office (Oficiul de Cadastru si Publicitate
Imobiliara);

 

“Leases”
or “Lease Agreements” means the lease agreements entered into by and between the Company as lessor (or sub-lessor
in respect of the Romextur Area) and the respective tenants as lessees (or sub-lessee as the case may be) in respect of the various
units comprising the Commercial Areas, which are listed in Schedule 10;

 

“Long Stop Date”
means February 28, 2018;

 

“Loss” or
“Losses” means any and all losses (including loss of revenue but disregarding any lost profit), liabilities,
costs and expenses (including interest, penalties and the fees and expenses of attorneys, financial advisors or other consultants
reasonably incurred), resulting from, arising out of or relating to a breach or non-fulfilment of any covenant and/or warranty
and/or other obligation contained in this Agreement;

 

    	 	13	 

     

    

 

“Material Lease Agreement”
means the Lease Agreements in respect of the fitness center and the casino;

 

“Net to Owner Contribution”
means the amount calculated in the manner specified in Section 5 of Part A of Schedule 3 attached hereto;

 

“Notary” means
Mr. Steven van der Waal, or any other notary public at Buren NV;

 

“Notary Account”
means the client account conducted by the Notary whose details are specified in Schedule 12;

 

“Offset Amount”
means the outstanding amount of the Existing Loan Facility in respect of which the Company remains indebted to the Existing Lender
under the Existing Loan Facility as at the Closing Date (including breakage costs and pre-payment fees, if any, accrued interest
to the Closing Date and without deduction for any restricted cash deposit held on account as partial security for the repayment
of the Existing Loan Facility) following the Partial Loan Repayment as contemplated in § 3.3.1 below and the payment of the
BUTU Prepayment Amount as contemplated in § 3.3.2 below, as determined and specified by the Existing Lender in the Offset
Amount Confirmation Letter, and which shall be applied by the Parties for the purpose of calculating the Final Net Purchase Price;

 

“Offset Amount Confirmation
Letter” means a letter substantially in the form and text attached hereto and marked as Schedule 11 pursuant to which
the Existing Lender shall specify the Offset Amount as at the Anticipated Closing Date, Revised Anticipated Closing Date or Closing
Date, as relevant;

 

“Parent”
means BEA Hotels NV of the Netherlands, being the parent company of the Vendor;

 

“Parent
Share” means 1 (one) share of RON 12, which comprises 0.01% of the entire issued and paid up share capital of
BEA Hotels Romania, free and clear of all Encumbrances and other third party rights save only for Permitted Encumbrances;

 

“Park Inn Hotel Facility”
means the hotel facility which is located in Buildings D, E, F1, F2, G1, G2, H1 and I1 as
designed in green on the schematic diagram attached as part of Schedule 1, which is comprised of: (i) 210 guest rooms;
(ii) 66 unbranded and un-renovated apartment units; (iii) a 412 seat Bistro (indoor and outdoor) and an 18 seat bar;
and (iv) all relevant and applicable FF&E and Inventories;

 

    	 	14	 

     

    

 

“Partial Loan Repayment”
means the partial repayment of the Existing Loan Facility which is to be carried out by the Company on or prior to the Closing
Date as contemplated in § 3.3.1 below;

 

“Payment Confirmation”
means a confirmation of transfer in the form of MT103 swift report issued in accordance with Swift Standards Category I of any
payment to be made under the terms of this Agreement;

 

“Permit”
means any permit, consent, registration, license or other approval or authorization as required by the Applicable Laws of Romania
for the construction, current occupancy and current operation of the Hotel Complex and/or for the conduct of the business operations
of the relevant Target Company, as well as for the ownership, possession, operation, occupation or use by the relevant Target Company
of its assets or for the execution or performance of this Agreement;

 

“Permitted Encumbrances”
means:

 

		(1)	the Existing Loan Encumbrances (Schedule 15);

 

		(2)	the Lease Agreements (Schedule 10);

 

		(3)	all other Encumbrances relating to the Property as they appear on the Land Book/OCPI extracts attached
as Schedule 1; and

 

		(4)	legal encumbrances relating to the Property which are for utilities, media or telecommunications
services, regardless of whether registered or unregistered;

 

“Pre-Closing Escrow
Account” means the escrow account to be opened and maintained by the Escrow Agent in terms of the Escrow Agreement, into
which the Escrow Deposit shall be deposited and from which it shall be released as governed by the terms of the Escrow Agreement;

 

“Price Adjustment
Amount” means the difference (positive or negative) between the Estimated Net Purchase Price or Revised Estimated Net
Purchase Price, if relevant, and the Final Net Purchase Price, all as calculated pursuant to the provisions of Part A of Schedule
3, which is to be either: (i) paid by the Purchaser to the Vendor; or (ii) repaid by the Vendor to the Purchaser,
as set out in § 3.4 below;

 

“Proceedings”
means an arbitration, investigation, litigation or suit (whether civil, criminal, or administrative), including counterclaims or
cross-claims, commenced or heard by or before any Public Authority (including any Tax Authority), court of competent jurisdiction
or arbitrator;

 

    	 	15	 

     

    

 

“Property”
means: the Land and the Building, and which includes the Radisson Hotel Facility, the Park Inn Hotel Facility and the Commercial
Areas;

 

“Public Authority”
means, as the context requires, any public authority, whether supranational, state, municipal or self-governing, or a private entity
to the extent that it is endowed with the exercise of administrative, executive, judicial, legislative, police, regulatory, or
taxing authority in Romania, the European Union or, if relevant and applicable to a Party incorporated outside of Romania, in the
given jurisdiction of incorporation of such Party;

 

“Purchase Price Calculation
Methodology” means the agreed methodology set out in Schedule 3 which is to be applied for the calculation of: (i)
the Estimated Net Purchase Price on the basis of the Initial Accounts (Section 2(a) of Part A); (ii) the Revised Estimated
Net Purchase Price on the basis of the relevant Financial Statements (Section 2(b) of Part A); and (iii) the Final
Net Purchase Price on the basis of the Final Accounts (Section 2(c) of Part A);

 

“Purchase Price Statement”
means the agreed calculation of the Final Net Purchase Price, prepared in accordance with the Purchase Price Calculation Methodology
following the conclusion of the Purchase Price Verification Procedure;

 

“Purchase Price Verification
Procedure” means the agreed procedure for the verification of the purchase price which is to be carried out following
Closing subject to and in accordance with the terms and provisions set forth in Part C of Schedule 3, whereby: (i) the Final
Net Purchase Price will be calculated based on the Final Accounts by applying the Purchase Price Calculation Methodology as set
out in Section 2(c) of Part A of Schedule 3 on the basis of the reviewed Final Accounts; and (ii) the Purchase Price Statement
will be prepared;

 

“Purchaser’s
Bank Account” means the Purchaser’s banking account for all purposes in terms of this Agreement, particulars of
which are set out in Schedule 12, or any other account specified by the Purchaser and of which the Vendor is informed in writing
no later than five (5) Business Days prior to the relevant payment day;

 

“Purchaser’s
Group Company” means the Purchaser and any of its Affiliates;

 

“Purchaser Nominated
Directors” those directors of the Target Companies nominated by the Purchaser and who are to be appointed with effect
from the Closing Date, as contemplated in § 6.4.9 below;

 

    	 	16	 

     

    

 

“Radisson Hotel Facility”
means the hotel facility which is located in Buildings A1, A2, A3, A4, B, C, H2 and Dp designated in yellow on the Schematic Diagram
attached as part of Schedule 1, which is comprised of: (i) 424 guest rooms; (ii) 62 Elite aparthotel units; (iii) 1800 square meters
of conference facilities; (iv) 4 restaurants and 3 bars; and (v) all relevant and applicable FF&E and Inventories;

 

“Recovery Proceeds”
shall have the meaning ascribed to it in § 11.7 below;

 

“Related Party Loan”
means the entire outstanding amount of the loan (including principal and accrued interest as at the Closing Date) which is due
and payable by BEA Finance to the Company in terms of the Related Party Loan Agreement, and which is to be repaid to the Company
by BEA Finance before the Closing Date as contemplated in § 3.2.3 below;

 

“Related Party Loan
Agreement” means the loan agreement dated 22 March 2016 made and entered into by and between the Company as lender and
BEA Finance as borrower, in terms of which the Company advanced the Related Party Loan to BEA Finance on the terms and conditions
specified therein, a copy of which has been Disclosed to the Vendor;

 

“Revised Anticipated
Closing Date” means the date agreed in good faith between the Parties as the date on which Closing will occur if Closing
does not occur on the Anticipated Closing Date;

 

“Revised Estimated
Net Purchase Price” has the meaning given in § 3.1.2;

 

“Romextur”
means Romextur SA, being a joint stock company registered in Romania bearing company registration number J40/204/1991 at the Bucharest
Trade Register, sole registration number 1572655, whose registered address is at 4 Luterana Str., Sector 1, Bucharest;

 

“Romextur Shares”
means 312,816 ordinary shares of RON 1 each, which in the aggregate comprise 95.3% of the entire issued and paid up share capital
of Romextur, free and clear of all Encumbrances and other third party rights save only for Permitted Encumbrances, and of which
the Company is the shareholder of record;

 

“Romextur Area”
means an area measuring 679.93 square meters located in Bucharest, 4 Luterana str., 1st District, comprising mezzanine of 311.73
square meters (cadastral number 9291 M;1), ground-floor of 329.10 square meters (cadastral
no. 9291/0;1) and basement of 39.10 square meters (cadastral no. 9291/-1;1) Buildings
F1 and E, registered with land book no. 253177 – C1 – U1-U2-U3 kept by
the Land Book OCPI (as delineated in blue on the schematic diagram attached as part of Schedule 1, and which is the subject of
the Burberry Lease referred to in Schedule 10);

 

    	 	17	 

     

    

 

“RON” means
Romanian New Leu, being the legal currency of Romania;

 

“Scheduled Closing
Date” means: (i) if the Closing Trigger Date is on or prior to December 15, 2017, December 18, 2017; or (ii)
if the Closing Trigger Date is between 16 December 2017 and 4 January 2018 (inclusive), 9 January 2018 or (iii) if the Closing
Trigger Date is after 4 January 2018, the date falling 10 (ten) Business Days after the Closing Trigger Date or (iv) such other
date as may be agreed between the Vendor and the Purchaser, provided in each case that if a valid GSM Convocation Notice has not
been published for such date, the Scheduled Closing Date shall be the next date on which a valid GSM Convocation Notice has been
published (to the extent that the Condition Precedent remains satisfied or waived on such date);

 

“Selected Public Database
Search” means an inspection, examination or search of any extract, document, register or record in respect of the Target
Companies and/or in respect of the Property and/or in respect of the Land, the Buildings, the Hotel Complex and the Commercial
Areas, addressed to the Land Book/OCPI, the Trade Register, and the Electronic Archive for Real Movable Security (Arhiva Electronica
de Garantii Reale Mobiliare), submitted so as to ensure response to the enquiries is obtained no later than seven (7) Business
Days prior to the Execution Date;

 

“Shareholder
Registers” mean the: (i) Shareholder Register of Romextur; (ii) the Shareholder Register of BEA Hotels
Romania in which the transfer of the BEA Romania Shares and the Parent Share shall be recorded on the Closing Date; and (iii)
Shareholder Register of the Company maintained by the Central Depository, in which the transfer of the Bucuresti Shares shall be
recorded on the Closing Date; all in the manner contemplated in § 6.4.1 below;

 

“Supplemental
Disclosure Letter” means the written disclosure of further exceptions to Closing Warranties, which the Vendor will furnish
to the Purchaser on or before the Closing Date, which, however, will not qualify or limit the liability of the Vendor for the Vendor’s
Warranties given on the Execution Date;

 

“Swap
Mark-to-Market” means the latest available mark-to-market value of the hedging instruments to which the Company is party;

 

“Target Companies”
means the Company, Romextur and BEA Hotels Romania, and “Target Company” shall be any one of them as the context
requires;

 

“Target Shares”
means: (i) the Bucuresti Shares; and (ii) the BEA Romania Shares; and (iii) the Parent Share;

 

    	 	18	 

     

    

 

“Tax” means
any tax, tax assessment, levy, charge, customs duty, import duty, value added tax, transfer tax, stamp duty or other tax, assessment,
withholding or remittance of any nature, including any health, welfare and social security, employment or other similar payments,
required to be remitted to, or imposed, levied, collected or assessed by or through, any Tax Authority, including any interest,
fine, penalty or other charge payable or claimed in respect thereof or any additions to tax or additional amounts imposed by any
taxing authority or in respect of the filing, obligation to file or failure to file any Tax return;

 

“Tax Authority”
means the appropriate tax administrator in Romania or any other Public Authority empowered to impose, collect or assess Taxes;

 

“Tax Claim”
means any Claim relating to Tax or Tax-related Losses;

 

“Title Policy”
means a valid and fully paid up policy of title insurance negotiated by and acceptable
to the Purchaser, which is to be issued in favour of the Purchaser by a reputable international insurer on or before the Execution
Date;

 

“Trade Register”
means the Romanian Trade Register Office (in Romanian Oficiul Național al Registrului
Comerțului);

 

“Transaction”
means the transaction which is the subject matter of this Agreement, namely for the acquisition of the Target Shares by the Purchaser
from the Vendor in accordance with the terms, provisions and conditions of this Agreement;

 

“Transaction Documents”
means: (i) this Agreement together with all of its Schedules; (ii) all the closing deliverables referred to in
§ 6.3 below; (iii) the Escrow Agreement; (iv) the Vendor Guarantee; and (v) all and any other letters
(including the Disclosure Letter and Supplemental Disclosure Letter), agreements, certificates, confirmations and ancillary documents
as may be executed and/or delivered by the Parties in connection with and/or in relation to the consummation of the Transaction;

 

“VAT” means
value added tax pursuant to Law no. 227/2015 regarding the Fiscal Code, as amended,
or any other tax of a similar fiscal nature whether imposed in Romania (instead of or in addition to value added tax) or elsewhere
in any other relevant jurisdiction.

 

“Vendor’s Bank
Account” means the Vendor’s banking account for all purposes in terms of this Agreement, particulars of which are
set out in Schedule 12, or any other account specified by the Vendor and of which the Purchaser is informed in writing no later
than five (5) Business Days prior to the relevant payment day;

 

    	 	19	 

     

    

 

“Vendor’s Fundamental
Warranties” means the Vendor’s Title Warranties and the Vendor Warranties in Section 2.5.1 and 6.1.1 of Schedule
4;

 

“Vendor’s Group
Company” means the Vendor or any of its Affiliates;

 

“Vendor Indemnities”
means all the indemnities given by the Vendor in § 8.6 and “Vendor Indemnity” means any one of them;

 

“Vendor’s Knowledge”
in the context of a qualification to a Vendor Warranty means the knowledge or awareness of the Vendor which shall be deemed knowledge
of the Incumbent Directors if they had made all due and reasonable enquiries of the Key Individuals. No other knowledge will be
imputed to the Vendor;

 

“Vendor Loan”
means the unsecured loan which is to be granted by the Vendor to Promontoria Nemo B.V. on the Closing Date, signed on the Execution
Date in the form agreed in Schedule 19;

 

“Vendor Guarantee”
means the guarantee entered into on the date hereof between the Purchaser, the Vendor and Vendor Guarantor in the form agreed in
Schedule 20;

 

“Vendor Guarantor”
means Elbit;

 

“Vendor’s Shareholding
Factor” means the factor representing the percentage shareholding of the Vendor in the Company being 98.2140% on the
Execution Date;

 

“Vendor’s
Specific Warranty Claims” means Warranty Claims in relation to those
Vendor’s Warranties given under Sections 7.1.11 to 7.1.26 (inclusive), 14.4, 20.3 and 26.2 of
Schedule 4;

 

“Vendor’s Tax
Warranties” means those Vendor’s Warranties given under Section 7 of Schedule
4 (Tax Matters);

 

“Vendor’s Title
Warranties” means those Vendor’s Warranties given under: (i) Sections
3.1 and 3.2 of Schedule 4 (The Property); and/or (ii) Sections 6.1.1 to 61.4 inclusive of Schedule 4 (Ownership
and Transfer of the Target Shares);

 

“Vendor’s Warranties”
means all the warranties given by the Vendor in Schedule 4;

 

“Vendor W&I Contribution”
means an amount equal to EUR 50,000;

 

“Warranty Claims”
means any claim made by the Purchaser for the compensation by the Vendor for any Losses suffered by the Purchaser and/or the Target
Companies arising out of or in connection with a breach of a Vendor Warranty;

 

    	 	20	 

     

    

 

“Warranty & Indemnity
Insurance” means a valid and fully paid up policy of Warranty & Indemnity Insurance negotiated
by and acceptable to the Purchaser, which is to be issued in favour of the Purchaser by a reputable international insurer
on or before the Execution Date;

 

“Working Capital”
means those current assets (for the avoidance of doubt, in the calculation of the Working Capital for the Estimated Net Purchase
Price a deduction from the cash balance in the Initial Accounts of EUR 3,000,000 will be applied, whilst for the calculation
of the Working Capital for the Final Net Purchase Price a deduction from the cash balance in the Final Accounts of the entire BUTU
Prepayment Amount will be applied to the extent this is shown as cash) and any current or non-current liabilities (excluding the
Estimated Offset Amount or the Offset Amount, as the case may be) of the relevant Target Company as at the relevant reporting date
of the Initial Accounts and/or the Final Accounts, as the case may be, which are to be treated as working capital by agreement
pursuant to the provisions of Sections 4 and 5 of Part A of Schedule 3 and subject to the exclusions itemized therein;

 

		1.2	Interpretation. In this Agreement, a reference to:

 

		1.2.1	A subsidiary a holding company is a reference to those terms as they are defined
in the Companies Act of 2006, as amended; and a wholly owned subsidiary of another company is a company that has no members
other than that other company, or persons acting on behalf of that other company;

 

		1.2.2	a document in “agreed form” is a reference to a document in a form approved
by or on behalf of the Parties thereto;

 

		1.2.3	references to any English legal term for any action, remedy, method of judicial proceeding, legal
document, legal status, court, organisation, body, official or any legal concept, state of affairs or thing shall in respect of
any jurisdiction other than England shall be deemed to include reference to the nearest equivalent action, remedy, method of judicial
proceeding, legal document, legal status, court, organisation, body, official or any legal concept, state of affairs or thing in
that jurisdiction;

 

		1.2.4	to “procure” or to “ensure” or any other expression, when
used to express a Party’s obligation to procure that a third person will or will not act in a certain manner, refers to the
relevant party’s obligation that the third person performs what has been agreed;

 

		1.2.5	irrespective of whether the wording “without limitation” or “but not
limited to” appears in any provision of this Agreement, each and every use of the term “including”
herein is intended to mean “including, without limitation” and “including but not limited to” and shall
not be interpreted to imply any limitation on the more general preceding provision unless otherwise expressly stated;

 

    	 	21	 

     

    

 

		1.2.6	a clause (§) or Schedule, unless the context otherwise requires, is a reference to a clause
(§) of, or Schedule to, this Agreement;

 

		1.2.7	Headings and Recitals. The headings in this Agreement are for ease of reference only and do not
affect its interpretation and are to be ignored in construing its terms. The recitals form an integral part of this Agreement;

 

		1.2.8	Information. Any reference to books, records or other information means, in any form, including
paper, electronically-stored data, magnetic media, film and microfilm;

 

		1.2.9	Regulation. A reference to a provision of a law, legal regulation or an agreement refers to such
provision as modified by all its subsequent amendments prior to the date of this Agreement; and

 

		1.2.10	Time. References to times of the day are to Eastern European Time (EET) (GMT+2), unless
otherwise stated.

 

		1.3	The Parties acknowledge and agree that they have each participated, both directly and by means
of their professional advisors, in the negotiation and preparation of this Agreement and, as such, for the purpose of interpreting
any provision of this Agreement, any rule of law providing that ambiguities shall be construed against the drafting party or against
the party seeking to rely on such provision shall not be applicable to this Agreement.

 

		1.4	Notwithstanding § 29 (Language), where in this Agreement a Romanian term is given in italics
and/or in brackets after an English term or vice versa, the relevant provision relates to circumstances governed by Romanian law
and if there is any inconsistency between the Romanian term and the English term, the meaning of the Romanian term shall prevail.

 

		1.5	Singular words shall include the plural and vice versa and words in a particular gender shall include
all genders, unless the context requires otherwise.

 

		2.	Sale And Purchase Of The Target Shares

 

		2.1	On, and with effect from, the Closing Date and subject to the terms and conditions of this Agreement
(including that as of the Closing Date the Company continues to be the sole and registered owner of the Romextur Shares): (i)
the Vendor shall sell the Bucuresti Shares (and indirectly the Romextur Shares) and the BEA Romania Shares to the Purchaser, and
the Purchaser shall purchase the Bucuresti Shares (and indirectly the Romextur Shares) and the BEA Romania Shares from the Vendor;
and (ii) the Vendor shall procure that the Parent shall sell the Parent Share to the Purchaser, and the Purchaser shall
acquire the Parent Share from the Parent; all in consideration for payment by the Purchaser to the Vendor of the Final Net Purchase
Price which shall be calculated and paid in the manner provided for in § 3 below.

 

    	 	22	 

     

    

 

		2.2	The Target Shares shall be sold:

 

		2.2.1	free and clear of all and any Encumbrances, save only for the Permitted Encumbrances; and

 

		2.2.2	together with all rights and benefits attached thereto as at the Closing Date, including the right
to receive all dividends or profit distributions declared, made or paid on or after Closing.

 

		2.3	Transfer of the ownership right to 100% of the Target Shares to the Purchaser shall be effective
on the Closing Date upon the occurrence of all of the following:

 

		2.3.1	payment of the Estimated Net Purchase Price or Revised Estimated Net Purchase Price, as relevant,
in the manner provided for in § 6.4.6 below;

 

		2.3.2	in respect of the Bucuresti Shares, upon the entry of the sale into the relevant Shareholder Register
of the Company maintained by the Central Depository together with the written confirmation of the president of the board of directors;
and

 

		2.3.3	in respect of the BEA Romania Shares and the Parent Share, upon entry of the sale into the relevant
Shareholder Register of BEA Hotels Romania, as contemplated in § 6.4.1 below, and the written confirmation of the sole director.

 

		3.	Calculation and Payment of the Purchase Price

 

		3.1	Calculation of Final Net Purchase Price

 

The purchase price for the
acquisition of the Target Shares on the Closing Date shall be the Final Net Purchase Price, which shall be determined and calculated
as follows:

 

		3.1.1	The Parties have agreed and determined the Estimated Net Purchase Price prior to the Execution
Date on the basis of:

 

		a.	the Agreed Property Value, less the CGT Adjustment Amount, the Estimated Offset Amount and the
Swap Mark-to-Market and adjusted by the Estimated Aggregated NAV Adjustment Amount and the Net to Owner Contribution in respect
of the period between October 31, 2017 and the Anticipated Closing Date, as calculated by reference to the Initial Accounts, and
thereafter multiplied by the Vendor’s Shareholding Factor; and

 

    	 	23	 

     

    

 

		b.	a schedule setting out any inter-company balances between
the Target Companies reconciled for the purposes of calculating the Estimated Aggregated NAV Adjustment Amount,

 

in
each case as definitively set out in Schedule 3 and Schedule 22.

 

		3.1.2	If Closing does not occur on the Anticipated Closing Date,
the Estimated Net Purchase Price shall be updated by the Vendor and notified to the Purchaser (together with such supporting documentation
as the Purchaser may reasonably request) no later than 10 Business Days prior to the Revised Anticipated Closing Date (the “Revised
Estimated Net Purchase Price”). The Revised Estimated Net Purchase Price shall be calculated in accordance with the same
principles as the Estimated Net Purchase Price provided that: (i) the Estimated Aggregated NAV Adjustment Amount shall be
calculated by reference to the most recent finalised Financial Statements; and (ii) the Net to Owner Contribution shall
be calculated in respect of the period from the date following the date of such Financial Statements to the Revised Anticipated
Closing Date. Following receipt of the Revised Estimated Net Purchase Price by the Purchaser, the Vendor and the Purchaser shall
cooperate in good faith prior to the Revised Anticipated Closing Date to agree any amendment to such Revised Estimated Net Purchase
Price as the Purchaser may reasonably request. In the absence of agreement, the Revised Estimated Net Purchase Price shall be such
figure as originally proposed by the Vendor.

 

		3.1.3	Immediately following Closing, the Parties shall initiate and carry out the Purchase Price Verification
Procedure in the manner and subject to the terms set out in Part C of Schedule 3. Upon the determination of the Final Net Purchase
Price in the manner provided for in Schedule 3, the Parties shall calculate and determine the Price Adjustment Amount, if any,
and thereupon prepare the Purchase Price Statement. The Price Adjustment Amount as specified in the Purchase Price Statement shall
be settled between the Parties as provided in § 3.4 below so as to ensure that the full and final consideration paid to the
Vendor in respect of the acquisition of the Target Shares is equal to the Final Net Purchase Price.

 

		3.1.4	The allocation of the Estimated Net Purchase Price, Revised
Estimated Net Purchase Price and the Final Net Purchase Price between the Vendor (in respect of the sale of the Bucuresti Shares
and the BEA Romania Shares) and the Parent (in respect of the Parent Share) shall be as follows:

 

		(i)	in consideration for the sale of the Parent Share, the Purchaser will pay to the Parent a total
consideration in the amount of EUR 3 as the agreed purchase price for the Parent Share; and

 

    	 	24	 

     

    

 

		(ii)	the entire balance of the Final Net Purchase Price, less the purchase price for the Parent Share
referred to in (i) above, shall be paid by Purchaser to Vendors in consideration for the acquisition of the Bucuresti Shares (and
also indirectly Romextur Shares) and the BEA Shares in accordance with Clause 3.3.4 of this Agreement.

 

		3.2	Payments to be made prior to the Closing Date

 

		3.2.1	Escrow Deposit.

 

		(i)	On or within five (5) Business Days from the Execution Date, the Purchaser shall have deposited
the Escrow Deposit into the Pre-Closing Escrow Account, which shall be released from the Pre-Closing Escrow Account in the manner
and on the terms specified in the Escrow Agreement.

 

		(ii)	Notwithstanding § 3.2.1(i) or any term of the Escrow Agreement, if (i) Closing does
not occur on or prior to the Long Stop Date or (ii) this Agreement is otherwise terminated in any circumstance other than
where Closing does not occur solely as a result of the breach by the Purchaser of its obligations in § 6, the Purchaser shall,
as soon as is practicable, give instructions to the Escrow Agent that the Escrow Deposit be transferred to the Purchaser’s
Bank Account.

 

		(iii)	If Closing does not occur on prior to the Long Stop Date as a result of a breach by the Purchaser
of its obligations in respect of Closing contained in § 6, provided that the Vendor is not also in breach of its obligations
pursuant to § 6, the Vendor and Purchaser shall give instructions to the Escrow Agent that the Escrow Deposit be transferred
to the Vendor’s Account.

 

		3.2.2	Advance Payment. On or before a date one (1) Business Day prior to the Closing Date, the
Purchaser shall pay the Advance Payment as a payment on account of the Estimated Net Purchase Price, and shall deposit the Advance
Payment into the Closing Escrow Account. The Advance Payment shall be released from the Closing
Escrow Account in the manner and on the terms specified in the Escrow Agreement.

 

		3.2.3	Repayment of the Related Party Loan. The Vendor shall procure that the Related Party Loan
is repaid by BEA Finance to the Company in full (including all principal and accrued but unpaid interest at the Closing Date) by
not later than a date one (1) Business Day prior to the Closing Date.

 

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		3.3	Payments to be made on the Closing Date

 

On the Closing Date:

 

		3.3.1	Partial Loan Repayment. The Purchaser shall furnish the Escrow Agent with its written instructions
that the entire amount retained in the BUTU Escrow Account shall be transferred to the Existing Lender as per their written instructions
in accordance with the terms of the Escrow Agreement, which amount shall constitute a partial repayment of the Existing Loan Facility
as contemplated in § 6.4.1 below.

 

		3.3.2	BUTU Prepayment Amount. The Vendor shall procure that the Company shall transfer BUTU Prepayment
Amount to the Existing Lender, which amount shall also constitute a partial repayment of the Existing Loan Facility as contemplated
in § 6.4.1 below.

 

		3.3.3	Elbit Payments. The Vendor shall procure that the Company shall transfer the Elbit Guarantee
Fee and the Elbit Consultancy Fee to Elbit Imaging Ltd. as contemplated in § 6.4.5(a) below, and shall provide evidence that
such transfers have been executed; and thereafter

 

		3.3.4	Payment of the Estimated Net Purchase Price or Revised Estimated Net Purchase Price by the Purchaser:

 

		a.	At the direction of the Vendor, the Purchaser shall transfer
the Bank Hapoalim Pay-Off Amount to the Notary Account, whereupon the Notary shall
release the Bank Hapoalim Consent Letter to the Parties; 

 

		b.	the Purchaser shall pay to the Vendor that amount which is
equal to the Estimated Net Purchase Price or Revised Estimated Net Purchase Price, if relevant, less: (i) the Bank Hapoalim
Pay-Off Amount; (ii) the Escrow Deposit; (iii) the Advance Payment; (iv) the Vendor Loan; (v) the purchase
price for the Parent Share; and (vi) Vendor W&I Contribution; and

 

		c.	the Purchaser and the Vendor shall jointly execute the Joint
Closing Release Instructions and deliver the same to the Escrow Agent, directing the Escrow Agent to release the Escrow
Deposit from the Pre-Closing Escrow Account and to transfer same to the Vendor’s Bank Account, or otherwise to the Vendor’s
order, as contemplated in §6.4.5(c) below.

 

		3.3.5	The Purchaser shall pay the agreed purchase price for the Parent Share to the Parent.

 

    	 	26	 

     

    

 

		3.4	Price Adjustment Amount after Closing. The following provisions shall govern the purchase
price adjustments, if any, which are to be conducted following Closing:

 

		3.4.1	In the event that as a result of the implementation of the Purchase Price Verification Procedure,
the Final Net Purchase Price proves to be lower than the Estimated Net Purchase Price or Revised Estimated Net Purchase Price,
as relevant, then and in such event the Vendor shall repay to the Purchaser the full amount of the Price Adjustment Amount.

 

		3.4.2	In the event, however, that the Final Net Purchase Price proves to exceed the Estimated Net Purchase
Price or Revised Estimated Net Purchase Price, as relevant, then and in such event the Purchaser shall pay the full amount of the
Price Adjustment Amount to the Vendor.

 

		3.4.3	If the amount of the Price Adjustment Amount is equal to zero, then the Final Net Purchase Price
shall be equal to the Estimated Net Purchase Price or Revised Estimated Net Purchase Price, if relevant, for all purposes under
this Agreement and no adjustments to the Estimated Net Purchase Price or the Revised Estimated Net Purchase Price, as relevant,
shall be made.

 

		3.4.4	Any payments of the Price Adjustment Amount which are to be made in terms of this § 3.4 shall
be made either to the Vendor’s Bank Account or to the Purchaser’s Bank Account, as the case may be, and same by not
later than a date 10 (ten) Business Days following the determination of the Final Net Purchase Price and the Price Adjustment Amount.

 

		3.4.5	Any dispute which may arise after Closing between the Parties pertaining to the determination of
the Final Net Purchase Price and/or the Price Adjustment Amount shall not grant or be deemed to grant any rights to either Party
to terminate or withdraw from this Agreement and shall be carried out exclusively pursuant to the rules of Schedule 3.

 

		4.	Condition Precedent to Closing

 

		4.1	Condition Precedent. The obligation of the Purchaser to consummate the Transaction and to
pay the Estimated Net Purchase Price or Revised Estimated Net Purchase Price to the Vendor, and the obligation of the Vendor to
sell and transfer the Target Shares to the Purchaser, are subject to the fulfilment in a timely manner of the following Condition
Precedent: (i) The execution by the Purchaser or Purchaser Group Company of a Financing Agreement and the relevant third
party funder that will provide the Purchaser with sufficient unconditional and unencumbered cash resources in order for it to fulfil
on a timely basis its payment obligations under this Agreement (excluding any amount to be funded by way of equity or shareholder
loan by the Purchaser and its shareholders), including its obligation to pay the Estimated Net Purchase Price and any Price Adjustment
Amount; (ii) the satisfaction of any conditions precedent to drawdown under such Financing Agreement (other than to the
extent such conditions precedent are waived by the relevant lender); and (iii) if the Financing Agreement is entered into
with the Existing Lender, the Existing Lender having consented to this Transaction.

 

    	 	27	 

     

    

 

		4.2	Responsibility for Satisfaction of the Condition Precedent.

 

The Purchaser
shall use its best endeavours and shall take steps reasonably necessary to ensure that the Condition Precedent is satisfied as
soon as is reasonably practicable and in any event 10 Business Days prior to the Long Stop Date, and it shall keep the Vendor fully
informed of the progress achieved by it in that regard. The Vendor and the Purchaser shall co-operate fully in order to procure
the satisfaction of the Financing Condition.

 

		4.3	Notice of Fulfilment of Condition Precedent. Closing Notice

 

The Parties shall act in good
faith and shall cooperate with a view to achieving the Closing and in this respect, the Parties expressly agree that:

 

		4.3.1	the Parties shall keep each other informed in a timely manner on the status of the fulfilment of
the Condition Precedent and of any relevant matters in relation thereto, including any matters that might cause delays or might
otherwise affect the Closing;

 

		4.3.2	each Party shall refrain from taking any action, which may restrict, limit or interfere in any
way with the performance of the Transaction contemplated hereunder, or of the obligations or warranties of the respective Parties
hereunder;

 

		4.3.3	the Purchaser shall notify the Vendor immediately upon the fulfilment of the Condition Precedent,
providing supporting documents where necessary to substantiate the fulfilment of the relevant Condition Precedent;

 

		4.3.4	no later than 2 (two) Business Days after the Condition Precedent has been fulfilled or waived
by the Purchaser, the Purchaser shall submit to the Vendor its Closing Notice confirming the fulfilment of the Condition Precedent
and inviting the Vendor to proceed to Closing. The date upon which the Closing Notice is issued will be the Closing Trigger Date.

 

    	 	28	 

     

    

 

		4.4	Non-Fulfilment of Condition Precedent

 

The Condition Precedent specified
in § 4.1 above shall be satisfied, or waived in writing by the Purchaser, by that date which is 10 (ten) Business Days prior
to the Long Stop Date, provided that the Purchaser may on one occasion only demand the extension of the Long Stop Date by a period
not to exceed 20 (twenty) Business Days subject to showing evidence to the Vendor of its active negotiations with a financing institution
to this effect. Any further extensions of the Long Stop Date may be made solely by mutual agreement reached between the Parties.
In the event that the Condition Precedent shall not have been fulfilled, or waived by the Purchaser, by the Long Stop Date, as
extended, then and in such event the validity of this Agreement shall automatically terminate, this Agreement shall thereupon be
of no further force and effect, and the Parties shall be unconditionally released from all their respective obligations and undertakings
subject to the provisions of § 20.3 (Effect of Termination) below.

 

		5.	Provisions Applicable During The Interim Period

 

		5.1	Material Adverse Change (MAC) Provisions

 

		5.1.1	Defined Terms

 

		a.	“MAC Casualty Event” means: (i) an event of Force Majeure, or a terrorist
attack; (ii) any third party claim or claims submitted against any of the Target Companies following the Execution Date
where the auditors of the relevant Target Company confirm that if adjudicated against the respondent such claims will have a material
adverse effect on the financial standing of the Target Companies; or (iii) loss of more than 30% of the Hotel Employees
engaged as at the Execution Date; or (iv) the occurrence of material damage to the Property; where any of the above generate
a loss in excess of 5% (five percent) of the Agreed Property Value;

 

		b.	“MAC Cure” means that Vendor has succeeded in effectively curing and remedying
a MAC Event in such manner that the condition, status and functionality of the Hotel Complex on the date falling 10 (ten) Business
Days prior to the Closing Date is the same in all material respects as those which existed on the Execution Date and the Target
Companies are otherwise in a position equivalent to that prior to the relevant MAC Event occuring;

 

		c.	“MAC Event” means any of a MAC Casualty Event or a MAC Warranty Event occurring
after the Execution Date;

 

		d.	“MAC Notice” means the written notice to be given by either Party of the occurrence
of a MAC Event, which must describe the MAC Event in sufficient detail and provide a good faith and reasonable estimate of the
damage suffered by any of the Target Companies resulting therefrom; and

 

    	 	29	 

     

    

 

		e.	“MAC Warranty Event” means that any of the Vendor’s Fundamental Warranties
are materially untrue at any time prior to the Closing Date.

 

		5.1.2	Material Adverse Change (MAC) Provisions

 

		a.	MAC Notice. Both Parties shall be obliged to give to the other Party a MAC
Notice regarding the occurrence of a MAC Event within ten (10) Business Days of such MAC Event coming to its attention. In case
of an alleged MAC Casualty Event, following the serving of a MAC Notice, the Vendor shall provide the Purchaser with a written
report issued by a properly qualified expert assessing the amount of damage resulting therefrom as soon as is practicable.

 

		b.	Vendor’s Right to Cure

 

		(i)	Whereas the monetary cure of a MAC Casualty Event is reasonably possible, the Vendor shall have
the right, but not the obligation, to take such steps and to procure the implementation of such acts, deeds and things as are necessary
and required to effect a MAC Cure. The Vendor shall be required to notify the Purchaser within 5 (five) Business Days following
the date of the MAC Notice of its decision to effect a MAC Cure (a “MAC Cure Notice”), and to effect the MAC
Cure within twenty (20) Business Days from the date of the MAC Cure Notice but in any event by not later than the Closing Date
(subject to agreed extensions).

 

		(ii)	The MAC Cure of a MAC Casualty Event shall entail; inter alia, the repair of the damage
caused and/or re-construction of the damaged areas in such manner that all premises affected by the MAC Casualty Event are returned
in all material respects to the same condition, structural integrity and operational functionality as they existed on the Execution
Date.

 

		(iii)	The MAC Cure for a MAC Warranty Event shall entail; inter alia, the discharge and/or removal
and/or cancellation of such Encumbrance or other restriction on title as caused the Vendor’s Fundamental Warranties to become
untrue during the Interim Period, so as to ensure that the Vendor’s, the Company’s and the Parent’s direct or
indirect title, as relevant, to the Target Shares and/or the Company’s title to the Romextur Shares and/or the Property and/or
any part thereof are free and clear of all Encumbrances and other third party rights save only for the Permitted Encumbrances and/or
as have been Disclosed.

 

    	 	30	 

     

    

 

		(iv)	All costs and expenses incurred in effecting a MAC Cure shall be for the account of the Vendor.

 

		(v)	Upon the completion of the MAC Cure to the reasonable satisfaction of the Purchaser, the Parties
shall thereupon proceed to consummate the Transaction on the Closing Date on the terms and conditions provided for in this Agreement.

 

		c.	Provisions governing Uncured MAC Events

 

		(i)	In the event that: (A) the Vendor shall decline or fail to furnish the Purchaser with its MAC Cure
Notice in a timely manner as specified in § 5.1.2(b) above; or (B) the MAC Cure shall not have been completed in all material
respects within the period set out in the Vendor’s MAC Cure Notice (subject to any further extensions agreed between the
Parties in writing), then and in such event the Purchaser shall have the right to terminate this Agreement without sanction or
penalty.

 

		(ii)	Such right of termination provided for in sub-section (i) above shall be exercised by the giving
of written notice to the other party (a “MAC Termination Notice”).

 

		(iii)	Notwithstanding the foregoing provisions, the Purchaser and the Vendor may each in their sole discretion
agree to reduce the Final Net Purchase Price by an agreed amount intended to compensate for the MAC Casualty Event or the MAC Warranty
Event, as the case may be, and to proceed to Closing in terms of the provisions of this Agreement.

 

		5.1.3	No Penalty

 

Subject at all times to the
provisions of §11.5 below, for the avoidance of doubt, if the Purchaser elects to terminate this Agreement in terms of §5.1.2c(i)
above, then no amounts will be due or payable by either Party and there will be no obligation to complete this Agreement.

 

    	 	31	 

     

    

 

		5.1.4	MAC Disputes

 

In the event that a dispute
shall arise between the Parties arising out of and/or in connection with the interpretation of this § 5.1 and/or the implementation
of its provisions, then and in such event such dispute shall be referred to arbitration pursuant to the provisions of § 33
below.

 

		5.2	Vendor’s Obligations in relation to the Interim Period. During the Interim Period,
except as otherwise agreed by the Purchaser in writing, the Vendor undertakes (in its capacity as the majority shareholder of the
Target Companies), to procure:

 

		5.2.1	that the Target Companies:

 

		a.	continue to be operated in the ordinary course of their business as they have been operated up
until the Execution Date;

 

		b.	operate in material compliance with all Applicable Laws;

 

		c.	operate in accordance with, and in a way which will maintain and not create any material default
under any Insurance Policies or material contracts to which any of the Target Companies are party; and

 

		d.	shall not undertake any of the actions specified in §5.2.2; and

 

		5.2.2	that without the Purchaser’s prior written approval the Vendor shall not vote, or cause the
Company to vote, in such manner, or approve any actions proposed by the Hotel Operator, so that the Target Companies would:

 

		a.	amend their respective organizational documents save as such would be needed to implement the Transaction
and/or in order to comply with the relevant provisions of Applicable Law;

 

		b.	sell, transfer, encumber or otherwise dispose of all or any material part of their respective assets
or any direct or indirect interest in the Hotel Complex or Property;

 

		c.	amend or terminate the Hotel Management Agreements or either of them;

 

		d.	amend or terminate any Material Lease Agreement;

 

		e.	declare, set aside, make or pay any dividend or distribution of any kind that would not be reflected
in the Financial Statements, save if the Purchaser is given prior written consent thereof;

 

		f.	enter into any non-arm’s length or non-ordinary course contract or other arrangement;

 

    	 	32	 

     

    

 

		g.	enter into any arrangement with the Vendor or an Affiliate of the Vendor;

 

		h.	sell, redeem or encumber all or any part of the Bucuresti Shares and/or the Romextur Shares and/or
the BEA Romania Shares, nor agree to undertake any of those actions, nor enter into any agreement with any third party which may
restrict or otherwise hinder the free use and enjoyment of the Bucuresti Shares and/or the Romextur Shares and/or the BEA Romania
Shares, including without limitation option agreements and voting agreements;

 

		i.	employ or terminate any employees under employment agreements or other civil law agreements or
make any change in the compensation payable or to become payable to the directors or amend any other terms of its agreements with
the directors, other than in the ordinary course of the business operations of the Hotel Complex;

 

		j.	grant or permit to be granted any powers of attorney or commercial proxies providing authorisation
to act on behalf of any of the Target Companies save as such would be needed to implement the Transaction or to implement actions
under paragraph a. above or as would be needed in the ordinary course of business of the Target Companies;

 

		k.	permit the Hotel Operator to deviate to any material extent from the replenishment and/or replacement
of Inventories and FF&E in the Hotel Complex generally conducted in the normal course of business and within the framework
of the currently valid budget agreed between the Company and the Hotel Operator (to the extent that the Vendor has the power to
do so in terms of the Hotel Management Agreements);

 

		l.	enter into any new loan arrangements or incur any Indebtedness (whether or not pursuant to existing
loan arrangements);

 

		m.	commit to incur for a period after Closing any expenditures in excess of €100,000 (one hundred
thousand Euro) in the aggregate, or the equivalent in any other currency to the extent such commitment would not be actually spent
or provisioned in the Final Accounts and thus reflected in calculation of the Final Net Purchase Price, other than in the ordinary
course of business;

 

		n.	fail to pay any undisputed obligations incurred in the ordinary course of business as they become
due;

 

    	 	33	 

     

    

 

		o.	change or modify any of the accounting policies, methods or procedures or the accounting period
of the Target Companies, save as mandated by the Applicable Law;

 

		p.	fail to duly and correctly file any Tax returns that are required to be filed and/or duly pay or
cause to be duly paid in full all Taxes due for all periods or portions thereof within the statutory deadlines occurring on or
before the Closing Date;

 

		q.	permit any insurance policy (including any Insurance Policy) naming any of the Target Companies
as an insured party and/or as a beneficiary and/or a loss payable payee, to be cancelled, detrimentally modified or terminated;

 

		r.	establish any new subsidiary or acquire any equity or ownership interest in any other entity;

 

		s.	initiate any new Proceedings other than claims against debtors in the ordinary course of business;

 

		t.	adopt or suffer to exist a plan of complete or partial liquidation, dissolution, merger, consolidation,
insolvency restructuring, capitalization, exit or replacement of members or other corporate reorganization or insolvency reorganization
of the Target Companies; and

 

		u.	commit or agree to do any of the foregoing.

 

		5.3	Approval and Exemption

 

		5.3.1	Any deviation from the requirements and prohibitions set out in § 5.2 above shall require
the prior written consent of the Purchaser, who shall not unreasonably withhold or delay its consent.

 

		5.3.2	However, the Purchaser’s consent under § 5.3.1 above shall not be required where acts
are mandated:

 

		a.	by operation of Applicable Law, provided that the Vendor shall inform the Purchaser as soon as
practicable;

 

		b.	under the terms of legally binding obligations which are in existence as at the Execution Date
and which have been Disclosed to Purchaser, provided that the Vendor shall inform the Purchaser as soon as practicable;

 

		c.	in those instances where the Hotel Operator has the right and authority to exercise such acts alone
pursuant to the provisions of the relevant Hotel Management Agreement; and/or

 

    	 	34	 

     

    

 

		d.	in urgent matters where immediate action is required to prevent losses being incurred or harm to
person or property being sustained provided that the Vendor shall inform the Purchaser as soon as practicable.

 

		5.4	Acquisitions of further shares. The Vendor agrees that neither it nor any Affiliate of it
shall acquire any shares in the capital of the Company or Romextur in the Interim Period.

 

		5.5	Hugo Boss space. The Vendor shall use reasonable endeavours to procure that the amendments
proposed to be made to the Property in respect of the letting to Hugo Boss shall be progressed in the manner envisaged prior to
the Execution Date during the Interim Period, as provided in the respective Lease Agreement and relevant Permits. Any forecasted
expenditure incurred in such amendments shall be reflected in the calculation of the Estimated Net Purchase Price. Variances between
actual expenditure during the Interim Period and forecasted expenditure will be reflected in the Purchase Price Adjustment Amount.

 

		6.	Closing

 

		6.1	Date and Place

 

		6.1.1	The Closing Date shall occur on the Scheduled Closing Date, commencing at 8:00 a.m. EET.

 

		6.1.2	The Closing shall take place at a venue to be agreed between the Vendor and the Purchaser prior
to the Closing Date (or, failing such agreement, at the offices of the Vendor’s Romanian Legal Counsel, Messrs. Firon Bar
Nir of Union Building, 11 Campineanu Street, Bucharest 0100310).

 

		6.1.3	The Parties shall procure that authorized representatives of the Existing Lender, the Escrow Agent
are in attendance at the Closing.

 

		6.1.4	The Vendor undertakes that it shall publish or cause the publication of the GSM Convocation Notices
in the Official Gazette in respect of the Company and Romextur in a timely manner so as to ensure that the Closing Shareholder
Resolutions may be adopted at general shareholder meetings convened on or prior to the Closing Date.

 

		6.2	Pre-Closing Actions. By not later than a date one (1) Business
Day prior to the Closing Date (or, in the case of § 6.2.3, not later than five (5) Business Days prior to the Closing
Date):

 

		6.2.1	the Purchaser shall execute payment of the Advance Payment, and shall deposit the same into the
Closing Escrow Account;

 

    	 	35	 

     

    

 

		6.2.2	the Vendor shall procure the full and final repayment of the Related Party Loan to the Company
by BEA Finance; and

 

		6.2.3	the Vendor shall procure that a signed original copy of the Offset Confirmation Letter is delivered
by the Existing Lender to the Company, with a copy to the Purchaser.

 

		6.3	Closing Deliverables

 

To the extent that the obligated
Party/Parties has/have not already done so prior to the Closing Date, all of the documents identified below shall be duly and validly
executed, issued and shall be delivered at Closing, in each case in agreed form (or, where no form has been previously agreed,
in a form and substance reasonably acceptable to the given recipient Party), save in the event that the entitled Party waives its
right to receive such deliverable(s), as follows:

 

By the Purchaser to the
Vendor:

 

		6.3.1	an original notarized affidavit executed for and on behalf of the Purchaser confirming that the
Purchaser complies with the relevant provisions of Applicable (Romanian) Law in order to become a shareholder in the Company and
in BEA Romania, as the case may be;

 

		6.3.2	original notarized affidavits executed by each of the Purchaser Nominated Directors confirming
that they each comply with the relevant provisions of Applicable (Romanian) Law in order to be appointed as, and to act as, directors
of the Company, of Romextur and of BEA Hotels Romania, as the case may be;

 

		6.3.3	original copies of an official extract issued by the competent trade register (or registrar of
companies) indicating the name, address, shareholders, directors and registration number of the Purchaser (and where Purchaser
is a foreign entity the authenticity of such extract shall be confirmed by apostille, if necessary);

 

		6.3.4	copies of the identity card or passports of each of the Purchaser Nominated Directors who are individuals
(or, in the event that a Purchaser Nominated Director is a body corporate, original copies of an official extract issued by the
competent trade register or registrar of companies indicating the name, address, shareholders, directors and registration number
of the said entity), provided that the authenticity of such copies or extract shall be confirmed by apostille where the relevant
Purchaser Nominated Director is a foreign national or a foreign entity;

 

    	 	36	 

     

    

 

		6.3.5	a signed original copy of a resolution passed by the Purchaser’s board of directors (and/or
of its shareholders if so required under relevant provisions of the Applicable Law to which the Purchaser is subject), approving
the execution of the Transaction and empowering its authorized signatories to execute all agreements and other ancillary documents
necessary and required to effect the consummation of the Transaction (provided that if such resolution is signed abroad, then its
authenticity shall be confirmed by apostille, if necessary);

 

		6.3.6	a signed original copy of a resolution passed by the Board of Directors of Promontoria Nemo B.V.
(and/or of its shareholders if so required under relevant provisions of the Applicable Law to which such entity is subject), approving
the entry into the Vendor Loan by such entity (provided that if such resolution is signed abroad, then its authenticity shall be
confirmed by apostille, if necessary);

 

By the Vendor to the Purchaser:

 

		6.3.7	a spreadsheet setting out the calculation of the Elbit Guarantee Fee and the Elbit Consultancy
Fee which are to be paid by the Company to Elbit at Closing in terms of § 6.4.5(a) below;

 

		6.3.8	a signed and duly executed deed for the termination of the agreement pursuant to which Elbit has
provided the Elbit Guarantee to the Existing Lender, subject only to the payment by the Company of the Elbit Guarantee Fee in terms
of § 6.4.5(a) below substantially in the form attached as Schedule 23;

 

		6.3.9	a signed and duly executed deed for the termination of the agreement pursuant to which Elbit has
rendered certain management and consultancy services to the Company, subject only to the payment by the Company of the Elbit Consultancy
Fee in terms of § 6.4.5(a) below substantially in the form attached as Schedule 24;

 

		6.3.10	a signed and duly executed written confirmation pursuant to which Elbit shall acknowledge and confirm
that following the termination of the Elbit Guarantee Agreement and the Elbit Management Services Agreement, and following the
repayment of the Related Party Loan, there are no existing agreements, guarantees or receivables in place and/or entered into by
any Affiliates of the Vendor with the Target Companies substantially in the form attached as Schedule 25;

 

		6.3.11	a notarized and apostilled power of attorney and issued by the Parent in favor of a person attending
the Closing empowering such person to sign and execute for and on behalf of the Parent all and any agreements and documents required
to facilitate the sale and transfer of the Parent Share to the Purchaser substantially in the form attached as Schedule 26;

 

    	 	37	 

     

    

 

		6.3.12	a signed original copy of a resolution passed by the Vendor’s Board of Director approving
the execution of the Transaction and empowering its authorized signatories to execute all agreements and other ancillary documents
necessary and required to effect the consummation of the Transaction, the authenticity of which shall have been confirmed by apostille;

 

		6.3.13	a statement by each of the Target Companies confirming that there are no powers of attorney currently
in effect;

 

		6.3.14	a legal opinion in respect of the authority and capacity of the Vendor Guarantor to enter into
the Vendor Guarantee;

 

		6.3.15	a fiscal certificate (in Romanian: certificat fiscal) issued by the competent Tax Authority confirming
that as of a date being not more than 30 (thirty) calendar days prior to the Closing Date, none of the Target Companies have any
outstanding liabilities relating to payment of taxes, nor are there any outstanding tax liabilities due and payable in respect
of the Property;

 

		6.3.16	(A) in case of the Anticipated Closing Date: (i) signed and duly executed letters of resignation
and waiver of claims of two of the Incumbent Directors, Ron Hadassi and Doron Moshe, in a form reasonably acceptable to the Purchaser
and (ii) decision of the remaining Incumbent Director appointing Purchaser's Nominated Directors as two interim directors and respectively
one of them as President of the board of directors and general manager, effective as of the Closing Date, or (B) in case of Closing
Date occurring on a Scheduled Closing Date other than the Anticipated Closing Date: signed and duly executed letters of resignation
and waiver of claims of all of the Incumbent Directors holding office immediately prior to the Closing Date;

 

		6.3.17	an update as of the Closing Date of Schedule 17 (Employees); and

 

		6.3.18	the Supplemental Disclosure Letter.

 

		6.4	Closing Procedures

 

At Closing, subject to the
delivery (or waiver of delivery by the relevant Party) of each of the deliverables in § 6.3, the Parties shall perform the
acts identified in this § 6.4 below in the order set out therein. The Parties agree that the relevant Party shall carry out
each of the given acts no sooner than after the valid occurrence of the immediately preceding act, unless the Parties agree otherwise,
provided that no such obligation shall be deemed consummated unless all such obligations are consummated, in which event all such
obligations shall be deemed to have been consummated simultaneously. To the extent that any individual obligations shall be performed
prior to the Closing Date, these obligations shall nevertheless be considered to have been carried out in the order set forth below.

 

    	 	38	 

     

    

 

		6.4.1	(i) The Purchaser shall furnish the Escrow Agent with its written instructions under the
terms of the Escrow Agreement to transfer the funds held in the BUTU Escrow Account to the Existing Lender as partial repayment
of the Existing Loan Facility; (ii) the Vendor shall cause the Company to pay the BUTU Prepayment Amount and (iii)
the Existing Lender shall confirm the partial repayment of the Existing Loan Facility in respect of that amount.

 

		6.4.2	The Vendor and the Purchaser shall sign the Shareholder Register of the Company in their respective
capacities as seller and buyer of the Bucuresti Shares, evidencing that the effective transfer of the Bucuresti Shares from the
Vendor to the Purchaser, free and clear of any and all Encumbrances, other than the Permitted Encumbrances, and together with all
rights attached thereto, has taken effect.

 

		6.4.3	The Vendor and the Purchaser shall sign the Shareholder Register of BEA Hotels Romania in their
respective capacities as seller and buyer of the BEA Romania Shares, evidencing that the effective transfer of the BEA Romania
Shares from the Vendor to the Purchaser, free and clear of any and all Encumbrances, other than the Permitted Encumbrances, and
together with all rights attached thereto, has taken effect. The provisions of this § 6.4.3 shall apply, mutatis mutandis,
to the signing of the Shareholder Register of BEA Hotels Romania by the Parent and by the Purchaser, respectively, in respect of
the sale and transfer of the Parent Share.

 

		6.4.4	However, pending receipt of the Closing Payments in terms of § 6.4.5 below, the Vendor shall
retain under its control the Shareholder Registers of both the Company and BEA Hotels Romania, as well as that of Romextur.

 

		6.4.5	The Parties shall thereupon procure the immediate transfer of the following amounts (jointly, the
“Closing Payments”) by quickest available means, namely:

 

		a.	the Vendor shall procure that the Company shall transfer the Elbit Guarantee Fee together with
the Elbit Consultancy Fee to Elbit, or to its order; and thereafter

 

		b.	the Purchaser shall transfer the Bank Hapoalim Pay-Off Amount and deposit same into the Notary
Account, whereupon the Notary shall release the Bank Hapoalim Consent Letter to the Vendor; and thereafter

 

    	 	39	 

     

    

 

		c.	the Parties shall thereupon procure that the full amount of the Escrow Deposit is transferred to
the Vendor’s Bank Account, or otherwise to its order, and same by means of their joint execution of the Joint Closing Release
Instructions and the delivery thereof to the Escrow Agent; and thereafter

 

		d.	the Purchaser shall procure that the balance remaining due and payable on account of the Estimated
Net Purchase Price or Revised Estimated Net Purchase Price, as relevant (that is to say total amount of the Estimated Net Purchase
Price or Revised Estimated Net Purchase Price, less that cumulative amount comprising: (i) the Bank Hapoalim Pay-Off Amount;
(ii) the Escrow Deposit (iii) the Advance Payment; (iv) the Vendor Loan and (v) the purchase price
for the Parent Share and (vi) the Vendor W&I Contribution is transferred to the Vendor’s Bank Account.

 

		6.4.6	The Purchaser and the Company shall deliver to the Vendor copies of the Payment Confirmations in
respect of the transfers of the Closing Payments made under § 6.4.5 above;

 

		6.4.7	Once the Closing Payments referred to in § 6.4.5 have been credited to the relevant destination
banking accounts as aforesaid, the Vendors shall confirm to the Purchaser receipt of the Estimated Net Purchase Price or Revised
Estimated Net Purchase Price, as relevant.

 

		6.4.8	Immediately upon receipt of the confirmations referred to in § 6.4.7 above:

 

		a.	the Parties shall procure that each of the Target Companies shall sign and deliver to each of their
respective Incumbent Directors a duly signed Deed of Waiver of Claims in respect of their incumbencies as Incumbent Directors,
in the form and text attached hereto as Schedule 18; and

 

		b.	the Vendor shall release the Shareholders Registers of the Company, of Romextur and of BEA Hotels
Romania, respectively, to the Purchaser.

 

		6.4.9	In case of the Closing Date occurring on a Scheduled Closing Date other than the Anticipated Closing
Date, the Parties shall thereupon act jointly in order to convene the shareholder meetings of the Company and Romextur under the
GSM Convocation Notices published in terms of § 6.1.4 above, and to pass the Closing Shareholder Resolutions in compliance
with the relevant provisions of Applicable (Romanian) Law pursuant to which: (i) all the Incumbent Directors (being members
of the board of directors of the Target Companies as at Closing) and shall be recalled and discharged from office with no further
liability whatsoever to the respective Target Companies (save for liability arising from wilful misconduct or criminal acts); and
(ii) the Purchaser Nominated Directors shall be nominated and appointed in their place and stead.

 

    	 	40	 

     

    

 

		6.4.10	Finally, the Purchaser and the Vendor shall jointly execute the Certificate of Consummation.

 

		6.5	Breach of Closing Obligations

 

		6.5.1	If a party fails to comply with any material obligation in this § 6, the Purchaser, in the
case of non-compliance by the Vendor, or the Vendor, in the case of non-compliance by the Purchaser, shall be entitled (without
prejudice to the right to claim damages or other compensation) by written notice to the other served on the date on which Closing
was due to take place to:

 

		a.	terminate this Agreement (subject to § 20.3) without liability on its part; or

 

		b.	effect Closing so far as practicable having regard to the defaults which have occurred; or

 

		c.	fix a new date for Closing (being not more than 10 Business Days after the agreed date for Closing,
but in any event prior to the Long Stop Date) in which case the provisions of this Clause shall apply to Closing as so deferred
but provided such deferral may only occur once.

 

		6.5.2	For the avoidance of doubt, the obligation of the Vendor to procure the full and final repayment
of the Related Party Loan to the Company by BEA Finance pursuant to § 6.2.2 shall constitute a material obligation of the
Vendor for the purposes of § 6.5.1.

 

		7.	Closing and Post-Closing Obligations

 

		7.1	On or before the Closing Date, the Purchaser shall cause the Company to replace the authorizations
of the previous executive(s) or director(s) to operate the respective Bank Accounts of the Target Companies with authorization
of the new executive(s) and such other signatories as are designated by the Purchaser. In any event, the Incumbent Directors and/or
previous officers of the Target Companies shall have no obligation and shall not, under any circumstances, operate the respective
banking accounts of the Target Companies after Closing, and consequently shall not be held liable for any act or omission in relation
to the operation of the said banking accounts other than to the extent in breach of such restriction.

 

    	 	41	 

     

    

 

		7.2	On the Closing Date, or as soon as possible thereafter, the Purchaser shall ensure that the Company
and BEA Hotels Romania apply for the registration of the changes resulting from the Closing Procedures set out in §6.4 of
this Agreement with the Trade Register (including deregistration of all Incumbent Directors resigning from or recalled from their
office on the Closing Date). The Purchaser shall seek to make such applications on the basis of: (i) a written confirmation
of the President of the Board and/or the Sole Director of the relevant Target Company; and (ii) an excerpt from the shareholders
register issued by the relevant Target Company or by the Central Depository as the case may be. In any event, the Parties undertake
to keep this Agreement confidential and not disclose the same to the Trade Registry in the registration proceedings, unless mandated
to do so by operation of Applicable Law or by court and/or administrative order.

 

		7.3	No later than prior to the end of the Closing Date, the Vendor shall complete the hand-over and
take-over of any and all available documentation in relation to the Target Companies and/or the Property, and in any event all
documentation that the Target Companies are obligated to possess by operation of Applicable Law, including the Disclosed Documents,
provided that any accounting and tax documents necessary for the preparation of the Final Accounts and/or the Purchase Price Statement
may be retained by the Vendor in copy for the purposes of establishing the Final Purchase Price Statement but subsequently destroyed
following the final determination of the Closing Adjustment Amount in accordance with the terms of this Agreement.

 

		8.	Vendor’s Warranties and Vendor Indemnities

 

		8.1	The Vendor warrants to the Purchaser that each of the Vendor’s Warranties is true and accurate
on entering into this Agreement on the Execution Date.

 

		8.2	The Vendor further warrants to the Purchaser that each of the Vendor’s Warranties will be
true and accurate at Closing and are all deemed to be repeated on the Closing Date.

 

		8.3	The Vendor undertakes to compensate the Purchaser for any Losses resulting from, arising out of
or relating to any breach or non-fulfilment of any covenant and/or warranties or other obligations of the Vendor, including a breach
of the Vendor’s Warranties and Vendor’s Indemnities, subject at all times to the provisions of §§§ 9,
10 and 11 below.

 

		8.4	For the purposes of the Purchaser’s remedies in relation to Vendor’s Warranties, the
Purchaser confirms that a breach of the Vendor’s Warranties or Vendor’s Indemnities cannot be a reason for the termination
of this Agreement, without prejudice to § 11.5 or § 20.2.2 below.

 

    	 	42	 

     

    

 

		8.5	Nothing in this Agreement shall be deemed to relieve the Purchaser of an obligation under this
Agreement or pursuant to Applicable Law to mitigate any Losses incurred by it (including by providing reasonable assistance to
the Vendor to avoid or mitigate any Losses which in the absence of mitigation might give rise to a liability in respect of any
Claim under § 9.1); provided, however, that the Purchaser shall be under no obligation or duty to mitigate any damage incurred
by it with respect to any action taken at the written request of the Vendor.

 

		8.6	Vendor Indemnities. The Vendor hereby expressly agrees to indemnify, defend and hold harmless
the Purchaser and/or the relevant Target Company, if applicable, from and against any Losses suffered or incurred by either the
Purchaser and/or the relevant Target Company, as the case may be, as a result of or in connection with any Tax claim or Tax assessment
made against any Target Company in respect of any (i) Tax in respect of any income profits or gains earned accrued or received
(or deemed to have been earned accrued or received) on or before the Closing Date, or (ii) event or circumstance occurring
or deemed to have occurred on or before the Closing Date

 

		9.	Purchaser’s Remedies for Breach

 

		9.1	Sole Remedy. The provisions contained in this § 9 are the sole and exclusive remedy
for any breach of this Agreement (save where specifically provided to the contrary in terms of § 5.1.2(c) above).

 

		9.2	Compensation for Loss. Subject to the limitations provided for in § 10 below, the Vendor
shall compensate the Purchaser in accordance with the terms and conditions of this Agreement, for and in respect of any and all
Losses incurred by the Purchaser and/or any of the Target Companies and resulting from, arising out of or relating to a breach
of this Agreement.

 

		9.3	Pro-Rata Assessment of Loss.

 

		9.3.1	For the purposes of this § 9, and notwithstanding anything to the contrary contained elsewhere
herein, following Closing, the Losses of the Purchaser shall be deemed to be:

 

		a.	98.2140% (being the equivalent of the Vendor’s direct proportionate shareholding in the Company)
on a “euro to euro basis” (or on a “RON to RON basis” as the case may be) of the Losses of the Company;

 

		b.	98.2140% of 95.3% (being the equivalent of the Vendor’s indirect proportionate interest in
Romextur) on a “euro to euro basis” (or on a “RON to RON basis” as the case may be), of the Losses of Roxemtur;

 

    	 	43	 

     

    

 

		c.	100% of the Losses of BEA Hotels Romania; and/or

 

		d.	100% of the Losses of the Purchaser.

 

		9.3.2	Subject to the provisions of § 11.6 below, the Purchaser shall be entitled therefore to assert
a Claim for such Losses of the Company and/or of Romextur and/or of BEA Hotels Romania and/or the Purchaser, under this §
9 on the basis that:

 

		a.	the Losses of the Company, when multiplied by the coefficient of 0.982140, are deemed to be Losses
incurred by the Purchaser;

 

		b.	the losses of Romextur, when multiplied by the coefficient of 0.9358 (0.953 x 0.982140), are considered
to be the Losses of the Purchaser;

 

		c.	the Losses of BEA Hotels Romania are deemed to be the Losses of the Purchaser and shall be considered
in full; and

 

		d.	the Losses of the Purchaser shall be considered in full.

 

		9.3.3	For the avoidance of doubt, but without derogating from the provisions of §§ 11.6 and
11.7 below, if the Losses attributable to the same event or a breach of the Vendor’s Warranties are suffered by more than
one Target Company, such Losses shall for the purpose of this section be calculated only once on a consolidated basis.

 

		9.4	Other Legal Remedies Excluded. By agreeing the specific contractual remedies in this §
9, the Parties replace and exclude the application of general legal remedies under any Applicable Law in any relevant jurisdiction
relating to defects in the subject of the sale, and these provisions are the sole and exclusive remedy for the Vendor’s breach
of any warranty or covenant under this Agreement, save in relation to Claims which the Purchaser may raise where the Loss derives
from the fraudulent or wilful misconduct, gross negligence or criminal conduct of the Vendor or the Vendor’s representatives.
Any rights to withdraw, terminate or repudiate or pursue other damages by the Purchaser are expressly excluded except as otherwise
specifically set forth in this Agreement.

 

		9.5	Reliance. The Purchaser acknowledges that no party other than the Purchaser, or its successors
in title, or its insurers or financiers, may rely on the Vendor’s Warranties.

 

		9.6	Vendor Loan and Escrow Retention Amount Set-off. The Parties acknowledge and agree that
any Adjudicated Claims (as defined in the Vendor Loan) may, if not satisfied by the Vendor, be set-off against the Vendor Loan
or deducted from the Escrow Retention Amount (as defined in the Vendor Loan), as relevant, in each case in accordance with the
terms of the Vendor Loan.

 

    	 	44	 

     

    

 

		10.	Limitations on Liability

 

		10.1	Subject to the provisions of § 11.5, the total liability of the Vendor for any Losses suffered
by the Purchaser and/or the Target Companies in relation to Claims shall be limited as set forth in this §10.

 

		10.2	Liability Cap. With respect to all Warranty Claims and Indemnity Claims of the Purchaser
concerning Losses which are to be compensated for by the Vendor pursuant to the provisions of this Agreement (but specifically
excluding Losses deriving from a breach of the Vendor’s Fundamental Warranties to which § 10.6.2 shall apply), the Vendor’s
maximum liability in respect of all such Claims shall be unconditionally limited to, and the Vendor shall have no liability for
payment in excess of, the aggregate amount of EUR 25,000,000. The provisions of this §10.2 shall be without prejudice to the
Purchaser’s rights as a loss payee to claim under the terms and provisions of the policy of Warranty & Indemnity Insurance
or Title Policy.

 

		10.3	Insurer liability. The Parties agree that the limits on the Vendor’s liability negotiated
by the Parties and set forth in this § 10, although limiting the Vendor’s liability to the Purchaser or to any third-party
insurer of the Purchaser by way of subrogation, are not intended to limit the liability of any third-party insurers to the Purchaser
or the Company under their respective insurance policies (including, for the avoidance of doubt the Warranty & Indemnity Insurance
Policy and the Title Policy) issued to the Purchaser and/or to the Company, as the case may be.

 

		10.4	Liability Periods

 

The Vendor is not liable for
a Claim, unless the Purchaser has notified the Vendor of the Claim:

 

		10.4.1	prior to the expiration of a maximum period of 7 (seven)) years from the end of the fiscal (tax)
year in which the Closing Date occurs in respect of any Tax Claim;

 

		10.4.2	prior to the expiration of a period of 7 (seven) years from the Closing Date at the latest in respect
of any Claim arising from a breach of Vendor’s Fundamental Warranties; and

 

		10.4.3	prior to the expiration of a period of 2 (two) years from the Closing Date at the latest if it
is any Claim arising from a breach of any Vendor’s Warranty other than a Vendor’s Fundamental Warranty or a Tax Claim.

 

    	 	45	 

     

    

 

		10.5	Minimum Threshold and Maximum Limitation

 

Subject to the provisions of
§ 11.5, any amount of compensation to which the Purchaser may be entitled from the Vendor pursuant to § 9 shall be limited
as follows:

 

		10.5.1	De Minimus: individual Warranty Claims and Indemnity Claims (or a series of claims arising
from substantially identical facts or circumstances) below EUR 100,000 (one hundred thousand Euro) shall be disregarded for the
purpose of this Agreement and not pursued by the Purchaser; and

 

		10.5.2	Liability Cap for Vendor’s Fundamental Warranties:
there shall be an aggregate limit corresponding to the Agreed Property Value in relation to any and all Claims arising from an
unremedied breach of Vendor’s Fundamental Warranties which are not covered by insurance,

 

and the Parties hereby declare
and agree that any claims in excess of the above-stated limitations of compensation as per §
10.2 and §10.5.2 are hereby fully and irrevocably waived by the Purchaser,
subject however to the provisions of § 11.5 below.

 

		10.6	Limitation by Disclosures

 

With the exception of Indemnity
Claims and Vendor’s Specific Warranty Claims, the Vendor shall not be liable for any Claims to the extent that any Claim
Event:

 

		10.6.1	is/was Disclosed;

 

		10.6.2	is/was apparent to the Purchaser from a visual inspection of the Property, or was apparent to any
professional advisor who inspected the Property on behalf of the Purchaser, in each case prior to the Execution Date;

 

		10.6.3	was evident from, or could have been known to the Purchaser or its professional advisors based
upon a Selected Public Database Search, irrespective as to whether the relevant extracts were actually examined, or the relevant
registries were actually searched, by the Purchaser and/or its professional advisors;

 

		10.6.4	is/was Fairly Disclosed: in this Agreement and/or in its Schedules; or

 

		10.6.5	is/was Fairly Disclosed: (i) in the Initial
Accounts; (II) and/or in the Final Accounts (insofar as such Disclosures relate to the Closing Warranties as regards the
Final Accounts) and provided that in each case the Loss relating to the relevant Claim has thus been taken into consideration in
full in the calculation of the Final Net Purchase Price.

 

    	 	46	 

     

    

 

		10.7	Purchaser Knowledge

 

		10.7.1	Subject to § 10.7.2, the Vendor shall have no liability in respect of a Claim to the extent
that the Purchaser had knowledge of the relevant Claim on the Execution Date.

 

		10.7.2	For the avoidance of any doubt, the Purchaser’s right to indemnification regarding the Indemnity
Claims and the Vendor’s Specific Warranty Claims will not be affected by any knowledge that the Purchaser has or is deemed
to have, with respect to the breaches under this Agreement.

 

		10.8	Change of Law

 

Other than with respect to Claims
arising from, in connection with or relating out of the privatisation of the Company, the Vendor shall not be liable for any matters,
actions or claims arising due to a change of law (including changes of tax law, tax case law/jurisprudence or the policies of a
Tax Authority published after the Closing Date) occurring after the Execution Date even if such change would have a retroactive
effect, or arising due to changes in accounting policies implemented by the Purchaser and/or the Target Companies or any of them
following the Closing.

 

		10.9	Matters reflected in the Purchase Price

 

The Vendor shall not be liable
for Loss in respect of any fact, matter, event or circumstance to the extent that any adjustment, allowance, provision or reserve
has been adequately made by applying diligent business practices in accordance with the Accepted Accounting Standards or the relevant
Target Company’s past practice for such fact, matter, event or circumstance in the calculation of the Estimated Net Purchase
Price and/or the Final Net Purchase Price (or any portion thereof) pursuant to the provisions of the Purchase Price Calculation
Methodology set out in Schedule 3. The provisions of this section shall not relate to any balance and off-balance sheet adjustments
that have been determined by agreement, which are specified in the Purchase Price Calculation Methodology as fixed amounts which
are intended to compensate the Purchaser for any specific fact, matter, event or circumstance, and which shall remain fixed with
no other duty or liability on the Vendor’s part.

 

		10.10	General Limitations. The Vendor shall not be liable for any Claims to the extent such Claim
arises or is increased:

 

		10.10.1	as a result of an act or omission on the part of the Vendor occurring at the express written request
or direction of the Purchaser prior to or on the Closing Date;

 

		10.10.2	as a result of a wrongful act, default or omission by the Purchaser or any of the Target Companies
on or after the Closing Date; or

 

    	 	47	 

     

    

 

		10.10.3	as a result of a change made on the Closing Date or thereafter in the accounting policies or practices
or any reporting practice in respect of Taxes of such Target Company (unless the change was made in policies and/or practices that
were applied by the relevant Target Company before the Closing Date but which did not comply with Applicable Law and legal regulations).

 

		11.	Claims Procedure

 

		11.1	If the Purchaser wishes to make a Warranty Claim or Indemnity Claim, the Purchaser shall be required
to do so in accordance with the procedures set forth in this § 11.

 

		11.2	Notification

 

If following the Closing Date
the Purchaser and/or the Target Companies or any of them, as the case may be, becomes aware of any Claim Event giving a rise to
a Warranty Claim or Indemnity Claim which is not a Third-Party Claim (as defined below), the Purchaser shall, as soon as reasonably
practicable, and in any event within twenty (20) Business Days of the Purchaser becoming aware of the Claim Event, give a notice
in writing to the Vendor making its relevant Claim which shall include a brief description of the relevant Claim and the desired
manner of remediation. Failure to give notice within such period shall not affect the rights of the Purchaser except to the extent
that the Vendor is prejudiced by the failure.

 

		11.3	Investigation by the Vendor

 

In connection with any Claim
Event that may give rise to a Warranty Claim or Indemnity Claim against the Vendor hereunder:

 

		11.3.1	the Purchaser shall procure that the affected Target Company allows the Vendor and its respective
financial, tax, accounting, legal, technical or other advisors all reasonable access to investigate the Claim Event alleged to
have given rise to such Claim and whether, and to what extent, any amount is payable in respect of such Claim; and

 

		11.3.2	the Purchaser shall disclose to the Vendor, upon the Vendor’s request, all relevant documentation
and material of which the Purchaser and/or the affected Target Company are actually aware and which reasonably relate to the Claim
and/or to the Claim Event, and shall procure that any other relevant Purchaser’s Group Company shall give all reasonable
requested information and assistance, including reasonable access to premises and personnel and the right to examine and copy or
photograph any relevant assets, accounts, documents and records (in each case on reasonable notice) as the Vendor or its financial,
tax, accounting or legal advisors may reasonably request, subject to the Vendor agreeing in such form as the Purchaser may reasonably
require to keep all such information confidential and to use it only for the purpose of investigating and defending the Claim in
question.

 

    	 	48	 

     

    

 

		11.4	Payment

 

Any amount owed by the Vendor
to the Purchaser and/or to any of the Target Companies in respect of a Claim pursuant to this Agreement shall be paid:

 

		11.4.1	if the Vendor expressly approves such Claim, within a period of twenty (20) Business Days following
receipt by the Purchaser of the corresponding notice by the Vendor approving of the Claim; or

 

		11.4.2	if the Vendor does not approve the Claim, in accordance with the rules and procedures of the relevant
court or arbitral tribunal which decides in favour of the Purchaser.

 

		11.4.3	All payments on account of any Claim shall be made to the Purchaser’s Bank Account or such
other bank or account as the Purchaser shall notify to the Vendor from time to time.

 

		11.5	Fraud Exception

 

Nothing in this Agreement shall
limit the liability of the Vendor for a Claim to the extent that such Claim arises, or is increased or delayed, as a result of
fraud, wilful misconduct or gross negligence of the Vendor.

 

		11.6	Calculation of Losses.

 

For the purposes of the Claim,
any Losses shall be calculated taking into account any realised Tax benefit, if any, to the relevant Target Company as a result
of such shortfall in income or increased liability.

 

		11.7	No Double Recovery

 

No Loss may be recovered more
than once, whether claimed by the Purchaser (including its legal successors) and/or by the Target Companies, and whether claimed
under this Agreement or otherwise.

 

		11.8	Recovery under Insurance Policies.

 

		11.8.1	The Purchaser shall not pursue an otherwise valid Claim against the Vendor under this Agreement
with respect to any Losses which are recoverable under the Insurance Policies (including for the avoidance of doubt under the policy
of Warranty & Indemnity Insurance or Title Policy), or until a claim has been submitted under all relevant Insurance Policies.

 

    	 	49	 

     

    

 

		11.8.2	The policy of Warranty & Indemnity Insurance and Title Policy shall provide that except in
connection with fraud by the Vendor, the insurer under the policy shall have no rights of subrogation against the Vendor with respect
to any Claims or rights of the Purchaser which are insured under that policy.

 

		11.8.3	Observing its obligation under this § 11.8, the Purchaser undertakes that, if any Loss incurred
by the Purchaser and/or the Target Companies may be reasonably anticipated to be covered by any Insurance Policies, it will firstly
attempt to recover the Loss, or cause the relevant Target Company to cover the Loss, out of the insurance proceeds paid out pursuant
to the provisions of such insurance policies (“Recovery Proceeds”).

 

		11.8.4	In the event that any Loss incurred by the Purchaser and/or the Target Companies is recovered from
the Recovery Proceeds after the same Loss shall already have been paid by the Vendor, then and in such event:

 

		a.	the Purchaser shall be obliged to inform the Vendor of its receipt of the Recovery Proceeds, or
shall cause the relevant Target Company to do so; and

 

		b.	the Purchaser shall refund to the Vendor, or cause the refund to be made to the Vendor, that amount
equal to the lesser of: (aa) the amount of the Recovery Proceeds; and (bb) the Claim amount paid by the Vendor; and
same within thirty (30) Business Days of receipt of the Recovery Proceeds by the Purchaser or the relevant Target Company or any
other beneficiary of the insurance benefit if that beneficiary is a Purchaser Group Company, as the case may be.

 

		11.9	Price Adjustment. All amounts paid by the Vendor to the Purchaser pursuant to these §§§
9, 10, 11 and 12 after Closing shall be regarded as an adjustment to the Final Net Purchase Price.

 

		12.	Third Party Claims

 

		12.1	Rights against third parties

 

If a claim is made by a third
party (including any Tax Authority) against the Purchaser or any of the Target Companies, which claim is based upon facts, events
or circumstances which occurred or which existed prior to the Execution Date (a “Third Party Claim”) in respect
of which the affected Target Company has a right of defense, counterclaim, action or appeal against the third party claimant, or
a right of joinder against any other third party, and the Third Party Claim could give rise to Losses suffered by the Purchaser
or the Target Companies and which are to be compensated for by the Vendor under § 9 above, then the Parties undertake to observe
the mechanism set forth below:

 

    	 	50	 

     

    

 

		12.1.1	The Purchaser must send a written notification of the Third Party Claim to the Vendor as soon as
reasonably practicable, but not later than twenty (20) Business Days after the Purchaser has become aware of the Third Party Claim
(provided that failure to give notice within such period shall not affect the rights of the Purchaser except to the extent that
the Vendor is prejudiced by the failure). Similarly, with respect to any proceeding of any Tax Authority the Purchaser must send
a written notification to the Vendor as soon as reasonably practicable, but not later than twenty (20) Business Days after the
notice of initiation of proceeding by the Tax Authority is delivered to the affected Target Company or to the Purchaser (provided
that failure to give notice within such period shall not affect the rights of the Purchaser except to the extent that the Vendor
is prejudiced by the failure). The Purchaser shall take such initial action as may be reasonably necessary to contest, defend or
appeal the Third Party Claim according to any relevant procedural deadlines fixed in respect of such Third Party Claim, unless
specifically instructed by the Vendor otherwise in conjunction with the Vendor exercising its right to defend the Third Party Claim
pursuant to sub-section 12.1.2 below.

 

		12.1.2	The Vendor may decide whether or not it elects to assume the conduct of any dispute, defence or
appeal of a Third Party Claim, and if the Vendor elects to assume conduct, then: (i) it shall do so at its own cost; (ii) it
shall notify the Purchaser accordingly no later than ten (10) Business Days after its receipt of the Purchaser’s notification
of a Third Party Claim; (iii) it will keep the Purchaser timely and fully informed of the progress and conduct of any Proceeding
concerning Third Party Claims and shall promptly forward or procure to be forwarded to the Purchaser copies of all material correspondence
and other written communications relating to the Third Party Claim; (iv) not make any settlement or compromise of the Third
Party Claim without the prior written consent of the Purchaser, such consent not to be unreasonably withheld or delayed; and (v)
indemnify the Purchaser and the Target Companies against all reasonable costs and expenses (including attorneys’ fees) that
may be incurred as a result of the Vendor assuming conduct of the Third Party Claim.

 

		12.1.3	Upon receipt of the Vendor’s notification that it intends to assume the defense of a Third
Party Claim, the Purchaser shall (and shall ensure that the affected Target Company shall) issue the necessary powers of attorney
to the Vendor and its professional advisors and shall provide the Vendor any additional information in connection with the Third
Party Claim as may be reasonably requested by the Vendor in order to enable it to conduct the defense proceedings.

 

    	 	51	 

     

    

 

		12.1.4	If the Vendor elects to defend the Third Party Claim pursuant to sub-section 12.1.2, the costs
(including attorneys’ fees) incurred by the Purchaser or the affected Target Company for taking initial defense action before
the Vendor’s assumption of the defense shall be borne by the Vendor.

 

		12.1.5	In the case of the Vendor’s failure to notify the Purchaser of its intention to assume the
defense of a Third Party Claim within the designated time frame referred to in § 12.1.2 above, the Vendor’s right and
opportunity to assume the defense shall be deemed forfeited and expired.

 

		12.1.6	If notified by the Vendor pursuant to sub-section 12.1.2, the Purchaser shall, at the Vendor’s
cost and expense, fully cooperate in the Vendor’s defense of the Third Party Claim, which cooperation shall include, to the
extent reasonably requested by the Vendor, the retention, and the provision to the Vendor, of records and information reasonably
relevant to such Third Party Claim; and the provisions of § 11.3 shall apply mutatis mutandis in respect of such Third Party
Claim.

 

		12.1.7	The Purchaser shall agree to any settlement, compromise or discharge of such Third Party Claim
that the Vendor may reasonably recommend, where such settlement is solely of a monetary nature, and that, by its terms, fully and
irrevocably discharges the Purchaser and/or the Target Companies from liability in connection with such Third Party Claim provided
that such settlement, compromise or discharge of such Third Party Claim does not give rise to any Loss of the Purchaser and/or
a Target Company which cannot be recovered from the Vendor pursuant to the terms of this Agreement.

 

		12.1.8	Save in the event that the Vendor shall have declined or waived its right to conduct the defense
of a Third Party Claim as aforesaid (in which case the Purchaser remains in any respect to be bound by the obligation to mitigate
any Loss), the Purchaser shall not (and the Purchaser shall ensure that the relevant Target Company shall not) admit liability
in proceedings in respect of, or settle a Third Party Claim without the prior written approval of, the Vendor, such consent not
to be unreasonably withheld or delayed.

 

    	 	52	 

     

    

 

		12.1.9	At the Vendor’s request, if the Vendor does not assume the defence of a Third Party Claim,
the Purchaser will nevertheless keep the Vendor informed of the progress and conduct of any Proceeding concerning Third Party Claims
as an interested party and shall promptly forward or procure to be forwarded to the Vendor copies of all material correspondence
and other written communications relating to the Third Party Claim. Upon the written request of the Vendor, the Purchaser will
propose the joinder of the Vendor as accessory participant in the Proceedings if appropriate for due and proper defense of a Third
Party Claim.

 

		12.1.10	Notwithstanding this § 12, neither the Purchaser nor any of the Target Companies shall be
required to take any action or refrain from taking any action, if the Purchaser reasonably considers such action or omission may
be unduly onerous or materially prejudicial to it, any Target Company or to any of their respective businesses.

 

		12.2	Provision of information

 

If any information is provided
by any person to any other person (the “Recipient”) pursuant to the above sections, such information must only
be used by the Recipient in connection with the Third Party Claim and § 14 shall in all other respects apply to that information.

 

		13.	Purchaser’s Warranties

 

		13.1	The Purchaser warrants to the Vendor as of the Execution Date and as at the Closing Date, that:

 

		13.1.1	it has been duly incorporated and is validly existing under the laws of Romania, has the requisite
capacity, right, authority and power to enter into this Agreement and to purchase the Target Shares from the Vendor and to perform
all of the Purchaser’s undertakings and obligations under this Agreement;

 

		13.1.2	the Purchaser itself and its respective shareholders, directors and officers, have taken all necessary
actions, steps and proceedings to approve or authorize, validly and effectively, the entering into, execution, delivery and performance
of this Agreement, and all and any ancillary documentation required or necessary to consummate the Transaction contemplated under
this Agreement;

 

		13.1.3	the undertaking to purchase and acquire the Target Shares from the Vendor in terms of this Agreement
constitutes a legal, valid and binding obligation of the Purchaser, enforceable against it in accordance with its terms and provisions
of applicable law in force;

 

		13.1.4	each person signing on behalf of the Purchaser has all the necessary authority to do so. The Purchaser
has duly and validly executed and delivered this Agreement, and, on or prior to the Closing, the Purchaser shall have duly and
validly executed and delivered all other ancillary documents required to consummate the Transaction;

 

    	 	53	 

     

    

 

		13.1.5	other than as contemplated under this Agreement, no announcements, notices, reports or filings,
consents, authorisations, orders or approvals, declarations or registrations with any Public Authority are required to be made
by the Purchaser in connection with the Transaction contemplated by this Agreement, nor for its implementation. The execution,
delivery and performance of this Agreement and the consummation of the Transaction contemplated herein will not constitute a default
or a breach under or violate or contravene any provisions of:

 

		a.	its memorandum or articles of association or any other constitutional documents;

 

		b.	any Applicable Law, Permit, agreement or any other restriction of any kind by which the Purchaser
is bound;

 

		c.	any agreement or arrangement to which the Purchaser is a party; or

 

		d.	any order, judgment or other decision binding on the Purchaser; and

 

		13.1.6	at the Closing Date, the Purchaser will have sufficient financial resources to complete the transaction
contemplated by this Agreement.

 

		13.2	The Purchaser shall compensate the Vendor in respect of any and all Losses suffered by the Vendor
resulting from, arising out of or relating to any breach or non-fulfilment of any covenant and/or warranties or other obligations
of the Purchaser contained in this Agreement.

 

		14.	Confidential Information

 

		14.1	Subject to the provisions of §§ 14.2 and 15.4 below, each Party undertakes that before
and after Closing it shall:

 

		14.1.1	not use or disclose to any person Confidential Information it has or acquires;

 

		14.1.2	make every effort to prevent the use or disclosure of Confidential Information; and

 

		14.1.3	ensure that each of its respective Group Companies complies with §§ 14.1.1 and 14.1.2.

 

    	 	54	 

     

    

 

		14.2	§ 14.1 does not apply to the disclosure of Confidential Information:

 

		14.2.1	to the extent that it is generally known to the public not as a result of a breach of any duty
of confidentiality by the relevant Party;

 

		14.2.2	to a director or employee of the Vendor, the Purchaser or of the Target Companies who is required
to have access to the Confidential Information for the fulfilment of his duties and responsibilities;

 

		14.2.3	to the extent that it is required to be disclosed (i) by law, (ii) by a rule of a
listing authority by which any Vendor’s Group Company or any Purchaser’s Group Company shareholding interest are listed,
a stock exchange on which the shares or securities of any Vendor’s Group Company or any Purchaser’s Group Company are
listed or traded, or (iii) by a Public Authority or other authority with relevant powers to which the Vendor or the Purchaser
or any of their Group Companies is subject or submits and which has the force of law, provided that in each case the disclosure
shall, so far as is practicable, be made after consultation with the opposite Party and after taking into account the reasonable
requirements as to its timing, content and manner of making or despatch;

 

		14.2.4	to an advisor for the purpose of advising the Vendor or the Purchaser in connection with the Transaction
contemplated by this Agreement provided that such advisor shall abide by the terms and conditions of confidentiality as set out
under this Agreement;

 

		14.2.5	to the Vendor’s Group Company or the Purchaser’s Group Company if Confidential Information
is necessary for such companies in connection with the Transaction contemplated by this Agreement, provided that the Vendor or
the Purchaser shall ensure that such companies shall abide by the terms and condition of confidentiality as set out under this
Agreement;

 

		14.2.6	with the opposite Party’s prior written consent; or

 

		14.2.7	for the purposes of any court, arbitral or administrative proceedings.

 

		14.3	The provisions of this § 14 supersede and novate any non-disclosure or confidentiality agreements
executed between the Parties prior to the Execution Date insofar as they pertain to the Transaction and/or the Property.

 

		15.	Announcements

 

		15.1	No Party shall make any announcement concerning the Transaction contemplated by this Agreement,
unless it has first obtained the other Party’s prior written consent, which consent shall not be unreasonably withheld or
delayed.

 

		15.2	Every announcement made by the Parties concerning the Transaction contemplated by this Agreement
shall be made with the view to protect business interests, including business secrets, of the other Parties.

 

    	 	55	 

     

    

 

		15.3	§ 15.1 above does not apply to any announcement required by operation of law or by any governmental
or regulatory authority to which either Party is subject. To the extent practicable and to the extent permissible under Applicable
Law, the Party required to make such an announcement shall consult and take into account the reasonable requests of the other Party,
or shall inform the other Party of the announcement without undue delay if such prior consultation is not possible due to time
constraints.

 

		15.4	More specifically, the Purchaser is aware that the Vendor is indirectly controlled by Elbit, a
public company registered in Israel which is subject to the reporting regulations of the Tel Aviv and NASDAQ Stock Exchanges and
those of the regulatory authorities in Israel and the United States of America. Accordingly, the Purchaser agrees that (i)
public statements (in the form of immediate reports or ad hoc press releases, or otherwise) regarding this Agreement and the Transaction
contemplated herein that Elbit is required to publish by operation of Applicable Law, may be issued by Elbit in its sole discretion,
and (ii) Elbit is required to file a “Form 20F” with the United States Securities and Exchange Commission provided
that Elbit shall endeavour, on a best effort basis only, to give the Purchaser prior notice of the content of such public statements
or filing (so far as it relates to this Transaction) and the ability to comment in advance on such public announcements or filing
(so far as it relates to this Transaction), with such observations to be taken under consideration by Elbit, on a best effort basis.

 

		16.	Payments Net of VAT and Withholdings

 

		16.1	All amounts payable under this Agreement are expressed net of VAT, which (to the extent applicable
according to Romanian or any other legislation) shall be paid by the paying Party in addition to such amounts at the rate applicable
according to the legislation in force at the date the chargeable event takes place. The same applies to custom duties and all other
taxes and levies of whatever nature, to the extent they are applicable according to the Romanian or any other legislation, to the
paying Party.

 

		16.2	The Parties undertake that they shall not (and the Vendor shall ensure that also the Target Companies
shall not) change their tax residency in any manner that may trigger additional tax obligations or fees on amounts payable under
this Agreement.

 

		17.	Default Interest

 

If a Party fails to pay any
amount payable by it when due, then, in addition to regular interest agreed to accrue on the relevant amount (if any) and save
for amounts for which a special default interest rate has been agreed (if any), it shall pay to the Party to which the debt is
owed interest on the overdue amount, calculated on a daily pro-rata basis, at the rate of 3-month’s
EURIBOR plus 600 (six hundred) basis points per annum.

 

    	 	56	 

     

    

 

		18.	Notices

 

		18.1	A notice under or in connection with this Agreement (a “Notice”):

 

		18.1.1	shall be in writing;

 

		18.1.2	shall be in the English language; and

 

		18.1.3	shall be: (a) delivered personally or sent by registered delivery post; or (b) sent
by facsimile transmission or by e-mail. The Parties shall be entitled to change the addresses and numbers provided in § 18.2
below by the giving of written notice to the other Party.

 

		18.2	The addresses referred to in § 18.1.3 are:

 

		18.2.1	in the case of the Purchaser:

 

	 	Address:	
        Revetas Capital

        Tuchlauben 8 / 1B

        A-1010 Vienna
	 
	 	 	 	 
	 	Tel:	+ 43 699 180 17 285	 
	 	 	 	 
	 	E-Mail	kmk@revetas.com	 
	 	 	 	 
	 	For Attention	
        Kiril Klaturov

        General Counsel
	 

 

and

 

	 	Address:	
        Promontoria Holding 217 B.V.

        Oude Utrechtseweg 32

        3743 KN  Baarn, The Netherlands
	 
	 	 	 	 
	 	Tel:	+31 35 5488 716	 
	 	 	 	 
	 	E-Mail	gjschipper@cerberusglobal.nl	 
	 	 	 	 
	 	For Attention	Geert-Jan Schipper	 

 

    	 	57	 

     

    

 

With a copy to:

 

	 	Address:	
        Wolf Theiss Rechtsanwalte GmbH

        58-60 Gheorghe Polizu St., 13th Floor

        Bucharest, Romania
	 
	 	 	 	 
	 	Tel:	0040729155382	 
	 	 	 	 
	 	E-Mail	ileana.glodeanu@wolftheiss.com	 
	 	 	 	 
	 	For Attention	
        Ileana Glodeanu

        Partner
	 

 

		18.2.2	in the case of the Vendor:

 

	 	Address	
        Dorsha B.V.

        Krijn Taconiskade 430,

        1087 HW Amsterdam,

        The Netherlands
	 
	 	 	 	 
	 	Tel:	0031206704455	 
	 	 	 	 
	 	E-Mail	Alon@etmtrust.com	 
	 	 	 	 
	 	For Attention	
        Alon Elmaliyah

         
	 

 

With a copy to:

 

	 	Address:	Hod Hasharon, Israel, no. 13 Igal Yadin	 
	 	 	 	 
	 	Tel:	00972526076236	 
	 	 	 	 
	 	E-Mail	ron@elbitimaging.com	 
	 	 	 	 
	 	For Attention	
        Ron Hadassi

         
	 

 

    	 	58	 

     

    

 

		18.3	A Notice is deemed given, if an earlier actual delivery is not proved:

 

		18.3.1	if delivered personally, when the person delivering the notice obtains the signature of any person
authorised to accept the notices on behalf of the Purchaser or the Vendor respectively, at the address referred to in § 18.2.1
and in § 0;

 

		18.3.2	if sent by post, except to another country, on the third (3rd) Business Day after the date at which
the Notice was posted;

 

		18.3.3	if sent by post to another country, on the tenth (10th) Business Day after the date at which the
Notice was posted; or

 

		18.3.4	if sent by electronic transmission (e-mail or facsimile) immediately upon confirmed delivery and
receipt.

 

		19.	Continuation of Obligations

 

Each right and obligation set
out in this Agreement that is not fully performed upon Closing shall remain binding on the Party under the obligation after Closing
unless expressly waived in writing.

 

		20.	Termination

 

		20.1	Subject to § 4.4, this Agreement shall terminate automatically, following notice by either
Party to the other, if the Condition Precedent is not fulfilled by 23:59 EET on the Long Stop Date, as provided in § 4.4 above.

 

		20.2	Termination Prior to Closing. This Agreement may be terminated at any time prior to Closing:

 

		20.2.1	by the Purchaser by giving a MAC Termination Notice in terms of §5.1.2 (c)(ii) above in the
event that the Vendor fails or declines to issue the MAC Cure Notice following delivery of a MAC Notice or in the event the Vendor,
having issued a MAC Cure Notice, shall have failed to complete a MAC Cure in all material respects within the deadline set out
in the MAC Cure Notice to the reasonable satisfaction of the Purchaser; and/or

 

		20.2.2	by the Purchaser by written notice to the Vendor, if the Vendor shall be in material breach of
any warranty or covenant provided herein and shall fail to cure such breach within fifteen (15) days after its receipt of a written
demand to do so or, if sooner, by the day preceding the Closing Date; and/or

 

		20.2.3	by the Vendor by written notice to the Purchaser, if the Purchaser shall materially breach any
warranty or covenant provided herein and shall fail to cure such breach within fifteen (15) days after its receipt of a written
demand to do so or, if sooner, by the day preceding the Closing Date.

 

    	 	59	 

     

    

 

In the event of termination
of this Agreement by either of the Parties pursuant to this § 20.2, a written notice thereof shall be given to the other Party
and this Agreement shall terminate on the date such written notice is given.

 

		20.3	Effect of termination

 

Upon termination of this Agreement
pursuant to the provisions hereof, neither Party shall have any future rights or obligations hereunder except with respect to:

 

		20.3.1	§§ 14, 20 (other than § 20.1 and 20.2), 24, 25, 26, 27, 31 and 33 of this Agreement,
all of which shall remain in full force and effect and shall survive any termination of this Agreement;

 

		20.3.2	the release of the Escrow Deposit from the Pre-Closing Escrow Account and the release of the Advance
Payment from the Closing Escrow Account, all as provided for in the Escrow Agreement and this Agreement; and

 

		20.3.3	an antecedent breach.

 

		20.4	No Termination Post-Closing. Neither of the Parties shall be entitled to terminate this
Agreement after Closing except where a right of termination is expressly stated in this Agreement. It is hereby expressly agreed
between the Parties that all statutory provisions that may otherwise give any of the Parties the right to terminate this Agreement
under Applicable Law, shall not be applicable to this Agreement.

 

		20.5	No Prejudice. Termination pursuant to the terms of this Agreement shall be without prejudice
to any claims on the part of the terminating Party arising prior to such termination.

 

		20.6	No Waiver

 

The rights of a Party hereto
will not be prejudiced or restricted by any indulgence or forbearance extended to the other Party and no waiver by any Party in
respect of any breach will operate as a waiver in respect of any subsequent breach.

 

		21.	Further Assurances

 

Subject to the terms and conditions
of this Agreement, each of the Parties agrees following Closing to use all reasonable efforts to take, or cause to be taken, all
actions, including the execution of all documents, and to do, or cause to be done, all things necessary, proper or advisable under
applicable laws and regulations to consummate and make effective the transfer of the Target Shares contemplated by this Agreement
and all ancillary documents.

 

    	 	60	 

     

    

 

		22.	Costs and Expenses

 

Except as expressly provided
to the contrary in this Agreement, each Party shall bear all costs and expenses incurred by it or upon its order in connection
with the entering into, and the performance of, this Agreement.

 

		23.	Assignment

 

Except as regards financiers
(including any person providing finance to the Purchaser or a Purchaser’s Group Company), the Parties agree that they may
not assign or transfer or in any other way alienate any of their respective rights (including receivables and/or claims) whether
in whole or in part under this Agreement or any other transaction document to which it is a Party to a third party, without the
prior written consent of the other Party provided that the Purchaser may assign its rights under this Agreement to an Affiliate
of the Purchaser.

 

		24.	Set-Off

 

No Party may effect a set-off
against any of the claims that another Party has against it under this Agreement other than by written agreement with the Party
against which the set-off is directed or pursuant to the terms of the Vendor Loan.

 

		25.	Severability

 

The illegality, invalidity
or unenforceability of any provision of this Agreement under any law of any jurisdiction shall not affect or impair the legality,
validity or enforceability of the rest of this Agreement, nor the legality, validity or enforceability of that provision under
the law of any other jurisdiction.

 

		26.	Whole Agreement

 

		26.1	The Transaction Documents contain the entire agreement between the Parties and replace all previous
agreements and understandings between them relating to their subject matter.

 

		26.2	The Parties agree that:

 

		26.2.1	no representations have been made in connection with any of the Transaction Documents; and

 

		26.2.2	no warranties, undertakings or promises have been expressly or impliedly given in respect of the
subject matter of the Transaction Documents other than those which are expressly stated in the Transaction Documents.

 

		26.3	Neither Party shall have any remedy in respect of any statement not set out in the Transaction
Documents unless the statement was made fraudulently.

 

    	 	61	 

     

    

 

		26.4	Neither Party shall be entitled to terminate this Agreement except as otherwise expressly provided
in this Agreement.

 

		26.5	The Parties agree that they shall have no right to bring a claim in tort or under the Misrepresentation
Act 1967 in connection with the Transaction Documents.

 

		27.	Third Party Rights

 

		27.1	The Parties do not intend any third party to have the right to enforce any provision of this Agreement
under the Contracts (Rights of Third Parties) Act 1999 or otherwise.

 

		27.2	The Parties may terminate or vary this Agreement without the consent of any third party.

 

		28.	Amendments

 

This Agreement may only be
amended by written amendments executed by all Parties.

 

		29.	Language

 

This Agreement is drawn up
in the English language only except that some of the Schedules are in whole or in part drawn up in the Romanian language only.

 

		30.	Counterparts

 

This Agreement is executed
in three (3) identical counterparts. Each counterpart shall constitute an original of this Agreement but all the counterparts shall
together constitute one and the same Agreement.

 

		31.	Arbitration

 

		31.1	Any dispute, controversy or claim arising out of or in connection with this Agreement, including
any question regarding its existence, validity, interpretation, breach or termination, shall be referred to and finally resolved
by arbitration under the Rules of Arbitration of the London Court of International Arbitration, which rules are deemed to be incorporated
by reference into this section.

 

		31.2	The arbitration tribunal shall consist of three arbitrators, provided that, if the amount in dispute
is less than EUR 10,000,000 (ten million Euro), then the dispute shall be adjudicated by a sole arbitrator. Each of the claimant
and the respondent shall nominate a party-appointed arbitrator respectively. The third arbitrator, who shall be the chairman of
the tribunal, shall be nominated by the two Party-nominated arbitrators within thirty (30) days of the last of their appointments.

 

    	 	62	 

     

    

 

		31.3	The venue of the arbitration proceedings shall be London, United Kingdom or in such other alternative
location as shall be agreed between the Parties from time to time. The language of the arbitration shall be English.

 

		31.4	Any award of the tribunal shall be binding from the day it is made. The Parties agree to keep confidential
all matters relating to the arbitration, including related court proceedings, to the greatest extent practicable.

 

		31.5	This § 33 constitutes a separate agreement to arbitrate which shall survive the termination
of this Agreement for any reason.

 

		32.	Service of Process

 

		32.1	The Purchaser irrevocably appoints Hackwood Secretaries Limited of One Silk Street, London EC2Y
8HQ as its agent for service of process in relation to any English court proceedings in connection with this Agreement.

 

		32.2	The Vendor irrevocably appoints TMF Corporate Services Limited of 6 St Andrew Street,
5th Floor, London, EC4A 3AE, as its agent for service of process in relation to any English court proceedings in connection with
this Agreement.

 

		32.3	Service on the agent (as named above or notified in accordance with this section) shall be deemed
to be valid service whether or not the process is received by the relevant party.

 

		32.4	If the agent changes its address to another address in England, the relevant party shall within
5 (five) Business Days notify the other parties of the new address.

 

		32.5	If a party’s agent ceases to be able to act as agent or to have an address in England, that
party shall within 5 (five) Business Days notify the other parties of the appointment of a new agent, failing which the other parties
may serve proceedings on that party by an advertisement in the Financial Times newspaper stating how the party may obtain a copy
of the proceedings. The proceedings shall be deemed to be served on the date of publication of the advertisement.

 

		32.6	Nothing in this Agreement shall affect a party’s right to serve process in any other manner
permitted by law.

 

		33.	Governing Law

 

This Agreement and any non-contractual
obligations arising out of or in connection with this Agreement shall be governed by the
laws of England and Wales, except where the mandatory provisions of Romanian law are applicable.

 

    	 	63	 

     

    

 

Schedule
1

Land Book Extract

 

    	 	Sch 1-1	 

     

    

 

Schedule
2

Extracts from the Trade Register

 

    	 	Sch 2-1	 

     

    

 

schedule
3

 

Purchase
price calculation methodolgy

 

Part
A

THE purchase price

 

For the purpose of the calculation of the
Estimated Net Purchase Price, Revised Estimated Net Purchase Price, the Final Net Purchase Price, the Price Adjustment Amount and,
for the purposes of the Estimated Net Purchase Price and Revised Estimated Net Purchase Price only, the Net to Owner Contribution,
the following provisions of this Schedule shall apply:

 

		1)	Definitions:

 

All Capitalized Terms which
are not specifically defined in this Schedule 3 shall have the meanings ascribed to them in the Agreement.

 

		2)	Calculation of Purchase Price and the Purchase Price Formula

 

		a)	The Estimated Net Purchase Price has been calculated by applying the following formula on
the basis of the Initial Accounts, namely:

 

 

[PV] – [CGT] - [EOA] –/+
[SWAP] + [NAV] + [NOC] = [EEV]

 

[EEV] x [SV] = ENPP 

 

 

Where :

 

	 	[PV]	Is	The Agreed Property Value
	 	[CGT]	is	the CGT Adjustment Amount (as defined in Section 2(d) below)
	 	[EOA]	is	The Estimated Offset Amount 
	 	[SWAP]	is	the mark-to-market value of the hedge instruments to which the Company is a party at the Initial Accounts Date
	 	[NAV]	is	the Estimated Aggregated NAV Adjustment Amount (calculated in the manner provided for in Section 4 below) (Note 1) (Note 2)
	 	[NOC]	is	Net to Owner Contribution (as defined in Paragraph 5 of this Part A to Schedule 3)

	 	[EEV]	is 	the Estimated Equity Value
	 	[SV]	is	the Vendor’s Shareholding Factor at the Execution Date
	 	[ENPP]	is	the Estimated Net Purchase Price 
	 	Notes : 	
        (1)  The
        Estimated Aggregated NAV Adjustment Amount may be a negative figure;

        (2)  The
Exchange Rate applied is the Initial Exchange Rate.

 

    	 	Sch 3-1	 

     

    

 

		b)	The Revised Estimated Net Purchase Price will be calculated on the same basis as paragraph
(a) above other than to the extent set out in Clause 3.1.2 of the Agreement.

 

		c)	The Final Net Purchase Price will be calculated after the Closing Date following the implementation
of the Price Verification Procedure by applying the following formula on the basis of the Final Accounts, namely:

 

 

[PV] - [CGT] – [OA] –/+ [SWAP]
+ [NAV] = [FEV] 

 

[FEV] x [SV] = FNPP

 

 

Where :

 

	 	[PV]	is	the Agreed Property Value
	 	[CGT]	is	the CGT Adjustment Amount (as defined in Section 2(d) below)
	 	[OA]	is	the OffSet Amount 
	 	[SWAP]	is	the mark-to-market value of the hedge instruments to which the The Company is a party at the date of Final Accounts
	 	[NAV]	is	the Final Aggregated NAV Adjustment Amount (calculated in the manner provided for in Section 4 below) (Note 1) (Note 2)
	 	[FEV]	is 	the Final Equity Value
	 	[SV]	is	the Vendor’s Shareholding Factor on the Closing Date
	 	[FNPP]	is	the Final Net Purchase Price 
	 	Note : 	
        (1)   The
        Final Aggregated NAV Adjustment Amount may be a negative figure;

        (2)   The
Exchange Rate applied is the Final Exchange Rate.

 

    	 	Sch 3-2	 

     

    

 

		d)	The CGT Adjustment Amount. The Parties have agreed that a value adjustment of EUR 5,700,000
(five million seven hundred thousand Euro) will be deducted from the Agreed Property Value as a full, final and total adjustment
in order to compensate for any potential future exposure to capital gains tax which may arise following the Closing Date (the “CGT
Adjustment Amount”).

 

		e)	The Price Adjustment Amount shall be calculated as the difference between the Estimated
Net Purchase Price or Revised Estimated Net Purchase Price, as relevant, and the Final Net Purchase Price.

 

		f)	The Net to Owner Contribution shall be calculated in the manner prescribed in Paragraph
5 of this Part A to Schedule 3.

 

		3)	Special Arrangements

 

The following special arrangements
will be taken into consideration when calculating the Estimated Net Purchase Price, Revised Estimated Net Purchase Price (if relevant)
and the Final Net Purchase Price, respectively:

 

		a)	Exchange Rate.

 

		i)	The Estimated Aggregated NAV Adjustment Amount has been calculated in Euros by translating the
Initial Accounts denominated in RON using the Exchange Rate of 4.5985 (RON/EUR) published by the National Bank of Romania on the
date of the Initial Accounts.

 

		ii)	The Final Aggregated NAV Adjustment Amount will be calculated in Euros by translating the Final
Accounts denominated in RON using the Final Exchange Rate published by the National Bank of Romania on the date of the Final Accounts.

 

		iii)	No adjustments shall be made to the Final Net Purchase Price due to future foreign exchange rate
fluctuations or changes in the market value of the Property and/or of the Target Shares after the Closing Date.

 

    	 	Sch 3-3	 

     

    

 

		b)	Accounting policies. Except as set out below, the same accounting policies shall be applied
for the purpose of the preparation of the Final Accounts as have been used for the preparation of the Initial Accounts. The same
accounting policies shall be applied for the purpose of calculation of the Final Aggregated NAV Adjustment Amount as have been
used for the calculation of the Estimated Aggregated NAV Adjustment Amount and the Initial Accounts.

 

		4)	Provisions relating to Calculation of Final Aggregated
NAV Adjustment Amount

 

The
“Final Aggregated NAV Adjustment Amount” means the aggregate of the Working Capital Assets listed in Clause
4.1 below, less the aggregate of the Working Capital Liabilities listed in Clause 4.2 below.

 

(A)
Estimated Aggregated NAV Adjustment Amount

 

As
at the Execution Date, the Estimated Aggregated NAV Adjustment Amount has been calculated as the aggregation of the Working Capital
of each of the Target Companies calculated on the basis of the Initial Accounts, with reconciled inter-company balances between
the Target Companies.

 

		4.1	Working Capital Assets. The aggregate value of all
the working capital assets as reflected in the Initial Accounts, namely:

 

		a.	Cash and cash equivalents, including: (i) restricted cash (but specifically excluding
the restricted cash deposit held on account as partial security for the repayment of the Existing Loan Facility to the extent it
is taken into consideration in the calculation of the Estimated Offset Amount and/or in the calculation of the OffSet Amount);
and (ii) any cash amounts which are deposited in a special FF&E Reserve Account in accordance with relevant provisions
of the Hotel Management Agreements and which amounts are reflected as cash and/or cash equivalent in the Initial Accounts;

 

		b.	Inventories of all kinds as reflected in the Initial Accounts;

 

		c.	Short term trade and other receivables as reflected in the Initial Accounts, less any allowance
for doubtful and bad debts, such as receivables of debtors which are subject to insolvency or enforcement proceedings, but excluding:
(i) any deferred costs, prepayments for CAPEX, prepayments related to several benefits granted to discontinuing management
and employees post-Closing such as but not limited to medical insurance, life insurance, school for the children, fees and expenses
which will not generate future cash flow and (ii) receivables from any related parties (defined in accordance with Accepted
Accounting Standards). Short term trade and other receivables shall be: (aa) included in the Initial Accounts and/or Final
Accounts where they are overdue for less than 90 days at the relevant calculation date; or (bb) excluded in the Initial
Accounts where they are overdue for more than 90 days at the relevant calculation date; provided however that where receivables
are excluded from the Initial Accounts but are subsequently collected prior to the Execution Date (for the calculation of the Estimated
Aggredated NAV Adjustment Amount) or finalization of the Final Accounts following the Price Verification Procedure, such collected
receivables shall be taken into account in the calculation of the Estimated / Final Aggregated NAV Adjustment Amount;

 

    	 	Sch 3-4	 

     

    

 

		d.	Other Receivables – as reflected in the Initial Accounts, including advances paid, prepaid
expenses, VAT recoverables, etc. The provisions of Section 4.1(c)(iii) above shall apply to such other receivables included in
the Initial Accounts;

 

		e.	For the avoidance of doubt, the Company shall assign to the Vendor the right to demand and receive
payment of any receivables which remain overdue more than 90 days and uncollected as at the date of the Purchase Price Statement.

 

		4.2	Working Capital Liabilities. The aggregate value of any and all current or non-current liabilities
of the Target Companies as reflected in the Initial Accounts (excluding those liabilities included in the OffSet Amount), namely:

 

		a.	Trade Payables, such as suppliers, service providers and other payables as reflected in the Initial
Accounts;

 

		b.	Liability for Taxes for all of the Target Companies as reflected in the Initial Accounts;

 

		c.	Accrued expenses and other payables (including but not limited to accrued payroll expenses, accrued
liabilities, advances and guarantees received from clients and/or lessees, fixed asset suppliers, deferred revenues, value added
tax and other payables, untaken holidays (including related taxes and social contributions of both employer and employee), accruals
for discounts received from suppliers as reflected in the Initial Accounts;

 

		d.	Accrual and provision for compliance with GDPR following GDPR gap assessment, if such costs have
not already been paid for / charged to the Target Companies’ account and unless such accrual / provision was included in
the above items;

 

    	 	Sch 3-5	 

     

    

 

		e.	Debts and liabilities to related parties;

 

		f.	Provisions for risks as would be made in the normal course of business under the Romanian GAAP
to be included in the risk weighted amount to be agreed bona fide between the parties. In absence of such agreement, Vendor’s decision
will prevail.

 

		4.3	All Working Capital Assets and Liabilities should meet the definition of “assets” and
“liabilities” as specified in the Romanian GAAP except where otherwise stated in this Schedule 3.

 

		4.4	Exclusions. The following are excluded from the calculation of the Estimated Aggregated
NAV Adjustment Amount, namely:

 

		a.	The Related Party Loan will be excluded from the Working Capital Assets as this was accounted for
in the Offset Amount;

 

		b.	Any potential exposure to capital gains tax is fully and finally accounted for by the inclusion
of the CGT Adjustment Amount in the calculation of the Equity Value as provided above, and will therefore be excluded from the
calculation of the Estimated Aggregated NAV Adjustment Amount in terms hereof. For the avoidance of doubt, any deferred income
tax, assets, liabilities (to the extent included in the Initial Accounts and Final Accounts) will be disregarded;

 

		c.	All and any amounts owed by the Company to the Existing Lender pursuant to the Existing Loan Facility
Agreement, including prepayment and breakage costs, if any, all accrued interest as at the Closing Date, and any liablity under
the hedging agreement, shall in each case be disregarded for the purpose of the calculation of the Final Aggregated NAV Adjustment
Amount. All other liabilities to the Existing Lender other than the ones mentioned above are included in the calculation of Final
Aggregated NAV Adjustment Amount.

 

		d.	Non-current property values (reflected in Agreed Property Value) and investment in Romextur.

 

    	 	Sch 3-6	 

     

    

 

		e.	In the calculation of the Working Capital for the Estimated Net Purchase Price a deduction from
the cash balance in the Initial Accounts of EUR 3,000,000 will be applied, whilst for the calculation of the Working Capital
for the Final Net Purchase Price a deduction from the cash balance in the Final Accounts of the entire BUTU Prepayment Amount will
be applied to the extent this is shown as cash.

 

(B)
Final Aggregated NAV Adjustment Amount

 

The
provisions of Sections 4.1 to 4.3 inclusive above shall apply, mutatis mutandis, to the calculation of the Final Aggregated
NAV Adjustment Amount on the basis of the Final Accounts.

 

		5)	Agreed Provisions relating to Net to Owner Contribution

 

		5.1	The Parties have agreed that the Net to Owner Contribution
shall be calculated as the Operating Revenues forecasted to accrue during the Contribution Period, less the Pro Rata Expenses
forecasted for the Contribution Period, less the forecasted Pro Rata CAPEX and less any expected liabilities resulting during
the Contribution Period from past events prior to Anticipated Closing Date or Revised Anticipated Closing Date except for those
corresponding to Pro Rata Expenses as defined below:

 

		5.1.1	“Operating Revenues” are comprised of: (a) the combined forecasted revenues deriving
from the operation of the Radisson Hotel Facility and the Park Inn Hotel Facility, as reflected in the “SAP (Opera) Report”
prepared and produced by the Hotel Operator in respect of the Contribution Period; plus (b) the forecasted rental income generated
by the Commercial Areas, calculated pro rata in respect of the Contribution Period;

 

		5.1.2	“Pro Rata Expenses” means the forecasted expenses expected to be incurred by the
Target Companies which may be fairly and reasonably attributed to the Contribution Period on a pro rata basis, where the following
expenses shall – where relevant – be taken into account: (i) all costs taken into account in the calculation
of gross operating profit of the Target Companies; plus (ii) costs below the calculation of gross operating profit that
have a cash impact on the Target Companies, including but not limited to: the base and incentive fees paid to the Hotel Operator;
building and other insurance premiums; property and miscellaneous taxes; lease of equipment; all-in maintenance contracts; owner’s
costs (not directly attributable to operation of Hotels and Commercial Areas, including but not limited to Elbit Consultancy Fee,
Elbit Guarantee Fee, management cost&travel, professional fees, staff related expenses, expenses with hotels’ guests
entries to World Class, marketing expenses, administrative expenses, expensed CAPEX funded by Owner); any Tax in respect of the
Contribution Period; any other financial expenses other than those towards the Existing Lender qualifying to be included in the
Offset Amount and excluding financial expenses and costs which are accounted for in the calculation of the Estimated Net Purchase
Price and the Final Net Purchase Price or are related to a new financing structure in place after Closing.

 

    	 	Sch 3-7	 

     

    

 

		5.1.3	“Pro rata CAPEX” - means the capital expenditures (investments in non-current
assets not recorded as an expense) expected to be incurred by the Target Companies which may be fairly and reasonably attributed
to the Contribution Period on a pro rata basis, where the following expenditure shall, where relevant, be taken into account: i)
capital expenditure made from the FF&E reserve set up for the Hotels’ operations; ii) any other capital expenditure made
by the Target Companies.

 

		5.1.4	“Contribution Period” means the period which shall elapse between the date of
the relevant Financial Statements and the Anticipated Closing Date or Revised Anticipated Closing Date, as relevant.

 

		5.2	The Net to Owner Contribution shall be calculated contemporaneously with the Estimated Net Purchase
Price and Revised Estimated Net Purchase Price, if relevant.

 

    	 	Sch 3-8	 

     

    

 

Part
B

 

INITIAL
ACCOUNTS

 

    	 	Sch 3-9	 

     

    

 

Part
C

 

CLOSING
ACCOUNTS AND PURCHASE PRICE VERIFICATION PROCEDURE

 

		1.	Immediately following the Closing Date, the Vendor shall prepare and finalise the Final Accounts
and cause the auditors of the each of the Target Companies to perform the Agreed Upon Procedures (i.e. not a full audit) on the
Final Accounts. Following the Agreed Upon Procedures, the Vendor shall adjust the Final Accounts in order to incorporate the auditors’
proposed adjustments.

 

		2.	The Purchaser agrees and undertakes that following the Closing Date it shall diligently use and
apply all commercial, contractual, legal and statutory rights available to it as the beneficial holder of the Target Shares so
as to ensure that the Final Accounts are prepared and reviewed by the auditors as aforesaid, and same by not later than 45 (forty
five) Business Days following the Closing Date. In this regard, the Purchaser shall allow full and free access for the Vendor and
its representatives to the Books and Records of the Target Companies following the Closing Date so as to enable and facilitate
the preparation and finalization of the Final Accounts as aforesaid and the performance of Agreed Upon Procedures on the Final
Accounts.

 

		3.	As soon as possible after the Closing Date the Vendor shall itself: (i)  prepare the draft
Final Accounts of the Target Companies as of the Closing Date and (ii) cause such Final Accounts to be reviewed by the auditors
of the Target Companies to the extent of the Agreed Upon Procedure (i.e. not a full formal audit) so as to enable the proper conduct
of the Price Verification Procedure on the basis of the Final Accounts in terms of this Schedule 3.

 

		4.	By not later than a date 45 (forty five) Business Days following the Closing, the Vendor shall
prepare and submit the following draft documents to the Purchaser:

 

		(a)	the draft Final Accounts for the Target Companies, following the performance of Agreed Upon Procedures
(i.e. not a full audit);

 

		(b)	the draft calculation of the Final Aggregated NAV Adjustment Amount; and

 

		(c)	the draft Purchase Price Statement, reflecting the Price Adjustment Amount (if any).

 

(together the
“Draft Final Calculation Documents”).

 

		5.	The Final Accounts shall be prepared in accordance with Part A of this Schedule 3.

 

    	 	Sch 3-10	 

     

    

 

		6.	The Parties shall provide each other (and, upon written request, the their respective accountants)
with access to those assets, documents, records and information within its possession or control which they may reasonably require
for the purpose of reviewing and agreeing the Draft Final Calculation Documents.

 

		7.	Within fifteen (15) Business Days starting on the day following the receipt of the Draft Final
Calculation Documents (the “Evaluation Period”), the Purchaser shall notify the Vendor in writing whether or not
it agrees with the Draft Final Calculation Documents.

 

		8.	In the event that within the Evaluation Period the Purchaser either: (i) notifies its agreement
with the Draft Final Calculation Documents; or (ii) fails to give any notification whatsoever by the expiry of the Evaluation
Period; then and in such event the Draft Final Calculation Documents shall be deemed final and binding on the Parties and shall
thereupon be deemed to be the Final Accounts as agreed between the Parties. The Final Purchase Price and the resultant Price Adjustment
Amount, if any, shall then be determined accordingly on the basis of the Final Accounts.

 

		9.	In the event, however, that the Purchaser disputes the Draft Final Calculation Documents or any
part thereof, it shall be required to furnish the Vendor prior to the expiry of the Evaluation Period with its written notice (the
“Dispute Notice”) specifying: (i) those matters which are disputed by the Purchaser; (ii) its reasons
and arguments for disputing those matters in reasonable detail; and (iii) the quantum of the adjustments which the Purchaser
considers should be made to the Draft Final Calculation Documents.

 

		10.	If the Purchaser provides a Dispute Notice as aforesaid, then the Parties shall without any delay
enter into discussions in a good faith endeavour to resolve any such dispute. If the Parties succeed in resolving their dispute,
the Parties shall jointly confirm their agreement in writing and the resulting confirmed and (if applicable) updated Final Accounts
of the Target Companies and the Purchase Price Statement shall be conclusive and binding on the Parties.

 

		11.	In the event that the Parties are unable to resolve the disputed matters or any part thereof (“Matters
in Dispute”) within 15 (fifteen) Business Days following the Seller’s receipt of Buyer’s Dispute Notice (“Resolution
Period”), then and in such event either Party shall be entitled within an additional 10 (ten) Business Days following
the expiry of the Resolution Period (the “Referral Period”) to refer the Matters in Dispute together with the
Draft Final Calculation Documents to the Accounting Expert for resolution pursuant to the procedures set out in paragraph 12 below.
If neither party shall have exercised its right to refer Matters in Dispute to the Accounting Expert by the expiry of the Referral
Period, then and in such event the position set forth by the Purchaser in its Dispute Notice regarding the Matters in Dispute shall
be deemed to have been accepted by the Vendor and agreed by the Parties, and the Draft Final Calculation Documents shall be amended
accordingly to reflect those positions, whereupon the Draft Final Calculation Documents so amended shall be deemed to be final
and binding upon the Parties.

 

    	 	Sch 3-11	 

     

    

 

		12.	The Accounting Expert shall act on the following basis in respect of Matters of Dispute which are
referred to him for adjudication :

 

		(a)	the Accounting Expert will act upon the joint written instructions of the Parties;

 

		(b)	the Parties will not unreasonably refuse their agreement to the terms of engagement proposed by
the Accounting Expert or by the other Party;

 

		(c)	the Accounting Expert will act as an expert, and not as an arbitrator;

 

		(d)	the Accounting Expert will base its review solely on the written statements and supporting documents
provided by the Parties and not on an independent examination or audit of the financial or accounting records of the Target Companies;

 

		(e)	each of the Parties will provide the Accounting Expert with all information which the Accounting
Expert may reasonably require in connection with the performance of its obligations arising hereunder on a timely basis;

 

		(f)	none of the Parties may present to the Accounting Expert materials relating to the Matters in Dispute
except in writing and with an instruction to the Accounting Expert to release a copy thereof to the other Party once the Accounting
Expert has received such materials from both Parties; and neither may they discuss such matters with the Accounting Expert unless
the other Party is present;

 

		(g)	the costs of the Accounting Expert will be borne by the Parties in equal shares, unless the Accounting
Expert determines otherwise based on its determination of fault in respect of the Matters in Dispute;

 

		(h)	The Accounting Expert shall make its determination in writing within 10 (ten) Business Days of
the date of the referral of the Matters in Dispute to it, subject to any agreed extensions, such agreement not to be unreasonably
withheld; and

 

    	 	Sch 3-12	 

     

    

 

		(i)	The Parties shall thereafter promptly adjust and amend the Draft Final Calculation Documents, including
the Purchase Price Statement, in order to reflect the determination made by the Accounting Expert in respect of the Matters in
Dispute.

 

		13.	The Draft Final Calculation Documents shall become final and binding upon the Parties and shall
thereupon become the Final Accounts:

 

		(a)	by agreement between the Parties, as contemplated in paragraph 8 above; or

 

		(b)	by the deemed waiver of the Purchaser of its right to dispute the contents of the Draft Final Calculation
Documents, as contemplated in paragraph 8 above; or

 

		(c)	by negotiation and agreement following receipt of a Dispute Notice, as contemplated in paragraph
10 above;

 

		(d)	by the deemed acceptance by Vendor of the position set forth by the Purchaser in its Dispute Notice
regarding the Matters in Dispute, in the event that Vendor shall fail or decline to refer such Matters in Dispute to the Accounting
Expert prior to the expiry of the Referral Period, as contemplated in paragraph 11 above; or

 

		(e)	in accordance with the determination of the Accounting Expert as contemplated in paragraph 12 above.

 

		14.	Once the Final Accounts and the Purchase Price Statement become final and binding, or are deemed
to become final and binding, in accordance with this Schedule, neither of the Parties shall have any further right to challenge
the Final Accounts and/or Purchase Price Statement as determined.

 

		15.	The provisions of § 3.3 of the Agreement shall govern the settlement of the Price Adjustment
Amount between the Parties.

 

		16.	The determination of the Accounting Expert shall be final and binding upon the Parties and shall
not be subject to further appeal, save only in the event of manifest error.

 

		17.	Any dispute which may arise between the Parties regarding the implementation of the provisions
of Part C of this Schedule 3 shall be referred to arbitration in terms of § 30 of the Agreement.

 

=====

 

    	 	Sch 3-13	 

     

    

 

SCHEDULE
4

 

VENDOR’S
WARRANTIES

 

DEFINED
TERMS

 

All
Capitalized Terms which are not specifically defined in the body of this Schedule 4 shall have the meanings ascribed to them in
the Agreement.

 

VENDOR’S
WARRANTIES MADE AS AT THE EXECUTION DATE

 

The
Vendor’s Warranties set out in this Schedule 4 are made as at the Execution Date, subject to any qualifications set forth in the
Disclosure Letter, if issued, and subject to the provisions of § 9 and 10 of the Agreement.

 

		1	THE
                                         VENDOR

 

		1.1	Incorporation
                                         and capacity

 

The
Vendor has been duly incorporated and validly exists under the laws of the Kingdom of The Netherlands. The Vendor has the requisite
capacity, right, authority and power to enter into this Agreement and to sell and transfer the Bucuresti Shares and the BEA Romania
Shares owned by it to the Purchaser, and to perform all of the Vendor’s undertakings and obligations under this Agreement.

 

		1.2	Authority

 

		1.2.1	The
                                         Vendor warrants that it has taken, and that its respective shareholders, directors and
                                         officers respectively have taken, all necessary actions, steps and proceedings to approve
                                         or authorize, validly and effectively, the entering into, execution, delivery and performance
                                         of this Agreement, and all and any ancillary documentation required or necessary to consummate
                                         the Transaction contemplated under this Agreement.

 

		1.2.2	The
                                         undertaking to sell and transfer of the Bucuresti Shares and the BEA Romania Shares to
                                         the Purchaser in terms of this Agreement constitutes a legal, valid and binding obligation
                                         of the Vendor, enforceable against it in accordance with its terms and provision of applicable
                                         law in force.

 

		1.2.3	Each
                                         person signing on behalf of the Vendor has all the necessary authority to do so. The
                                         Vendor has duly and validly executed and delivered this Agreement, and, on or prior to
                                         the Closing, the Vendor shall have duly and validly executed and delivered all other
                                         ancillary Transaction Documents required to consummate the Transaction.

 

    	 	Sch 4-1	 

     

    

 

		1.3	Filings
                                         and consents

 

Other
than as contemplated under this Agreement, no filings, consents, authorisations, orders or approvals, declarations or registrations
with, any Governmental Authority are required to be made by the Vendor in connection with the Transaction contemplated by this
Agreement nor for its execution and implementation.

 

		1.4	No
                                         default

 

The
execution, delivery and performance of this Agreement and the consummation of the Transaction contemplated herein will not: (i)
result in any Encumbrance upon the Bucuresti Shares and/or the BEA Romania Shares or any of the assets of the Target Companies;
or (ii) constitute a default or a breach under or violate or contravene any provisions of:

 

		1.4.1	the
                                         memorandum or articles of association or any other constitutional documents, by-laws
                                         or board or shareholder resolutions of the Vendor or of any of the Target Companies;
                                         or

 

		1.4.2	any
                                         Applicable Law;

 

		1.4.3	or
                                         any agreement or contractual restriction of any kind by which the Vendor or any of the
                                         Target Companies are bound.

 

		2	THE
                                         TARGET COMPANIES

 

		2.1	Incorporation
                                         and existence

 

The
Company

 

		2.1.1	The
                                         Company is a joint-stock company (in Romanian societate pe actiuni) incorporated
                                         under Romanian law, having a registered and fully paid up share capital of RON 28,186,700
                                         (in words: twenty eight million one hundred and eighty six thousand seven hundred New
                                         Romanian Lei). The Company has been duly incorporated and validly exists under Romanian
                                         law and is duly qualified and licensed to do business in Romania.

 

		2.1.2	The
                                         Company owns the Property and the Romextur Shares. The Company does not presently have
                                         any other business operations, assets or liabilities other than as reflected in the Initial
                                         Accounts.

 

		2.1.3	The
                                         Company is registered with the Trade Register as appears on the copy of the extract attached
                                         as a Part A of Schedule 2.

 

		2.1.4	The
                                         information in respect of the Company given in the Trade Registry Extract is accurate
                                         and up-to-date. No applications to the Trade Register with respect to the Company are
                                         pending.

 

    	 	Sch 4-2	 

     

    

 

Romextur

 

		2.1.5	Romextur
                                         is a joint-stock company (in Romanian societate pe actiuni) incorporated under
                                         Romanian law, having a registered and fully paid up share capital of RON 328,080 (in
                                         words: three hundred and twenty eight thousand and eighty New Romanian Lei). Romextur
                                         has been duly incorporated and validly exists under Romanian law and is duly qualified
                                         and licensed to do business in Romania.

 

		2.1.6	Romextur
                                         owns the Romextur Area. Romextur does not presently have any other business operations,
                                         assets or liabilities other than as reflected in the Initial Accounts.

 

		2.1.7	Romextur
                                         legally leases the Romextur Area to the Company under the terms and conditions of the
                                         Lease Agreement applicable to the Romextur Area.

 

		2.1.8	Romextur
                                         is registered with the Trade Register as appears on the copy of the extract attached
                                         as a Part B of Schedule 2.

 

		2.1.9	The
                                         information in respect of Romextur given in the Trade Registry extract is accurate and
                                         up-to-date. No applications to the Trade Register with respect to Romextur are pending.

 

BEA
Hotels Romania

 

		2.1.10	BEA
                                         Hotels Romania is a joint stock company (in Romanian societate pe actiuni) incorporated
                                         under Romanian law, having a registered and fully paid up share capital of RON 90,276
                                         (in words: ninety thousand two hundred and seventy six New Romanian Lei). BEA Hotels
                                         Romania has been duly incorporated and validly exists under Romanian law and is duly
                                         qualified and licensed to do business in Romania.

 

		2.1.11	BEA
                                         Hotels Romania does not presently have any other business operations, assets or liabilities
                                         other than as reflected in the Initial Accounts.

 

		2.1.12	BEA
                                         Hotels Romania is registered with the Trade Register as appears on the copy of the extract
                                         attached as a Part C of Schedule 2.

 

		2.1.13	The
                                         information in respect of BEA Hotels Romania given in the Trade Registry Extract is accurate
                                         and up-to-date. No applications to the Trade Register with respect to BEA Hotels Romania
                                         are pending.

 

		2.2	Directors

 

		2.2.1	Each
                                         of the Incumbent Directors of the Target Companies and in respect of whom documents evidencing
                                         their appointment are not included in the Disclosed Documents, have been properly appointed.

 

    	 	Sch 4-3	 

     

    

 

		2.2.2	No
                                         current or previous directors or members of the board of directors of the Target Companies
                                         have submitted any claim against the Target Companies or any of them which are currently
                                         pending, nor, to the Vendor’s Knowledge, have any other claims by any of the aforementioned
                                         been threatened.

 

		2.2.3	No
                                         current or previous directors or members of the board of directors of the Target Companies
                                         have entered into any oral or written agreement or contract with any of the Target Companies
                                         relating to the performance of their duties or to receive any remuneration or other benefits
                                         arising from their positions as directors or on the board of directors of the Target
                                         Companies, other than as Disclosed.

 

		2.2.4	The
                                         Incumbent Directors of the Target Companies are not, to the extent that it relates to
                                         the fulfilment of their duties as directors of the Target Companies, engaged in or subject
                                         to any Proceedings, nor to Vendors’ Knowledge have they been served with written notice
                                         that there are any Proceedings which have been commenced against them and/or any of them,
                                         or are pending against them or any of them.

 

		2.3	Compliance
                                         with judgments

 

There
are no enforceable (in Romanian executori) judgments or another court or administrative decisions, arbitral awards, preliminary
injunctions (in Romanian masuri asiguratori/sechestre) or any other decisions allowing execution against any of the Target
Companies or their respective assets, including the Hotel Complex and/or the Commercial Areas and/or the Land and/or the Buildings,
which are outstanding against the Target Companies or any of them which have not been fully complied with.

 

		2.4	Compliance
                                         with Applicable Laws

 

For
so long as it or its Affiliates have held the Target Shares, and for so long as the Company has held the Romextur Shares (“the
Warrantied Period”), the Target Companies have, conducted their businesses in accordance with Applicable Law in all material
respects.

 

		2.5	No
                                         judicial or administrative execution

 

		2.5.1	The
                                         Target Companies are not involved in any Proceedings nor have they been served with written
                                         notice that they are involved in any Proceedings, nor to the Vendor’s Knowledge
                                         are any Proceedings threatened against the Target Companies.

 

		2.5.2	The
                                         Company has not been served with written notice that the Property and/or any part thereof
                                         is the subject of any Proceedings, nor to Vendor’s Knowledge are any such Proceedings
                                         threatened against it and/or in respect of the Property and/or any part thereof;

 

    	 	Sch 4-4	 

     

    

 

		2.5.3	Neither
                                         Romextur nor BEA Hotels Romania are involved in any Proceedings or have been served with
                                         written notice that they are involved in any Proceedings, nor to the Vendor’s Knowledge
                                         are any Proceedings threatened against either of them and/or in relation to the Romextur
                                         Area.

 

		2.5.4	None
                                         of the Vendor and/or the Target Companies have been served with written notice that there
                                         are any Proceedings which have been commenced against them and/or any of them, or are
                                         pending against them or any of them, that question or challenge the validity of any action
                                         taken or to be taken by the Vendor and/or the Company pursuant to this Agreement or in
                                         connection with the Transaction contemplated under this Agreement, nor to the Vendor’s
                                         Knowledge are any such Proceedings threatened against the Vendor and/or any of the Target
                                         Companies.

 

		3	THE
                                         PROPERTY

 

		3.1	The
                                         Company is the exclusive owner of the Property, which includes the Hotel Complex, the
                                         Commercial Areas, the Land and the Buildings, but excludes the Romextur Area, as well
                                         as all other assets of the Company which are reflected in the Initial Accounts. The Company
                                         has a good and marketable title (in Romanian: “este in circuitul civil”)
                                         to the Property, and is registered with the relevant Land Books as the owner of the Property.

 

		3.2	Romextur
                                         is the exclusive owner of Romextur Area. Romextur has a good and marketable title (in
                                         Romanian: “este in circuitul civil”) to the Romextur Area, and is registered
                                         with the relevant Land Books as the owner of the Romextur Area.

 

		3.3	The
                                         information in relation to the Property and/or to the Romextur Area has been Fairly Disclosed,
                                         is true, accurate and complete in all material respects and there has been no intentional
                                         or gross negligent omissions of any information which may render any of such information
                                         inaccurate or misleading.

 

		3.4	The
                                         Property and Romextur Area are free and clear of all and any Encumbrances (other than
                                         Permitted Encumbrances), legal defects and claims of third parties of any kind whatsoever,
                                         whether or not recorded in the Initial Accounts, or Tax obligations, unless such are
                                         included, reserved or provisioned for in the Initial Accounts.

 

		3.5	Save
                                         as contemplated under this Agreement and/or as Disclosed: (i) the Company has
                                         made no applications to the Land Book/OCPI which are detrimental to the Company, except
                                         as such application would be based on documents which have been Disclosed; and (ii)
                                         no third-party’s requests or applications have been made, nor are there any grounds
                                         for the making of such requests or applications of which it has been informed; and (iii)
                                         no utility service providers have a legal right to register encumbrances over the
                                         Property or any part thereof which are not reflected in the extracts from the Land Book/OCPI,
                                         nor are there any applications pending in that regard of which it has been notified.

 

    	 	Sch 4-5	 

     

    

 

		3.6	Save
                                         as contemplated under this Agreement and/or as Disclosed: (i) Romextur has made
                                         no applications to the Land Book/OCPI in respect of the Romextur Area which are detrimental
                                         to Romextur, except as such application would be based on documents which have been Disclosed;
                                         and (ii) no third-party’s requests or applications have been made, nor are there
                                         any grounds for the making of such requests or applications of which it has been informed;
                                         and (iii) no utility service providers have a legal right to register encumbrances
                                         over the Romextur Area or any part thereof which are not reflected in the extracts from
                                         the Land Book/OCPI, nor are there any applications pending in that regard of which it
                                         has been notified.

 

		3.7	There
                                         are no unregistered rights or restrictions regarding the Property and/or the Romextur
                                         Area other than the Permitted Encumbrances.

 

		3.8	Other
                                         than the Property and the Romextur Area, the Company does not own, lease, use or occupy
                                         any other immovable property.

 

		3.9	Other
                                         than the Lease Agreements identified in the list set forth in Schedule 11 (List of Lease
                                         Agreements), and unless otherwise Disclosed, there are no occupancy rights (written or
                                         oral), leases, subleases or tenancies (including in respect of parking areas or parking
                                         spaces) affecting the Property, nor has the Company entered into any legally binding
                                         agreement which would create such rights in the future.

 

		3.10	No
                                         fees, levies or other payments are due and payable to any third party or Public Authority
                                         for the use of or access to the Property and/or to the Romextur Area.

 

		3.11	No
                                         Person other than the Company, Romextur and the tenants under the Lease Agreements are
                                         in possession of any part of the Property and/or the Romextur Area.

 

		3.12	The
                                         Vendor has
                                         not received any written notice that any patent construction, structural or technical
                                         defects of a material nature exist in the Buildings, nor has the Company and/or Romextur
                                         received any such notices.

 

		3.13	There
                                         are no disputes concerning boundaries, easements, covenants or other matters relating
                                         to the Land and/or the Buildings and/or the Romextur Area which have been notified to
                                         it, nor are there any such disputes which have been notified to the Company and/or to
                                         the Vendor’s Knowledge are threatened.

 

		3.14	Save
                                         as Disclosed, there are no restitution claims which have been filed in relation to the
                                         Property and/or any part thereof and/or the Romextur Area, nor are there any other similar
                                         claims of the former owners of the Land.

 

		3.15	The
                                         Company and/or Romextur did not enter into any agreement for the sale of, or for the
                                         creation of any Encumbrance over, any part of the Property or of the Romextur Area, other
                                         than as reflected in the Disclosed Documents.

 

		3.16	Any
                                         and all regulatory documents in relation to the Property and/or the Romextur Area, such
                                         as building permits, endorsements and approvals, were obtained in full compliance with
                                         the requirements of Applicable Law.

 

    	 	Sch 4-6	 

     

    

 

		3.17	None
                                         of the Property or the Romextur Area has suffered from any flooding, subsidence, heave,
                                         landslip, structural defects, defects in the drains or dry rot, wet rot, rising damp
                                         and any infestation.

 

		3.18	Any
                                         and all Buildings included in the Property and / or the Romextur Area were erected in
                                         full compliance with the building permits, endorsements and approvals obtained for each
                                         particular building and all buildings properly observed the height and number of parking
                                         spaces requirements in accordance with the Permits and in accordance with Applicable
                                         Law.

 

		3.19	All
                                         Buildings which comprise the Property (excluding the the Romextur Area) are built on
                                         Land which belongs to the Company and, save as regards the Romextur Area, no land owned
                                         by any third party is affected by such constructions.

 

		3.20	All
                                         Buildings when completed were properly and timely handed over with the observance the
                                         requirements of Applicable Law.

 

		3.21	There
                                         is no official investigation, enquiry or proceeding outstanding or, to the Vendor’s Knowledge,
                                         anticipated, which is likely to result in the suspension, cancellation, modification
                                         or revocation of any building permits, endorsements or approvals issued in relation to
                                         the Property or for the Romextur Area.

 

		4	LEASES

 

		4.1	Neither
                                         the Vendor, nor the Target Companies, have received any notifications from any tenant
                                         claiming that its respective Lease Agreement is not legally valid or in full force and
                                         effect.

 

		4.2	There
                                         are no break options or early termination rights of any counterparty under any Lease
                                         Agreement, save as expressly specified therein or as otherwise Disclosed.

 

		4.3	Neither
                                         the Vendor nor any of the Target Companies have received any written notifications from
                                         any tenant or sub-tenant purporting to exercise a right of termination under any Lease
                                         Agreement or sub-lease agreement, or purporting to reduce the size or usage of such tenant’s
                                         leased area.

 

		4.4	Neither
                                         the Company nor Romextur are in material default or material breach under any Lease Agreement
                                         as lessor or sub-lessor, and no tenants have given any written notice of default or breach
                                         under its respective Lease Agreement on the part of the Company as lessor or sub-lessor.

 

		4.5	In
                                         respect of the Lease Agreements:

 

		4.5.1	The
                                         Company is not obligated to make any fit-out contributions or provide other tenant incentives
                                         which have not been Disclosed or which are not specified in the Lease Agreements; and

 

    	 	Sch 4-7	 

     

    

 

		4.5.2	No
                                         Tenant is entitled to any rent free periods, rent reductions, concessions, allowances,
                                         rebates or refunds except as provided for in the Lease Agreements; and

 

		4.5.3	Except
                                         as Disclosed, all tenant securities have been delivered to and are held by the Company
                                         as lessor or sub-lessor.

 

		4.6	Except
                                         as specified in the Lease Agreements, neither the Vendor nor the Company has given or
                                         promised any direct financial support to any tenants or their respective Affiliates in
                                         connection with the Commercial Areas, including payments, incentives, services, investments
                                         or loans to any tenant or its Affiliate.

 

		4.7	Neither
                                         the Company (as lessee) nor Romextur (as lessor) are in material breach of their respective
                                         obligations under the Lease Agreement pertaining to the Romextur Area.

 

		4.8	No
                                         brokerage or leasing commissions or other compensation is or will be due or payable by
                                         the Company or by Romextur to any person with respect to or on account of any Lease Agreement
                                         that is not reflected in the Initial Accounts.

 

		5	ASSETS

 

		5.1	The
                                         Target Companies are the full legal and beneficial owners of, and have good and marketable
                                         title (in Romanian:” in circuitul civil”) to, all their respective assets
                                         reflected in the Initial Accounts, and any assets acquired since the Initial Accounts
                                         were prepared, and all other assets used by the Target Companies except for those disposed
                                         of since the Initial Accounts in the normal course of business.

 

		5.2	None
                                         of the assets shown in the Initial Accounts or acquired by the Target Companies since
                                         the Initial Accounts or used by the Target Companies are the subject of any lease, lease
                                         hire agreement, hire purchase agreement or agreement for payment on deferred terms or
                                         is the subject of any licence or factoring arrangement, other than as Disclosed.

 

		5.3	The
                                         Target Companies are in possession and control of all the assets included in the Initial
                                         Accounts, and those acquired since the Initial Accounts, except for those Disclosed as
                                         being in the possession of a third party in the normal course of business.

 

		5.4	Save
                                         for Permitted Encumbrances, none of the assets of the Target Companies are subject to
                                         an Encumbrance, or to any agreement or commitment to create an Encumbrance, and no person
                                         has claimed to be entitled to create such an Encumbrance.

 

The
assets of the Target Companies comprise all the assets which are reasonably necessary in all material respects for the continuation
of the relevant Target Company’s business activities in the manner in which such business are being conducted as at the Execution
Date.

 

    	 	Sch 4-8	 

     

    

 

		6	THE
                                         TARGET SHARES

 

		6.1	Ownership
                                         and transfer of the Target Shares

 

		6.1.1	The
                                         Vendor is the exclusive owner of, and has full legal title to, the Bucuresti Shares,
                                         including those Bucuresti Shares acquired out of the Company’s privatization. The Bucuresti
                                         Shares represent 98.2140% of the Company’s entire issued and registered share capital
                                         and have been properly issued, are fully paid up and transferable and constitute all
                                         of the issued and outstanding equity interests and voting rights of the Vendor in respect
                                         of the Company.

 

		6.1.2	The
                                         Company is the exclusive owner of, and has full legal title to, the Romextur Shares.
                                         The Romextur Shares represent 95.3% of the entire issued and registered share capital
                                         of Romextur, and have been properly issued, are fully paid up and transferable and constitute
                                         all of the issued and outstanding equity interests and voting rights of the Company in
                                         respect of Romextur.

 

		6.1.3	The
                                         Vendor is the exclusive owner of, and has full legal title to, the BEA Romania Shares.
                                         The BEA Romania Shares represent 99.99% of the entire issued and registered share capital
                                         of BEA Hotels Romania, and have been properly issued, are fully paid up and transferable
                                         and constitute all of the issued and outstanding equity interests and voting rights of
                                         the Vendor in respect of BEA Hotels Romania.

 

		6.1.4	Parent,
                                         being the majority shareholder of the Vendor, is the exclusive owner of, and has full
                                         legal title to, the Parent Share in BEA Hotels Romania. The Parent Share represents 0.01%
                                         of the entire issued and registered share capital of BEA Hotels Romania, and has been
                                         properly issued, is fully paid up and transferable and constitutes all of the issued
                                         and outstanding equity interests and voting rights held by Parent in the issued share
                                         capital of BEA Hotels Romania

 

		6.1.5	There
                                         are no outstanding securities convertible into shares in the Company, Romextur or BEA
                                         Hotels Romania.

 

		6.1.6	There
                                         are no shareholders’ agreements in relation to the Company, Romextur or BEA Hotels
                                         Romania.

 

		6.1.7	Save
                                         as provided by the relevant provisions of Applicable (Romanian) Law, there are no existing:
                                         (i) options, calls, subscriptions, pre-emption or other rights, convertible securities,
                                         agreements or commitments of any character (other than arising under this Agreement)
                                         obligating the Vendor, the Parent or the Target Companies or any of them to issue, transfer
                                         or sell any equity interests or securities convertible into or exchangeable for such
                                         equity interests; (ii) contractual obligations of the Vendor, the Parent or the
                                         Target Companies or any of them to repurchase, redeem or otherwise acquire any equity
                                         interests in the Company, Romextur or BEA Hotels Romania, as the case may be; or (iii)
                                         voting agreements to which the Vendor, Parent and/or any of the Target Companies
                                         is a party with respect to the voting of equity interests in the Company, Romextur or
                                         BEA Hotels Romania, as the case may be.

 

    	 	Sch 4-9	 

     

    

 

		6.1.8	The
                                         Vendor has not been served with any written notice that a third party has made any claim
                                         in respect of the ownership or title to the Bucuresti Shares and/or the Romextur Shares
                                         and/or the BEA Romania Shares and/or the Parent Share, and no such third party claims
                                         have been notified to any of the Target Companies, or to the Vendor’s Knowledge are threatened,
                                         which claim any rights to the ownership of any of the Target Shares and/or the Romextur
                                         Shares.

 

		6.1.9	Save
                                         a provided for in the Agreement, there are no approvals or consents for the sale and
                                         transfer (directly or indirectly) of the Target Shares and/or Romextur Shares that are
                                         required to be obtained by the Vendor, whether under the provisions of Applicable Law
                                         or by operation of any agreement, or, to the extent required, they have been duly obtained.

 

		6.2	No
                                         Encumbrance

 

Other
than the Permitted Encumbrances, the Target Shares and/or the Romextur Shares are free and clear of all and any Encumbrances and
other third party rights, and there is no commitment to give or create any of the foregoing. Other than in respect of the Permitted
Encumbrances, none of the Target Companies have received notice from any person claiming to be entitled to the benefit of any
Encumbrance or entitlement in respect of any of the Target Shares and/or the Romextur Shares, nor to the Vendor’s Knowledge
are there any such claims or entitlements which are threatened or alleged.

 

		6.3	Additional
                                         share capital; cash distributions

 

		6.3.1	From
                                         1 January 2017, none of the Target Companies have declared or paid or made any other
                                         distributions on or in respect of, any of their respective equity interests. Other than
                                         as provided in terms of this Agreement, there is no agreement, arrangement or obligation
                                         requiring the transfer or redemption of, or the grant to a person of the right to require
                                         the transfer or redemption of any of the Target Shares and/or the Romextur Shares (including
                                         any option right, conversion right or right of pre-emption provided under or pursuant
                                         to Applicable Law or the articles of association of the Target Companies).

 

		6.3.2	No
                                         person is entitled to or has claimed to be entitled to require any of the Target Companies
                                         to issue any shares or other equity securities in any of the Target Companies.

 

		6.3.3	All
                                         dividends or distributions declared, made or paid out by the Target Companies during
                                         the Warrantied Period have been declared, made or paid in accordance with that relevant
                                         Target Company’s constitutional documents, Applicable Law and any agreements or arrangements
                                         made with any third party regulating the payment of dividends and distributions.

 

    	 	Sch 4-10	 

     

    

 

		6.3.4	The
                                         Target Companies have not at any time during the Warrantied Period given any financial
                                         assistance in contravention of the Applicable Law.

 

		7	TAX
                                         MATTERS

 

		7.1	Tax
                                         Filings. 

 

		7.1.1	The
                                         Vendor is resident for Tax purposes in the Kingdom of The Netherlands. The Target Companies
                                         are all residents for Tax purposes in Romania. None of the aforegoing are residents for
                                         Tax purposes in any other jurisdiction other than as specified above.

 

		7.1.2	The
                                         Target Companies are duly registered with the relevant fiscal authority (including for
                                         VAT purposes, where relevant) and have been so registered at all times when they are
                                         required to be so registered under the provisions of Applicable Law.

 

		7.1.3	The
                                         Initial Accounts provide adequate provisions for all Tax for which the Target Companies
                                         are liable, including Tax losses.

 

		7.1.4	(i)
                                         the Target Companies have effected all registrations and filings with the Tax Authority
                                         and have filed all Tax returns required to be filed by it within the applicable time
                                         limits and in a correct and complete manner in all material respects; and (ii)
                                         the Target Companies have paid, or adequately provided for in the Initial Accounts, all
                                         Taxes which are due and payable, and has paid all assessments, reassessments, penalties,
                                         interest and fines due and payable by it.

 

		7.1.5	None
                                         of the Target Companies have received from any Tax Authority any payment to which they
                                         were not entitled, nor have any of the Target Companies received any Tax assessment in
                                         which its Tax liability was understated.

 

		7.1.6	There
                                         are no liens imposed upon the Land and/or the Buildings relating to or attributable to
                                         unpaid Taxes. To Vendor’s Knowledge there is no basis for any claim relating to
                                         Taxes which, if adversely determined, would result in any lien being so imposed.

 

		7.1.7	The
                                         Target Companies are not party to any special arrangement pursuant to which it has agreed
                                         or will be required to make any special Tax payments after the Closing Date, nor to the
                                         Vendor’s Knowledge are Romextur and/or BEA Hotels Romania party to any such arrangements,
                                         which will not be adequately provided for in the Closing Accounts.

 

		7.1.8	The
                                         Target Companies have complied in all material respects with all their statutory obligations
                                         to keep financial documents required for accounting and/or tax purposes relating to the
                                         open tax periods, and to the Vendor’s Knowledge both Romextur and BEA Hotels Romania
                                         are in compliance in all material respects with such statutory obligations.

 

    	 	Sch 4-11	 

     

    

 

		7.1.9	There
                                         are no existing claims, audits, inquiries, investigations or examinations or any Proceeding
                                         pending with respect to any of the Target Companies, which have been initiated and notified
                                         to the relevant Target Company in relation to Tax and which, if determined adversely,
                                         would result in the assertion by any relevant authority of any Tax deficiency against
                                         the relevant Target Company.

 

		7.1.10	There
                                         are no outstanding Tax liabilities (including material penalties, default interest or
                                         fines in connection with any Taxes) for which any of the Target Companies are liable
                                         and which will not be adequately provided for in the Initial Accounts.

 

		7.1.11	The
                                         Target Companies have complied with all their statutory obligations to obtain and hold
                                         residency certificates for all related party transactions.

 

		7.1.12	The
                                         Target Companies have prepared complete transfer pricing documentation files during the
                                         last seven (7) years.

 

		7.1.13	The
                                         Target Companies have prepared and hold back-up documentation for the last seven (7)
                                         years (i.e. exemption certificates) for suppliers of services/goods for which the VAT
                                         exemption with deduction right was applied.

 

		7.1.14	The
                                         Company holds corporate income tax computations for the last seven (7) years, detailing
                                         all non-deductible expenses (including the allocation of the common expenses) and non-taxable
                                         revenues.

 

		7.1.15	The
                                         Company holds a signed statement of beneficial owner for the interest payments made by
                                         the Company to Bea Finance.

 

		7.1.16	The
                                         Target Companies hold beneficiary owner representations for withholding tax purposes
                                         for all transactions subject to withholding tax.

 

		7.1.17	All
                                         interest expenses related to the Existing Loan Facility used for equity operations as
                                         well as for the payment of the guarantee fee paid to Elbit for the Existing Loan Facility
                                         used for equity operation and Related Party Loan are deductible.

 

		7.1.18	The
                                         interest in relation to the Related Party is in compliance with Applicable Law and it
                                         may not be subject to any seizure.

 

		7.1.19	All
                                         expenses and associated VAT recoverability in relation to service expenses provided by
                                         third parties and related parties suppliers are deductible.

 

		7.1.20	VAT
                                         liabilities have not been underestimated.

 

		7.1.21	There
                                         are no transfer pricing adjustments.

 

    	 	Sch 4-12	 

     

    

 

		7.1.22	The
                                         Company’s management has been remunerated in accordance with Applicable Law.

 

		7.1.23	There
                                         are no VAT liabilities in relation to operations deemed as VAT exemption with deduction
                                         right.

 

		7.1.24	There
                                         are no tax liabilities arising from and in connection with the sale of Cina restaurant.

 

		7.1.25	There
                                         are no tax liabilities arising from inventory losses.

 

		7.1.26	HoReCa
                                         tax has been duly assessed and paid and/or provisioned.

 

		7.2	Other
                                         Warranties.

 

		7.2.1	During
                                         the Warrantied Period, none of the Target Companies have been engaged in, nor have they
                                         become parties to, any transaction or series of transactions or any scheme or other arrangement
                                         which is contrary to Applicable Law, or deemed to involve or result in the illegal avoidance
                                         of, deferral of or reduction in any Tax liability.

 

		8	ACCOUNTS

 

		8.1	A
                                         complete copy of the Initial Accounts (i.e. comprising of Profit & Loss, Balance
                                         Sheet, Notes and all required disclosures as per Applicable Law) has been provided and
                                         Disclosed to the Purchaser as part of the Disclosed Documents.

 

		8.2	All
                                         Financial Statements and the Initial Accounts during the last seven (7) years have been
                                         prepared in accordance the Accepted Accounting Standards consistently applied (save where
                                         specifically provided to the contrary), and fairly present in all material respects the
                                         financial position of each of the Target Companies and the results of the operations
                                         of the relevant Target Companies as of the dates and for the periods referred to therein.

 

		8.3	As
                                         of the Execution Date, no change in accounting policies or methods was made in the period
                                         between the Initial Accounts and the Execution Date. As of the Closing Date, no change
                                         in accounting policies or methods was made in the period between the Initial Accounts
                                         and the Closing Date.

 

		9	FINANCIAL
                                         STATUS AND INSOLVENCY

 

		9.1	None
                                         of the Target Companies are subject to any bankruptcy, insolvency or other similar Proceedings,
                                         nor are they subject to Proceedings on enforcement of any court or administrative decision.
                                         No order has been made, petition presented or resolution passed for the liquidation or
                                         corporate restructuring of any of the Target Companies. The Target Companies are not
                                         insolvent (in Romanian in stare de insolventa) or unable to pay their debts as
                                         they fall due.

 

    	 	Sch 4-13	 

     

    

 

		9.2	All
                                         Books and Records of the respective Target Companies have been and are properly maintained
                                         by it or under its direct control, are fairly represent in all material respects all
                                         matters which are required to be recorded therein under any relevant Applicable Laws.

 

		9.3	Since
                                         the reporting date of the Initial Accounts, the businesses of each of the Target Companies
                                         has been conducted only in the ordinary course of business.

 

		9.4	Since
                                         the reporting date of the Initial Accounts and save as Disclosed, the Target Companies
                                         have not other than in the normal course of business: (i) waived or committed
                                         to waive any material rights; (ii) made any increase in any of the compensation
                                         payable or to become payable to any officer, board member or director; (iii) suffered
                                         any material damage, destruction or casualty loss in respect of any of part of the Property
                                         and/or any of their assets, whether or not covered by insurance; (iv) failed to
                                         pay and discharge current liabilities as and when due, except in the case of such liabilities
                                         which are disputed in good faith; or (v) permitted the establishment of any Encumbrance
                                         on any of its assets other than the Permitted Encumbrances.

 

		9.5	Other
                                         than in the ordinary course of business and consistent with past practice, since the
                                         most recent Financial Statement (December 31, 2016), there has been no MAC Event affecting
                                         the assets and/or liabilities for each of the Target Companies that are not reflected
                                         in the Initial Accounts.

 

		9.6	No
                                         step has been taken in any jurisdiction to initiate any process by or under which:

 

		(i)	the
                                         ability of the creditors of the Target Companies, to take any action to enforce their
                                         debts is suspended, restricted or prevented; or

 

		(ii)	some
                                         or all of the creditors of the Target Companies accept, by agreement or in pursuance
                                         of a court order, an amount less than the sums owing to them in satisfaction of those
                                         sums with a view to preventing the dissolution of the Target Companies; or

 

		(iii)	a
                                         person is appointed to manage the affairs, business and assets of the Target Companies,
                                         on behalf of the Target Companies’ or any of its creditors; or

 

		(iv)	the
                                         holder of a charge over all or any of the Target Companies’ assets is appointed to control
                                         the business and/or all or any assets of the Target Companies.

 

		10	EXISTING
                                         CONTRACTS

 

		10.1	For
                                         the purposes of this Section 10, the term “Material Contract” means
                                         an agreement or contractual arrangement to which any of the Target Companies is a party
                                         and which is of material significance to the business, profits or assets of the relevant
                                         Target Company.

 

    	 	Sch 4-14	 

     

    

 

		10.2	Except
                                         for the Material Contracts which have been Disclosed, none of the Target Companies is
                                         a party to any agreement or arrangement which:

 

		(i)	is
                                         a Material Contract; or

 

		(ii)	is
                                         of an unusual or exceptional nature; or

 

		(iii)	is
                                         not in the ordinary and usual course of its business activities; or

 

		(iv)	may
                                         be terminated as a result of any change of control of any of the Target Companies; or

 

		(v)	restricts
                                         the freedom of any of the Target Companies to carry on the whole or any part of its business
                                         activities in such manner as it thinks fit; or

 

		(vi)	involves
                                         agency or distributorship; or

 

		(vii)	constitutes
                                         a shareholders agreement;

 

		(viii)	involves
                                         the creation of partnerships, joint ventures, consortiums, joint development or similar
                                         arrangements; or

 

		(ix)	cannot
                                         be readily fulfilled or performed by any of the Target Companies in a timely manner without
                                         the extraordinary expenditure of its available resources; or

 

		(x)	requires
                                         any of the Target Companies to pay any commission, finders’ fee, royalty or the like;

 

		(xi)	is
                                         not on arm’s length terms; or

 

		(xii)	is
                                         for the supply of goods and/or services by or to any of the Target Companies on terms
                                         under which retrospective or future discounts, price reductions or other financial incentives
                                         are given.

 

		10.3	Each
                                         Material Contract is in full force and effect and binding on the parties to it. None
                                         of the Target Companies have defaulted under or are in material breach of a Material
                                         Contract and:

 

		(i)	no
                                         other party to a Material Contract has defaulted under or breached such a contract; and

 

		(ii)	to
                                         Vendor’s Knowledge no such default or breach by any of the Target Companies or any other
                                         party is likely or has been threatened.

 

		10.4	No
                                         notice of termination of a Material Contract has been received by or served upon any
                                         of the Target Companies, and to Vendor’s Knowledge there are no grounds for determination,
                                         rescission, avoidance, repudiation or a material change in the terms of any such contract.

 

		10.5	There
                                         are no agreements or arrangements to which any of the Target Companies are subject and
                                         which involve obligations or liabilities that ought reasonably to be made known to the
                                         Purchaser.

 

    	 	Sch 4-15	 

     

    

 

		11	EMPLOYEES

 

		11.1	Save
                                         for the Company Employees and for the Hotel Employees who
                                         are listed and specified in the Employee Schedule (Schedule 17) and/or as otherwise
                                         Disclosed, the Target Companies currently do not have any other employees, nor do they
                                         have any outstanding obligations in respect of any employees (past or present) arising
                                         under Applicable Law.

 

		11.2	There
                                         are no contracts of employment in place with any Incumbent Directors or officers of any
                                         of the Target Companies that are not at arm’s length.

 

		11.3	BEA
                                         Hotels Romania currently employs those Hotel Employees who are listed and specified in
                                         the Employee Schedule (Schedule 17). Save as Disclosed, BEA Hotels Romania is in compliance
                                         in all material respects with its duties and obligations as an employer under the relevant
                                         provisions of Applicable Law, and specifically there are no outstanding obligations of
                                         a material nature in respect of any of the Hotel Employees arising under Applicable Law.

 

		11.4	The
                                         acquisition of the Target Shares (and indirectly the Romextur Shares), or compliance
                                         with the terms of this Agreement, will not entitle any Incumbent Directors or any senior
                                         employees of any of the Target Companies to terminate their employment and to demand
                                         any payment or other benefit.

 

		11.5	None
                                         of the Target Companies is a party to, bound by or proposing to introduce in respect
                                         of its Incumbent Directors and employees any redundancy payment scheme in addition to
                                         statutory redundancy pay, nor is there any agreed procedure for redundancy selection.

 

		11.6	None
                                         of the Target Companies is a party to, bound by or proposing to introduce in respect
                                         of any of its Incumbent Directors or employees any incentive scheme (including, without
                                         limitation, any share option arrangement, profit sharing, commission or bonus scheme).

 

		11.7	None
                                         of the Target Companies has in the last 36 months incurred any actual or contingent liability
                                         in connection with any termination of employment of its employees (including redundancy
                                         payments), or for failure to comply with any order for the reinstatement or re-engagement
                                         of any employee, which are not reflected in the Closing Accounts.

 

		11.8	None
                                         of the Target Companies has incurred any liability for failure to provide information
                                         or to consult with employees under any applicable employment legislation.

 

		11.9	Other
                                         than as reflected in the Employees Schedule (Schedule 17), or otherwise as Disclosed,
                                         none of the Target Companies has in the last 12 months altered nor have they undertaken
                                         to alter (whether to take effect prior to, on or after the Closing Date) any of the terms
                                         of employment or engagement of any of the employees other than in the ordinary course
                                         of business.

 

    	 	Sch 4-16	 

     

    

 

		11.10	None
                                         of the Target Companies has, nor have they undertaken to, transfer or agree to transfer
                                         any employee from his or her employment with any of the Target Companies, or induce any
                                         employee to resign his or her employment with such company.

 

		11.11	There
                                         are no sums owing to or from any employee other than for reimbursement of expenses, wages
                                         for the current salary period and holiday pay for the current holiday year.

 

		11.12	None
                                         of the Target Companies has offered, promised or agreed to any future variation in the
                                         contract of any employee other than in the ordinary course of business.

 

		11.13	In
                                         respect of each employee, the respective Target Companies have in all material respects:

 

		(i)	performed
                                         all obligations and duties they are required to perform (and settled all outstanding
                                         claims) which arise under contract, applicable legislation or otherwise;

 

		(ii)	complied
                                         with the terms of any relevant agreement or arrangement with any employee representative
                                         or body of employees or their representatives; and

 

		(iii)	maintained
                                         adequate, suitable and up to date records.

 

		11.14	Save
                                         as Disclosed, no employee is currently subject to a disciplinary warning or procedure
                                         which may result in his or her dismissal.

 

		12	RELATED
                                         PARTY AGREEMENTS

 

		12.1	Save
                                         as Disclosed or otherwise addressed in this Agreement, there are no other agreements
                                         or arrangements of any kind between the Target Companies and the Vendor and/or any of
                                         the Vendor’s Affiliates.

 

		12.2	Payments
                                         to be made on or prior to Closing from the Target Companies to the Vendor and/or to its
                                         Affiliates are reflected in the Initial Accounts.

 

		13	COMPLETENESS
                                         OF DISCLOSED DOCUMENTS

 

		13.1	The
                                         Disclosed Documents which are contained in the Vendor’s virtual data room and in its
                                         physical data room in the form Disclosed to the Purchaser, are correct and complete copies
                                         of those documents in all material respects (unless the incompleteness of a particular
                                         document is evident from the face of such document), none of which have been amended
                                         or supplemented except as Disclosed.

 

		13.2	The
                                         Vendor has not deliberately withheld any information which, if Disclosed, might negatively
                                         affect the willingness of the Purchaser to acquire the Target Shares (and indirectly
                                         the Romextur Shares) in terms of this Agreement.

 

    	 	Sch 4-17	 

     

    

 

		14	CONSTITUTIONAL
                                         AND CORPORATE DOCUMENTS

 

		14.1	The
                                         copies of the constitutional and corporate documents of the Target Companies Disclosed
                                         to the Purchaser or its advisers are true, accurate and complete in all material respects,
                                         and copies of all the resolutions and agreements required to be annexed to or incorporated
                                         in those documents by the Applicable Law are annexed or incorporated.

 

		14.2	All
                                         statutory books and registers of the Target Companies have been properly kept in all
                                         material respects and no notice or allegation that any of them is incorrect or should
                                         be rectified has been received.

 

		14.3	All
                                         returns, particulars, resolutions and other documents which the Target Companies are
                                         required by law to file with or deliver to any authority in any jurisdiction (including,
                                         in particular, one responsible for maintaining a register of companies) have in all material
                                         respects been correctly made and filed or, as the case may be, delivered.

 

		14.4	All
                                         shareholders’ resolutions of the Target Companies during the Warrantied Period were taken
                                         in compliance with Applicable Law and there are no irregularities in relation to such
                                         in all material respects.

 

		15	INSURANCE

 

		15.1	The
                                         relevant Target Company is party to the Insurance Policies, as have been provided to
                                         the Purchaser in the Disclosed Documents and listed in Schedule 8, and to no other insurance
                                         policies.

 

		15.2	All
                                         the Insurance Policies are in full force and effect, are not void or voidable, nothing
                                         has been done or not done which could make any of them void or voidable and Closing will
                                         not terminate, or entitle any insurer to terminate, any such policy.

 

		15.3	The
                                         relevant Target Company has made all payments required to be made under all Insurance
                                         Policies for all periods up to the Closing Date.

 

		15.4	None
                                         of the Target Companies: (i) have received a written notice of cancellation of
                                         any Insurance Policy that is still pending and has not been withdrawn; or (ii) are
                                         in default with respect to any of the provisions contained in any Insurance Policy and
                                         have not failed to give any notice or pay any premium or present any claim under such
                                         Insurance Policy.

 

		15.5	There
                                         are no unsettled insurance claims in respect of such insurance policies, other than those
                                         listed in Schedule 8.

 

		15.6	To
                                         the extent that the Vendor has made claims under the existing Insurance Policies, such
                                         claims have been made in accordance with the terms and conditions of such existing Insurance
                                         Policies in respect of the insured losses suffered thereby, and the Vendor has not been
                                         notified of any denial of coverage. The provisions of this Paragraph 15.6 are applicable,
                                         mutatis mutandis, to each of the Target Companies.

 

    	 	Sch 4-18	 

     

    

 

		16	CONSTRUCTION
                                         WARRANTIES

 

		16.1	All
                                         remaining construction warranties related to the Hotel Complex (collectively, the “Construction
                                         Warranties”) are in force for the remainder of their validity period), and no
                                         waiver has been made under any Construction Warranty.

 

		17	ENVIRONMENTAL
                                         MATTERS

 

		17.1	Throughout
                                         the Warrantied Period:

 

		17.1.1	None
                                         of the Target Companies have by their respective operations been in material breach of
                                         the applicable Environmental Laws;

 

		17.1.2	Neither
                                         the Company nor Romextur nor the Hotel Operator has discharged or dumped any Environmental
                                         Contaminants on the Property or into the environment.

 

		17.2	The
                                         Target Companies have obtained and complied with Environmental Laws in all material.
                                         All permits issued under applicable Environmental Laws are in full force and effect,
                                         and there are no facts or circumstances that may lead to the revocation, suspension,
                                         variation or non-renewal of or the inability to transfer any such permits.

 

		17.3	All
                                         information provided by or on behalf of the Target Companies to any relevant enforcement
                                         authority, and all records and data required to be maintained by the Target Companies
                                         under the provisions of any Environmental Laws, are complete and accurate in all materials
                                         respects.

 

		17.4	The
                                         Target Companies have never been required to hold, or have never applied for, a waste
                                         disposal licence, or a waste management licence, under any Environmental Laws.

 

		17.5	There
                                         have been no claims, investigations, prosecutions or other proceedings against or threatened
                                         against any of the Target Companies or any of its Incumbent Directors or employees in
                                         respect of harm arising from the operation of the business or occupation of any part
                                         of the Property, or for any breach or alleged breach of the terms and conditions of any
                                         permits or of the Environmental Laws, and to the Vendor’s Knowledge there are no facts
                                         or circumstances that may lead to any such claims, investigations, prosecutions or other
                                         proceedings. At no time has any of the Target Companies received any notice, communication
                                         or information alleging any liability in relation to any environmental matters or that
                                         any remediation works are required.

 

		17.6	None
                                         of the Target Companies has received any enforcement, prohibition, injunction, remediation,
                                         improvement or any other notice from any enforcement authority, including the relevant
                                         Romanian environmental authority, with regard to any breach of Environmental Laws.

 

		18	POWERS
                                         OF ATTORNEY/BANK ACCOUNTS

 

		18.1	Schedule
                                         6 (Powers of Attorney) contains a statement that currently there are no effective
                                         power of attorneys issued on behalf of the Target Companies.

 

    	 	Sch 4-19	 

     

    

 

		18.2	Schedule
                                         8 (Bank Accounts) contains a complete and accurate list of all banking accounts
                                         maintained by each of the Target Companies, the account numbers thereof, the names of
                                         all banks or other financial institutions in which any such accounts are held and details
                                         of all signatories.

 

		18.3	No
                                         person, acting as agent under a power of attorney or otherwise, is entitled or authorised
                                         to bind or commit any of the Target Companies to any obligation not in the ordinary course
                                         of that Target Company’s business.

 

		19	ANTITRUST

 

		19.1	None
                                         of the Target Companies is engaged in any agreement, arrangement, practice or conduct
                                         which amounts to an infringement of anti-trust laws under the Applicable Law, and no
                                         Incumbent Director is engaged in any activity which would be an offence or infringement
                                         under any such anti-trust laws.

 

		19.2	None
                                         of the Target Companies is the subject of any investigation, inquiry or proceedings by
                                         any relevant government body, agency or authority in connection with any actual or alleged
                                         infringement of anti-trust laws under the Applicable Law.

 

		19.3	No
                                         such investigation, inquiry or proceedings as mentioned in paragraph 19.3 of this Schedule
                                         4 have been threatened or are pending and there are no circumstances likely to give rise
                                         to any such investigation, inquiry or proceedings.

 

		19.4	None
                                         of the Target Companies is affected by any existing or pending decisions, judgments,
                                         orders or rulings of any relevant government body, agency or authority responsible for
                                         enforcing the anti-trust laws and none of the Target Companies have given any undertakings
                                         or commitments to such bodies which affect the conduct of their respective businesses.

 

		20	LICENCES
                                         AND CONSENTS

 

		20.1	Each
                                         Target Companies has all necessary Permits necessary to carry on its business in the
                                         places and in the manner in which its business is now carried on, all of which are currently
                                         valid and subsisting for the period for which they have been issued.

 

		20.2	There
                                         are no grounds for the suspension, cancellation or revocation of the Permits referred
                                         to in Paragraph 20.1 above.

 

		20.3	The
                                         Company has submitted a complete file for the prolongation of the license no. D/1411
                                         issued on 21 February 2017 for the operation of food service activity at the address
                                         63-81 Victoria Avenue for the year 2018, as well as license no. D/1414 issued on 20 March
                                         2017 for the operation of food service activity in 2018 at the address 2-4 Luterana Street.
                                         Such file contains the entire documentation that was required in the past for the issuance
                                         of food service activity licences.

 

    	 	Sch 4-20	 

     

    

 

		21	SUPPLIERS

 

		21.1	In
                                         the 12 months ending with the Execution Date, the business activities of the Target Companies
                                         have not been materially and adversely affected due to a loss of any of their major suppliers,
                                         or by reason of a change in the terms upon which it trades with such suppliers.

 

		22	TRANSACTIONS
                                         WITH THE VENDOR

 

		22.1	Save
                                         as Disclosed, there is no outstanding Indebtedness or other liability (actual or contingent)
                                         and no outstanding contract, commitment or arrangement between any of the Target Companies
                                         and any of the following:

 

		(i)	the
                                         Vendor, or any Vendor Group Company (other than the Target Companies); or

 

		(ii)	any
                                         Incumbent Director.

 

		22.2	The
                                         Vendor is not entitled to a claim of any nature against any of the Target Companies which
                                         arise from events or circumstances that occurred prior to the Execution Date, nor are
                                         the any claims or causes of action against any of the Target Companies which have been
                                         assigned to any person and to which the Vendor would otherwise be entitled.

 

		23	FINANCE
                                         AND GUARANTEES

 

		23.1	Full
                                         particulars of all monies borrowed by the Target Companies (including full particulars
                                         of the terms on which such monies have been borrowed) have been Disclosed.

 

		23.2	Save
                                         for the Permitted Encumbrances, no guarantee, mortgage, charge, pledge, lien assignment
                                         or other security agreement or arrangement has been given by or entered into by any of
                                         the Target Companies or any third party in respect of borrowings or other obligations
                                         of the Target Companies.

 

		23.3	The
                                         total amount borrowed by the Target Companies does not exceed any limitations on the
                                         borrowing powers contained:

 

		(i)	in
                                         the constitutional documents of the Target Companies; or

 

		(ii)	in
                                         any debenture or other deed or document binding on any of the Target Companies.

 

		23.4	Save
                                         as Disclosed, none of the Target Companies has any outstanding loan capital nor have
                                         they lent any money to any third party, that has not been repaid and there are no debts
                                         owing to the Target Companies other than debts that have arisen in the normal course
                                         of business.

 

    	 	Sch 4-21	 

     

    

 

		23.5	None
                                         of the Target Companies have:

 

		(i)	factored
                                         any of its debts or discounted any of its debts or engaged in financing activities of
                                         a type which are not required to be reflected in the Initial Accounts in accordance with
                                         the Accepted Accounting Standards; or

 

		(ii)	waived
                                         any right of set-off it may have against any third party.

 

		23.6	No
                                         Indebtedness of any of the Target Companies is due and payable and no security over any
                                         of the assets of the Target Companies is now enforceable, whether by virtue of the stated
                                         maturity date of the Indebtedness having been reached or otherwise. None of the Target
                                         Companies has received any notice from any creditor requiring any payment to be made
                                         and/or intimating the enforcement of any security which it may hold over the assets of
                                         the Target Companies.

 

		23.7	Other
                                         than in relation to the Existing Loan Facility and the Related Party Loan, none of the
                                         Target Companies has given or entered into any guarantee, mortgage, charge, pledge, lien,
                                         assignment or other security agreement or arrangement or is responsible for the Indebtedness,
                                         or for the default in the performance of any obligation, of any other person.

 

		23.8	None
                                         of the Target Companies is subject to any arrangement for receipt or repayment of any
                                         grant, subsidy or financial assistance from any government department or other body.

 

		23.9	Particulars
                                         of the balances on all the Bank Accounts showing the position as at the day immediately
                                         preceding the Execution Date have been Disclosed in Schedule 7. The Target Companies
                                         have no bank accounts other than those specified in Schedule 7.

 

		23.10	Save
                                         as Disclosed, a change of control of any of the Target Companies will not result in:

 

		(i)	the
                                         termination of, or have a material affect on, any financial agreement or arrangement
                                         to which any of the Target Companies is a party; or

 

		(ii)	any
                                         Indebtedness of any of the Target Companies becoming due, or capable of being declared
                                         due and payable, prior to its stated maturity date.

 

		24	INTELLECTUAL
                                         PROPERTY

 

		24.1	For
                                         the purposes of this Section 24, the term “Intellectual Property Rights”
                                         means: patents, rights to inventions, copyright and related rights, trade marks,
                                         business names and domain names, licenses, goodwill and the right to sue for passing
                                         off, rights in designs, rights in computer software, database rights, rights to use,
                                         and protect the confidentiality of, confidential information (including know-how and
                                         trade secrets), and all other intellectual property rights, in each case whether registered
                                         or unregistered and including all applications and rights to apply for and be granted,
                                         renewals or extensions of, and rights to claim priority from, such rights and all similar
                                         or equivalent rights or forms of protection which subsist.

 

    	 	Sch 4-22	 

     

    

 

		24.2	The
                                         Vendor has, in all material respects, Disclosed complete and accurate particulars of
                                         all registered Intellectual Property Rights (including applications for such rights,
                                         as well as licenses, agreements, authorizations and permissions) and material unregistered
                                         Intellectual Property Rights owned, used or held for use by the Target Companies.

 

		24.3	Save
                                         as Disclosed the Target Companies are the sole legal and beneficial owners of (or applicants
                                         for) the Intellectual Property Rights, free from all Encumbrances.

 

		24.4	The
                                         Intellectual Property Rights held by the Target Companies are sufficient in order to
                                         carry on their respective activities as currently carried out.

 

		24.5	The
                                         Intellectual Property Rights which have been Disclosed are valid, subsisting and enforceable
                                         and nothing has been done or omitted to be done as a result of which such Intellectual
                                         Property Rights have ceased or might cease to be valid, subsisting or enforceable.

 

		24.6	There
                                         has been no infringement by any third party of any Intellectual Property Rights nor to
                                         Vendor’s Knowledge is any such infringement anticipated.

 

		24.7	A
                                         change of control of Target Companies will not result in the termination of or materially
                                         affect any Intellectual Property Rights.

 

		24.8	The
                                         activities of the Target Companies:

 

		(i)	have
                                         not infringed and do not infringe the Intellectual Property Rights of any third party;

 

		(ii)	have
                                         not given and do not give rise to any obligation to pay any royalty, fee, compensation
                                         or any other sum whatsoever.

 

		25	INFORMATION
                                         TECHNOLOGY

 

		25.1	For
                                         the purposes of this Section 25:

 

		25.1.1	“IT
                                         System” means all computer hardware (including network and telecommunications
                                         equipment) and software (including associated preparatory materials, user manuals and
                                         other related documentation) owned, used, leased or licensed by or to the Target Companies.

 

		25.1.2	“IT
                                         Contracts” means all arrangements and agreements under which any third party
                                         (including without limitation any member of the Vendor’s Affiliates provides any element
                                         of, or services relating to, the IT System, including leasing, hire purchase, licensing,
                                         maintenance and services agreements.

 

		25.2	The
                                         Vendor has in all material respects Disclosed complete and accurate particulars of the
                                         IT System and all IT Contracts.

 

		25.3	Save
                                         as Disclosed, the Target Companies are the owners of the IT System free from Encumbrances.
                                         The Target Companies have obtained all necessary rights from third parties to enable
                                         them to make unrestricted use of the IT System.

 

    	 	Sch 4-23	 

     

    

 

		25.4	The
                                         IT Contracts are valid and binding and no act or omission has occurred which would, if
                                         necessary with the giving of notice or lapse of time, constitute a breach of any such
                                         contract.

 

		25.5	There
                                         are and have been no claims, disputes or proceedings arising or threatened under any
                                         IT Contracts.

 

		25.6	None
                                         of the IT Contracts are liable to be terminated or otherwise materially affected by a
                                         change of control of the Target Companies.

 

		25.7	The
                                         elements of the IT System:

 

		(i)	are
                                         properly functioning and are not defective in any material respect;

 

		(ii)	include
                                         sufficient user information to enable reasonably skilled personnel in the field to use
                                         and operate the IT System without the need for further assistance; and

 

		(iii)	have
                                         been satisfactorily and regularly maintained and the IT System has the benefit of appropriate
                                         maintenance and support agreements.

 

		25.8	The
                                         Target Companies have implemented appropriate procedures (including in relation to off-site
                                         working where applicable) for ensuring the security of the IT System and the confidentiality
                                         and integrity of all data stored in it.

 

		25.9	The
                                         Target Companies have in place a disaster recovery plan which is fully documented and
                                         would enable the business Target Companies to continue if there were significant damages
                                         to or destruction of some or all of the IT System.

 

		26	DATA
                                         PROTECTION

 

		26.1	Save
                                         as Disclosed or otherwise provided for in this Agreement, the Target Companies have fully
                                         complied with the requirements of Applicable Law concerning rights in respect of privacy
                                         and personal data.

 

		26.2	The
                                         Target Companies have contracted legal and technical advisors to perform: (i) A preliminary
                                         assessment (“As is” analysis); (ii) A gap analysis; (iii) an action plan
                                         – providing for actions to be taken in view of ensuring the compliance of the data
                                         processing activities with the legal requirements, as well as an implementation plan
                                         for such solutions; (iv) the actual implementation, i.e. developing the data privacy
                                         documentation and other customized data privacy controls depending on the assessment
                                         results and (v) the trainings and workshops for employees.

 

		27	EFFECT
                                         OF SALE OF SHARES

 

Neither
the acquisition of the Target Shares by the Purchaser and respectively the Romextur Shares indirectly, nor compliance with the
terms of this Agreement will:

 

		(i)	cause
                                         the Target Companies to lose the benefit of any right or privilege it presently enjoys;
                                         or

 

    	 	Sch 4-24	 

     

    

 

		(ii)	relieve
                                         any person of any obligation to the Target Companies (whether contractual or otherwise),
                                         or enable any person to determine any such obligation or any right or benefit enjoyed
                                         by the Target Companies, or to exercise any right in respect of, the Target Companies;
                                         or

 

		(iii)	give
                                         rise to or cause to become exercisable any right of pre-emption over the Target Shares
                                         and Romextur Shares; or

 

		(iv)	entitle
                                         any person to acquire, or affect the entitlement of any person to acquire, any shares
                                         in the Target Companies; or

 

		(v)	result
                                         in any customer or supplier being entitled to cease dealing with the Target Companies
                                         or to reduce substantially its existing level of business or to change the terms on which
                                         it deals with the Target Companies; or

 

		(vi)	result
                                         in any officer or senior employee leaving the Target Companies; or

 

		(vii)	result
                                         in a breach of contract, law, regulation, order, judgment, injunction, undertaking, decree
                                         or other like imposition; or

 

		(viii)	result
                                         in the loss or impairment of or any default under any licence, authorisation or consent
                                         required by the Target Companies for the purposes of their business; or

 

		(ix)	result
                                         in the creation, imposition, crystallisation or enforcement of any Encumbrance on any
                                         of the assets of the Target Companies; or

 

		(x)	result
                                         in any present or future Indebtedness of the Target Companies becoming due and payable,
                                         or capable of being declared due and payable, prior to its stated maturity date or in
                                         any financial facility of the Target Companies being withdrawn.

 

		28	BROKERS

 

Save
as Disclosed, no agent, broker, investment banker, financial advisor or other firm or person is or will be entitled to any broker’s
or finder’s fee or any other commission or similar fee due or payable by any of the Target Companies in connection with
the Transaction contemplated by this Agreement.

 

VENDOR’S
WARRANTIES REPEATED AS AT THE CLOSING DATE

 

The
Vendor’s Warranties are repeated as at the Closing Date, subject to any qualifications set forth in the Disclosure Letter, if
issued, and subject to the provisions of § 9 and 10 of the Agreement.

 

    	 	Sch 4-25	 

     

    

 

Schedule
5

 

Disclosed Documents

 

#28.11.2017

 

Vendor’s
Disclosure Letter

 

		1.	This Disclosure Letter, including the Disclosure Schedule, is made and
given pursuant to the provisions of the Master Agreement for the Sale and Purchase of the Target Shares in Bucuresti Turism S.A.
and in BEA Hotels Eastern Europe (Romania) S.A., and indirectly in Romextur S.A. dated 29 November 2017 (the “SPA”).

 

		2.	This Disclosure Letter makes disclosures for the purpose of detailing exceptions
to the Vendor’s Warranties made under Schedule 4 of the SPA (the “Vendor’s Warranty Schedule”).

 

		3.	In this regard it should be noted that :

 

		A.	The Section and/or Schedule numbers in this Disclosure Letter correspond
to the section numbers in the Vendor’s Warranty Schedule where such disclosure is appropriate, unless specifically stated otherwise.

 

		B.	Any defined or capitalized terms appearing in this Disclosure Letter shall
have the same meanings as are conferred upon them in terms of the SPA, unless the context otherwise requires.

 

		C.	The disclosure of any matter or document in this Disclosure Letter will
neither imply any condition, warranty or representation not expressly given in the SPA, nor be taken as extending the scope of
any condition or Warranty given in the Agreements.

 

		D.	The matters referred to in this Disclosure Letter and the exceptions raised
herein relate solely to the Target Companies, the Target Shares and the Property.

 

		E.	Save only as provided to the contrary in terms of the SPA, neither the
Vendor nor any of its Incumbent Directors or the Incumbent Directors of the Target Companies shall have any liability in respect
of any Claim to the extent that such claim, or the subject matter thereof, arises from or consists of any fact, matter or circumstances
which has been disclosed in this Disclosure Letter.

 

		F.	All matters Fairly Disclosed in this Disclosure Letter are deemed to have
been “Disclosed” for the purposes of the SPA.

 

		G.	The Vendor makes no further warranties, whether express or implied, other
than those Warranties set forth in the Vendor Warranty Schedule, nor do they accept any other liability in contract, tort, or otherwise,
with respect to the information Disclosed in this Disclosure Letter other than as provided for in the SPA.

 

    		Sch 5-1	 

     

    

 

		4.	Disclosure Schedule

 

Section 3.3. and 3.21

 

		i.	As Disclosed from the documentation provided in VDR, in sections 2.8.1.2.1 and 2.11.1, there are
several handover minutes missing, namely with respect to:

 

		Ø	BP no 541 / 2012 authorising interior and exterior fit-out works at the commercial premises located
at the ground floor of Building F2;

 

		Ø	BP no. 534 / 2011 authorising extension of the ground floor at Building A; however we have been
provided with the Handover Protocol at the termination of the works no. 1099300/23.08.2012 (providing for the admission of the
reception);

 

		Ø	BP no. 370 / 2010 authorsing the fit-out works at the underground, ground floor and mezzanine of
the gym center with the interior swimming pool. However, we have been provided with the Handover Protocol at the termination of
the works no. 18/412/04.03.2011 (providing for the admission of the reception);

 

		Ø	BP no. 93 / 2011 authorising interior fit-out works at the stair houses in Buildings I2, G1, F1,
F2, D and E; however we have been provided with the Handover Protocol at the termination of the works no. 1060113/28.05.2012 (providing
for the admission of the reception);

 

		Ø	BP no. 212 / 2009 authorising the execution of three (3) lighting fittings (temporary construction);

 

		Ø	BP no. 167 / 2005 authorising demolition works: underground and infrastructure of Buildings B and
B1; however we have been provided with the Handover Protocol at the termination of the works no. 212/1/09.02.2009 (providing for
the admission of the reception);

 

		Ø	BP no. 175 / 2003 authorising demolition of Building B, B1 and A5 and maintain infrastructure;
however we have been provided with the Handover Protocol at the termination of the works no. 211/1/09.02.2009 (providing for the
admission of the reception);

 

		ii.	As Disclosed from the documentation provided in the VDR in section 2.11 and as recorded by the
Purchaser’s technical advisor during the site inspection, there is an external staircase in A1 building, which, although
in line with the fire authorisations, it is not complying with the current norms. In this respect, the Company has obtained already
a certificate of urbanism (enclosed hereto as Annex 1).

 

    		Sch 5-2	 

     

    

 

Section 9.2

 

The following documents were
disclosed:

 

		i.	Romextur tax audit register (in Romanian, registrul unic de control) (sent by e-mail
by D. Moshe on 21.11.2017, 19:33)

 

***

 

Additional documents:

 

		i.	Q2 2017 and Q3 2017 corporate income tax calculation (sent by e-mail by M. Cohen on 21.11.2017,
18:52 and on 27.11.2017 at 19:15),

 

		ii.	corporate income tax calculation for the period up to October 31, 2017 (sent by e-mail by M. Cohen
on 22.11.2017, 15:47),

 

		iii.	Statement of beneficial owner for the interest payments made by the Company to Bea Finance signed
on 21.11.2017 (sent by e-mail by D. Moshe on 21.11.2017, 19:33),

 

		iv.	BOOKING.COM invoice dated on 05/04/2011, amounting to 20,663.06 RON and justification (sent by
e-mail by D. Moshe on 21.11.2017, 19:33),

 

		v.	BOOKING.COM invoice dated on 03/08/2013, amounting to 43,392.09 RON and justification (sent by
e-mail by D. Moshe on 21.11.2017, 19:33),

 

		vi.	Breakdown of the amounts booked in the account 7588 (sent by e-mail by D. Moshe on 27.11.2017,
11:29);

 

		vii.	All transfer pricing files (sent by e-mail by M. Cohen on 27.11.2017, 19:07),

 

		viii.	Inventory summary 2011-2016, provided as an answer to QA 263369 in the VDR
(sent by e-mail by D. Moshe on 27.11.2017, 12:28),

 

		ix.	Swap Hedging mark to market value (sent by M. Cohen on 27.11.2017 at 15:14),

 

		x.	The Company received the letter no. 21013/7.11.2017 from Bucharest Environment
Protection Agency, which was requested for the purpose of complying with the provisions of art. 10 of Government Emergency Ordinance
no 195/2005 (sent by e-mail by the Company’s lawyer on 21.11.2017, 14:18).

 

    		Sch 5-3	 

     

    

 

Schedule
6

List of Powers of Attorney

 

    		Sch 6-1	 

     

    

 

Schedule
7

Bank Accounts of the Target Companies

 

    		Sch 7-1	 

     

    

 

Schedule
8

List of Insurance Policies

 

    		Sch 8-1	 

     

    

 

Schedule
9

Form of Closing Shareholders Resolutions

 

    		Sch 9-1	 

     

    

 

Schedule
10

List of Lease Agreements

 

    		Sch 10-1	 

     

    

 

Schedule
11

Form of Off-Set Amount Confirmation Letter

 

    		Sch 11-1	 

     

    

 

Schedule
12

Details of Relevant Bank Accounts

 

    		Sch 12-1	 

     

    

 

Schedule
13

 

Copy of the Escrow Agreement

 

ESCROW AGREEMENT

No. CTE15977

 

THIS ESCROW AGREEMENT
(hereinafter referred to as the “Escrow Agreement”) is concluded today 29.11.2017 (the “Signing Date”)
by and between:

 

		1.	NEMO INVESTMENT VEHICLE S.R.L., having its headquarters in Bucharest, Romania, at 17 C.A.
Rosetti street, office 120 Register 03, 1st floor, District 2 registered with the Office of the Trade Registry under no. J40/19526/2017,
Sole Registration Code 38520000, represented by Vlad Dragoescu (hereinafter referred to as “Purchaser”);

 

		2.	BEA HOTELS EASTERN EUROPE B.V., a limited liability company (besloten vennootschap)
registered with the Chamber of Commerce in Amsterdam, the Netherlands, under file No 34149675, with its registered address at Krijn
Taconiskade 430, 1087 HW Amsterdam, the Netherlands, represented by Doron Moshe (hereinafter referred to as “Vendor”);

 

		3.	BUCURESTI TURISM S.A., a joint stock company incorporated and existing under the laws of
Romania, whose registered office is at Calea Victoriei 63-81, Sector 1, Bucharest, registered in the Trade Register under number
J40/167/1991, sole registration code 1567802, represented by Doron Moshe and Moshe Maimon Cohen (hereinafter referred to as
“BUTU”);

 

		4.	BEA Hotels Finance BV, of Krijn Taconiskade 430, 1087 HW Amsterdam, the Netherlands, registered
with the Netherlands Chamber of Commerce with number 34357583 represented by Doron Moshe (hereinafter referred to as “BEAHF”);
and

 

		5.	RAIFFEISEN BANK S.A., a banking company registered and incorporated under the laws of Romania,
with its registered office in Romania, Bucharest, Sky Tower Building, Calea Floreasca no. 246C, postal code 014476, District 1,
registered with Banking Registry under No. RB-PRJ-40-009/1999 and with the Trade Register under no. J40/44/1991, unique registration
code 3618210, duly represented by Roxana Barbato acting in its capacity as the Escrow Agent in terms of this Escrow Agreement (hereinafter
referred to as the “Escrow Agent” or the “Bank”); and

 

The Purchaser
and the Vendor are referred to herein collectively as the “Transaction Parties”.

 

The Purchaser,
the Vendor, BEAHF and BUTU are referred to herein collectively as the “Escrow Parties” and individually as an
“Escrow Party”.

 

The Purchaser,
the Vendor, BEAHF, BUTU and the Escrow Agent are referred to herein collectively as the “Parties”.

 

 

 

    		Sch 13-1	 

     

    

 

WHEREAS:

 

		(A)	On 29 November 2017, the Vendor and the Purchaser have entered into a master agreement
with respect to the transfer of shares (the “SPA”), in terms of which the Vendor has undertaken to sell the Target
Shares with all ancillary rights thereto to the Purchaser, and the Purchaser has undertaken to acquire the Target Shares from the
Vendor, all on the terms and subject to the conditions set forth in the SPA (the “Transaction”);

 

		(B)	On 22 March 2016, BUTU granted a loan to BEAHF in an amount of EUR 27,965,672 (twenty-seven
million nine hundred and sixty-five thousand and six hundred and seventy-two Euro) (the “Intercompany Loan 1”),
and the Transaction Parties have agreed that Intercompany Loan 1 will be repaid in full by not later than one Business Day prior
to the Closing Date;

 

		(C)	On 29 November 2017, the Vendor has granted a loan to the BEAHF in an amount of EUR 27,965,672 (twenty-seven
million nine hundred and sixty-five thousand and six hundred and seventy-two Euro) (the “Intercompany Loan 2”)
in terms of which the said loan will be disbursed in full latest by not later than one Business Day prior to the Closing Date.
The proceeds of Intercompany Loan 2 will be applied by BEAHF solely for the purpose of the full repayment by BEAHF of the Intercompany
Loan 1 to BUTU (the “Intercompany Loan 1 Repayment Amount”).

 

		(D)	The Purchaser has undertaken to pay the Advance Payment by not later than one Business Day prior
to the Closing Date, which represents a partial payment on account of the Final Net Purchase Price payable by the Purchaser to
the Vendor pursuant to the provisions of the SPA;

 

		(E)	Furthermore, in terms of the SPA the Purchaser has undertaken to deposit the amount of the Escrow
Deposit into an escrow account on the Execution Date pending the consummation of the Transaction on the Closing Date;

 

		(F)	The Existing Lenders made the Existing Loan Facility available to BUTU;

 

		(G)	The Transaction Parties have agreed that upon the Closing Date, BUTU will make a partial prepayment
under the Existing Loan Facility in an amount equal to Advance Payment (the “Partial Loan Repayment Amount”);

 

		(H)	Accordingly, pursuant to the provisions of the SPA and as described above: (i) the Vendor
has a receivable against the Purchaser in the amount of the Advance Payment and the Escrow Deposit under the SPA; and (ii)
the Vendor has undertaken to disburse the full amount of Intercompany Loan 2 granted by it to BEAHF; and (iii) BEAHF has
the obligation to repay to BUTU the full outstanding amount of the Intercompany Loan 1;

 

		(I)	The Escrow Parties have agreed to establish the Escrow Accounts in order to enable and secure all
of the above payments in the manner provided for under the SPA on or before the Closing Date;

 

		(J)	The Escrow Parties wish to appoint the Escrow Agent to act, as a depository and administrator of
the Escrow Amounts held in and to be released from the Escrow Accounts, and the Escrow Agent has accepted such appointment upon
the terms, conditions and provisions set forth in this Escrow Agreement;

 

 

 

    		Sch 13-2	 

     

    

 

		(K)	The Escrow Parties confirm that:

 

		(a)	the Vendor will open the Closing Escrow Account with the Escrow Agent in its name, into which the
Purchaser will deposit the Advance Payment;

 

		(b)	the Purchaser will open the Pre-Closing Escrow Account with the Escrow Agent in its name, into
which the Purchaser will deposit the Escrow Deposit;

 

		(c)	BUTU will open the BUTU Escrow Account with the Escrow Agent in its name, into which the Intercompany
Loan 1 Repayment Amount will be transferred for and on behalf of BEAHF;

 

		(d)	the Advance Payment, the Intercompany Loan 1 Repayment Amount, the Partial Loan Repayment Amount
and the Escrow Deposit will be released from the relevant Escrow Account strictly in accordance with the terms and under the conditions
stated hereinafter.

 

Now, therefore,
it has been agreed as follows:

 

Article
1

INTEGRATION,
DEFINITIONS AND CONSTRUCTION

 

		1.1	Definitions

 

In this Escrow Agreement terms used
as defined terms shall have the following meanings:

 

	Advance Payment	 	means the advance payment in the amount of EUR 27,965,672 (twenty-seven million nine hundred and sixty-five thousand and six hundred and seventy-two Euro) or any amount equal to the principal amount and any outstanding interest in respect of the Intercompany Loan 1 as notified to the Escrow agent by the Purchaser and the Vendor jointly in the form set out in Schedule 11, not later than the date set out in 2.5.2, that is to be made by the Purchaser on account of the Final Net Purchase Price by not later than one (1) Business Day prior to the Closing Date, which is to be deposited by the Purchaser into the Closing Escrow Account and released in the manner provided for in Clause 6.3 below.
	 	 	 
	Bank / Escrow Agent	 	has the meaning ascribed to it in the list of the Parties to this Escrow Agreement.
	 	 	 
	BEAHF	 	has the meaning ascribed to it in the list of the Parties to this Escrow Agreement. 
	 	 	 
	BEA Hotels Romania	 	BEA Hotels Eastern Europe (Romania) S.A., being a joint stock company registered in Romania and bearing company registration number J40/8173/2001 at the Bucharest Trade Register, sole registration number 14198413, whose registered address is Bucharest, District 1, 63-81 Calea Victoriei, room 7A.

 

 

 

    		Sch 13-3	 

     

    

 

	Business Day	 	means any day other than a Saturday or a Sunday on which banks are generally open for business in Romania, the United Kingdom, the Netherlands, Israel, Austria and Luxembourg.
	 	 	 
	BUTU	 	has the meaning ascribed to it in the List of the Parties to this Escrow Agreement.
	 	 	 
	BUTU Escrow Account	 	means the escrow account which is to be opened by BUTU with the Escrow Agent, in accordance with Clause 2.2(c) below.
	 	 	 
	Certificate of Consummation	 	means the written confirmation to be executed by the Transaction Parties on the Closing Date, substantially in the form attached hereto as Schedule 9 confirming - for the evidentiary purposes - the Transaction has been consummated and ownership of the Target Shares has passed to the Purchaser. 
	 	 	 
	Closing	 	means the closing and consummation of the Transaction.
	 	 	 
	Closing Date	 	means the date upon which the closing and consummation of the Transaction is completed, as evidenced by the joint issuance by the Purchaser and of the Vendor of the Certificate of Consummation.
	 	 	 
	Closing Escrow Account	 	means the escrow account to be opened by the Vendor with the Escrow Agent in accordance with Clause 2.2(b) below, into which the Purchaser will deposit the Advance Payment and from which the Intercompany Loan 1 Repayment Amount will be released as provided in Clause 5.1.2 or returned as provided in Clause 6.3 below.
	 	 	 
	Escrow Accounts	 	means: (i) the Pre-Closing Escrow Account; (ii) the Closing Escrow Account and (iii) the BUTU Escrow Account; or any of them.
	 	 	 
	Escrow Amounts	 	means all or any of the Advance Payment / the Intercompany Loan 1 Repayment Amount / the Partial Loan Repayment Amount and the Escrow Deposit.
	 	 	 
	Escrow Deposit	 	means the amount of EUR 3,000,000 (three million Euro) which shall be deposited by the Purchaser into the Pre-Closing Escrow Account on the Execution Date, and which shall be held in and released from the Pre-Closing Escrow Account in accordance with the provisions of Clause 5.1.3 or Clause 6.2 below.

 

 

 

    		Sch 13-4	 

     

    

 

	EUR	 	means the single currency unit of the participating member states of the European Union.
	 	 	 
	Execution Date	 	means the date of the signing and execution of the SPA, as this date is mentioned into Recital (A) from the present Escrow Agreement.
	 	 	 
	Existing Lenders	 	means Raiffeisen Bank International AG and Raiffeisen Bank Romania SA.
	 	 	 
	Existing Loan Facility	 	means the term loan facilities in a maximum principal amount of EUR 97,000,000 (ninety seven million Euro) (the “Loan”), under the loan facilities agreement dated 16 September 2011, as further amended by the amendment letter dated 27 September 2011 and amendment letter dated 26 March 2012; as further amended on 27 September 2011, 26 March 2012, 18 September 2014, on 5 May 2015 and as further amended and restated on 10 March 2016.
	 	 	 
	Final Net Purchase Price	 	means the Final Net Purchase Price payable by the Purchaser to the Vendor in consideration for the acquisition of the Target Shares, under the SPA.
	 	 	 
	Joint Release Instruction	 	means the written instructions which are to be executed jointly by the Purchaser and the Vendor on the Closing Date regarding the release of the Escrow Deposit from the Pre-Closing Escrow Account in terms of Clause 5.1.3, substantially in the form and text attached as Schedule 4.
	 	 	 
	Long Stop Date	 	means February 28, 2018, subject to Clause 5.3.1 (i).
	 	 	 
	Parties	 	means all the parties to this Escrow Agreement, namely the Vendor, the Purchaser, BEAHF, BUTU and the Escrow Agent.
	 	 	 
	Partial Loan Repayment Amount	 	has the meaning set forth in Recital (G);
	 	 	 
	Prepayment Account	 	means the loan account having IBAN no. AT163100001354051172 denominated in EUR held by BUTU with RAIFFEISEN BANK INTERNATIONAL AG Vienna Austria 
	 	 	 
	Purchaser	 	has the meaning ascribed to it in the list of the Parties to this Escrow Agreement.

 

 

    		Sch 13-5	 

     

    

 

	Purchaser’s Transaction Account	 	means the account having IBAN no. RO93RZBR0000060019848120 denominated in EUR held by the Purchaser with Raiffeisen Bank, details of which are set out in Schedule 2.
	 	 	 
	Recitals	 	means the recitals to this Escrow Agreement.
	 	 	 
	Signing Date	 	means the date of signing this Escrow Agreement, as indicated in the Preamble.
	 	 	 
	SPA	 	has the meaning set forth in Recital A.
	 	 	 
	Target Shares	 	(i) 11,073,313 ordinary shares of RON 2.50 each, which in the aggregate comprise 98.2140% of the entire issued and paid up share capital of BUTU and (ii) 7,522 shares of RON 12, which jointly comprise 99.99% of the entire issued and paid up share capital of BEA Hotels Romania.
	 	 	 
	Vendor	 	has the meaning ascribed to it in the List of the Parties to this Escrow Agreement.
	 	 	 
	(a)     Vendor’s Transaction Account	 	(b)   means the account having IBAN  DE62 5501 0400 0667 0958 12 denominated in EUR held by the Vendor with Aareal Bank AG details of which are set out in Schedule 2.

 

		1.2	Construction

 

		1.2.1	Unless a contrary indication appears, any reference in this Escrow Agreement to:

 

		(a)	the “Purchaser”, the “Vendor”, “BUTU”, “BEAHF”,
the “Bank” or the “Escrow Agent” shall be construed so as to include their successors in title,
permitted assigns and permitted transferees; and

 

		(b)	references to any person in this Escrow Agreement shall include its successors or assignees (if
any).

 

		1.2.2	References therein to “herein”, “hereof”, “hereto” and “hereunder”
and other like terms are references to this Escrow Agreement and references to the singular shall import the plural and vice versa;

 

		1.2.3	“Includes” and “including” are not limiting.

 

		1.2.4	References to this Escrow Agreement and to any provisions of it or to any other document referred
to in this Escrow Agreement shall be construed as references to it in force for the time being and as amended, varied, supplemented,
restated, substituted or novated from time to time;

 

 

    		Sch 13-6	 

     

    

 

		1.2.5	References to Clauses, Recitals and Annexes are references to, respectively, Clauses, Recitals,
and Annexes to this Escrow Agreement and references to this Escrow Agreement include its Annexes; and

 

		1.2.6	A provision of law is a reference to that provision as amended or re-enacted; and

 

		1.2.7	The Parties hereby agree that the Closing Escrow Account, the Pre-Closing Escrow Account and the
BUTU Escrow Account are referred to herein jointly and collectively as Escrow Accounts.

 

Article
2

ESCROW ACCOUNTS

 

		2.1	Appointment of the Escrow Agent

 

		2.1.1	The Escrow Parties hereby appoint the Escrow Agent to act as their escrow agent under the terms
and provisions of this Escrow Agreement, and the Escrow Agent hereby accepts this appointment. The Escrow Agent shall have the
exclusive control and rights of funds transfer under each Escrow Account and exclusive authority with strict observance of the
provisions of the Escrow Agreement.

 

		2.1.2	On or before the Signing Date, the Purchaser, the Vendor and BUTU will or will have delivered to
the Escrow Agent all documents required in order to open each of the Escrow Accounts and any other document expressly specified
herein.

 

		2.2	Opening of the Escrow Accounts

 

		2.2.1	Upon execution of this Escrow Agreement on the Signing Date and receipt of the requested documents,
the Escrow Agent shall open and maintain the following accounts:

 

		(a)	The Pre-Closing Escrow Account: a special account having IBAN no. RO83RZBR0000060019853150
opened in the name of the Purchaser and denominated in EURO, for the purpose of depositing the Escrow Deposit and releasing the
same on the conditions set forth Clause 5.1.3 or Clause 6.2 hereunder; and

 

		(b)	The Closing Escrow Account: a special account having IBAN no. RO43RZBR0000060019855131
opened in the name of the Vendor and denominated in EURO, for the purpose of depositing the Advance Payment and releasing the same
as the Intercompany Loan 1 Repayment Amount on the conditions set forth in Clause 5.1.1 hereunder; and

 

		(c)	The BUTU Escrow Account: a special account having IBAN no. RO59RZBR0000060019853194
opened in the name of BUTU and denominated in EURO, for the purpose of depositing the Intercompany Loan 1 Repayment Amount and
releasing the Partial Loan Repayment Amount on the conditions set forth in Clause 5.1.2 hereunder.

 

		2.3	Operation of the Escrow Accounts

 

		2.3.1	The Escrow Accounts will be opened by the Escrow Agent and will be at all times under the sole
control and authority of the Escrow Agent. The Escrow Agent shall manage the Escrow Accounts and release the relevant Escrow Amounts
therefrom strictly in accordance with the provisions of this Escrow Agreement.

 

 

    		Sch 13-7	 

     

    

 

		2.3.2	The Escrow Agent shall not release any amount from any Escrow Account except strictly as provided
in Articles 5 and 6 of this Escrow Agreement.

 

		2.3.3	The Purchaser, the Vendor and BUTU may not dispose of the Escrow Amounts in whole or in part or
close any Escrow Account, irrespective of the fact that the escrow accounts are opened in their respective names. The Escrow Agent
shall not accept any instruction from any Party unless it is in strict accordance with Articles 5 and 6 of this Escrow Agreement.

 

		2.3.4	The Escrow Parties hereby expressly authorize the Escrow Agent to act, fill, execute and sign for
and on their behalf all the necessary instructions / payment instruments (including, but not limited to payment orders, foreign
exchange orders, payment instructions) for purposes of carrying out the various transfers of the Escrow Amounts from the respective
Escrow Accounts, according to the terms and provisions of this Escrow Agreement.

 

		2.4	Confirmation regarding the balance of the Escrow Accounts

 

		2.4.1	On the date upon which each Escrow Amount is credited to the relevant Escrow Account, the Escrow
Agent shall confirm the receipt of the relevant Escrow Amount by issuing and sending to each of the Escrow Parties a confirmation
of crediting the escrow accounts evidencing, as the case may be: (i) the deposit of the Escrow Deposit into the Pre-Closing
Escrow Account; and (ii) the deposit of the Advance Payment into the Closing Account; and thereafter (iii) the deposit of the Intercompany
Loan 1 Repayment Amount into BUTU Escrow Account; all in accordance with the provisions of Clause 2.5 below.

 

		2.4.2	The Escrow Agent shall also provide confirmations regarding the balance of the Escrow Accounts
to each of the Escrow Parties respectively after the transfer and the release of the relevant Escrow Amount from the relevant Escrow
Account, and otherwise upon request of any of the Escrow Parties.

 

		2.5	Deposit of Escrow Amounts

 

			The Purchaser undertakes that it shall transfer and deposit:

 

		(a)	the Escrow Deposit into the Pre-Closing Escrow Account, within 5 (five) business days from the
Execution Date; and

 

		(b)	the Advance Payment into the Closing Escrow Account, not later than one (1) Business Day prior
to the Closing Date.

 

 

    		Sch 13-8	 

     

    

 

Article
3

FEES

 

		3.1	Escrow Agents Fee

 

The
Escrow Agent shall be entitled to an administration fee of EUR 31,700.00 and the Escrow Agent’s standard international payment
fee per transfer (the “Fee”) for the services to be rendered by it pursuant to the provisions of this Escrow
Agreement. The administration fee and the payment fee shall be paid by the Vendor and the Purchaser in equal shares by automatic
debit of their EUR current accounts held with the Escrow Agent. The administration fee shall be debited within 5 (five) Business
Days of the Signing Date, while the payment fee shall be debited within 2 (two) Business Days of each transfer and/or release of
an Escrow Amount in terms hereof.

 

Article
4

INTEREST

 

		4.1	Interest Payments

 

The
Escrow Parties agree that for the credit balance of each Escrow Account, the Escrow Agent will calculate interest equal to the
annual interest rate for the current accounts offered by the Bank. The interest which shall have accrued on the Escrow Amounts
in the respective Escrow Accounts shall be transferred by the Escrow Agent when the relevant Escrow Amount is released as per the
terms and conditions of this Escrow Agreement and shall be paid by the Escrow Agent to the Purchaser’s Transaction Account.

 

Article
5

RELEASE OF THE ESCROW AMOUNTS

 

		5.1	Escrow Amounts Release Conditions:

 

		5.1.1	Release of the Intercompany Loan 1 Repayment Amount. Upon the deposit of the Advance Payment
into the Closing Escrow Account, it shall be deemed to constitute the Intercompany Loan 1 Repayment Amount, and shall thereupon
immediately and automatically be transferred by the Escrow Agent as the Intercompany Loan 1 Repayment Amount from the Closing Escrow
Account into the BUTU Escrow Account. The Purchaser, the Vendor and BEAHF hereby irrevocably authorise the Escrow Agent to perform
such transfer without seeking any other instruction or further confirmation from any of the Escrow Parties.

 

		5.1.2	Release of the Partial Loan Repayment Amount. Upon the deposit of the Intercompany Loan
1 Repayment Amount into the BUTU Escrow Account, it shall be deemed to constitute the Partial Loan Repayment Amount. After the
execution of the specific transfer instructions given to the Escrow Agent in Clause 5.1.1 above, the Escrow Agent shall release
and transfer the Partial Loan Repayment Amount from the BUTU Escrow Account to the Prepayment Account immediately upon receipt
by it of the Purchaser’s Release Instructions executed by the Purchaser in the form and text attached hereto as Schedule 3.

 

		5.1.3	Release of the Escrow Deposit. The Escrow Agent shall release and transfer the Escrow Deposit
from the Pre-Closing Escrow Account to the Vendor’s Transaction Account immediately upon receipt by it of the Joint Release Instructions
executed jointly by the Purchaser and the Vendor in the form and text attached hereto as Schedule 4.

 

 

    		Sch 13-9	 

     

    

 

		5.1.4	Currency Conversions. In the event that the Escrow Agent is required to convert any amount
to be released into a different currency, then and in such event the Vendor, BUTU and the Purchaser hereby expressly and irrevocably
agree and empower the Bank to effect such currency exchange in the name of and for the benefit of the Vendor and/or BUTU and/or
the Purchaser by using its own quotations and filling in the documents required for this operation, as the case may be.

 

		5.1.5	Discharge of Obligations. The Vendor, BEAHF and BUTU
hereby agree that the transfer to be made by the Escrow Agent in accordance with the provisions of Clause 5.1.1 above will discharge
in full the obligations of the Vendor to disburse the Intercompany Loan 2 to BEAHF and the obligations of BEAHF to execute the
full repayment of Intercompany Loan 1 to BUTU.

 

		5.2	The persons empowered to duly instruct the Escrow Agent

 

		5.2.1	The persons empowered to duly instruct the Escrow Agent on behalf of the Escrow Parties will be
the persons nominated in the specimen signature lists provided in Schedule 1 (List of Authorized Persons and Specimen
Signatures) to this Escrow Agreement.

 

		5.3	Term and Validity

 

		5.3.1	Escrow Period. This Escrow Agreement is concluded for a period (the “Escrow Period”)
commencing on the Signing Date and terminating on whichever date comes first from the following dates: (i) in case of a Failed
Closing as set forth in Clause 6.1 below, a date which is three (3) months following the Long Stop Date or another date notified
by the Purchaser and the Vendor jointly in writing to the Escrow Agent prior to the Long Stop Date that the Purchaser and the Vendor
have agreed to postpone this date, in the form and text attached hereto as Schedule 10; or (ii) a date which is three (3)
months following the date of the Certification of Consummation; or (iii) on the date of 31 December 2018.

 

		5.3.2	Release upon Expiry. In case the Escrow Agreement is terminated due to the lapse of the
Escrow Period, any amounts remaining on deposit in the Escrow Accounts on that date shall be transferred to the Purchaser.

 

		5.3.3	Failure to Deposit. In case the Escrow Deposit is not transferred into the Pre-Closing Account
within 10 (ten) Business Days from the Signing Date, then this Escrow Agreement shall be of no further force and effect and the
Escrow Agent shall be released of all and any obligations to the Escrow Parties.

 

Article
6

failed closing

 

		6.1	Failed Closing

 

		6.1.1	A failed closing shall be deemed to have occurred if the Escrow Agent shall not have been furnished
with a copy of the Certificate of Consummation by the Long Stop Date or by any other later date notified by the Purchaser in writing
to the Escrow Agent (a “Failed Closing”).

 

		6.2	Release of Escrow Deposit in the event of a Failed Closing

 

		6.2.1	In the event that a Failed Closing shall occur, the Purchaser shall be entitled to furnish the
Escrow Agent with its Purchaser’s Failed Closing Notice & Escrow Deposit Release Instructions, substantially in the
form and text attached hereto as Schedule 5.

 

 

    		Sch 13-10	 

     

    

 

		6.2.2	Upon its receipt of Purchaser’s Failed Closing Notice & Escrow Deposit Release Instructions
in terms of Clause 6.2.1 above, the Escrow Agent shall notify the Vendor in writing in accordance with Clause 9 of this Agreement,
substantially in the form and text attached hereto as Schedule 6, that it has received such a written demand from the Purchaser
(“Escrow Agent’s Release Notification”).

 

		6.2.3	Within 10 (ten) Business Days of its receipt of the Escrow Agent’s Release Notification, the Vendor
shall be entitled to lodge a written objection with the Escrow Agent to the release of the Escrow Deposit to Purchaser from the
Pre-Closing Escrow Account on the grounds that the Purchaser is required to forfeit the Escrow Deposit pursuant to the provisions
of the SPA (“Vendor’s Notice of Objection”). The Vendor’s Notice of Objection will be substantially in the form
and text attached hereto as Schedule 7.

 

		6.2.4	Upon its receipt of the Vendor’s Notice of Objection, the Escrow Agent shall refrain from taking
any further action in regard to the release of the Escrow Deposit unless and until (A) it is served with either: (i) Joint
Written Instructions signed by both the Vendor and the Purchaser directing the Escrow Agent to whom to release the Escrow Deposit;
or (ii) the original or a copy certified by a notary public of an Arbitral Award directing the Escrow Agent to whom
to release the Escrow Deposit; or (B) the date mentioned at Clause 5.3.1 (iii) has occurred.

 

		6.2.5	If Vendor fails or declines to deliver its Vendor’s Notice of Objection to the Escrow Agent in
a timely manner provided in Clause 6.2.3 above, then the Escrow Agent is hereby irrevocably authorized to execute the Purchaser’s
Failed Notice Escrow Deposit Release Instructions and to release the Escrow Deposit to the Purchaser.

 

		6.3	Release of Advance Payment / Partial Loan Repayment Amount in the event of a Failed Closing

 

		6.3.1	In the event that a Failed Closing shall occur, the Purchaser shall be entitled to furnish the
Escrow Agent with its Purchaser’s Failed Notice Advance Payment or Intercompany Loan 1 Repayment Amount Release Instructions,
substantially in the form and text attached hereto as Schedule 8, directing the Escrow Agent to transfer to the Purchaser’s
Transaction Account either: (i) the Advance Payment from the Closing Account; or (ii) the Intercompany Loan 1 Repayment
Amount from the BUTU Escrow Account.

 

		6.3.2	For the avoidance of doubt, neither the Vendor nor BEAHF nor BUTU shall have any right to object
to the release of the Advance Payment or the Intercompany Loan 1 Repayment Amount from the Closing Escrow Account or from the BUTU
Escrow Account.

 

 

    		Sch 13-11	 

     

    

 

Article
7

OBLIGATIONS OF THE ESCROW AGENT

 

		7.1	Obligations of the Escrow Agent

 

		7.1.1	The Escrow Agent shall bear no liability regarding the content, authenticity, validity, correctness
or form of the documents provided by the Vendor and/or the Purchaser according to the provisions of this Escrow Agreement or the
compliance of such documents with the legal regulations or internal procedures of authorities.

 

		7.1.2	The Escrow Agent shall verify the face conformity of the documents presented to it. The Escrow
Agent shall consider duly valid all the documents provided by the Escrow Parties in accordance with the provisions set forth in
this Escrow Agreement if they appear to be signed by the persons nominated in Schedule 1 (List of Specimen Signatures)
to the Escrow Account or, if these documents are issued by the competent authorities, the Escrow Agent shall consider these documents
legally valid if they appear, prima facie, as being issued by that respective authority.

 

		7.1.3	The Escrow Agent shall not be bound by any modification, cancellation or rescission of this Escrow
Agreement unless in writing and signed by all Parties hereto.

 

		7.1.4	The Escrow Agent shall not be required to perform any acts which will violate any law or regulations
issued by any public authority. In the event of bankruptcy proceedings or enforcement proceedings against any of the Parties, pursuant
to applicable laws and regulations, the Escrow Agent shall, notwithstanding the provisions of this Escrow Agreement, act and perform
in accordance with such laws and regulations.

 

		7.1.5	The Escrow Agent shall not be obliged to make payments from the Escrow Accounts if such payments
could be illegal or contrary to any rules the Escrow Agent is subject to according to the law.

 

		7.1.6	No provision of the Escrow Agreement could be deemed as creating an implicit obligation of the
Escrow Agent. The Escrow Agent duties and obligations are exclusively the ones expressly mentioned in this Escrow Agreement regardless
of any provision of any agreement executed between the Purchaser, BUTU, BEAHF and/or the Vendor.

 

		7.2	Indemnification

 

The
Purchaser and the Vendor agree to reimburse the Escrow Agent on demand for, and to indemnify and hold the Escrow Agent harmless
against and with respect to, any and all losses, liabilities, damages, or expenses that the Escrow Agent may suffer or incur in
connection with the entering into Escrow Agreement and/or the performance of its obligations under this Escrow Agreement or otherwise
in connection therewith, except to the extent any such loss, liability, damage or expense arises from the Escrow Agent’s
negligence, fraud, or breach of the provisions of this Escrow Agreement. The Purchaser and Vendor shall be jointly and several
liable for any such reimbursements or costs of indemnification.

 

 

    		Sch 13-12	 

     

    

 

Article
8

AUTHORITY

 

Each
Party warrants and represents to the other Parties that:

 

		a)	it has full power, authority and legal right to incur the obligations, to execute and deliver,
and to perform and observe the terms and provisions of this Escrow Agreement; and

 

		b)	the undertakings and obligations of each Party made and assumed in terms of this Escrow Agreement
are legally binding, valid and enforceable in accordance with its terms and do not conflict with any law, regulation or instrument
binding on or relating to such Party; and

 

		c)	this Escrow Agreement is within its powers and has been duly authorized by it, that all necessary
actions have been taken and all consents and approvals have been granted to authorize the execution, delivery and performance of
this Escrow Agreement and that the person signing this Escrow Agreement on behalf of each Party is authorized to do so.

 

Article
9

MISCELLANEOUS

 

		9.1	Notices

 

All
notices and other communications provided for hereunder shall be in writing. Scan copies of all notices and communications will
be sent by e-mail, with signed original copies to follow by registered mail or delivered personally, respectively as follows:

 

To the Vendor

 

BEA HOTELS EASTERN EUROPE
B.V.

 

Address: Krijn Taconiskade
430, 1087 HW Amsterdam, The Netherlands

Attn: Dorsha B.V.

Contact person: Alon Elmaliyah

Adress: Krijn Taconiskade
430, 1087 HW Amsterdam

Email: Alon@etmtrust.com

Phone number: 0031206704455

and

Attn: Ron Hadassi

Address: Hod Hasharon, Israel,
no. 13 Igal Yadin

Email: ron@elbitimaging.com

Phone number: 00972526076236

 

To the Purchaser

 

NEMO INVESTMENT VEHICLE
S.R.L.

Attn: Vlad Dragoescu

Address: Sos. Vitan - Barzesti,
nr. 7A, Sector 4, Bucharest, Romania

Tel: 0040729.097.173

Email: vlad.dragoescu@vitantis.ro

and

 

 

 

    		Sch 13-13	 

     

    

 

Wolf Theiss Rechtsanwalte
GmbH

Attn: Ileana Glodeanu

Address: 58-60 Gheorghe
Polizu St., 13th Floor, Bucharest, Romania

Email: ileana.glodeanu@wolftheiss.com

Phone number: 0040729155382.

 

To BEAHF

Address: Krijn Taconiskade
430, 1087 HW Amsterdam, the Netherlands

Attn: Dorsha B.V.

Contact person: Alon Elmaliyah

Adress: Krijn Taconiskade
430, 1087 HW Amsterdam

Email: Alon@etmtrust.com

Phone number: 0031206704455

and

Attn: Ron Hadassi

Address: Hod Hasharon, Israel,
no. 13 Igal Yadin

Email: ron@elbitimaging.com

Phone number: 00972526076236

 

To BUTU

BUCURESTI TURISM S.A.

Attn: Vlad Dragoescu

Address: Sos. Vitan - Barzesti,
nr. 7A, Sector 4, Bucharest, Romania

Tel: 0040729.097.173

Email: vlad.dragoescu@vitantis.ro

and

Wolf Theiss Rechtsanwalte
GmbH

Attn: Ileana Glodeanu

Address: 58-60 Gheorghe
Polizu St., 13th Floor, Bucharest, Romania

Email: ileana.glodeanu@wolftheiss.com

Phone number: 0040729155382.

 

To the Bank

RAIFFEISEN BANK S.A

Calea Floreasca nr 246D

Cladirea Floreasca City
Center

Bucharest

Romania

Attention: Letters of Credit
Team

 

or
any substitute address, fax number e-mail address or department or officer as the any Party may notify to the other Parties by
not less than five (5) Business Days’ notice.

 

Any
notice given under or in connection with this Escrow Agreement shall be in the English language.

 

		9.2	Entire Agreement

 

This
Escrow Agreement, together with its Schedules (which constitute an integral part hereof), and the General Banking Business Terms
of the Escrow Agent, of which the Escrow Parties are fully aware and which were fully agreed and expressly accepted by each of
the Escrow Parties, constitute and represents, in the signed form and content, the Parties’ full agreement and the result
of arms-length negotiations carried out in good faith.

 

 

    		Sch 13-14	 

     

    

 

		9.3	Amendments

 

This
Escrow Agreement may only be amended by a written instrument signed by all Parties hereto.

 

		9.4	Language

 

The
Escrow Agreement has been executed in English language.

 

		9.5	Assignment

 

Neither
this Escrow Agreement nor any of the rights or obligations hereunder may be assigned by a Party hereto without the prior written
consent of all the other Parties.

 

		9.6	Severability

 

If
any provision of this Escrow Agreement is or becomes at any time invalid or incapable of being executed in accordance with the
applicable law, then the legality, the validity and the applicability of such a provision within the limit approved by the law,
as well as of the other provisions of this Escrow Agreement, shall not be affected nor prejudiced thereby. The Parties shall make
all the necessary and reasonable efforts in order to achieve those acts and/or modifications which would lead to the same legal
and/or economic result which was envisaged at the date this Escrow Agreement was concluded.

 

		9.7	Governing Law and Dispute Resolution

 

		9.7.1	This Escrow Agreement shall be governed by, and construed in accordance with, the laws of Romania.

 

		9.7.2	All disputes which may arise between the Escrow Parties pertaining to the validity, implementation
and execution of the provisions of this Escrow Agreement which cannot be settled amicably shall be referred to arbitration in accordance
with § 31 of the SPA whose provisions are incorporated into this Escrow Agreement by reference.

 

		9.7.3	Any disputes between the Escrow Parties or any of them and the Escrow Agent shall be settled in
an amicable manner. If this is not possible, only the courts of law with appropriate jurisdiction are competent to adjudicate upon
these litigations, in accordance with the procedural norms then in force.

 

		9.7.4	Acting as plaintiff, the Escrow Agent and/or the Bank shall be able, if so required, to bring the
case not only in front of the Romanian courts but also before a foreign court, which has jurisdiction over the relevant Escrow
Parties.

 

 

    		Sch 13-15	 

     

    

 

		9.7.5	All reasonable costs incurred by the Escrow Agent if litigation shall occur between them and any
of the Escrow Parties, or in respect of any dispute between the Escrow Parties themselves, shall be reimbursed by the Vendor and
by the Purchaser in equal shares.

 

The present Agreement
is concluded today 29 November 2017, in Bucharest, Romania, in five (5) original counterparts, one for each Party.

 

For and on behalf of the Vendor

Name: Doron Moshe

Position: Authorized signatory

___________________________________________________

 

For and on behalf of the Purchaser

Name: Vlad Dragoescu

Position: Authorized signatory

___________________________________________________

 

For and on behalf of BUTU

Name: Doron Moshe

Position: Authorized signatory

___________________________________________________

 

Name: Moshe Maimon Cohen

Position: Authorized signatory

___________________________________________________

 

For and on behalf of BEAHF

Name: Doron Moshe

Position: Authorized signatory

___________________________________________________

 

For and on behalf of the Escrow Agent

Name: Roxana Barbato

Position: Authorized signatory

___________________________________________________

 

 

    		Sch 13-16	 

     

    

 

SCHEDULE 1 TO THE
ESCROW AGREEMENT NO. [●] DATED [●]

 

LIST OF AUTHORISED
PERSONS AND SPECIMENS SIGNATURES

 

	PURCHASER
	Name:	 
	E-Mail Address:	 
	ID/Passport Number:	 
	
         

        Specimen Signature
	
         

         

	 	 

 

	VENDOR
	Name:	 
	E-Mail Address:	 
	ID/Passport Number:	 
	
         

        Specimen Signature
	
         

         

	 	 

 

	BUTU
	Name:	 
	E-Mail Address:	 
	ID/Passport Number:	 
	
         

        Specimen Signature
	
         

         

	 	 

 

	BEAHF
	Name:	 
	E-Mail Address:	 
	ID/Passport Number:	 
	
         

        Specimen Signature
	
         

         

	 	 

 

 

    		Sch 13-17	 

     

    

 

SCHEDULE 2 TO THE
ESCROW AGREEMENT NO. [●] DATED [●]

 

DETAILS OF TRANSACTION
ACCOUNTS

  

	Purchaser’s Transaction Account
	Bank	RAIFFEISEN BANK SA 
	Address	Calea Floreasca Nr. 246C Bucharest Romania 
	Branch	AG.COL.INROLARE SI SUPORT CLIENTI
	Account Number	19848120
	IBAN Number	RO93RZBR0000060019848120
	Beneficiary	NEMO INVEST VEHICLE S.R.L

 

	Vendor’s Transactional Account
	Bank	AAREAL BANK AG  (BIC: AARBDE5WDOM)
	Address	POSTFACH (PO BOX) 040663
	Branch	...
	Account Number	..
	IBAN Number	 DE62 5501 0400 0667 0958 12
	Beneficiary	BEA HOTELS EASTERN EUROPE BV

 

 

    		Sch 13-18	 

     

    

 

SCHEDULE 3 TO THE
ESCROW AGREEMENT NO. [●] DATED [●]

 

FORM OF PURCHASER’S
RELEASE INSTRUCTIONS

 

Date:
______________

 

To:

 

The Escrow Agent,

RAIFFEISEN BANK S.A.

Sky Tower Building, Calea Floreasca
no. 246C,

Postal Code 014476, District 1

Bucharest, Romania

 

Sirs,

 

Re: BUTU Escrow
Account having IBAN No. ____________ denominated in...

 

Reference is made
to the Escrow Agreement No. ______ dated _____ entered into by and between yourselves as Escrow Agent, NEMO INVESTMENT VEHICLE
S.R.L. as Purchaser, BEA Hotels Eastern Europe BV as Vendor, BEA Hotels Finance BV as BEAHF and Bucuresti Turism SA as BUTU. Additionally,
reference is made to the escrow account designated therein as the BUTU Escrow Account (Account having IBAN No. _________ denominated
in ....).

 

		1.	This is a Purchaser’s Release Instruction given pursuant to the provisions of Clause 5.1.2 of the
Escrow Agreement.

 

		2.	You are hereby instructed to transfer the Partial Loan Repayment Amount (being the entire principal
amount held in the BUTU Escrow Account) to the Prepayment Account whose details are as follows:

 

Bank: RAIFFEISEN
BANK INTERANTIONAL AG

 

Branch: _______________________

 

Account Number:
________________

 

IBAN Number: AT163100001354051172

 

You are further
instructed that interest which shall have accrued on the amounts held in the BUTU Escrow Account, if any, is to be transferred
to the Purchaser’s Transaction Account whose details are set forth in Schedule 2 to the Escrow Agreement.

 

		3.	All capitalized terms in this Purchaser’s Release Instruction shall have the meanings ascribed
to them in the Escrow Agreement.

 

		4.	This Purchaser’s Release Instruction is governed by Romanian Law.

 

	 	Yours faithfully
	 	 
	 	[The Purchaser]

 

 

    		Sch 13-19	 

     

    

 

SCHEDULE 4 TO THE
ESCROW AGREEMENT NO. [●] DATED [●]

 

FORM OF JOINT
RELEASE INSTRUCTIONS

 

Date:
______________

 

To:

 

The Escrow Agent,

RAIFFEISEN BANK S.A.

Sky Tower Building, Calea
Floreasca no. 246C,

Postal Code 014476, District
1

Bucharest, Romania

 

Sirs,

 

Re:
Pre-Closing Escrow Account having IBAN No. ____________ denominated in ...

 

Reference
is made to the Escrow Agreement No. ______ dated _____ entered into by and between yourselves as Escrow Agent, NEMO INVESTMENT
VEHICLE S.R.L. as Purchaser, BEA Hotels Eastern Europe BV as Vendor, BEA Hotels Finance BV as BEAHF and Bucuresti Turism SA as
BUTU. Additionally, reference is made to the escrow account designated therein as the Pre-Closing Escrow Account (Account having
IBAN No. _________ denominated in ....).

 

		1.	This is a Joint Release Instruction given pursuant to the provisions of Clause 5.1.3 of the Escrow
Agreement.

 

		2.	You are hereby instructed to transfer the Escrow Deposit (being the entire principal amount held
in the Pre-Closing Escrow Account) to the Vendor’s Transaction Account whose details are set forth in Schedule 2 to the Escrow
Agreement.

 

		3.	You are further instructed that all interest which shall have accrued on the Escrow Deposit held
in the Pre-Closing Escrow Account is to be transferred to the Purchaser’s Transaction Account whose details are set forth in Schedule
2 to the Escrow Agreement.

 

		4.	All capitalized terms in this Joint Release Instruction shall have the meanings ascribed to them
in the Escrow Agreement.

 

		5.	This Joint Release Instruction is governed by Romanian Law.

 

	 	Yours faithfully	 
	 	 	 
	 	___________________________	 
	 	 	 
	 	NEMO INVESTMENT VEHICLE S.R.L.	 
	 	 	 
	 	The Purchaser	 
	 	 	 
	 	___________________________	 
	 	 	 
	 	BEA Hotels Eastern Europe BV	 
	 	 	 
	 	The Vendor	 

 

 

    		Sch 13-20	 

     

    

 

SCHEDULE 5 TO THE
ESCROW AGREEMENT NO. [●] DATED [●]

 

FORM OF PURCHASER’S
FAILED CLOSING NOTICE AND 

 

ESCROW DEPOSIT
RELEASE INSTRUCTION

 

Date:
______________

 

To:

 

The Escrow Agent,

RAIFFEISEN BANK S.A.

Sky Tower Building, Calea Floreasca
no. 246C,

Postal Code 014476, District 1

Bucharest, Romania

 

Sirs,

 

Re: Pre-Closing
Escrow Account having IBAN No. ____________ denominated in ...

 

Reference is made
to the Escrow Agreement No. ______ dated _____ entered into by and between yourselves as Escrow Agent, NEMO INVESTMENT VEHICLE
S.R.L. as Purchaser, BEA Hotels Eastern Europe BV as Vendor, BEA Hotels Finance BV as BEAHF and Bucuresti Turism SA as BUTU. Additionally,
reference is made to the escrow account designated therein as the Pre-Closing Escrow Account (Account having IBAN No. _________
denominated in ...).

 

		1.	This is a Purchaser’s Failed Closing Notice & Escrow Deposit Release Instruction given pursuant
to the provisions of Clause 6.2.1 of the Escrow Agreement.

 

		2.	You are hereby advised that a Failed Closing has occurred as provided in Clause 6.1.1 of the Escrow
Agreement.

 

		3.	You are hereby instructed to transfer the Escrow Deposit, together with all interest which has
accrued thereon, to the Purchaser’s Transaction Account whose details are set forth in Schedule 2 to the Escrow Agreement.

 

		4.	All capitalized terms in this Purchaser’s Failed Closing Notice & Escrow Deposit Release Instruction
shall have the meanings ascribed to them in the Escrow Agreement.

 

		5.	This Purchaser’s Failed Closing Notice & Escrow Deposit Release Instruction is governed by
Romanian Law.

 

Yours faithfully

 

	 	 	 
	 	 	 
	 	NEMO INVESTMENT VEHICLE S.R.L.	 
	 	The Purchaser	 

 

 

    		Sch 13-21	 

     

    

 

SCHEDULE 6 TO THE
ESCROW AGREEMENT NO. [●] DATED [●]

 

FORM OF ESCROW
AGENT’S RELEASE NOTICE

 

Date:
______________

 

To:

 

BEA Hotels Eastern
Europe BV

Krijn Taconiskade
430,

1087 HW Amsterdam,

The Netherlands

 

For the Attention
of: _______________ (Email: __________________)

 

Sirs,

 

Re:
Pre-Closing Escrow Account having IBAN No. ____________ denominated in ..

 

Reference
is made to the Escrow Agreement No. ______ dated _____ entered into by and between yourselves as Escrow Agent, NEMO INVESTMENT
VEHICLE S.R.L. as Purchaser, BEA Hotels Eastern Europe BV as Vendor, BEA Hotels Finance BV as BEAHF and Bucuresti Turism SA as
BUTU. Additionally, reference is made to the escrow account designated therein as the Pre-Closing Escrow Account (Account having
IBAN No. _________ denominated in ...).

 

		1.	This is an Escrow Agent’s Release Notice given pursuant to the provisions
of Clause 6.2.2 of the Escrow Agreement.

 

		2.	You are hereby advised that the Escrow Agent has received a Purchaser’s
Failed Closing Notice & Escrow Deposit Release Instruction in terms of Clause 6.2.1 of the Escrow Agreement, a copy of which
is attached hereto.

 

		3.	Pursuant to the provisions of Clause 6.2.3 of the Escrow Agreement you have
the right to object to the release of the Escrow Deposit to the Purchaser, and same within 10 (ten) Business Days following your
receipt of this Notice.

 

		4.	All capitalized terms in this Escrow Agent’s Release Notice shall have the
meanings ascribed to them in the Escrow Agreement.

 

		5.	This Escrow Agent’s Release Notice is governed by Romanian Law.

 

	 	Yours faithfully	 
	 	 	 
	 	 	 
	 	RAIFFEISEN BANK S.A.	 
	 	 	 
	 	The Escrow Agent	 

 

 

    		Sch 13-22	 

     

    

 

SCHEDULE 7 TO THE
ESCROW AGREEMENT NO. [●] DATED [●]

 

FORM OF VENDOR’S
NOTICE OF OBJECTION

 

Date:
______________

 

To:

 

The Escrow Agent,

RAIFFEISEN BANK S.A.

Sky Tower Building, Calea Floreasca
no. 246C,

Postal Code 014476, District 1

Bucharest, Romania

 

Sirs,

 

Re: Pre-Closing
Escrow Account having IBAN No. ____________ denominated in ...

 

Reference is made
to the Escrow Agreement No. ______ dated _____ entered into by and between yourselves as Escrow Agent, NEMO INVESTMENT VEHICLE
S.R.L. as Purchaser, BEA Hotels Eastern Europe BV as Vendor, BEA Hotels Finance BV as BEAHF and Bucuresti Turism SA as BUTU. Additionally,
reference is made to the escrow account designated therein as the Pre-Closing Escrow Account (Account having IBAN No. _________
denominated in .....).

 

		1.	This is a Vendor’s Notice of Objection given pursuant to the provisions of Clause 6.2.3 of the
Escrow Agreement.

 

		2.	We acknowledge receipt of your Escrow Agent’s Release Notification dated _____.

 

		3.	You are hereby advised that the Vendor objects to the release of the Escrow Deposit to the Purchaser
in terms of the Purchaser’s Failed Closing Notice & Escrow Deposit Release Instructions dated _____, on the grounds that the
Vendor is required to forfeit the Escrow Deposit pursuant to the provisions of the SPA.

 

		4.	All capitalized terms in this Vendor’s Notice of Objection shall have the meanings ascribed to
them in the Escrow Agreement.

 

		5.	This Vendor’s Notice of Objection is governed by Romanian Law.

 

	 	Yours faithfully	 
	 	 	 
	 	 	 
	 	BEA Hotels Eastern Europe BV	 
	 	 	 
	 	The Vendor	 

 

 

    		Sch 13-23	 

     

    

 

SCHEDULE 8 TO THE
ESCROW AGREEMENT NO. [●] DATED [●]

 

FORM OF PURCHASER’S
FAILED CLOSING NOTICE AND

 

ADVANCE PAYMENT
OR INTERCOMPANY LOAN 1 REPAYMENT AMOUNT RELEASE INSTRUCTION

 

Date: ______________

 

To:

 

The Escrow Agent,

RAIFFEISEN BANK S.A.

Sky Tower Building, Calea Floreasca
no. 246C,

Postal Code 014476, District 1

Bucharest,

Romania

 

Sirs,

 

Re: Closing Escrow
Account having IBAN No. ____________ denominated in .... and BUTU Escrow Account having IBAN No. ____________ denominated
in .....

 

Reference is made
to the Escrow Agreement No. ______ dated _____ entered into by and between yourselves as Escrow Agent, NEMO INVESTMENT VEHICLE
S.R.L. as Purchaser, BEA Hotels Eastern Europe BV as Vendor, BEA Hotels Finance BV as BEAHF and Bucuresti Turism SA as BUTU. Additionally,
reference is made to the escrow accounts designated therein as the Closing Escrow Account (Account having IBAN No. _________ denominated
in ....) and the BUTU Escrow Account (Account having IBAN No. _________ denominated in ...) respectively.

 

		1.	This is a Purchaser’s Failed Closing Notice & Advance
Payment and/or Intercompany Loan 1 Repayment Amount Release Instruction given pursuant to the provisions of Clause 6.3.1 of the
Escrow Agreement.

 

		2.	You are hereby advised that a Failed Closing has occurred
as provided in Clause 6.1.1 of the Escrow Agreement.

 

		3.	You are hereby instructed to transfer the Advance Payment
or the Intercompany Loan 1 Repayment Amount held in either the Closing Escrow Account or the BUTU Escrow Account, together with
all interest which has accrued thereon, to the Purchaser’s Transaction Account whose details are set forth in Schedule 2 to the
Escrow Agreement.

 

		4.	All Capitalized Terms in this Purchaser’s Failed Closing
Notice & Advance Payment Release Instruction shall have the meanings ascribed to them in the Escrow Agreement.

 

		5.	This Purchaser’s Failed Closing Notice & Advance Payment
Release Instruction is governed by Romanian Law.

 

	 	Yours faithfully	 
	 	 	 
	 	 	 
	 	NEMO INVESTMENT VEHICLE S.R.L.	 
	 	 	 
	 	The Purchaser	 

 

 

    		Sch 13-24	 

     

    

 

SCHEDULE
9 TO THE ESCROW AGREEMENT NO. [●] DATED [●]

 

FORM OF CERTIFICATE
OF CONSUMMATION

 

Date:
[______________]

 

	
        To :

        BEA Hotels Eastern
        Europe BV

        Krijn Taconiskade
        430,

        1087HW Amsterdam,

        The Netherlands

        Attention : _______________

        E-Mail : _________________
	 	
        To :

        NEMO Investment
        Vehicle SRL 

        Address : 17 C.A.
        Rosetti

 street, office 120 Register 03,

        1st floor, District 2, Bucharest

        Attention : __________

        E-Mail : ____________

 

Sirs,

 

Re : Certificate
of Consummation

 

Reference is made to the Master
Agreement for the Sale and Purchase of Shares in Bucuresti Turism SA and other Affiliated Companies dated ___ [      ] November 2017
(the “Agreement”) made and entered into by and between BEA Hotels Eastern Europe BV as the Vendor and Nemo Investment
Vehicle SRL as the Purchaser.

 

Pursuant to the provisions of Section
6.4.10 of the Share Purchase Agreement, we hereby confirm and declare as follows :

 

		1.	all actions set forth in [§6.2 to §6.4] (inclusive) of the Agreement have been duly executed and completed;

 

		2.	the Transaction has been consummated and the transfer of ownership from the Vendor to the Purchaser with respect to the Target
Shares has been achieved; and

 

		3.	Closing has accordingly been completed, and the Transaction has therefore been consummated.

 

All capitalized terms employed in this
Certificate of Consummation shall have the meanings ascribed to them in the Agreement.

 

This Certificate
of Consummation is executed today, [      ], in two (2) copies.

 

	 	 	 
	
        BEA Hotels
Eastern 

Europe BV

Vendor
	 	
        Nemo Investment
Vehicle 

SRL

        Purchaser

 

 

    		Sch 13-25	 

     

    

 

SCHEDULE 10 TO
THE ESCROW AGREEMENT NO. [●] DATED [●]

 

FORM OF LONG
STOP DATE EXTENSION

 

Date:
______________

 

To:

 

The Escrow Agent,

RAIFFEISEN BANK
S.A.

Sky Tower Building,
Calea Floreasca no. 246C,

Postal Code 014476,
District 1

Bucharest

Romania

 

Sirs,

 

Re:
Long Stop Date

 

Reference
is made to the Escrow Agreement No. ______ dated _____ entered into by and between yourselves as Escrow Agent, NEMO INVESTMENT
VEHICLE S.R.L. as Purchaser, BEA Hotels Eastern Europe BV as Vendor, BEA Hotels Finance BV as BEAHF and Bucuresti Turism SA as
BUTU.

 

We
would like to inform you that NEMO INVESTMENT VEHICLE S.R.L. as Purchaser and BEA Hotels Eastern Europe BV as Vendor have agreed
to postpone the Long Stop Date until [TO BE INSERTED].

 

	Yours faithfully	 
	 	 
	NEMO INVESTMENT VEHICLE S.R.L.	 
	 	 
	The Purchaser	 
	 	 
	_______________________	 
	 	 
	BEA HOTELS EASTERN EUROPE BV	 
	 	 
	The Vendor	 
	 	 
	_______________________	 

 

    		Sch 13-26	 

     

    

 

SCHEDULE 11 TO
THE ESCROW AGREEMENT NO. [●] DATED [●]

 

FORM OF NOTICE
REGARDING ADVANCE PAYMENT AMOUNT

 

Date:
______________

 

To:

 

The Escrow Agent,

RAIFFEISEN BANK S.A.

Sky Tower Building, Calea
Floreasca no. 246C,

Postal Code 014476, District
1

Bucharest

Romania

 

Sirs,

 

Re: Advance
Payment

 

Reference
is made to the Escrow Agreement No. ______ dated _____ entered into by and between yourselves as Escrow Agent, NEMO INVESTMENT
VEHICLE S.R.L. as Purchaser, BEA Hotels Eastern Europe BV as Vendor, BEA Hotels Finance BV as BEAHF and Bucuresti Turism SA as
BUTU.

 

We
would like to inform you that NEMO INVESTMENT VEHICLE S.R.L. as Purchaser and BEA Hotels Eastern Europe BV as Vendor have agreed
that the Advance Payment amounts to [TO BE INSERTED].

 

	Yours faithfully	 
	 	 
	NEMO INVESTMENT VEHICLE S.R.L.	 
	 	 
	The Purchaser	 
	 	 
	_______________________	 
	 	 
	BEA HOTELS EASTERN EUROPE BV	 
	 	 
	The Vendor	 
	 	 
	_______________________	 

 

 

 

    		Sch 13-27	 

     

    

 

Schedule
14

Form of Certificate of Consummation

 

    		Sch 14-1	 

     

    

 

Schedule
15

Existing Loan Encumbrances

 

    		Sch 15-1	 

     

    

 

Schedule
16

GSM Convocation Notices

 

    		Sch 16-1	 

     

    

 

Schedule
17

List of Hotel Employees/Company Employees

 

    		Sch 17-1	 

     

    

 

Schedule
18

Deed of Waiver

 

    		Sch 18-1	 

     

    

 

Schedule
19

 

Vendor Loan Agreement

 

Private & Confidential

 

29 November, 2017

 

PROMONTORIA NEMO B.V.

 

as Borrower

 

and

 

BEA HOTELS EASTERN EUROPE BV

 

as Lender

 

 

 

VENDOR
Loan agreement

 

 

 

    		Sch 19-1	 

     

    

 

CONTENTS

 

	
        1.
	DEFINITIONS AND INTERPRETATION	5
	 	 	 
	2.	LOAN	9
	 	 	 
	3.	INTEREST	9
	 	 	 
	4.	REPAYMENT OF LOAN PRINCIPAL	11
	 	 	 
	5.	ESCROW RETENTION ACCOUNT	12
	 	 	 
	6.	RANKING	14
	 	 	 
	7.	FINANCE DOCUMENTS	14
	 	 	 
	8.	EVENTS OF DEFAULT	14
	 	 	 
	9.	INFORMATION RIGHTS	18
	 	 	 
	10.	PAYMENTS	18
	 	 	 
	11.	INDEMNITY	19
	 	 	 
	12.	WARRANTIES	19
	 	 	 
	13.	ASSIGNMENT	20
	 	 	 
	14.	SUCCESSORS	21
	 	 	 
	15.	COSTS, FEES, EXPENSES AND TAXES	21
	 	 	 
	16.	THIRD PARTY RIGHTS	22
	 	 	 
	17.	COUNTERPARTS	22
	 	 	 
	18.	GOVERNING LAW AND ARBITRATION	22

 

    		Sch 19-2	 

     

    

 

Annexes

 

		1.	Form of Escrow Agreement

 

		2.	Form of Subordination Agreement

 

    		Sch 19-3	 

     

    

 

THIS VENDOR LOAN AGREEMENT (the
“Agreement”) is made and entered into on 29 November 2017

 

BETWEEN:

 

		(1)	PROMONTORIA NEMO B.V., a limited liability company (besloten vennootschap) registered
with the Chamber of Commerce in Amsterdam, the Netherlands, under file No 70027668, with its registered address at Oude Utrechtseweg
32, 3743 KN Baarn, the Netherlands (the “Borrower”); and

 

		(2)	BEA HOTELS EASTERN EUROPE BV, a limited liability company (besloten vennootschap)
registered with the Chamber of Commerce in Amsterdam, the Netherlands, under file No 34149675, with its registered address at Krijn
Taconiskade 430, 1087 HW Amsterdam, the Netherlands (the “Lender”).

 

WHEREAS:

 

		(A)	Nemo Investment Vehicle s.r.l. a limited liability company duly incorporated and functioning under
the Romanian law, registered with Bucharest Trade Registry under no. J40/19526/2017, sole registration code 38520000, having
its registered office at 17 C.A. Rosetti, office no. 120 Register03, 1st floor, District 2, Bucharest, Romania (“Buy-Co”)
is a wholly owned subsidiary of the Borrower;

 

		(B)	Buy-Co and the Lender have on even date entered into a share purchase agreement (the “SPA”)
concerning the acquisition by Buy-Co from the Lender of shares in Bucuresti Turism S.A. and in BEA Hotels Eastern Europe (Romania)
s.r.l..

 

		(C)	The Parties have agreed that a portion of the Estimated Net Purchase Price or Revised Estimated
Net Purchaser Price, as relevant, and as otherwise payable by Buy-Co to the Lender, in an amount corresponding to the Vendor Loan
(as defined below), shall be settled by the Borrower on behalf of Buy-Co by entering into this Agreement).

 

		(D)	The Borrower wishes to borrow the Vendor Loan from the Lender, and the Lender is agreeable to awarding
the Vendor Loan to the Borrower, all on the terms, provisions and conditions in this Agreement set forth.

 

		(E)	Capitalised terms used in this Agreement that have not been specifically defined herein shall have
the meanings ascribed to them in the SPA.

 

    		Sch 19-4	 

     

    

 

NOW, THEREFORE, IT IS AGREED as
follows:

 

		1.	DEFINITIONS AND INTERPRETATION

 

		1.1	Definitions

 

In this Agreement including the
Recitals:

 

“Adjudicated Claim Amount”
means the amount of any claim under the SPA which has been submitted by Buy-Co pursuant to the relevant provisions of the SPA,
and which is confirmed and determined either: (i) by written agreement between the Vendor and Buy-Co; or (ii) in
a binding arbitral award handed down by an arbitration tribunal appointed in terms of §31 of the SPA;

 

“Adjudicated Set-off
Claim Amount” means any Adjudicated Claim Amount which, as at the due date for payment of such Adjudicated Claim Amount,
remains outstanding and which shall, to the greatest extent possible, be automatically and immediately settled by way of set-off
against the outstanding principal amount of the Vendor Loan (provided that the aggregate of all such Adjudicated Set-Off Claim
Amounts shall not exceed EUR 8,000,000 (eight million Euro));

 

“Base Escrow Retention
Amount” means:

 

		(a)	if a Mandatory Trigger or any voluntary payment of a Prepayment
Amount pursuant to Clause 4(c) occurs at any time prior to the date 18 months following the Closing Date, EUR 8,000,000 (eight
million Euro);

 

		(b)	if a Mandatory Trigger or any voluntary payment of a Prepayment Amount pursuant to Clause 4(c)
occurs at any time from (and including) the date 18 months following the Closing Date and prior to the Maturity Date, EUR 4,000,000
(four million Euro); or

 

		(c)	if a Mandatory Trigger has not occurred prior to the Maturity Date, EUR 2,500,000 (two million
and five hundred thousand Euro);

 

“Business Day”
means a day (other than a Saturday or Sunday) on which banks are open for business in Romania, the United Kingdom, the Netherlands,
Israel, Austria and Luxembourg;

 

“BUTU” means
Bucuresti Turism S.A., a joint stock company incorporated and existing under the laws of Romania, whose registered office is at
Calea Victoriei 63-81, Sector 1, Bucharest, registered in the Trade Register under number J40/167/1991, sole registration code
1567802;

 

    		Sch 19-5	 

     

    

 

“CapEx Indebtedness”
has the meaning ascribed to it in Clause 8.4(b) below;

 

“Cash Sweep Retention
Amount” has the meaning ascribed to it in Clause 8.5(a)(i)(1) below;

 

“Closing Date”
has the meaning given to such term in the SPA;

 

“Escrow Agent”
means such reputable and independent escrow agent as Buy-Co and the Lender may agree in writing acting reasonably;

 

“Escrow Agreement”
has the meaning ascribed to it in Clause 5.1(b) below;

 

“Escrow Retention Account”
means a special escrow account with the Escrow Agent to be created by the Lender pursuant to Clause 5 into which the Escrow Retention
Amount is to be deposited by the Borrower in accordance with the terms of this Agreement;

 

“Claim Provisions Amount”
has the meaning ascribed in limb (c) of the definition of Escrow Retention Amount;

 

“Escrow Retention Amount”
means an amount equal to the lower of (i) EUR 8,000,000 (eight million Euro) less the aggregate amount of any Adjudicated Set-off
Claim Amounts, and (ii) the aggregate of the following:

 

		(a)	the Base Escrow Retention Amount;

 

		(b)	the aggregated amount of any outstanding Adjudicated Claim Amounts which do not constitute Adjudicated
Set-off Claim Amounts; and

 

		(c)	the aggregate amount of any claims for damages and/or Losses which have been submitted by Buy-Co,
acting in good faith, to the Lender (in its capacity as the Vendor under the SPA) pursuant to the relevant provisions of the SPA
but which do not yet constitute Adjudicated Claim Amounts (“Claim Provisions Amount”) save that:

 

		(1)	if the Vendor notifies Buy-Co in writing that it disagrees
with the amount of any such claim for damages and/or Losses; and/or

 

		(2)	in respect of any liability which is contingent,

 

    		Sch 19-6	 

     

    

 

the appropriate
amount to be retained in the Escrow Retention Amount in respect of any such claim (which shall be an amount which is reasonably
sufficient to provide for full recovery by the Purchaser in respect of the relevant claim) shall be determined by an independent
legal expert who shall be a lawyer who has been a Queen’s Counsel in England and Wales for at least ten years as at the date
of appointment and shall be jointly appointed by the Borrower and the Lender and the parties shall agree the terms of appointment
with the independent legal expert (the liability for the costs of such independent legal expert to be determined by the independent
legal expert in its sole discretion) provided that, if the parties are unable to agree on the terms of that independent legal expert’s
appointment within seven days or the independent legal expert is unwilling or unable to act, either the Borrower or the Lender
shall then be entitled to request the London Court of International Arbitration to appoint another expert who satisfies the relevant
requirements and is willing and able to act and the London Court of International Arbitration shall agree on the terms of appointment
with such independent legal expert (an “Independent Legal Expert”),

 

being the amount
which is to be deposited into the Escrow Retention Account in accordance with the terms of this Agreement as security for the fulfilment
by the Vendor of certain post-Closing liabilities pursuant to the provisions of the SPA;

 

“Escrow
Retention Date” means the first date on which any funds are transferred to the Escrow Retention Account in accordance
with Clause 4(b)(i), Clause 4(d)(i) or Clause 8.5(a) below;

 

“Escrow
Retention Funds” has the meaning ascribed to it in Clause 5.2(a) below;

 

“Finance
Documents” means:

 

		(a)	this Agreement;

 

		(b)	the Subordination Agreement;

 

		(c)	and any other document designated, in writing, as a “Finance Document” by the Lender
and the Borrower;

 

“Free Funds Available
for Distribution” means any amount which is available for distribution by BUTU and/or Buy-Co and/or the Borrower to their
respective shareholders and/or affiliates after all debt service obligations of BUTU and/or Buy-Co under the Senior Debt Facility
have been satisfied and fulfilled and subject to any retention that the respective board of directors of BUTU, Buy-Co and the Borrower
may reasonably consider appropriate with respect to any other obligation or liability of that company and having made reasonable
provisions and transfers to reserves in each case in accordance with the previous policy of the relevant board of directors;

 

“Independent
Legal Expert” has the meaning ascribed to it in limb (c) of the the definition of Escrow Retention Amount;

 

    		Sch 19-7	 

     

    

 

“Interest Period”
means each period determined under Clause 3(b) of this Agreement by reference to which interest on the outstanding principal amount
of the Vendor Loan is calculated;

 

“Lender Group Companies”
means: (i) the Lender; and (ii) BEA Hotels NV; and (iii) Elscint Holdings & Investments BV; and (iv) Elbit Imaging Ltd;

 

“Mandatory Trigger”
means the occurrence of a Material Event of Default and/or a Non-Material Event of Default;

 

“Material Event of Default”
has the meaning ascribed to it in Clause 8.1 below;

 

“Maturity Date”
means the date that falls on the third anniversary of the Closing Date or, if such date is not a Business Day, on the Business
Day immediately preceding such date;

 

“Non-Material Event
of Default” has the meaning ascribed to it in Clause 8.2 below;

 

“Party” means
a party to this Agreement and includes any permitted assignee of, or successor to, such party in accordance with this Agreement;

 

“Prepayment Amount”
has the meaning ascribed to it in Clause 4(c)(i) below;

 

“Refinancing”
has the meaning ascribed to it in Clause 8.4(b) below;

 

“Refinancing Lender”
has the meaning ascribed to it in Clause 8.4(b) below;

 

“Repayment Amount”
means, as at the relevant time, the amount equal to the outstanding principal amount of the Vendor Loan, together with all accrued
but unpaid interest thereon, less the Escrow Retention Amount;

 

“Senior Debt Facility”
means: the senior loan facility which is to be granted to Buy-Co and/or to BUTU by Raiffeisen Bank International AG and/or Raiffeisen
Bank Romania S.A. on or before the Closing Date]

 

“Subordination Agreement”
has the meaning ascribed to it in Clause 7 below;

 

“Term of the Loan”
means the period commencing on the date hereof and terminating on the earlier to occur of: (i) the Maturity Date; and (ii) the
repayment of the outstanding principal amount of the Vendor Loan, together with all accrued but unpaid interest thereon in accordance
with Clause 4(b), Clause 4(c) or Clause 8.5(a); and

 

“Vendor Loan”
means the loan made or to be made under this Agreement in the principal amount of EUR 8,000,000 (eight million Euro) as may
be adjusted from time to time pursuant to (i) the capitalization of any accrued interest pursuant to Clause 3(d) below, (ii) any
Prepayment Amount paid by the Borrower pursuant to Clause 4(c) below, (iii) any set-off as against the principal of any Adjudicated
Set-off Claim Amounts, and/or (iv) any set-off as against the principal pursuant to Clause 8.5(a) and/or Clause 8.6(a) below.

 

    		Sch 19-8	 

     

    

 

		1.2	Incorporation of provisions from Master Agreement

 

Each
of the Parties agrees that the following provisions of the SPA shall be incorporated in and form part of this Agreement, mutatis
mutandis, and shall be binding on each Party to this Agreement, namely: §1.1 (Definitions);
§1.2 (Interpretation); §14 (Confidential Information); §15 (Announcements); §18 (Notices);
§28 (Amendments); §31 (Arbitration); §32 (Service of Process) and §33 (Governing Law)
of the SPA, including any defined terms used in such clauses which are defined in other clauses of the SPA.

 

		2.	LOAN

 

		(a)	The Lender agrees that it shall grant the Vendor Loan to the Borrower on the Closing Date in the
amount of EUR 8,000,000 (eight million Euro).

 

		(b)	The Parties hereby agree that the Vendor Loan shall be deemed to have been drawn down by the Borrower
on the Closing Date by means of the deduction of an amount equivalent to EUR 8,000,000 (eight million Euro) from the Estimated
Net Purchase Price or Revised Estimated Net Purchase Price, as relevant, due and payable on that date by Buy-Co (in its capacity
as Purchaser under the SPA) to the Lender (in its capacity as Vendor under the SPA).

 

		3.	INTEREST

 

		(a)	Interest Rate. Interest on the outstanding principal amount of the Vendor Loan shall
accrue at the rate of 5% (five per cent.) per annum, and shall be calculated on the basis of a year of 360 days (the “Interest
Rate”).

 

		(b)	Interest Periods. Interest calculated at the Interest Rate shall accrue semi-annually
(each of the above, an "Interest Period") and shall be payable as provided in Clause 3(c) and Clause 3(d) below.

 

		(c)	Interest Payments. Interest accruing on the outstanding principal amount of the Vendor
Loan shall be paid in arrears in respect of an Interest Period as follows:

 

		(i)	subject to Clause 3(d) below, the first interest payment pursuant to this Clause 3 shall take place
on the date which is 18 months following the Closing Date (in respect of the 6-month period from the first anniversary of the Closing
Date until the date which is 18 months following the Closing Date); and thereafter

 

		(ii)	semi-annually on that date which is 24 months, 30 months and 36 months respectively following the
Closing Date.

  

    		Sch 19-9	 

     

    

 

		(d)	Capitalization of Unpaid Interest.

 

		(i)	In respect of interest which shall accrue at the end of the first and second Interest Periods (being
the 6-month periods expiring on the date 6 months and 12 months respectively following the Closing Date), all such accrued but
unpaid interest shall be capitalized with, and added to, the outstanding principal amount of the Vendor Loan and shall be deemed
to form part thereof, and the outstanding principal amount of the Vendor Loan shall thereupon be treated as having been increased
by the amount of interest capitalized in accordance with this Clause 3(d)(i); and

 

		(ii)	In the event that the Borrower shall fail to make any interest payment on due date thereof in terms
of Clause 3(c) above, in whole or in part, and shall have failed to rectify such default within 10 (ten) Business Days of the due
date for payment, then and in such event the amount of such unpaid interest shall be capitalized in the manner provided for in
Clause 3(d)(i) above.

 

		(e)	Default Interest. Save only in respect of interest in relation to the first and second
Interest Periods following the Closing Date which is capitalized and added to the outstanding principal amount of the Vendor Loan
pursuant to Clause 3(d)(i) above, if the Borrower fails to pay any sum payable to the Lender under this Agreement when due, it
shall pay interest on such sum from and including the due date up to and including the date of actual payment (both before and
after judgment) at 5% (five per cent.) per annum above the Interest Rate. Such interest shall be calculated on the basis of the
actual number of days elapsed and a 360-day year, shall accrue from day to day and shall be payable from time to time on demand.

 

    		Sch 19-10	 

     

    

 

		4.	REPAYMENT OF LOAN PRINCIPAL

 

Repayment of the
Loan 

 

		(a)	The Borrower shall repay the outstanding principal amount of the Vendor Loan, together with all
accrued but unpaid interest thereon in full on or before the Maturity Date in accordance with Clause 4(b) below.

 

		(b)	Repayment shall be effected and completed by:

 

		(i)	subject to the creation of the Escrow Retention Account and the execution of the Escrow Agreement
in accordance with Clause 5, the deposit by the Borrower of the Escrow Retention Amount less, if applicable, an amount equal to
the Escrow Retention Funds at such time (if any), into the Escrow Retention Account; and

 

		(ii)	payment by the Borrower to the Lender of the Repayment Amount.

 

Voluntary
Prepayment

 

		(c)	The Borrower shall be entitled to wholly or partially prepay the outstanding principal amount of
the Vendor Loan together with all accrued but unpaid interest thereon prior to the Maturity Date in accordance with Clause 4(d)
below, provided that:

 

		(i)	each prepayment amount (a “Prepayment Amount”) is not less than EUR 500,000
(five hundred thousand Euro) other than any prepayment amount which repays in full the entire outstanding principal amount of the
Vendor Loan together with all accrued but unpaid interest thereon;

 

		(ii)	it furnishes the Lender with not less than 10 Business Days advance written notice of its intention
to do so and confirmation of the Prepayment Amount; and

 

		(iii)	any such prepayment shall be applied firstly to the payment of all accrued but unpaid interest
and thereafter to the repayment of the outstanding principal amount of the Vendor Loan.

 

		(d)	Prepayment of any Prepayment Amount shall be effected and completed by:

 

		(i)	subject to the creation of the Escrow Retention Account and the execution of the Escrow Agreement
in accordance with Clause 5, the deposit by the Borrower of an amount equal to the lower of (a) the Prepayment Amount, and (b)
the Escrow Retention Amount less, if applicable, an amount equal to the Escrow Retention Funds (if any), into the Escrow Retention
Account; and

 

		(ii)	to the extent that such Prepayment Amount exceeds the amount to be deposited into the Escrow Retention
Account pursuant to Clause 4(d)(i), payment by the Borrower to the Lender of an amount equal to the excess.

 

    		Sch 19-11	 

     

    

 

Mandatory
Prepayment

 

		(e)	Subject to the provisions of Clause 8.5 below, if a Material Event of Default has occurred and
remains un-remedied and is continuing at the end of the Cure Period referred to in Clause 8.5(b) below, if notified in writing
by the Lender, the Borrower shall within 10 Business Days, in accordance with Clause 4(b), repay the outstanding principal amount
of the Vendor Loan, together with all accrued but unpaid interest thereon.

 

		5.	ESCROW RETENTION ACCOUNT

 

		5.1	Prior to the Maturity Date or, if earlier, as soon as reasonably
practicable following the earlier of (a) a Mandatory Trigger, and (b) the date of any notice delivered by the Borrower pursuant
to Clause 4(c)(ii) of any intention to make a Prepayment Amount, the Lender and the Borrower shall:

 

		(a)	procure that the Escrow Retention Account is created and functional; and

 

		(b)	respectively use their best endeavours to ensure that an escrow agreement is agreed with an Escrow
Agent substantially in the form and text attached hereto as Annex 1 (the “Escrow Agreement”) and, following
such agreement, is validly executed by each of the Lender, Buy-Co and the Escrow Agent.

 

		5.2	The Parties agree and acknowledge that, following the Escrow
Retention Date:

 

		(a)	the funds standing to the credit of the Escrow Retention Account from time to time (the “Escrow
Retention Funds”) shall be released from the Escrow Retention Account in the manner and on the terms specified in the
Escrow Agreement; and

 

		(b)	notwithstanding Clause 5.2(a) or any term of the Escrow Agreement:

 

		(i)	if any Adjudicated Claim Amount, as at the due date for payment of such Adjudicated Claim Amount,
remains outstanding, the Borrower shall be entitled to give written instructions to the Escrow Agent pursuant to the Escrow Agreement
to transfer to the Borrower such amount of the Escrow Retention Funds as is necessary, to the greatest extent possible, to settle
such Adjudicated Claim Amount;

 

		(ii)	subject to a Mandatory Trigger or any voluntary payment of a Prepayment Amount pursuant to Clause
4(c) having occurred prior to the date 18 months following the Closing Date, on the date 18 months following the Closing Date,
to the extent that the Escrow Retention Funds exceed the aggregate of (1) EUR 4,000,000 (four million Euro), (2) the aggregated
amount of any outstanding Adjudicated Claim Amounts which have not been settled out of the Escrow Retention Funds pursuant to Clause
5.2(b)(i), and (3) the Claim Provisions Amount, the Borrower and the Lender shall jointly give written instructions to the Escrow
Agent pursuant to the Escrow Agreement to transfer to the Lender such amount of the Escrow Retention Funds as is equal to the excess;

 

    		Sch 19-12	 

     

    

 

		(iii)	on the third anniversary of the Closing Date, to the extent that the Escrow Retention Funds exceed
the aggregate of (1) EUR 2,500,000 (two million and five hundred thousand Euro), (2) the aggregated amount of any outstanding Adjudicated
Claim Amounts which have not been settled out of the Escrow Retention Funds pursuant to Clause 5.2(b)(i), and (3) the Claim Provisions
Amount, the Borrower and the Lender shall jointly give written instructions to the Escrow Agent pursuant to the Escrow Agreement
to transfer to the Lender such amount of the Escrow Retention Funds as is equal to the excess;

 

		(iv)	on the date 54 months following the Closing Date, to the extent that the Escrow Retention Funds
exceed the aggregate of (1) EUR 1,500,000 (one million and five hundred thousand Euro), (2) the aggregated amount of any outstanding
Adjudicated Claim Amounts which have not been settled out of the Escrow Retention Funds pursuant to Clause 5.2(b)(i), and (3) the
Claim Provisions Amount, the Borrower and the Lender shall jointly give written instructions to the Escrow Agent pursuant to the
Escrow Agreement to transfer to the Lender such amount of the Escrow Retention Funds as is equal to the excess;

 

		(v)	on the date 72 months following the Closing Date, to the extent that the Escrow Retention Funds
exceed the aggregate of (1) the aggregated amount of any outstanding Adjudicated Claim Amounts which have not been settled out
of the Escrow Retention Funds pursuant to Clause 5.2(b)(i), and (2) the Claim Provisions Amount, the Borrower and the Lender shall
jointly give written instructions to the Escrow Agent pursuant to the Escrow Agreement to transfer to the Lender such amount of
the Escrow Retention Funds as is equal to the excess; and

 

		(vi)	semi-annually following the date 72 months following the Closing Date, to the extent that any of
the Escrow Retention Funds have been retained in the Escrow Retention Account in connection with any Claim Provisions Amount, the
Lender shall be entitled to require that the Borrower and the Lender jointly appoint an Independent Legal Expert to determine whether
(i) there is any reasonable prospect of the Claims Provisions Amount being required to satisfy a claim under the SPA and (ii) if
the Claims Provisions amount is reasonably sufficient to provide for full recovery by the Purchaser in respect of the relevant
claim and, to the extent that such Independent Legal Expert determines that any of the Claim Provisions Amount should not be retained
(a “Claim Provisions Release Amount”), the Borrower and the Lender shall jointly give written instructions to
the Escrow Agent pursuant to the Escrow Agreement to transfer to the Lender such amount of the Escrow Retention Funds as is equal
to the Claim Provisions Release Amount.

 

    		Sch 19-13	 

     

    

 

		6.	RANKING

 

		6.1	The Vendor Loan awarded in terms of this Agreement shall represent
a direct obligation of the Borrower and, in a liquidation or insolvency scenario (an “Insolvency Event”),
shall rank in right and priority of payment:

 

		(a)	junior to the Senior Debt Facility, any replacement senior debt finance facility and any capital
expenditure facility;

 

		(b)	senior to all and any other debts or equity claims of the shareholders and/or of any affiliates
of the Borrower by way of share capital, shareholder loans and other forms of equity participations; and

 

		(c)	senior to all other indebtedness of the Borrower to any third party.

 

		6.2	For the avoidance of doubt, other than upon the occurrence of
a Material Event of Default and solely for so long as such Material Event of Default is continuing and remains un-remedied, the
Borrower shall, without limitation, be entitled, without restriction, to declare and pay dividends and repay any shareholder loans,
other forms of equity participations and other indebtedness.

 

		7.	FINANCE DOCUMENTS

 

The
Borrower and all its shareholders shall, on or before the Closing Date, execute a loan subordination agreement substantially in
the form and text attached hereto as Annex 2 (the “Subordination Agreement”)
and deliver to the Lender a copy of the duly executed Subordination Agreement.

 

		8.	EVENTS OF DEFAULT

 

		8.1	Material Events of Default

 

Each of the following shall be
a “Material Event of Default” under this Agreement:

 

		(a)	the Borrower fails to execute payment of any amount due and payable under this Agreement, whether
in respect of:

 

		(i)	interest payable upon the dates provided for in Clause 3(c) above; or

 

		(ii)	the repayment of the outstanding principal amount of the Vendor Loan, together with all accrued
but unpaid interest thereon on the Maturity Date in accordance with Clause 4(b) above;

 

    		Sch 19-14	 

     

    

 

		(b)	an event of default is declared to have occurred under the Senior Loan Facility which has resulted
in enforcement proceedings by the lenders under the Senior Loan Facility;

 

		(c)	commencement of a liquidation or insolvency scenario of, or in relation to, the Borrower.

 

		(d)	if a change of control occurs in the Borrower and/or in Buy-Co and/or in BUTU (where for the purposes
hereof a change of control shall occur upon the sale or disposition of more than 50% (fifty per cent.) of the issued and outstanding
shares of the Borrower or of Buy-Co or of BUTU (other than within the framework of a corporate restructuring within the Borrower’s
group of companies which does not result in a change of control having regard to the ultimate beneficial ownership of the Borrower
and/or in Buy-Co and/or in BUTU, as relevant);

 

		(e)	any breach by the Borrower or Buy-Co of the negative pledge made in terms of Clause 8.4 below; and

 

		(f)	if BUTU or its successor in interest shall sell the ownership of and title to the Radisson Hotel
Facility in Bucharest to a third party (other than within the framework of a corporate restructuring within the Borrower's group
of companies which does not alter the ultimate beneficial ownership of the Radisson Hotel Facility in Bucharest).

 

		8.2	Non-Material Events of Default

 

Each of the following shall be
a “Non-Material Event of Default” under this Agreement:

 

		(a)	any breach by the Borrower of its financial covenant made in terms of Clause 8.3 below; and

 

		(b)	if, following any breach by the Borrower to, within a reasonable time period, provide the Lender
with any information required to be delivered by the Borrower in accordance with Clause 9 below, the Lender gives written notice
to the Borrower of such breach and the Borrower fails to remedy such breach within 3 (three) months of it receiving that notice.

 

		8.3	Financial Covenant

 

The Borrower
undertakes to ensure that throughout the Term of the Loan it shall maintain a minimum equity interest in Buy-Co (whether in the
form of share capital or in the form of shareholder loans) in an amount not less than EUR 25,000,000 (twenty-five million Euro).

 

    		Sch 19-15	 

     

    

 

		8.4	Negative Pledge

 

The Borrower
undertakes to ensure that throughout the Term of the Loan the Borrower shall not, and shall procure that Buy-Co shall not, without
the prior written consent of the Lender (in its sole discretion), incur any additional borrowings or other indebtedness which:

 

		(a)	in whole or in part, are directly utilized to facilitate any distribution by BUTU, Buy-Co and/or
the Borrower to their respective shareholders; and

 

		(b)	result in the aggregate indebtedness of the Borrower, Buy-Co and/or BUTU increasing as against
the aggregate of (i) the aggregate indebtedness of the respective entity immediately following the Closing Date, and (ii) any additional
indebtedness incurred from time to time from Raiffeisen Bank International AG and/or Raiffeisen Bank Romania S.A. (or, following
any Refinancing (as defined below), from the Refinancing Lender (as defined below)) in order to finance capital expenditure in
relation to the Property (“CapEx Indebtedness”), provided that this Clause 8.4(b) shall not prevent each of
the Borrower, Buy-Co and/or BUTU from (1) incurring / entering into any CapEx Indebtedness, and/or (2) entering into any refinancing
arrangements with a single bank (or syndicate of banks) other than Raiffeisen Bank International AG and/or Raiffeisen Bank Romania
S.A. provided that, pursuant to such refinancing, all of such entities financing arrangements are provided by a single bank (or
syndicate of banks) (the “Refinancing Lender”) (“Refinancing”).

 

		8.5	Remedies for Material Event of Default

 

		(a)	Cash Sweep. Upon the occurrence of a Material Event of Default and for so long as the such
Material Event of Default is continuing, an immediate cash sweep shall be applied by the Borrower whereby all Free Funds Available
for Distribution shall be immediately and exclusively applied by the Borrower to the repayment of the outstanding principal amount
of the Vendor Loan, together with all accrued but unpaid interest thereon as follows:

 

		(i)	subject to the creation of the Escrow Retention Account and the execution of the Escrow Agreement
in accordance with Clause 5:

 

		(1)	the deposit by the Borrower of an amount equal to the lower of (a) 50 per cent. of the Free Funds
Available for Distribution, and (b) the Escrow Retention Amount less, if applicable, an amount equal to the Escrow Retention Funds
(if any), into the Escrow Retention Account (“Cash Sweep Retention Amount”); and

 

		(2)	the payment by the Borrower to the Lender of an amount equal to the Free Funds Available for Distribution
less the Cash Sweep Retention Amount.

 

    		Sch 19-16	 

     

    

 

		(b)	Cure Period. Upon the occurrence of a Material Event of Default in terms of Clause 8.1 above,
and without derogating from the cash sweep provisions in Clause 8.5(a) above, the Borrower shall be permitted to remedy such Material
Event of Default within a Cure Period of 3 (three) months following the date of the occurrence of the Material Event of Default.
During the Cure Period, no enforcement proceedings shall be commenced by the Lender.

 

		(c)	Acceleration and Enforcement. On and at any time after the expiry of the Cure Period referred
to in Clause 8.5(b) above, if the occurrence of a Material Event of Default is continuing and has not been remedied in full, then
and in such event:

 

		(i)	the Lender may, by written notice to the Borrower cancel the Vendor Loan whereupon it shall immediately
be cancelled, and declare that, pursuant to Clause 4(e), the outstanding principal amount of the Vendor Loan, together with all
accrued but unpaid interest thereon, be immediately due and payable; and

 

		(ii)	the Lender shall be entitled to take and implement all and any acts, deeds and things and to implement
any proceedings and any recourse available to it by operation of law in order to enforce its rights under this Agreement, including
without limitation the institution of liquidation proceedings against the Borrower.

 

		8.6	Remedies for a Non-Material Event of Default

 

		(a)	Upon the occurrence of a Non-Material Event of Default, an immediate cash sweep shall be applied
by the Borrower and the provisions of Clause 8.5(a) above shall apply mutatis mutandis.

 

		(b)	The Lender shall not implement any enforcement proceedings in respect of a Non-Material Event of
Default.

 

    		Sch 19-17	 

     

    

 

		9.	INFORMATION RIGHTS

 

Throughout the Term of the
Loan the Lender shall be entitled to receive, and the Borrower undertakes to deliver to the Lender and/or to procure delivery to
the Lender in a timely manner of:

 

		(a)	the annual financial statements of the Borrower, of Buy-Co and of BUTU;

 

		(b)	the annual valuation reports prepared in respect of the assets held by BUTU for the purpose of
the preparation of its annual financial statements, or for any other purpose required under the terms of the Senior Debt Facility;

 

		(c)	written notice containing all relevant details of:

 

		(i)	any claim against the Borrower and/or against Buy-Co and/or against BUTU in an amount exceeding
EUR 10,000,000 (ten million Euro);

 

		(ii)	the sale or disposition of any shares which would result in a change of control in the Borrower
and/or in Buy-Co and/or in BUTU (where for the purposes hereof a change of control shall occur upon the sale or disposition of
more than 50% (fifty per cent.) of the issued and outstanding shares of the Borrower or of Buy-Co or of BUTU (other than within
the framework of a corporate restructuring within the Borrower’s group of companies which does not result in a change of
control having regard to the ultimate beneficial ownership);

 

		(iii)	the sale or disposition by BUTU of all or any part of the Radisson Hotel Facility; and

 

		(iv)	a notice by the lenders under the Senior Debt Facility that an event of default has been declared
which has triggered enforcement proceedings by the lenders under the Senior Loan Facility.

 

		10.	PAYMENTS

 

		(a)	All sums payable by the Borrower to the Lender under this Agreement shall be paid free and clear
of all deductions or withholdings of any kind, save only as may be required by law.

 

		(b)	If the Borrower is required by law to make a deduction or withholding in respect of Tax from any
payment under this Agreement relating to an indemnity or a breach of warranty, the Borrower shall pay such sum as will, after the
making of any such deduction or withholding, leave the Lender with the same amount as it would have received had no deduction or
withholding been made.

 

		(c)	If any sum payable by the Borrower under this Agreement relating to an indemnity or a breach of
warranty is subject to Tax in the hands of the Lender or taken into account in calculating the Tax of the Lender, the same obligation
to make an increased payment as is referred to in Clause 10(b) shall apply in relation to such Tax liability as if it were a deduction
or withholding required by law.

 

		(d)	A certificate from the Lender as to the amount at any time due from the Borrower to it under this
Agreement shall, in the absence of manifest error, be conclusive.

 

    		Sch 19-18	 

     

    

 

		11.	INDEMNITY

 

The Borrower undertakes to indemnify
the Lender on demand against any actions, charges, claims, costs, damages, demands, expenses, liabilities, losses and proceedings
which the Lender may sustain or incur as a consequence of any default by the Borrower in the performance of any of the obligations
expressed to be assumed by it in the Finance Documents.

 

		12.	WARRANTIES

 

Each of the Borrower and the
Lender warrants to the other as at the date of this Agreement that:

 

		(a)	it is a corporation, properly established and validly incorporated, in existence and duly registered
under the Applicable Laws of its jurisdiction of incorporation and it has the power to own its assets and carry on its business
as it is being conducted;

 

		(b)	it has the requisite power and authority and has obtained all other applicable governmental, statutory,
regulatory or other consents, licences, authorisations, waivers or exemptions required to empower it to enter into and perform
the Finance Documents;

 

		(c)	the Finance Documents constitute legally valid and binding obligations of it; and

 

		(d)	entry into, performance and compliance by it of or with any term of any of the Finance Documents
does not and will not:

 

		(i)	violate or conflict with the provisions of its charter, memorandum and articles of association,
certificate of incorporation, by-laws, or equivalent constitutional documents in each relevant jurisdiction in any way;

 

		(ii)	result in violation or breach by it of any Applicable Laws in any relevant jurisdiction;

 

		(iii)	require any announcements, consultations, notices, reports or filings to be made by it or require
any consents, approvals, registrations, authorisations or permits to be obtained by it;

 

    		Sch 19-19	 

     

    

 

		(iv)	violate any voting agreement, stockholders’ agreement or voting trust agreement to which
it is a party;

 

		(v)	conflict with, result in any breach of or constitute a default under any other agreement, commitment
or other arrangement to which such Party or any of its Affiliates is a party or by which any of its respective assets are bound
(including or the avoidance of doubt the Senior Debt Facility), except for any such conflicts, breaches or defaults that would
not result in a material adverse effect on any such party or its Affiliates; or

 

		(vi)	require the consent of its direct or indirect shareholders.

 

		13.	ASSIGNMENT

 

Assignment
by Lender.

 

		(a)	The Borrower has been made aware that it is the intention of the Lender to implement a corporate
restructuring amongst the Lender Group Companies and/or other Affiliates immediately after the award of the Vendor Loan in terms
of this Agreement.

 

		(b)	It is accordingly specifically agreed and understood that the Lender and its successors in interest
shall be entitled transfer or novate all of its rights and obligations or liabilities under this Agreement, as follows:

 

		(i)	the Lender may transfer its rights and obligations under this Agreement to BEA Hotels NV; and thereafter

 

		(ii)	BEA Hotels NV may transfer its rights and obligations under this Agreement to Elscint Holdings
& Investments BV; and thereafter

 

		(iii)	Elscint Holdings & Investments BV may transfer its rights and obligations under this Agreement
to Elbit Imaging Ltd.

 

		(c)	The Lender also reserves the right to transfer all its rights and obligations in terms of this
Agreement directly to Elbit Imaging Ltd.

 

		(d)	The Borrower hereby specifically agrees and consents to the transfer and novation of this Agreement
as contemplated in Clause 13(b) and 13(c) above. The assignor and the assignee under any such transfer and novation, as the case
may be, shall notify the Borrower promptly in writing that the relevant transfer and novation has taken place but shall not be
required to obtain the consent of the Borrower for each such assignment.

 

    		Sch 19-20	 

     

    

 

Assignment
by Borrower.

 

		(e)	None of the rights or obligations under this Agreement may be assigned or transferred by the Borrower
without the prior written consent of the Lender.

 

		(f)	Except as expressly permitted by this Clause 13, any assignment or purported assignment of the
whole or any part this Agreement shall be void.

 

		(g)	The Borrower shall maintain, or cause to be maintained, a register (the "Register")
for the recordation of the names and addresses of the Lenders from time to time. The entries in the Register shall be conclusive
and binding for all purposes, absent manifest error, and the Parties may treat each person whose name is recorded in the Register
as a Lender hereunder for all purposes hereof. The Register shall be available for inspection by a Lender at any reasonable
time and from time to time upon reasonable prior notice.

 

		(h)	Upon receipt by the Borrower of a completed assignment of the Vendor Loan (in whole or in part)
in accordance with the terms hereof, the Borrower shall record the information contained therein in the Register.

 

		(i)	Without prejudice to this Clause 13, the Vendor Loan (in whole or in part) may only be assigned
or sold in whole or in part by registration of such assignment or sale on the Register. Any assignment or sale of all or part of
the Vendor Loan may only be effected by registration of such assignment or sale on the Register. Prior to the registration of assignment
or sale of the Vendor Loan (in whole or in part), the Borrower shall treat the person in whose name the Vendor Loan (in whole or
in part) is registered on the Register as the owner thereof for the purpose of receiving all payments thereon, notwithstanding
notice to the contrary.

 

		14.	SUCCESSORS

 

The rights and obligations of
the Parties under this Agreement shall continue for the benefit of, and shall be binding on, their respective successors and permitted
assignees.

 

		15.	COSTS, FEES, EXPENSES AND TAXES

 

		(a)	Each Party shall pay its own costs, fees and expenses in relation to the negotiation, preparation,
execution and carrying into effect of this Agreement.

 

    		Sch 19-21	 

     

    

 

		(b)	The Borrower shall, within 5 (five) Business Days of demand, reimburse the Lender for the amount
of all reasonable costs and expenses (including legal fees) incurred by the Lender in connection with the enforcement of, or the
preservation of any rights under, any Finance Document.

 

		16.	THIRD PARTY RIGHTS

 

A person who is not a party to
this Agreement shall have no right to enforce any of the terms of this Agreement by virtue of the Contracts (Rights of Third Parties)
Act 1999 or otherwise.

 

		17.	COUNTERPARTS

 

This Agreement may be executed
in counterparts, and by the Parties on separate counterparts, but shall not be effective until each Party has executed at least
one counterpart. Each counterpart shall constitute an original of this Agreement, but the counterparts shall together constitute
one and the same instrument.

 

		18.	GOVERNING LAW AND ARBITRATION

 

		(a)	This Agreement and any dispute or claim (including non-contractual disputes or claims) arising
out of or in connection with it or its subject matter shall be governed by, and construed in accordance with, English law; and

 

		(b)	The provisions of §31 (Arbitration) of the SPA are incorporated into this Agreement
by reference.

 

    		Sch 19-22	 

     

    

 

IN WITNESS
of which the Parties have entered into and they or their duly authorised representatives have executed this Agreement on the date
first above written.

 

	EXECUTED and DELIVERED	)	 
	as a Deed for and on behalf of	)	 
	BEA HOTELS EASTERN	)	 
	EUROPE BV. by	)	 
	 	 	 
	 	 	 
	 	 	Director
	 	 	 
	 	 	In the presence of:
	 	 	 
	 	 	 
	 	 	Witness’ signature
	 	 	 
	 	 	 
	 	 	Witness’ name
	 	 	 
	 	 	 
	 	 	Witness’ address
	 	 	 
	 	 	 
	 	 	Witness’ occupation
	 	 	 
	EXECUTED and DELIVERED	)	 
	as a Deed for and on behalf of	)	 
	PROMONTORIA NEMO B.V. by	)	 
	 	 	 
	 	 	 
	 	 	Director
	 	 	 
	 	 	In the presence of:
	 	 	 
	 	 	 
	 	 	Witness’ signature
	 	 	 
	 	 	 
	 	 	Witness’ name
	 	 	 
	 	 	 
	 	 	Witness’ address
	 	 	 
	 	 	 
	 	 	Witness’ occupation

 

    		Sch 19-23	 

     

    

 

ANNEX 1

 

FORM OF ESCROW AGREEMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    		Sch 19-24	 

     

    

 

ANNEX 2

 

FORM OF SUBORDINATION AGREEMENT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    		Sch 19-25	 

     

    

 

Schedule
20

Vendor Guarantee

 

    		Sch 20-1	 

     

    

 

Schedule
21

 

Agreed Upon Procedure

 

Schedule
21 – Agreed Upon Procedures used for the verification of Final Accounts

 

The
Agreed Upon Procedures listed below should be performed on:

 

		ü	The
                                         draft balance sheets and underlying books and records of each of the Target Companies
                                         to be prepared as of Closing Date in accordance with Romanian GAAP requirements (“draft
                                         Balance Sheets”) and 

 

		ü	Management
                                         information specifically produced for the purpose of preparing Final Accounts (“Management
                                         Statements”). 

 

The
Agreed Upon Procedures will be performed based on information in the statutory accounts of the Target Companies as at various
dates, as specified below (e.g. 30 November 2017, Closing Date), if the Closing Date is 18 December 2017. Should the Closing Date
be different than 18 December 2017, the procedures to be performed at 30 November 2017, as listed below, will be performed as
at the last day of the month prior to the Closing Date month (e.g. if the Closing Date is 14 January 2018, the procedures which
should be performed based on information at 30 November 2017, as listed below, will be performed based on information as at 31
December 2017). Similarly, procedures to be performed on statutory accounts for the period 1 December 2017 – Closing Date
if the Closing Date falls during December 2017 will be performed for the period 1 January 2018 – Closing Date if the Closing
Date falls during January 2018, 1 February 2018 – Closing Date if the Closing Date falls in February 2018 etc.

 

Any
adjustments equal or above RON 100,000 (one hundred thousand Lei) identified following the Agreed Upon Procedures listed below
should amend the draft Balance Sheets to be used for preparing the Final Accounts and / or to be reflected in the calculation
of the Final Aggregated NAV Adjustment Amount with a view to establishing the Final Net Purchase Price.

 

I.
Inventory

 

		1.	Participate
                                         at the merchandise stockcount performed as of Closing Date in order to validate
                                         stock count procedures of Bucuresti Turism S.A. and perform an independent count for
                                         a selection of top 15 product codes in terms of value and for another 15 product codes
                                         selected on site on a random basis. Report any differences exceeding 10,000 RON ("Audit
                                         Differences") or discrepancies noted. Obtain results of the full stock count
                                         performed by the Target Companies at Closing Date and ensure that all identified
                                         differences are corrected in the final stock countsheets.

 

		2.	Check
                                         that results of the final stock count are reflected in the books and records of Bucuresti
                                         Turism S.A. as of Closing Date.

 

		3.	Verify
                                         that all expired and damaged goods identified during the physical stock count are written
                                         off from the statutory books of Bucuresti Turism S.A. as of Closing Date.

 

II.
Receivables

 

		1.	Obtain
                                         the ageing of trade receivables in balance at Closing Date containing customer
                                         name, invoice number and invoice date /due date, values, less specific allowances, where
                                         the case. Reconcile the detailed ageing listing with the corresponding trial balance
                                         at the respective date. Investigate Audit Differences and propose adjustments to trial
                                         balances, if the case.

 

		2.	Select
                                         from the provided ageing top 10 invoices (top 2 invoices per each ageing category), check
                                         the disclosed invoice date, customer and value against supporting documents. Investigate
                                         Audit Differences and propose adjustments to trial balances, if the case.

 

		3.	For
                                         overdue receivables more than 90 days as at Closing Date (excluding balances between
                                         the Target Companies and related parties), check Vendor’s computation of specific
                                         adjustment amount identifying also collections between Closing Date and the date
                                         of performing Agreed Upon Procedures for overdue receivables more than 90 days as at
                                         Closing Date.

  

    		Sch 21-1	 

     

    

 

		4.	For
                                         all tenants and top 5 non-tenant trade receivables in balance (with a receivables balance
                                         larger than nil) at Closing Date, send confirmation letters in respect of receivable,
                                         guarantee (on and off balance sheet) and other balances with these clients at 30 November
                                         2017, reconcile with the trial balance. Investigate Audit Differences and propose adjustments
                                         to trial balances, if the case. Perform roll forward procedures for all tenants and top
                                         5 non-tenant clients in balance as Closing Date (by checking invoices recorded
                                         and collections between 30 November 2017 and Closing Date against underlying supporting
                                         documents).

 

		5.	For
                                         the clients for which confirmations as at 30 November 2017 are not received, also review
                                         cash receipts subsequent to Closing Date against bank statements. Investigate
                                         Audit Differences and propose adjustments to trial balances, if the case. If there are
                                         no subsequent cash collections, check the accuracy of invoices details in balance as
                                         at Closing Date against contractual arrangements.

 

		6.	Check
                                         the accuracy of calculation of the specific allowances for bad and doubtful debts at
                                         Closing Date and underlying reasons for allowance/documentation (i.e. pending
                                         litigations, insolvency proceedings, bankruptcy).

 

		7.	Send
                                         confirmation letters to external legal advisors regarding litigations where Target Companies
                                         are plaintiffs and ensure that appropriate specific allowances are booked in statutory
                                         accounts as of Closing Date.

 

		8.	Perform
                                         cut off procedures at Closing Date by selecting 10 largest invoices since previous
                                         month end before Closing Date and verify if they are recorded in the books in
                                         the appropriate period.

 

III.
Cash

 

		1.	Obtain
                                         a detailed listing of cash balances as at Closing Date and agree the amounts with
                                         the trial balance as at Closing Date. Investigate Audit Differences and propose
                                         adjustments to trial balances, if the case.

 

		2.	For
                                         all active Bank accounts in the trial balance as at 30 November 2017, send confirmation
                                         letters, reconcile with the trial balance. Investigate Audit Differences and propose
                                         adjustments to trial balances, if the case.

 

		3.	For
                                         all cash at Bank balances, including nil balances, reconcile the amounts with the bank
                                         statements at Closing Date. Investigate Audit Differences and propose adjustments
                                         to trial balances, if the case.

 

		4.	For
                                         cash in transit as of Closing Date, reconcile the amounts with the bank statements
                                         issued post Closing Date. Investigate Audit Differences and propose adjustments to trial
                                         balances, if the case.

 

IV.
Payables

 

		1.	Obtain
                                         detailed listing of trade and CAPEX payables in balance at Closing Date. Reconcile
                                         the detailed listing with the trial balance at the respective date and report on differences.

 

		2.	For
                                         top 25 largest suppliers for goods / services and top 5 CAPEX suppliers selected based
                                         on FY17 purchases (excluding balances between the Target Companies and balances with
                                         related parties), send confirmation letters in respect of balances at 30 November 2017,
                                         reconcile, investigate Audit Differences and propose adjustments to trial balances, if
                                         the case. Perform roll forward procedures for the selected suppliers until Closing
                                         Date (by checking invoices received and payments between 30 November 2017 and Closing
                                         Date against underlying supporting documents).

  

    		Sch 21-2	 

     

    

 

		3.	In
                                         case no confirmations are received, review all payments subsequent to Closing Date
                                         towards selected suppliers against the bank statements and /or invoices paid. Investigate
                                         Audit Differences and propose adjustments to trial balances, if the case.

 

		4.	Perform
                                         cut off procedures selecting the highest 10 transactions before and after Closing
                                         Date (up to 15 days before and after the Closing Date) to ensure that invoices received
                                         were recorded in the appropriate period. Obtain a detailed listing of invoices received
                                         in January 2018 and select 10 largest transactions to test if they were recorded in the
                                         appropriate period.

 

		5.	Obtain
                                         all bank statements between Closing Date and the date of performing the Agreed
                                         Upon Procedures. Select 10 largest payments, agree transactions from the bank statements
                                         to supporting documents (i.e. invoice, contract) in order to verify whether the associated
                                         liabilities have been recorded in the appropriate period and for the appropriate amounts.

 

		6.	Obtain
                                         a detailed listing of unpaid invoices at the date of performing the Agreed Upon Procedures.
                                         For a selection of 10 largest amounts test supporting documentation (i.e. invoices, contracts)
                                         to verify whether the associated liabilities have been recorded in the appropriate period.

 

		7.	Obtain
                                         credit notes from suppliers for FY17. For a selection of 5 largest amounts test supporting
                                         documentation (i.e. invoices) to verify whether they have been recorded in the appropriate
                                         period.

 

		8.	Inquire
                                         Management on the credit notes for FY17 which were not received by Management at the
                                         date of performing the Agreed Upon Procedures and check whether accruals were recorded
                                         in the appropriate period.

 

		9.	Send
                                         confirmation letters to external legal advisors regarding litigations where Target Companies
                                         are defendants. For litigations where a negative outcome is probable (ie more likely
                                         than not that cash outflows will be required in the near future to settle such obligations)
                                         obtain Management estimate on expected future cash outflows to settle such obligations.
                                         Report on identified exposures.

 

V.
Other receivables / payables

 

		1.	For
                                         Payroll (including Management’s remuneration & fees), bonuses paid and accrued
                                         during the year, inquire on bonuses to be granted in relation to period before Closing
                                         Date and check if they were properly accrued for at Closing Date; if bonuses
                                         will be paid until the date of completion of these Agreed Upon Procedures, we will test
                                         the payments by tracing them to bank statements.

 

		2.	For
                                         untaken holiday, obtain calculation as at Closing Date, reconcile with the trial
                                         balance. Investigate Audit Differences and propose adjustments to trial balances, if
                                         the case. Verify that calculation includes gross salary and related contributions (of
                                         both employer and employee).

 

		3.	For
                                         prepayments, obtain detailed listing at Closing Date, reconcile the amounts with
                                         the trial balance as at Closing Date. Investigate Audit Differences and propose
                                         adjustments to trial balances, if the case. Verify top 5 amounts in balance at Closing
                                         Date against contract / invoice in order to check if they are properly recorded. Based
                                         on detailed listing as at Closing Date and inquiry with Management, identify prepayments
                                         related to benefits granted to Management and employees who will not continue with the
                                         Target Companies post Closing.

 

		4.	For
                                         advances paid to inventory / services suppliers, obtain detailed listing at Closing
                                         Date, reconcile the amounts with the trial balance as at Closing Date. Investigate
                                         Audit Differences and propose adjustments to trial balances, if the case. For the top
                                         3 advances in balance at Closing Date, send confirmation letters in respect of
                                         balances at 30 November 2017, reconcile and report Audit Differences. Perform roll forward
                                         procedures for the selected suppliers until Closing Date (by checking invoices
                                         received and payments during 30 November 2017 and Closing Date).

  

    		Sch 21-3	 

     

    

 

		5.	For
                                         advances received from clients, obtain detailed listing at Closing Date, reconcile
                                         the amounts with the trial balance as at Closing Date and report on Audit Differences.
                                         For the top 3 advances in balance at Closing Date, send confirmation letters in
                                         respect of balances at 30 November 2017, reconcile and report Audit Differences. Perform
                                         roll forward procedures for the selected clients until Closing Date (by checking
                                         invoices and collections during 30 November 2017 and Closing Date).

 

		6.	Check
                                         VAT balances at 30 November 2017 against VAT statement and against corresponding sales
                                         and purchases journals. Check VAT accrual for the period between 30 November 2017 and
                                         Closing Date and check the basis of this VAT accrual.

 

VI.
Accruals and Provisions

 

		1.	Obtain
                                         a detailed listing of the accruals (including tax accruals) as at Closing Date,
                                         agree the amounts with the trial balance as at Closing Date. For all accruals
                                         obtain the computation, the basis for the estimations. and investigate Audit Differences.
                                         For the top 10 accruals, check also subsequent invoices issued in respect to the accruals
                                         recorded as at Closing Date. Propose adjustments to trial balances, if the case.

 

		2.	Obtain
                                         information on costs incurred for assessing compliance with GDPR gap assessment. Check
                                         that relevant accruals have been made for such costs, obtain information of future costs
                                         to be incurred for GDPR compliance.

 

		3.	Inquire
                                         Management about potential contingencies as of Closing Date. Summarize nature
                                         of potential risks and obtain Management estimate of potential negative outcome and timing
                                         of potential cash outflows.

 

VII.
Operating expenses / revenues

 

		1.	Obtain
                                         a summary of monthly operating revenues and expenses included in statutory accounts for
                                         FY16 and FY17 for each of the Target Companies except for Bucuresti Turism SA. Identify
                                         and explain abnormal variances between periods and from one year to another. In the case
                                         of Bucuresti Turism SA perform similar analyses for each of the profit centres: BUTU,
                                         Radisson, Park-Inn.

 

		2.	For
                                         all transactions booked by the Target Companies for December 2017, check the accuracy
                                         of “pro-rata” computation performed by Management to estimate relevant revenues
                                         / costs items for the period between 1 December 2017 to Closing Date.

 

Revenues
may be allocated to period 1 December 2017 – Closing Date as follows: i) Hotels’ revenues are the ones recorded
daily in Opera system; ii) Rental revenues are recorded on a pro-rata basis based on no of days elapsed from 1 December 2017 until
Closing Date and monthly rental revenues according to lease agreements; iii) Other revenues according to appropriate other
considerations.

 

Expenses
may be allocated to period 1 December 2017 – Closing Date based on: i) specific date (where expenses may be directly
traced to specific period when the services were provided / goods were consumed); ii) pro-rata according to corresponding revenues;
iii) pro-rata according to no of days between beginning of the month and Closing Date; iv) other considerations, as considered
appropriate.

 

		3.	For
                                         all operating expenses which require adjustment due to final determination at year end
                                         (ie: Management fee to Rezidor based on Gross Operating Profit, Management Incentive
                                         Scheme (MIC) to Employees, discounts from suppliers and other as appropriate ), verify
                                         that amounts recorded for 1 January 2017 - Closing Date have been adjusted accordingly.

   

    		Sch 21-4	 

     

    

 

VIII.
Intra-group balances and transactions

 

		1.	Obtain
                                         Target Companies’ intra-group (whereas the Group includes Bucuresti Turism SA,
                                         BEA Hotels Eastern Europe SLA, Romextur SA) balances at Closing Date and transactions
                                         for the period 1 January 2017 – Closing Date and reconcile with the amounts
                                         recorded in each of the Target Companies trial balances. Investigate Audit Differences
                                         and propose adjustments to trial balances, if the case.

 

		2.	Obtain
                                         Target Companies’ related party balances at Closing Date and transactions for the
                                         period 1 January 2017 – Closing Date and reconcile with the amounts recorded
                                         in each of the Target Companies trial balances. Investigate Audit Differences and propose
                                         adjustments to trial balances, if the case.

 

		3.	For
                                         related party balances at 30 November 2017 and transactions for the period 1 January
                                         2017 – Closing Date, send confirmation letters in respect of balances at
                                         30 November 2017 and transactions for 1 January 2017 – 30 November 2017, reconcile
                                         and investigate Audit Differences and propose adjustments to trial balances, if the case.
                                         Perform roll forward procedures for the related party balances until Closing Date
                                         (by checking invoices issues/received and payments/collections during 30 November
                                         2017 and Closing Date).

 

		4.	Perform
                                         cut off procedures at Closing Date, selecting intra-group and related party invoices
                                         before and after Closing Date to see if they were properly recorded/accrued for
                                         at Closing Date. Obtain a detailed listing of intra-group and related party invoices
                                         in the month subsequent to the month of the Closing Date and select 10 largest transactions
                                         to test if they were recorded in the appropriate period.

 

    		Sch 21-5	 

     

    

 

Schedule
22

Calculation of the NET Estimated Purchase Price

 

    		Sch 22-1	 

     

    

 

Schedule
23

Deed of Termination- Elbit Guarantee Agreement

 

    		Sch 23-1	 

     

    

 

Schedule
24

Deed of Termination- Elbit Management Services Agreement

 

    		Sch 24-1	 

     

    

 

Schedule
25

Elbit Confirmation No Written Agreements

 

    		Sch 25-1	 

     

    

 

Schedule
26

Power of Attorney BEA Hotels N.V

 

    		Sch 26-1	 

     

    

 

EXECUTED by the Parties

 

On 29 November 2017

 

For and on behalf of BEA Hotels Eastern
Europe BV as the Vendor

 

		 	 
	 	 	 
	Name: Doron Moshe	 	 
	 	 	 
	Title: Proxy	 	 

 

On 29 November 2017

 

For and on behalf of NEMO INVESTMENT
VEHICLE S.R.L. as the Purchaser

 

		 	 
	 	 	 
	Name: Vlad Dragoescu	 	 
	 	 	 
	Title: Director	 	 

 

 

64Exhibit 4.17

 

Deed
of Trust

 

Made and executed in Tel Aviv on the
18th day of February, 2018

 

	Between:	
        Elbit Medical Technologies Ltd. 

        Of 3 Shimshon St., Petah Tikva

        Tel.: 03-6086048; Fax: 03-6086050

        (Hereinafter: “the Company”)

         

        The first party;

	 	 
	And between: 	
        Reznik Paz Nevo Trusts Ltd 

        Of 14 Yad Harutsim St., Tel Aviv

        Tel.: 03-6389200; Fax: 03-6389222

        (Hereinafter: “the Trustee”)

         

        The second party;

 

	Whereas:	On May 29, 2017 the Company published a shelf prospectus (hereinafter: “the Shelf Prospectus”) according to which the Company might issue different types of securities (including bonds);  
	 	 
	And whereas:	The Company wishes to publish a Shelf Offering Report, by virtue of the Shelf Prospectus, for the purpose of issuing Bonds (Series C) of the Company convertible into the shares of the Company;
	 	 
	And whereas:	The Trustee is a company limited by shares and registered in Israel and was incorporated in Israel in accordance with the provisions set forth in the Companies Ordinance [New Version] 5743-1983 and that mainly engages in conducting businesses in trust and performing additional actions that are ordinarily performed by a trust company; 
	 	 
	And whereas:	The Trustee declares that there was no preclusion in accordance with the provisions set forth in the Securities Law 5728-1968 or any other law preventing its engagement with the Company in accordance with this Deed of Trust, including with respect to conflicts of interests that prevent its engagement with the Company as aforesaid, that the Trustee complies with the requirements and the conditions of competence set forth in the Securities Law 5728-1968 to serve as a trustee for the issue of the bonds subject matter of this Deed and that it lacks any interest in the Company, except for interest deriving from its capacity as a trustee for the bonds; 
	 	 
	And whereas:	The Company requested from the Trustee to serve as a trustee for the holders of the Bonds (Series C) and the Trustee agreed to the said subject to and in accordance with the provisions set forth in this Deed of Trust;  
	 	 
	And whereas:	The Company declares that it is not precluded in accordance with the provisions set forth in any law from engaging with the Trustee in accordance with this Deed of Trust and that it lacks any personal interest in the Trustee; 

 

     

     

    

 

	And whereas:	The Company declares that all approvals and/or permits that are required in accordance with the provisions set forth in any law and/or agreement were obtained for the purpose of performing the issue in accordance with the provisions set forth in the Deed of Trust and the Company is entitled to issue the Bonds (Series C) in accordance with the conditions set forth in the Deed of Trust and there is no preclusion under any agreement and/or law preventing the performance of the issue contemplated in this Deed of Trust.

 

Therefore, it is Declared, Stipulated
and Agreed between the Parties as Follows:

 

		1.	Preamble, interpretation and definitions 

 

		1.1.	The preamble to this Deed of Trust and Appendixes thereof constitute an integral part hereof.

 

		1.2.	The headings of the Sections will serve for the purpose of orientation and convenience only and
will not serve for the purpose of interpreting this Deed of Trust.

 

		1.3.	Anywhere in this Deed of Trust where the words “subject to the provisions set forth in any
law” (or any similar expression) are used, the meaning is to any law that cannot stipulated upon.

 

		1.4.	In this Deed of Trust words which are in the plural form shall be deemed to include the singular
form, and vice versa and words which are in the masculine gender shall be deemed to include the feminine gender, and vice versa
and a person shall also denote a body corporate, as long as there is no other express and/or implied provision in this Deed of
Trust and/or if content or context requires otherwise.

 

		1.5.	The signature of the Trustee on the Deed of Trust does not constitute an opinion of the Trustee
regarding the quality of the Bonds (Series C) or the feasibility of investment therein.

 

		1.6.	In the event of discrepancy between the provisions set forth in this Deed of Trust (including different
Appendixes thereof) and the provisions set forth in the Shelf Prospectus and/or the Shelf Offering Report with respect to Bonds
(Series C), the provisions set forth in this Deed shall take precedence. The Company declares that as of the date of signing the
Deed of Trust there is no discrepancy between the provisions set forth in the Shelf Offering Report and the provisions set forth
in the Deed of Trust.

 

    	 	2	 

     

    

 

		1.7.	As used in this Deed of Trust, including Appendixes and Addenda thereof, the following terms shall
have the respective meanings set forth beside them below, unless otherwise stated expressly:

 

	“The Stock Exchange” 	 	The Tel Aviv Stock Exchange Ltd. 
	 	 	 
	“Stock Exchange Clearing House” 	 	The Tel Aviv Stock Exchange Clearing House Ltd.  
	 	 	 
	“Stock Exchange Instructions” 	 	
        The instructions set forth in the Stock
        Exchange bylaws, the guidelines set forth thereunder and the Stock Exchange Clearing House bylaws (as the case may be).

         

        It is clarified that the Stock Exchange
        Instructions as published from time to time shall apply to the Bonds, their terms and the terms set forth in the Deed of Trust.

	 	 	 
	“Adjourned Meeting” or “Adjourned Holders Meeting”	 	A holders’ meeting that was adjourned to a date other than the date set for the opening of the meeting as specified in detail in Sections 20 to 22 in the Second Addendum of this Deed. 
	 	 	 
	“This Deed” or “the Deed of Trust” 	 	This Deed of Trust including Appendixes enclosed therewith and constituting an integral part thereof, in their version from time to time.  
	 	 	 
	“The Prospectus” or “the Shelf Prospectus” 	 	The Shelf Prospectus of the Company that was published on May 28, 2017 in respect of the Bonds, inter alia. 
	 	 	 
	“Shelf Offering Report” or “Offering Report” 	 	The Shelf Offering Report that will be published in accordance with the Shelf Prospectus, in accordance with the provisions set forth in Section 23a(f) of the Securities Law 5728-1968 and in which all the particulars of the Bonds (Series C) issue will be completed in accordance with the provisions set forth in any law and in accordance with the Stock Exchange Instructions. 

 

    	 	3	 

     

    

 

	“Bonds (Series C) First Offering Report”	 	An offering report according to which the Bonds (Series C) will be first offered. 
	 	 	 
	“Bonds (Series C)” or “the Bonds”	 	Series C of the registered Bonds of the Company, convertible into the shares of the Company and whose conditions shall be in accordance with the conditions set forth in the Deed of Trust and the Bonds certificates and the First Offering Report of the Bonds (Series C) that will be issued by the Company from time to time at its sole discretion. 
	 	 	 
	“First Trustee” 	 	Reznik Paz Nevo Trusts Ltd. 
	 	 	 
	“The Trustee” 	 	The First Trustee or any other trustee that will serve as a trustee of the bondholders in accordance with this Deed. 
	 	 	 
	“Substitute Assets” 	 	Within their meaning in Section 6.9.1 hereunder. 
	 	 	 
	“The Register” 	 	The Shareholders’ Register as stated in Section 27 of this Deed. 
	 	 	 
	“Bondholders” and/or “the Holders” and/or “Bond Owners”	 	According to the meaning of the terms “holder” and “holder of a certificate of indebtedness” in Section 35a of the Securities Law. 
	 	 	 
	“Bond Certificate” 	 	A bond certificate whose form appears in the First Addendum of this Deed. 
	 	 	 
	“The Law” or “the Securities Law” 	 	The Securities Law 5728-1968 and the regulations promulgated thereunder as amended from time to time. 
	 	 	 
	“Companies Law” 	 	The Companies Law 5759-1999. 
	 	 	 
	“Principal”	 	The total par value of the Bonds (Series C). 
	 	 	 
	“Trading Day” 	 	Any day in which transactions are performed in the Stock Exchange. 

 

    	 	4	 

     

    

 

	“Business Day” or “Banking Business Day”	 	Any day in which the majority of the banks in Israel are open for business. 
	 	 	 
	“Nominee Company” 	 	The nominee company of Mizrahi-Tefahot Nominee Company Ltd. or any other nominee company with which the Company engages, at its sole discretion and subject to the provisions set forth in any law, provided that the entire securities of the Company will be registered in the name of the said Nominee Company. 
	 	 	 
	“Liability Value of the Bonds” or “Adjusted Value” 	 	The balance of the principal of Bonds in circulation in addition to interest accrued and not yet paid and that accumulated until the Review Date. 
	 	 	 
	“VTL”	 	The ratio obtained following the division of: (a) the value of the Charged Shares (within its meaning hereunder); by (b) the balance of the Adjusted Value of the Bonds on the Review Date (or any other date to the extent noted expressly in the provisions set forth in the Deed of Trust) (i.e., principal and interest (including interest in arrears, to the extent applicable) and that accumulated until the said date) with deduction of cash and government bonds in the trust account and with deduction of bank guarantees that were deposited by the Trustee. 
	 	 	 
	“Insightec”	 	Insightec Ltd., a private company that incorporated in Israel, Company Registration No. 512755745. 
	 	 	 
	“Gamida”	 	Gamida-Cell Ltd., a private company incorporated in Israel, Company Registration No. 512601204. 
	 	 	 
	“The Charged Shares” 	 	Within their meaning in Section 6.1 hereunder. 

 

    	 	5	 

     

    

 

	“Government Bonds” 	 	Bonds that were issued by the State of Israel and that are traded in the Stock Exchange and whose payment date is no later than the payment date of the Bonds. 
	 	 	 
	“Government Bonds Value” 	 	The aggregate value of the Government Bonds of the different classes deposited in the trust account and that will be calculated with respect to each class of Government Bonds by the result obtained following the multiplication of: (1) the closing price of NIS 1 par value of Government Bonds of the relevant class in the Stock Exchange on the trading day that preceded the Review Date stated in the Deed of Trust hereunder; and (2) the par value of the Government Bonds of the relevant class. 
	 	 	 
	“Value of Insightec’s Shares” 	 	
        The result obtained from a division
of: (1) the sum that was invested in Insightec in the last investment round prior to the Review Date that will be stated in the
Deed of Trust; by (2) the number of Insightec shares that were allotted against the investment amount specified in sub-section
(1) above and: (a) without making a distinction between the different classes of shares that were allotted in the investment round
(to the extent that shares of different classes were allotted) and without taking into account the fact that the class of shares
that were allotted in the investment round as aforesaid can be shares with different rights (superior or inferior) than the classes
of shares existing in the Insightec capital; and (b) without taking into account securities convertible into Insightec shares
that were allotted in the investment round (if and to the extent that such securities were allotted).

 

    	 	6	 

     

    

 

	 	 	It is clarified that for the purpose of
        making the said calculation:

         

        A.    An
        investment round in Insightec in which an amount lower than USD 30M was invested in Insightec will not be taken into account (excluding
        a future cash flow following realization of convertible securities).

        B.    In
        the event the Insightec shares are listed for trade in any stock exchange, the calculation method of the share value of Insightec
        will be determined according to the average closing price of the Insightec shares in the 30 trading days in the Stock Exchange
        that preceded the Review Date specified in the Deed of Trust hereunder.

        C.    To
        the extent that the share price is denominated in a currency other than new Israeli shekels the said price will be translated into
        new Israeli shekels according to the exchange rate of the foreign currency vis-à-vis the shekel (as set by the Bank of Israel)
        on the day that preceded the Review Date as noted in the Deed of Trust hereunder.

        D.    An investment
        round in Insightec that is performed by way of rights issue will not be taken into account.

	 	 	 
	“Value of the Insightec Shares held by the Company” 	 	
        The result obtained following
multiplication of: (1) the Value of Insightec’s Shares; by (2) the number of Insightec shares held by the Company.

 

    	 	7	 

     

    

 

	 	 	It is clarified that: (a) the share capital
        of Insightec includes different classes of shares with different rights; (b) the Company holds certain classes of Insightec shares;
        (c) determination of the Value of Insightec’s Shares held by the Company will be performed according to the Value of Insightec’s
        Shares (within its meaning in this Deed of Trust) and the total number of Insightec shares held by the Company and while ignoring
        from the different classes of shares held by the Company.

	 	 	 
	“Value of Gamida’s Shares” 	 	
        The result obtained following the division
        of: (1) the amount that was invested in Gamida in the last investments round that was performed in Gamida prior to the Review Date
        stated in the Deed of Trust; by (2) the number of Gamida’s shares that were allotted against the investment amount specified in
        sub-section (1) above and that is performed: (a) without making a distinction between the different classes of shares that were
        allotted in the investments round (to the extent that shares of different classes were allotted) and without taking into account
        the fact that the class of shares allotted in the investments round as aforesaid might be shares with different rights (superior
        or inferior) than the classes of the shares existing in the share capital of Gamida; and (b) without taking into account securities
        convertible into Gamida’s shares that were allotted in the investments round (if and to the extent that such shares were allotted).

         

        It is clarified that for the purpose of
        making the calculation specified above:

         

        A.    No
        investments round in Gamida in which an amount lower than USD 30M was invested in Gamida will be taken into account (excluding
        a future cash flow following realization of convertible securities).

        

 

    	 	8	 

     

    

 

	 	 	B.    In
        the event the Gamida shares are listed for trade in any stock exchange, the calculation method of the share value of Gamida will
        be determined according to the average closing price of the Insightec shares in the 30 trading days in the Stock Exchange that
        preceded the Review Date specified in this Deed of Trust hereunder.

        C.    To the
        extent that the share price is denominated in a currency other than new Israeli shekels the said price will be translated into
        new Israeli shekels according to the exchange rate of the foreign currency vis-à-vis the shekel (as set by the Bank of Israel)
        on the day that preceded the Review Date as noted in the Deed of Trust hereunder.

        D.    An investment round in Gamida that is performed by way of rights issue will not be taken
into account.

	 	 	 
	“Value of Gamida’s Shares held by the Company” 	 	
        A result obtained from the multiplication
        of: (1) the Value of Gamida’s Shares; by (2) the number of Gamida’s shares held by the Company.

         

        It is clarified that: (a) the share capital
        of Gamida includes different classes of shares with different rights; (b) the Company holds certain classes of Gamida’s shares;
        (c) the Value of Gamida’s Shares held by the Company will be determined according to the Value of Gamida’s Shares (within its meaning
        in this Deed of Trust) and the total number of Gamida’s shares held by the Company and without taking into account the different
        classes of shares held by the Company.

 

    	 	9	 

     

    

 

	“Value of the Charged Shares” 	 	
        A result obtained from the multiplication
        of: (1) the Value of Insightec’s Shares”; by – (2) the number of Insightec’s Shares that are charged; with the addition
        of –

        The result obtained from the multiplication
        of: (1) the Value of Gamida’s Shares; by – (2) the number of Gamida’s Shares that are charged.

	 	 	 
	“Trust Account” 	 	A bank account that will be opened by the Trustee and in the name of the Trustee in one of the five largest banks in Israel in trust for the Bondholders and whose signatory rights shall be held solely by the Trustee. The funds in the Trust Account shall be invested by the Trustee in the tracks specified in Section 16 of the Deed of Trust. If and to the extent that the shares of Gamida and/or the shares of Insightec are listed for trade in the Stock Exchange and the Charged Shares become electronic shares (in lieu of share certificates) and/or the Company deposits in the Trust Account any assets (such as Substitute Assets that are Government Bonds), the Company shall be added as a beneficiary in the Trust Account in such manner that the shares and/or the assets as aforesaid shall be held by the Trustee for the Company as owner and for the Bondholders as charge holders. The Company declares that it does not have any claim and/or demand and/or suit in connection with the provision of the charge by the Company in accordance with and subject to the provisions set forth in the Charge Agreement. 

 

    	 	10	 

     

    

 

	“Ordinary Resolution” 	 	A resolution that was passed in the meeting of Bondholders that was convened in accordance with the provisions set forth in Section 35l13 and 35l14(a) of the Law (whether in the original or the adjourned meeting) by a majority of a minimum of fifty percent (50%) of all votes participating in the vote, except for abstaining votes. 
	 	 	 
	“Extraordinary Resolution” 	 	A resolution that was passed in a Bondholders’ meeting in which the holders of at least fifty percent (50%) of the balance of the par value of the Bonds in circulation attended, whether by themselves and whether by proxy, on the record date of the meeting, or in an adjourned meeting thereof, and in which the holders of at least twenty percent (20%) of the said balance attended, whether by themselves and whether by proxy, and that was passed (whether in the original meeting or the adjourned meeting) by a majority of at least two thirds (2/3) of the entire votes participating in the vote, except for abstaining votes.  
	 	 	 
	“Dollar” 	 	The U.S. dollar. 
	 	 	 
	“Dollar Exchange Rate”	 	The exchange rate of the dollar versus the shekel published by the Bank of Israel and in the event the Bank of Israel ceases to publish the exchange rate as aforesaid, any official exchange rate of the dollar versus the shekel that comes in lieu of the exchange rate as aforesaid and that applies at the time regarding Government Bonds linked to the dollar rate and, in the absence of an exchange rate as aforesaid, as determined by the Company following consultation with financial experts that will be appointed by the Company together with the Trustee and with its approval.   

 

    	 	11	 

     

    

 

		2.	Issue of the Bonds and application of the Deed of Trust 

 

		2.1.	Principal and interest 

 

		2.1.1.	Principal 

 

The Company will issue registered
Bonds, NIS 1 par value each, and that will be payable (principal) in one payment on March 1, 2022.

 

		2.1.1.1.	Without derogating from the provisions set forth in Section 2.6 hereunder regarding the expansion
of the series, if and to the extent that as part of the first offering to the public the Company issues bonds in a scope greater
than NIS 180M par value (an amount in new Israeli shekels equal to the total par value of the bonds above NIS 180M par value shall
be referred hereinafter: “the Excess Amount”), the Excess Amount shall be kept in the Trust Account and shall
not be released to the Company and the Company will use the Excess Amount for the purpose of performing early redemption of the
Bonds in accordance with the provisions set forth in Sections 7.2.1 to 7.2.6 hereunder when the early redemption amount shall be
equal to the Excess Amount in addition to interest accrued on the Excess Amount and not yet paid (i.e., as of the date in which
the Excess Amount was first received in the account of the dealer manager and until the date prior to the performance of early
redemption) calculated on a basis of 365 days a year according to the number of days in that period. It is emphasized that the
early redemption as aforesaid will not be performed prior to expiration of a period of 30 days as of the date of the tender to
the public.

 

		2.1.1.2.	For the purpose of performing the actions set out in Section 2.1.1.1 above, the Company shall publish
in an immediate report its intention to perform the early redemption by the Excess Amount together with a detailed calculation
with respect to the amount for transfer from the Trust Account for the purpose of making the said payment (and all up to the Excess
Amount) and, to the extent that an additional amount is required for the purpose of making payment, furnishing proof to the Trustee
regarding the transfer of the additional amount that is required for the Nominee Company. The Trustee shall cooperate with the
Company for the purpose of this matter and shall rely on the reports of the Company and will not perform out of its own initiative
or will not be required to conduct a review on its behalf.

 

    	 	12	 

     

    

 

		2.1.2.	Interest 

 

The uncleared balance of the
principal of the Bonds shall carry annual interest payable in two payments each year, on the 1st day of September and
March in each of the years 2018 to 2022, when the first payment of interest will be made on September 1, 2018 and the last payment
of interest will be made on March 1, 2022, for a period of six months that ended on the payment date, and according to the following
interest rate:

 

		2.1.2.1.	The interest rate in the period until February 28, 2020 (including)

 

The annual interest rate in
the period until February 28, 2020 (including) will be 5% (in such manner that the payment of interest for a period of six months
that ended on the payment date will be 2.5%), except for the first payment of interest that will be made on September 1, 2018 for
the period starting on the day the full consideration for the Bonds issue is received by the dealer manager of the Bonds and will
expire on the first payment date of the interest, calculated on a basis of 365 days a year according to the number of days during
this period and expires on the first payment date of the interest – September 1, 2018. Any additional interest period of
the Bonds shall commence on the first day after expiration of the interest period shortly before it and shall expire upon expiration
of the interest period (i.e.: on the payment date shortly after its commencement date).

 

		2.1.2.2.	Interest rate in the period from March 1, 2020 and until February 28, 2022 

 

The annual interest rate for
the period from March 1, 2020 (including) and until February 28, 2022 (including) shall be 10% (in such manner that the payment
of interest for a period of six months that ended on the payment date shall be 5%). Each additional interest period of the Bonds
will commence on the first day after expiration of the interest period shortly before that period and will expire upon expiration
of the interest period (i.e.: on the payment date shortly after its commencement).

 

For details about interest in
arrears see Section 3.3 of the conditions stated in the back of the page.

 

		2.2.	No linkage 

 

The Bonds shall not be linked
to any linkage basis.

 

		2.3.	Conversion into the shares of the Company 

 

The Bonds are convertible into
the shares of the Company as stated in Section 6 of the conditions in the back of the page.

 

		2.4.	For further details see also Sections 2 and 3 of the conditions in the back of the page. Regarding
the entitlement of the Company to early redemption of the Bonds see Section 7.2 of this Deed.

 

		2.5.	If, after the first date of issue of the Bonds, the series of Bonds is expanded by the Company,
the Holders of the Bonds that will be issued as part of the expansion of the series shall not be entitled to receive payment on
account of the principal and/or interest in respect of the Bonds whose due date occurs prior to the date of their issue as part
of the expansion of the series of the Bonds as aforesaid.

 

    	 	13	 

     

    

 

		2.6.	Expansion of series

 

		2.6.1.	The Company shall be entitled, from time to time, and without obtaining the approval of the Trustee
and/or the Bondholders, to expand the series of the Bonds and to issue additional Bonds of the same series (whether in a private
offering, whether as part of a prospectus, whether under a Shelf Offering Report and whether in any other manner (and each of the
aforesaid shall be referred hereinafter in this Section: “the Offering Document”) including to a related holder
(within its meaning in Section 4 hereunder) for any price and in any manner that the Company deems fit, including for a discount
rate or premium (including lack of discount or lack of premium) different than the other issues performed from the said series,
and provided that the Company fulfills the provisions set forth in Section 2.6.2 hereunder and when the par value of the Bonds
after the expansion shall not be greater than NIS 223M par value (hereinafter: “Maximal Series Scope”) and that
the Company will deliver advance notice to the Trustee in connection therewith (no later than the date in which the tender for
classified investors is held or the date in which the Offering Document is published, whichever is earlier) and that will include
the approval on behalf of the senior financial officer in the Company or the legal counsel of the Company stating that at the time
of expanding the Bonds series: (a) the Company meets all its material liabilities towards the Bondholders by virtue of the Deed
of Trust; (b) there are no grounds for immediate repayment; (c) the expansion of the series, in and of itself, will not result
in grounds for immediate repayment immediately after expanding the series as aforesaid.

 

It is hereby clarified that
in the event the Company issues Bonds up to the Maximal Series Scope, and during the lifetime of the Bonds the par value of the
Bonds in circulation decreases, for any reason, including as a result of principal payments, performance of buyback of Bonds or
as a result of early redemption of the Bonds in accordance with the provisions set forth in this Deed, the Company shall not be
precluded from issuing new Bonds provided that the total par value of the Bonds in circulation from time to time, including the
additional Bonds that will be issued, shall not be greater than the Maximal Series Scope.

 

 

		2.6.2.	A condition for the expansion
                                         of the series in accordance with the provisions set forth in this Section 2.6 is that
                                         the VTL1, after expansion of the series (that will be calculated as of the
                                         trading day prior to publication of the Offering Document or one trading day prior to
                                         the tender to classified investors, whichever is earlier (hereinafter in this Section
                                         2.6.2: “Effective Date”) and taking into account the projected adjusted
                                         value of the Bonds immediately after expansion of the series) shall not fall below 200%.

 

 

1
It is clarified that the calculation of the VTL is made based on the Value of Insightec Shares and the Value of Gamida Shares
deriving from the last investment round prior to the review date, as stated in the definitions of the terms “Value of Insightec
Shares” and “Value of Gamida Shares” in Section 1.7 of the Deed of Trust.

 

    	 	14	 

     

    

 

To the extent that the VTL
that will be calculated in the manner specified in the paragraph above is lower than 200%, the Company shall be entitled to expand
the series on the condition that the Company will charge in favor of the Trustee additional shares of Insightec and Gamida (hereinafter
in this Section: “Addition of Securities”) in such manner that the VTL after the expansion of the series (that
will be calculated in the manner described in the paragraph above and after taking into account the addition of the securities)
shall not fall below 200%. The calculation of the amount of the additional shares of Insightec and Gamida that will be charged
will be performed in accordance with the formulae presented in Section 6.1.1 hereunder and calculated according to the par value
of the Bonds and after expansion of the series and according to the Value of Insightec’s Shares and the Value of Gamida’s Shares
on the Effective Date. It is clarified that if and to the extent that the VTL that is calculated as of the Effective Date and taking
into account the projected adjusted value of the Bonds immediately after expansion of the series is greater than 200%, the expansion
of the series will be performed without the addition of securities.

 

		2.6.3.	Subject to the provisions set forth in the Deed of Trust, the Trustee shall serve as a trustee
for the Bonds and additional Bonds that are in circulation from time to time (the Bonds and the additional Bonds collectively –
“Expanded Series”), also in the event of Expanded Series and the consent of the Trustee to serve in office as
stated with respect to the Expanded Series will not be required. The Bonds that are in circulation and additional Bonds of the
same series and that are issued (if any) in accordance with this section above, shall constitute (as of the date of their issue),
one series for all intents and purposes, and the Deed of Trust shall apply also with respect to any additional Bonds as aforesaid
that are issued by the Company.

 

		2.6.4.	The Company shall deliver to the Trustee a confirmation from the senior financial officer in the
Company, together with a detailed calculation, in a form to the satisfaction of the Trustee, and that will include specification
regarding the VTL after the expansion, the additional number of Insightec and Gamida shares that the Company is required to charge
in accordance with the provisions set forth in Section 2.6.2 above (to the extent that the charge of additional shares is required
as aforesaid) and specification regarding the amount of the interest cushion that the Company is required to make good as a result
of the expansion (to the extent required) in accordance with the provisions set forth in Section 5.3.1.5 hereunder, in two trading
days as of the date of publishing the private offering report or a report about the results of the offering to the public, as the
case may be (hereinafter: “Officer’s Approval”).

 

    	 	15	 

     

    

 

		2.6.5.	The proceeds of the issue that the dealer manager will receive in respect of the expansion of the
series (hereinafter: “Consideration for the Expansion”) shall be transferred to the Company subject to the following
provisions:

 

		2.6.5.1.	To the extent that the expansion of the series is performed without additional securities
- the Company shall be entitled to receive to its possession the Consideration for the Expansion directly from the dealer manager
(except for the sum that is necessary for the purpose of making good the interest cushion in accordance with the provisions set
forth in Section 5.3.1.5 hereunder (to the extent required), and that will be transferred from the dealer manager to the Trust
Account) subject to furnishing the Officer’s Approval. The Trustee shall deliver to the dealer manager, in one business day as
of the date in which the Trustee receives the Officer’s Approval, a confirmation to transfer the Consideration for the Expansion
in accordance with the provisions set forth above.

 

		2.6.5.2.	To the extent that the expansion of the series is performed with additional securities as stated
in Section 2.6.2 above – the Consideration for the Expansion shall be transferred directly to the Trust Account and the
Company shall be entitled to receive the Consideration for the Expansion as aforesaid (except for the amount required for the purpose
of making good the interest cushion in accordance with the provisions set forth in Section 5.3.1.5 hereunder (to the extent required)
and that will be kept in the Trust Account) in two business days and after all of the following conditions have been met: (a) the
additional shares of Gamida and Insightec as stated in Section 2.6.2 above shall be charged until and no later than 45 business
days after the date in which the Consideration for the Expansion was received by the dealer manager (hereinafter in this Section:
“Period for Registration of the Charge”); (b) furnishing all the documents detailed in Section 6.7 hereunder in
connection with the charge of the additional shares of Gamida and Insightec as stated, mutatis mutandis, deriving from the
fact that this is an amendment of an existing charge. If and insofar as the Company fails to complete the registration of the additional
shares of Gamida and Insightec until expiration of the Period for Registration of the Charge, the Company shall perform early redemption
in a total amount equal to the full Consideration for the Expansion and the provisions set forth in Sections 6.12.5.1 to 6.12.5.3
hereunder shall apply, mutatis mutandis.

 

		2.6.6.	In the event of expansion of a series as aforesaid, the tax implications shall apply, including
in connection with the calculation of the discount rate, to the extent required, as specified in the Shelf Prospectus and the relevant
offering report.

 

		2.6.7.	The Company shall consider receipt of the Consideration for the expansion by the dealer manager
as receipt of consideration in the Company.

 

		2.6.8.	If and to the extent that it is necessary to carry out the private offering for Elbit Imaging Ltd.
as stated in Sections 5.3.3.2 and 5.3.3.3 hereunder, the provisions set forth in Sections 2.6.2 to 2.6.7 above shall apply to the
public offering.

 

    	 	16	 

     

    

 

		2.7.	Without derogating from the foregoing, the Company reserves the right to issue at any time additional
series of Bonds and/or other securities of any kind without obtaining the approval of the Trustee and/or from the existing Holders
at the time, whether or not the Holders purchase a right of conversion in the shares of the Company and in accordance with conditions
of repayment, interest, linkage, securities and other conditions as it deems fit, whether these have priority over the conditions
set out in the Bonds, equal to the said conditions or inferior to the said conditions, and without obtaining the approval of the
Bondholders or the Trustee or delivery of notice to any thereof. The Company shall publish an immediate report regarding such issue
as aforesaid to the extent that the Company is under such obligation by law to act in the said manner.

 

Notwithstanding the aforesaid,
the Company undertakes that to the extent that additional series of Bonds are issued and are not backed by securities (and as
long as the additional series of the Bonds are not backed up by securities), the Deed of Trust of the said additional series shall
not include a provision stating that the new Bonds shall have priority in the liquidation over the Bonds (Series C)2.

 

The provisions set forth in
this Section above shall not derogate from any rights of the Trustee and the Bondholders in accordance with the Deed of Trust.

 

		2.8.	To the extent that the issue of the Bonds in accordance with the Shelf Prospectus will give rise
to a conflict of interests in the Trustee, in such circumstances immediately after the Trustee delivers to the Company notice about
a conflict of interests as aforesaid, the Trustee and the Company will act for the purpose of this matter in accordance with the
instructions set forth by the Securities Authority and the applicable law at the time.

 

		3.	Appointment of the Trustee, term of office, roles and responsibilities 

 

		3.1.	The Company hereby appoints the Trustee as a trustee for the Bondholders by virtue of Chapter E1
of the Securities Law also for the Bondholders who are entitled to payments by virtue of the Bonds that were not paid after their
due date occurred (if and to the extent that there are any). The first Trustee shall commence its term of office as of the date
specified in Section 3.3 hereunder and its term of office shall expire in accordance with the provisions set forth in the law or
in this Deed.

 

		3.2.	The trust to the Bondholders and the roles of the Trustee in accordance with the provisions set
forth in this Deed of Trust shall come into operation on the first date of allotment of the Bonds by the Company, to the extent
that the Bonds are allotted.

 

 

2 In
the event of issue of an additional series of Bonds that are not backed by securities (and as long as the additional series of
the Bonds are not backed by securities), the Company shall deliver to the Trustee a confirmation signed by the senior financial
officer confirming that the Deed of Trust of the Bonds of the new series there is no provision stipulating that the new Bonds
will have priority in liquidation over the Bonds (Series C). The confirmation will be forwarded to the Trustee no later than the
date in which the tender for the classified investors is held or an Offer Document of the additional series is published, whichever
is earlier.

 

    	 	17	 

     

    

 

		3.3.	The provisions set forth in the Securities Law shall apply to the appointment of the Trustee, its
replacement, term of office or expiration thereof, resignation and dismissal, unless otherwise stated in the Deed of Trust (with
respect to legal provisions that can be stipulated on as aforesaid).

 

		3.4.	Notwithstanding the said, the decision of Holders regarding the termination of the term of office
of the Trustee and the replacement of the Trustee with another Trustee shall be passed in a meeting in which Holders holding a
minimum of fifty percent (50%) of the balance of par value of the securities or an adjourned meeting in which Holders holding a
minimum of ten percent (10%) of the balance attended as aforesaid and in a majority of seventy five percent (75%) of all votes
participating in the vote, except for abstaining votes.

 

		3.5.	The Trustee shall deliver to the new Trustee (to the extent that a new Trustee was appointed in
lieu of the Trustee) all documents and sums accumulated in the Trustee in connection with the trust contemplated in this Deed of
Trust for the Bonds and shall sign any document in connection therewith. Each new Trustee shall have the same powers, obligations
and authorities and it may act for all intents and purposes as if it was appointed as the first Trustee.

 

		3.6.	The roles of the Trustee shall be in accordance with the provisions set forth in any law and the
provisions set forth in this Deed.

 

		3.7.	The Trustee shall represent the Bondholders in anything related to the liabilities of the Company
towards these Bondholders and for that purpose the Trustee shall be entitled to act for the purpose of enforcing the rights granted
to the Holders in accordance with the provisions set forth in any law or this Deed.

 

		3.8.	The actions of the Trustee shall be in effect despite a flaw discovered in its appointment or competence.

 

		3.9.	The liability of the Trustee shall be in accordance with the provisions set forth in any law.

 

		3.10.	The Trustee may rely, in the performance of the Trust, on any written document, including a letter
of instructions, a notice, application, approval or certificate that appears to be signed or issued by any person or entity and
when the Trustee believes in good faith that was signed or issued by that person or entity.

 

		4.	Buyback of Bonds (and/or by a subsidiary and/or by controlling shareholders)

 

The Company reserves its right,
subject to the provisions set forth in any law, to purchase at any time Bonds that were issued out of the Bonds, for a price and
under conditions as the Company deems fit (and from sellers that the Company will select at its sole discretion and without an
obligation to approach all Holders) and in the event of a buyback as aforesaid the Bonds that are purchased shall expire automatically,
shall be delisted from trade in the Stock Exchange and the Company may not reissue the said Bonds. In the event the Bonds are purchased
during the trading in the Stock Exchange, the Company shall deliver a request to the Stock Exchange Clearing House to withdraw
the Bonds certificates. The Company shall submit an immediate report regarding the purchase of the Bonds that the Company performed
as aforesaid, to the extent required by law.

 

    	 	18	 

     

    

 

A subsidiary of the Company,
an associate of the Company (within the meaning of this term in the Securities Law), a related company of the Company (within the
meaning of this term in the Securities Law), a controlling shareholder in the Company (whether directly or indirectly), his family
member, a corporation controlled by any thereof or a corporation controlled by the Company (each of the said: “Related
Holder”) are entitled to purchase and/or sell from time to time in the Stock Exchange and/or outside the Stock Exchange
(including in the event of an offering by the Company) Bonds at their discretion (and subject to the provisions set forth in any
law). The Bonds that are held by a Related Holder in the Company as aforesaid shall be deemed as his asset and shall not be delisted
from trading in the Stock Exchange and may be transferred as the other Bonds.

 

		5.	Undertakings of the Company 

 

		5.1.	The Company hereby undertakes to pay on the dates set for that purpose all principal and interest
amounts, including any addition of interest, that are paid in accordance with the terms set forth in the Bonds and fulfill all
the other conditions and undertakings imposed on the Company in accordance with the terms set forth in the Bonds, in accordance
with the Shelf Offering Report and this Deed.

 

		5.2.	Limitations on distribution 

 

The Company undertakes not to
perform a distribution, within its meaning in the Companies Law (except for by way of a buyback of the Bonds that is performed
in accordance with the provisions set forth in this Deed of Trust) until the full payment of all principal and interest payments
of the Bonds (including interest in arrears, to the extent applicable, and any additional amount, including early repayment charge).

 

Notwithstanding the aforesaid,
the Company shall be entitled to perform a distribution even before the full repayment of the Bonds if and to the extent that on
the announcement date of the performance of the distribution as aforesaid cash or cash equivalents or a bank guarantee or Government
Bonds are deposited in the Trust Account and/or with the Trustee (hereinafter in this Section: “Cash or Cash Equivalents”)
for an amount that is equal to or greater than the uncleared balance of the Bonds, in its amount at the time, with the addition
of the interest amounts that are calculated until the full payment date of the Bonds – March 1, 2022. The Cash or Cash Equivalents
that will be deposited in the Trust Account and/or with the Trustee as stated above shall be deemed as Substitute Assets and the
provisions set forth in Section 6.9.1 above shall apply thereto. It is clarified that the Company shall be entitled to deposit
Cash or Cash Equivalents in the Trust Account and/or with the Trustee especially for the purpose of complying with the provisions
set forth in this paragraph and beyond the deposits (if and to the extent made) in accordance with the provisions set forth in
Sections 6.8 and/or 6.9 hereunder.

 

Prior to the performance of
a distribution as aforesaid the Company shall deliver to the Trustee a written confirmation signed by the senior financial officer
in the Company and in a form to the satisfaction of the Trustee, regarding the compliance of the Company with the undertaking specified
in this Section above, including the relevant calculations, and no later than 3 business days after the date of the announcement
regarding the intention to perform a distribution as aforesaid.

 

    	 	19	 

     

    

 

It is clarified that as of the
date of signing this Deed the Company is under no obligation with respect to the distribution of the dividend or buyback of its
shares, save as provided above.

 

		5.3.	Use of the consideration obtained following the issue

 

The consideration obtained from
the issue of the Bonds (with deduction of the issue expenses, including fees to the dealer manager, fees to the distributors, early
commitment fees to classified investors, legal and accounting expenses, payments to the Stock Exchange and payments to the Securities
Authority (hereinafter collectively: “Issue Expenses”)) shall be used by the Company according to the following
order:

 

		5.3.1.	Interest cushion 

 

		5.3.1.1.	First the Company shall keep in the Trust Account, out of the consideration obtained from the issue,
an amount equal to the amount of the four upcoming interest payments payable to the Bondholders (i.e., interest payments that will
be paid on September 1, 2018, March 1, 2019, September 1, 2019 and March 1, 2020) taking into account the scope of the public offering
(excluding the Excess Amount within its meaning in Section 2.1.1.1 above for which no sums should be deposited to the interest
cushion) in addition to the private offering of the Bonds to Elbit Imaging Ltd., as stated in Section 5.3.3.2 and 5.3.3.3 hereunder
(hereinafter: “Interest Cushion”).

 

The Company does not undertake
to deposit additional funds in respect of the Interest Cushion unless the Company expands the series.

 

		5.3.1.2.	The financial policy in the Interest Cushion and performance thereof will be determined by the
Trustee in accordance with the provisions set forth in Section 16 of this Deed and the Trustee shall not be responsible towards
the Bondholders and/or the Company for any loss caused as a result of the said investments.

 

		5.3.1.3.	The interest payments set for September 1, 2018, March 1, 2019, September 1, 2019 and March 1,
2020 shall be paid by the funds of the Interest Cushion and the Company shall not be required to deposit funds in the Interest
Cushion after making the said payments. The Company shall deliver to the Trustee an instruction to use the funds of the Interest
Cushion for the purpose of paying the relevant interest payment together with a calculation regarding the amount for payment in
each of the dates as aforesaid and the payment order from the Nominee Company and no later than 2 business days prior to the relevant
payment date and the Trustee shall transfer the relevant part from the Interest Cushion in accordance with the instructions set
forth by the Company directly to the Nominee Company for the purpose of paying the interest as aforesaid.

 

    	 	20	 

     

    

 

		5.3.1.4.	If and to the extent that the interest amount for payment of any of the interest payments as stated
above is greater than the balance of the funds in the Interest Cushion, the Company shall deliver to the Nominee Company the difference
out of its own sources and shall deliver to the Trustee proof evidencing the payment that was made as aforesaid prior to the transfer
of the funds by the Trustee in accordance with the provisions set forth in Section 5.3.1.3 above.

 

		5.3.1.5.	It is clarified that if, prior to making any of the said interest payments, the series of the Bonds
is expanded, the Company shall transfer to the Trust Account, as a condition and prior to the transfer of the Consideration for
the Expansion to the Company, an amount that is equal to the necessary amount for the purpose of making good the interest amount
that should be paid on September 1, 2018 and/or March 1, 2019 and/or September 1, 2019 and/or March 1, 2020, except for the payments
that were already paid.

 

		5.3.1.6.	The Company shall deliver to the Trustee, shortly after the first issue of the Bonds and in any
event in which the series of the Bonds is expanded as stated in Section 5.3.1.5 above (and in any event no later than seven business
days after the date of issue of the Bonds or the expansion of the series, as the case may be) a calculation signed by the senior
financial officer in the Company regarding the amount of the Interest Cushion at the time.

 

		5.3.2.	Funds for the current operation of the Company 

 

Out of the balance of the consideration
obtained following the issue (and after performing the deductions specified above) the Company shall keep an amount of four (4)
million new Israeli shekels that will be used by the Company for its current operations, at the sole discretion of the Company,
including administrative and general expenses of the Company for a period of two years (hereinafter: “Current Operations
Funds”). It is clarified that the Trustee is unable to assure that the Company fulfills the provisions set forth in this
Section.

 

		5.3.3.	Payment of the outstanding debt to the parent company 

 

		5.3.3.1.	The balance of the consideration obtained from the issue after making the payments and deposits
as stated in Sections 5.3.1 and 5.3.2 above (hereinafter: “Balance of Issue Funds”) shall be paid directly to
Elbit Imaging Ltd. (the controlling shareholder in the Company) (hereinafter: “Elbit Imaging”) for the full repayment
of the debt of the Company to Elbit Imaging that, as of January 1, 2018, is in the amount of approximately NIS 150M (it is clarified
that the final amount of the debt to Elbit Imaging might be higher as a result of the addition of interest and linkage differentials
as of January 1, 2018 and until payment is made) (hereinafter: “Debt to Elbit Imaging”).

 

    	 	21	 

     

    

 

The Company declares that
the Debt of the Company to Elbit Imaging comprises of the following: (a) shekel credit that Elbit Imaging provided in favor of
the Company, by virtue of a credit agreement made between the companies on March 13, 2011, as amended since on different occasions);
(b) dollar credit that Elbit Imaging provided in favor of the Company, by virtue of an agreement dated July 19, 2012, as amended
from time to time; (c) Management fees debt – the management fees debt of the Company to Elbit Imaging in respect of the
period as of November 24, 2010 and until January 31, 2018 (including), by virtue of a management services agreement between the
companies that was approved on November 21, 2010 and on November 9, 2014 and on February 1, 20183.

 

		5.3.3.2.	If and to the extent that the Balance of Issue Funds is insufficient for the purpose of paying
the full debt to Elbit Imaging (the said difference shall be referred hereinafter: “Debt Balance”) Elbit Imaging
undertakes towards the Company to convert the Debt Balance to the Bonds (Series C).

 

		5.3.3.3.	The conversion of the Debt Balance to the Bonds shall be performed as part of a private offering
of Bonds to Elbit Imaging that will be performed at the earliest opportunity after the public offering of the Bonds and under the
same conditions set forth as part of the public offering of the Bonds (i.e. the same price per unit) (hereinafter: “the
Private Offering”). Payment of the consideration in the Private Offering shall be made by way of setoff against the full
Debt Balance.

 

After publication of the Private
Offering report as aforesaid and after obtaining the approval of the Stock Exchange to perform the allotment of the Bonds to Elbit
Imaging as stated above, however before performing the actual allotment of the Bonds to Elbit Imaging, the Company shall charge
additional shares of Gamida and Insightec as stated in Section 6.1.1 hereunder according to the par value of the Bonds that should
be issued to Elbit Imaging. The registration of the charges as aforesaid shall be performed until and no later than the specific
period as stated in Section 6.12.5 hereunder.

 

 

3 For further details
see the immediate report of the Company dated August 16, 2017 (Ref.: 2017-01-083886).

 

    	 	22	 

     

    

 

		5.4.	Net debt ratio to the value of shares 

 

The Company undertakes that
until the full repayment of all principal and interest payments of the Bonds (including interest in arrears, to the extent applicable),
the ratio between: (a) the net debt (within its meaning hereunder), in its value as of the Review Date (within its meaning hereunder);
and between (b) cash or cash equivalents or a bank guarantee or Government Bonds in the Trust Account and/or held by the Trustee,
together with the Value of Insightec’s Shares held by the Company together with the Value of Gamida’s Shares held by the Company,
according to their value on the Review Date, shall not be greater than 65%.

 

	“Net Debt” 	 	Shall mean the debt balance of the Company (principal, accrued and outstanding interest and linkage differentials) towards financial creditors (including institutional bodies and including the Bonds subject matter of this Deed of Trust) as of the Review Date and with deduction of cash and cash equivalents (including deposits, limited deposits (that are against the said debts specified in this paragraph above) and negotiable securities) held by the Company as of the Review Date, according to the consolidated financial statements of the Company as of the Review Date. 
	 	 	 
	“Review Date” 	 	
        Each of the dates March 31, June 30, September
        30, and December 31 as of June 30, 2018 and until December 31, 2021.

         

        The calculation as of the Review Date will
        be performed until and no later than 3 business days after publication of the financial statements as of the Review Date (the financial
        statement will be published until and no later than the date set in the securities and the regulations promulgated thereunder for
        the purpose of publishing the financial statements) and the Company shall publish an immediate report (until and no later than
        3 business days after the publication date of the financial statements on the Review Date) in which the Company will indicate whether
        it meets the net debt ratio with relation to the value of its shares as of the Review Date.

         

        As long as the Company does not publish
        a financial statement on March 31 and/or September 30 by virtue of the reliefs the Company is entitled to in accordance with the
        Securities Law and the regulations promulgated thereunder, the review as of these dates shall be conducted according to the data
        the Company holds on the Review Date and the immediate report regarding the results of the calculation will be published by the
        Company until and no later than three business days after March 31 and September 30 respectively.

 

    	 	23	 

     

    

 

Until and no later than three
business days after the publication of each financial statements as of the Review Date (and as long as the Company does not publish
financial statements on March 31, and September 30, then with respect to these Review Date (March 31, and September 30) the delivery
date to the Trustee shall be until and no later than three business days after March 31, and after September 30, respectively)
the Company shall deliver to the Trustee a confirmation signed by the senior financial officer in the Company regarding the compliance
of the Company with the financial covenant as stated above at the time of signing this Agreement with a relevant calculation. In
the event of deviation from the provisions set forth in this Section above, the Company shall publish an immediate report no later
than expiration of a period of three (3) business days as of the date in which the Company found about the deviation as aforesaid
and in which the Company will specify the deviation including the Value of Gamida’s Shares, the Value of Insightec’s Shares and
the amount of the net debt as of the Review Date.

 

		5.5.	Use of the proceeds obtained from the sale of the Insightec and/or Gamida shares that are not
charged 

 

The Company undertakes that
until the full payment of all principal and interest payments of the Bonds (including interest in arrears, to the extent applicable),
if and to the extent that the Company will sell the shares of Gamida and/or the shares of Insightec that are not charged in favor
of the Trustee (hereinafter: “Free Shares”) the following provisions shall come into operation:

 

		5.5.1.	Twenty five percent (25%) of the net proceeds (i.e. the proceeds the Company obtains with deduction
of the sale expenses, including tax (to the extent applicable) from the sale of the Free Shares in whole or in part (hereinafter:
“Net Proceeds from the Sale of the Free Shares”) and up to the amount of 10% of the amount of the uncleared balance
of the Bonds, in its value at the time of selling the Free Shares, in addition to the interest accrued in accordance with the terms
set forth of the Bonds with respect to this balance and that was not actually paid (hereinafter in this Section: “Deposits
Limit”) will be transferred to the Trust Account (hereinafter: “Cushion following Sale of the Free Shares”)
and the Company shall be entitled to use it in accordance with one of the following alternatives, at the sole discretion of the
Company and the Company shall not be obligated to maintain any VTL ratio:

 

		5.5.1.1.	For the purpose of paying the principal and/or interest to the Bondholders in accordance with the
payments schedule of the Bonds.

 

		5.5.1.2.	For the purpose of performing early redemption of the Bonds in accordance with the provisions set
forth in Section 7.2 hereunder.

 

    	 	24	 

     

    

 

		5.5.1.3.	For the purpose of performing a buyback of the Bonds (Series C) as part of transactions solely
in the Stock Exchange in accordance with detailed instructions that the Company will deliver to the Bonds and at the sole and full
discretion of the Company (including with respect to the purchase price) and provided that the Bonds that are purchased as aforesaid
will be transferred to the Company and will be canceled.

 

		5.5.1.4.	For the purpose of purchasing the Gamida and/or Insightec shares on the dates and under the conditions
set at the sole discretion of the Company and shares that are purchased as aforesaid will not be charged in favor of the Bondholders.

 

For the avoidance of doubt
it is clarified that the deposit to the Cushion following Sale of the Free Shares up to the Deposits Limit is calculated for deposits
with respect to the entire sales of Free Shares, cumulatively (and without taking into account withdrawal from the cushion in accordance
with the provisions set forth in Section 5.5.1.1 to 5.5.1.4 above) and not with respect to any sale in and of itself, in such manner
that as of the date in which the Company deposited to the Cushion following Sale of the Free Shares a cumulative amount equal to
the Deposits Limit (and without taking into account withdrawal from the cushion, in accordance with the provisions set forth in
Sections 5.5.1.1 to 5.5.1.4 above) consequently all proceeds obtained from the sale of the Free Shares as of this date henceforth
shall be kept by the Company as stated in Section 5.5.2 hereunder.

 

The Company shall notify the
Trustee regarding any sale of Free Shares as aforesaid no later than three (3) business days after the sale of the Free Shares
and shall deliver to the Trustee a confirmation signed by the senior financial officer in the Company with details of the amount
that will be deposited in the Trust Account (for the Cushion following Sale of the Free Shares) following the sale and until a
Cushion following Sale of the Free Shares in an amount equal to the deposits Limit is deposited.

 

In addition, the Company will
include disclosure in its quarterly and/or semi-annual and/or annual financial statements, as the case may be, regarding the sale
of Free Shares during the relevant period of the report and up to the financial statement in respect of the period in which the
Cushion following Sale of the Free Shares in an amount equal to the Deposits Limit was deposited.

 

For the purpose of applying
the said in this Section 5.5.1 above, the Company shall deliver an immediate report, no later than two business days prior to the
due date for payment of the principal and/or interest and/or the early redemption date or two business days prior to the date in
which the Company is required to transfer the funds for the purpose of performing a buyback, as the case may be, regarding its
intention to make the said payment out of the funds deposited in the Cushion following Sale of the Free Shares in addition to a
detailed calculation, and in a form to the satisfaction of the Trustee, with respect to the transfer amount from the Trust Account
for the purpose of performing the said actions.

 

    	 	25	 

     

    

 

In the event of purchase of
shares in accordance with the provisions set forth in Section 5.5.1.4 above, the Company shall deliver to the Trustee, until and
no later than two business days prior to the date in which the Company is required to transfer the funds for the purpose of purchasing
the shares as aforesaid, a confirmation from the senior financial officer in the Company that will specify the number of shares
that the Company intends to purchase, the purchase price and the full details of the seller for the purpose of performing the transfer
until and no later than three business days after the said shares were received by the Company and the Company shall publish an
immediate report stating that the Company purchased the shares and that the shares of Gamida and/or Insightec were transferred
to the Company (including the number of the shares that were purchased).

 

The Trustee shall cooperate
with the Company for the purpose of this matter, shall rely on the reports of the Company and shall not perform out of its own
initiative or will be required to conduct a review on its behalf including with respect to the actual purchase of the shares or
their transfer to the ownership of the Company.

 

		5.5.2.	The net proceeds obtained from the sale of the Free Shares that is beyond the sum that the Company
deposited following by sale of the Free Shares as stated in Section 5.5.1 above shall be kept by the Company that shall be entitled
to use it at its sole discretion.

 

		5.6.	From time to time the Company shall be entitled to charge, sell, lease, assign, deliver and/or
transfer in any other manner its property (except for assets that are charged in favor of the Trustee for the Bondholders in accordance
with the provisions set forth in this Deed), in whole or in part, including for the purpose of assuring series of Bonds or other
undertakings of the Company, in any manner, in favor of whoever the Company deems fit, without limitations and without obtaining
any consent from the Trustee and/or the Bondholders and the Company is not obligated to notify the Trustee regarding the creation
of any charge on its assets as aforesaid.

 

		5.7.	The Bonds (Series C) shall be have equal class among themselves (pari-passu) without any priority
rights or preference of one bond over the other.

 

    	 	26	 

     

    

 

		6.	Securities and the conditions for transfer of the proceeds obtained from the issue to the
Company 

 

		6.1.	Charge of the shares of Gamida and Insightec

 

		6.1.1.	In order to assure the full
                                         and accurate fulfillment of the entire undertakings of the Company for payment of all
                                         principal and interest amounts of the Bonds (including interest in arrears, to the extent
                                         applicable) and any additional amount that the Company shall be obligated to pay in accordance
                                         with the provisions set forth in this Deed (hereinafter: “Secured Amounts”)
                                         the Company shall charge, in a fixed, single and senior charge for an indefinite amount
                                         in favor of the Trustee and for the Bondholders, by way of registration with the Registrar
                                         of Companies (and any other register that is required and/or that will be required in
                                         accordance with the provisions set forth in any law and/or agreement, at the earliest
                                         opportunity and at the expense of the Company) a certain amount of Insightec and Gamida
                                         shares that are owned by the Company and all rights attached and/or emanating from the
                                         said shares, including any additional shares or other securities issued in connection
                                         with the said shares, all rights that are part of and that are attached to these shares
                                         and all returns deriving from these shares and all rights and benefits and property rights
                                         of any kind that are granted and that will be granted in respect of and/or by virtue
                                         of these shares, including the funds and assets that are due and/or that will be issued
                                         in their place or in respect whereof or by virtue of thereof, including the right to
                                         a dividend in cash and/or in kind and any other distribution in respect of these shares
                                         and the rights to securities that will be issued in respect of and/or in connection with
                                         these shares and any other consideration or benefit of any kind in connection with the
                                         said rights, bonus shares, priority rights and/or the rights to receive other securities
                                         in respect whereof4 of any kind, and the proceeds obtained from their sale
                                         and/or in respect whereof (the shares and all rights attached and/or emanating therefrom
                                         shall be referred hereinafter: “the Charged Shares”).

 

The share certificates in respect
of the Charged Shares shall be deposited with the Trustee together with a blank deed of transfer. The Trustee shall be entitled
to use the deed of transfer only if and to the extent that the Charged Shares are realized in accordance with the provisions set
forth in the Deed of Trust and it is necessary to transfer the said shares as part of such realization as aforesaid after obtaining
the approval of the court in connection therewith. For the avoidance of doubt, it is clarified that to the extent that the quantity
of the Charged Shares is increased for any reason, the Company undertakes to transfer the share certificates in respect of the
additional shares to the Trustee together with a blank deed of transfer in respect of the said shares.

 

 

4 It
should be emphasized that the Company and/or Gamida and/or Insightec are under no limitation or liability by virtue of the Deed
of Trust and documents enclosed therewith (including the Bonds and the charge documents), for the purpose of securing the value
of the charged shares, including in anything related to the following issues: (1) change in the sphere of activity of Gamida and/or
Insightec and/or the sale of their assets; (2) the allotment of securities or the performance of other actions that result in
dilution of the holdings of the Company as a shareholder in Gamida and/or Insightec and consequently dilution of the rate of the
Charged Shares and/or other changes in the capital that affect the Charged Shares; (3) performance of transactions in Gamida and/or
Insightec including with interested parties and/or officers and/or controlling shareholder; and (4) performance of a distribution
by Gamida and/or Insightec, within the meaning of this term in the Companies Law. It is further clarified that Insightec and Gamida
are not a party to this Deed of Trust and that they are not responsible for the content of the Deed of Trust including for any
of the covenants, representations and/or declarations therein.

 

    	 	27	 

     

    

 

To the extent that the shares
of Gamida and/or Insightec are converted into ordinary shares (hereinafter: “the New Shares”) including prior
to their offering in the Stock Exchange, the Charged Shares held by the Trustee shall be canceled and the New Shares that were
received in lieu of the Charged Shares that were canceled shall be deposited with and charged by the Trustee (and to the extent
that the shares will be converted into ordinary electronic shares the deposit shall be made directly to the Trust Account instead
of the share certificate that the Trustee held and that were canceled). It is clarified that the conversion of the classes of Gamida
shares and/or Insightec shares, as the case may be, into ordinary shares, is subject to the provisions set forth in the Articles
of Gamida and/or Insightec, as the case may be, as periodically updated, and is not subject to the provisions set forth in the
Deed of Trust in general and the provisions set forth in Section 6.9 hereunder in particular and is not subject to the approval
from the Trustee and/or the Bondholders and in such circumstances as aforesaid the Company shall not be obligated to add securities
in favor of the Bondholders.

 

As part of the first issue
of the Bonds the number of the Charged Shares that will be charged will be such that will suffice for the purpose of meeting the
VTL ratio of 200% when the calculation shall be made according to the following formulae:

 

	 	X=R*2V/Pg
	 	 
	X	The
        number of Gamida shares that will be charged. 

         

        Since
        the Company holds different classes of Gamida shares, the shares of Gamida that will be charged will include a relative
        amount of each class of Gamida shares held by the Company. 

         

        For
        example: We will assume that the Company holds 200 class A shares of Gamida and 400 class B shares of Gamida and 400 class
        C shares of Gamida. And we will further assume that according to the formula specified above the Company is required to
        charge 300 shares of Gamida. In such a scenario as aforesaid the Charged Shares will include: 60 class A shares and 120
        class B shares and 120 class C shares. 

	 	 
	R	The
        ratio received from a distribution of: (a) the Value of Gamida’s Shares held by the Company; and between (b) the
        Value of Gamida’s Shares held by the Company together with the Value of Insightec’s Shares held by the Company;
        

         

	V	The
    par value of the Bonds that will be issued in accordance with the Shelf Offering Report in which the Bonds will be first issued.
    
	 	 
	Pg	The
    Value of Gamida’s Shares 

 

    	 	28	 

     

    

 

	 	V/Pi2Y=(1-R)*
	 	 
	X	The
        number of Insightec shares that will be charged. 

         

        Since
        the Company holds different classes of Insightec shares, the shares of Insightec that will be charged will include a relative
        amount of each class of Insightec shares held by the Company. 

         

        For
        example: We will assume that the Company holds 200 class A shares of Insightec and 400 class B shares of Insightec and
        400 class C shares of Insightec. And we will further assume that according to the formula specified above the Company
        is required to charge 300 shares of Insightec. In such a scenario as aforesaid the Charged Shares will include: 60 class
        A shares and 120 class B shares and 120 class C shares. 

	 	 
	R	The
        ratio received from a distribution of: (a) the Value of Gamida’s Shares held by the Company; and between (b) the Value
        of Gamida’s Shares held by the Company together with the Value of Insightec’s Shares held by the Company; 

         

	V	The
    par value of the Bonds that will be issued in accordance with the Shelf Offering Report in which the Bonds will be first issued.
    
	 	 
	Pi	The
    Value of Insightec’s Shares. 

 

The following values shall
be taken into account for the purpose of the tables specified above and for the calculation of the quantity of the Gamida and Insightec
shares that will be charged against the Bonds that will be issued in accordance with the Shelf Offering Report in which the Bonds
will be first issued:

 

	The Value of Gamida’s Shares held by the Company 	 	
        NIS 88,042,991.

         

        The said value was calculated according
        to the following: (1) the Value of Gamida’s Share – NIS 33.03; (2) the number of Gamida’s shares held by the Company –
        2,665,501.

	 	 	 
	Pg – the value of Gamida’s share 	 	
        NIS 33.03 per share.

         

        The said value was calculated according
        to the following: (1) the amount that was invested in Gamida in the last investment round that was performed in Gamida prior to
        the date of signing this Deed of Trust – approximately NIS 40.3M; (2) the exchange rate of the dollar against the shekel
        on the day that preceded February 9, 2018; (3) the number of Gamida’s shares that were allotted against the investment amount specified
        in sub-section (1) above (and without a distinction between the different classes of shares and without taking into account convertible
        securities) – 4,274,363 shares.

 

    	 	29	 

     

    

 

	The Value of Insightec’s Shares held by the Company 	 	
        NIS 396,430,864.

         

        The said value was calculated according
        to the following: (1) the Value of Insightec’s Shares – NIS 9.38; (2) the number of Insightec shares held by the Company
        – 42,275,397.

	 	 	 
	Pi – the Value of Insightec’s Shares 	 	
        NIS 9.38 per share.

         

        The said value was calculated according
        to the following: (1) the amount that was invested in Gamida in the last investment rounds that was performed in Gamida prior to
        the date of signing this Deed of Trust – USD 150M; (2) the exchange rate of the dollar against the shekel on the day that
        preceded February 9, 2018; (3) the number of Insightec shares that were allotted against the investment amount stated in sub-section
        (1) above (without making a distinction between the different classes of shares and without taking into account convertible securities)
        – 55,970,150.

	 	 	 
	R	 	0.18 

 

	For the avoidance of doubt, it is clarified that the Charged Shares are provided in their condition “as-is.” In addition, except for the existence of a VTL ratio on the first issue date of the Bonds as stated above, when expanding the series (as stated in Section 2.6.2 above) and when releasing securities following the performance of early redemption and/or buyback of securities (as stated in Section 6.9.2 hereunder) the Company does not and will not have any commitment to continue and meet any VTL ratio (including: not with respect to the average life of the Bonds and/or in the event of replacement of securities and/or rights issue and/or in the event of sale of the Charged Shares etc.). A change in the value of Insightec and/or Gamida will have an adverse effect on the value of the security and will not entitle any relief to the Bondholders and the Company shall not be under any obligation to add securities or any other asset in favor of the Bondholders. 

 

    	 	30	 

     

    

 

		6.1.2.	Subordination to the provisions of the Articles of Gamida and Insightec

 

		6.1.2.1.	The charged Insightec shares 

 

The Company declares and clarifies
with respect to the charged Insightec shares (including rights attached thereto) that the possession and realization of these shares
(including realization by a receiver) is subordinated to the provisions set forth in the Articles of Association of Insightec (hereinafter:
“Insightec Articles”) including, but not limited to:

 

		(a)	In accordance with the provisions set forth in Article 11 in Insightec Articles, the charged Insightec
shares are subordinated, inter alia, to the rights of the other shareholders of Insightec including as follows: right of
first refusal, co-sale right, drag along right. In the event the drag along right is enforced, the Company shall deliver notice
in connection therewith to the Trustee and the confirmation of the senior financial officer in the Company specifying the number
of the Charged Shares that are sold and the sale price shall be enclosed therewith including a confirmation stating that an irrevocable
instruction was delivered to the buyer to deposit the proceeds obtained from the sale of the Charged Shares that are sold directly
in the Trust Account. The Trustee shall cooperate with the Company for the purpose of enforcing the co-sale right and the provisions
set forth in Section 6.9 hereunder shall not apply to such a sale as aforesaid of the charged Insightec shares, in whole or in
part.

 

		(b)	In accordance with the provisions set forth in Article
6.7 of Insightec Articles, the charged Insightec shares are subjected, inter alia, to the option of their conversion (in
a compulsory manner) into ordinary shares of Insightec. The Company shall notify the Trustee regarding the occurrence of a conversion
event and shall act to the extent required for the purpose of correcting the charge in such manner that it will apply to the conversion
shares.

 

    	 	31	 

     

    

 

The full version of Insightec
Articles (in English) together with a convenience translation into Hebrew of certain provisions in Insightec Articles was published
in an immediate report of the Company on January 29, 2018 (Ref. 2018-01-008694). It is clarified that the binding version shall
be the full version of the Articles in English.

 

		6.1.2.2.	The charged Gamida shares 

 

The Company declares and clarifies
with respect to the charged Gamida shares (including rights attached thereto), that their possession and realization (including
realization by a receiver) are subject to the Articles of Association of Gamida (hereinafter: “Gamida Articles”)
including, but not limited to:

 

		(a)	Pursuant to the provisions of Article 18 in Gamida Articles, the charged Gamida shares are subjected,
inter alia, to the rights of the other shareholders of Gamida including: right of first refusal, co-sale right, bring-along
right. In the event the bring-along right is enforced, the Company shall deliver notice to the Trustee about the same and the notice
shall include the confirmation of the senior financial officer in the Company regarding the quantity of the Charged Shares that
are sold and the sale price and a confirmation stating that an irrevocable instruction was delivered to the purchaser to deposit
the proceeds obtained from the Charged Shares that were sold directly in the Trust Account. The Trustee shall cooperate with the
Company for the purpose of enforcing the bring-along right and the provisions set forth in Section 6.9 shall not apply to such
a sale as aforesaid of the charged Gamida shares, in whole or in part.

 

		(b)	In accordance with the provisions set forth in Sections 5.2 and 5.3.5 of Gamida Articles, the charged
Gamida shares are subjected, inter alia, to the option of their conversion (in a compulsory manner) to the ordinary shares
of Gamida. The Company will notify the Trustee regarding the occurrence of a conversion event and will take action to the extent
required for the purpose of amending the charge in such manner that it will apply to the conversion shares.

 

The full Articles of Gamida
(in English) together with a convenience translation into Hebrew of certain provisions in the Gamida Articles was published in
the immediate report of the Company on January 29, 2018 (Ref.: 2018-01-008694). It is clarified that the binding version shall
be the full Articles in English.

 

    	 	32	 

     

    

 

		6.1.2.3.	It is emphasized that the Insightec Articles, the convenience translation of the summary of Insightec
Articles, Gamida Articles and the convenience translation of the summary of Gamida Articles that were published by the Company
as stated above are in accordance with the version of the Gamida Articles and the Insightec Articles as of the date of signing
this Deed of Trust however the Insightec Articles and the Gamida Articles might change from time to time after obtaining the proper
approvals of the organs of Insightec and/or Gamida, as the case may be (including a change of the existing limitations on the transfer
of the shares and the addition and/or elimination of limitations for the transfer of the shares and including the issue of shares
(inferior, equal or superior to the Charged Shares), a change of rights and obligations of the Charged Shares and changes in capital)
and without obtaining any approval of the Trustee and/or the Bondholders and this shall not give rise to any right towards Insightec
and/or Gamida and/or the Company, including a right to call for immediate repayment of the Bonds or a right to any compensation.

 

The Company undertakes that
if and to the extent that there is a change in the provisions set forth in the Gamida Articles and/or the Insightec Articles that
has a material effect on the conditions attached to the Charged Shares, the Company shall publish an immediate report in connection
therewith and shall specify by said changes.

 

		6.1.2.4.	The provisions set forth in the Insightec Articles and the Gamida Articles (including with respect
to right of first refusal, co-sale right and bring-along right) shall apply at all times, including when enforcing the charge on
the Charged Shares, in whole or in part, including during realization of the shares by a receiver or in any other manner and the
Bondholders and/or the Trustee and/or anyone acting on their behalf (including a receiver) may not argue against the said rights
and/or obligations.

 

		6.2.	Use of the sums of a dividend in respect of the Charged Shares 

 

To the extent that a dividend
is distributed in respect of the Charged Shares, the sums obtained from the dividend will be transferred directly to the Trust
Account (with deduction of statutory tax) and as long as the decision of the Trustee and/or the Bondholders’ meeting (and it is
still pending) to call for immediate repayment of Bonds and/or realization of the securities of the Company, the Company shall
be entitled to instruct to the Trustee to use the sums obtained from the dividend and that were received in the Trust Account in
accordance with one of the following alternatives at the sole discretion of the Company and the Company shall not be obligated
to maintain any VTL ratio:

 

		6.2.1.	For the purpose of paying principal and/or interest payments to the Bondholders in accordance with
the payments schedule of the Bonds.

 

		6.2.2.	For the purpose of performing early redemption of the Bonds in accordance with the provisions set
forth in Section 7.2 hereunder.

 

    	 	33	 

     

    

 

		6.2.3.	For the purpose of performing a buyback of the Bonds (Series C) as part of transactions performed
in the Stock Exchange only, in accordance with detailed instructions that the Company will deliver to the Trustee and at the full
and sole discretion of the Company provided that the Bonds that are purchased as aforesaid will be delivered to the Company and
will be canceled.

 

For the purpose of performing
the actions specified in this since 6.2 above the Company shall notify in an immediate report, no later than 2 business days prior
to the payment date of the principal and/or interest and/or the early redemption date, regarding its intention to pay the said
payment out of the funds in the Trust Account as aforesaid, together with a detailed calculation, in a form to the satisfaction
of the Trustee, with respect to the amount for transfer from the Trust Account for the purpose of performing the said actions (and
all up to the maximum amount of the funds deposited in the Trust Account after deduction of the expenses and fees related to the
management of the Trust Account and with deduction of the Interest Cushion amount). The Trustee shall cooperate with the Company
for the purpose of this matter and shall rely on the reports of the Company and shall not perform following its initiative or will
be required to conduct an inspection on its behalf.

 

		6.3.	Additional rights allotted in connection with the Charged Shares (to the extent allotted)

 

		6.3.1.	Subject to the provisions set forth in Section 6.3.2 hereunder, to the extent that rights of any
kind and/or additional securities in Insightec and/or Gamida are allotted to the Company by virtue of the Charged Shares, for no
consideration, the additional rights and/or securities, as the case may be, shall be charged in favor of the Trustee for the Bondholders
in accordance with the provisions set forth above and as part of the said charge, immediately following allotment thereof, and
shall be deemed as part of the definition of the “Charged Shares” and shall constitute an integral part thereof for all
intents and purposes. The Company shall publish an immediate report upon the allotment of rights as aforesaid and/or additional
securities as aforesaid. At the earliest opportunity thereafter, the Company and the Trustee shall act for the purpose of amending
the charge in connection with the Charged Shares and/or for the purpose of registering a new charge, in such manner that the said
charge will also reflect the charge on the said rights and/or the additional securities that are allotted as aforesaid, and shall
deliver to the Trustee all the documents as stated in Section 6.7 hereunder also in connection with the correction/registration
of this charge. The Company shall perform at the earliest opportunity and at its expense the amendment and/or the registration,
as the case may be.

 

It is clarified that the Company
is entitled to participate in future offerings that will be performed, if and to the extent performed, in Gamida and/or Insightec
and that if and to the extent that the Company decides to enforce its right and participate in future offerings in Gamida and/or
Insightec, the securities that will be allotted to the Company as part of future offerings as aforesaid shall not constitute part
of the Charged Shares and shall not be charged in favor of the Bondholders and/or the Trustee.

 

    	 	34	 

     

    

 

		6.3.2.	To the extent that rights are allotted in connection with the Charged Shares the following provisions
shall apply:

 

		6.3.2.1.	The Company shall notify the Trustee at the earliest opportunity (and if the Gamida and/or the
Insightec shares are traded in the Stock Exchange, then until and no later than two business days prior to the trading day of the
rights), regarding its intention to enforce all or part of the rights or the this is not interested to enforce the rights.

 

		6.3.2.2.	To the extent that the shares of Gamida and/or Insightec are traded in any Stock Exchange at the
time, with respect to the rights that the Company decided not to enforce, the Company will instruct the Trustee to act in accordance
with one of the following alternatives: (a) not to sell the said rights and allow the said rights to expire without receiving any
consideration in respect whereof; (b) to sell the full rights that the Company decided not to enforce in accordance with the instructions
set forth by the Company regarding the sale. The Trustee shall act in accordance with the instructions set forth by the Company
as aforesaid and without incurring any responsibility in connection therewith. To the extent that the shares of Agreement and/or
Insightec are not traded in the Stock Exchange on the issue date of the rights, the Company shall notify the Trustee which of the
alternatives specified above it decided to pursue.

 

Regarding shares that are traded
in the Stock Exchange at the time of issue of the rights – to the extent that the Company instructed the Trustee to sell
the rights as aforesaid, the proceeds obtained from the sale of the rights that the Company instructed the Trustee to sell shall
be kept in the Trust Account and shall be handled in the same manner that the dividend amounts are handled in accordance with the
provisions set forth in Section 6.2 above.

 

Regarding shares that are not
traded in the Stock Exchange at the time of issue of the rights – to the extent that the Company opted to sell the rights,
the Company shall give an irrevocable instruction to the purchaser to deposit the proceeds obtained from the purchase of the rights
in respect of the relevant Charged Shares directly to the Trust Account and these sums shall he handled in the same manner that
the sums of a dividend are handled in accordance with the provisions set forth in Section 6.2 above.

 

		6.3.2.3.	Regarding rights that the Company decided to enforce, such rights as aforesaid will be transferred
to the account of the Company as instructed by the Company to the Trustee and shall be enforced by the Company.

 

    	 	35	 

     

    

 

After the said rights are enforced
and after the Company receives the exercise shares, the Company shall pursue one of the following alternatives at its sole discretion:

 

		(a)	The number of exercise shares will be calculated in the amount of the benefit component in the
rights, in accordance with the following formula; and these shall be deposited in the Trust Account in three (3) business days
as of the date the rights were exercised and shall be charged in a senior charge in favor of the Trustee and shall be considered
as part of the Charged Shares for all intents and purposes. All other shares emanating from the exercise of the rights shall not
be charged and shall be kept by the Company.

 

	 	
	 	 
	 	A	-	The number of exercise shares in the amount of the benefit component in the rights. To the extent that the said number is not an integer, the said number shall be rounded up to the nearest integer. 
	 	 	 	 
	 		-	The number of Charged Shares in respect of which the rights were used. 
	 	 	 	 
	 		-	The value of Gamida and/or Insightec shares, as the case may be, prior to the rights issue. 
	 	 	 	 
	 		-	The value of Gamida and/or Insightec shares, as the case may be, after the rights issue. 

 

		(b)	All assets emanating from the exercise of the rights shall remain in the account of the Company
and shall not be charged. The Company shall deposit in the Trust Account payment in the amount of the benefit component in respect
of the rights that were exercised, according to the following formula, and shall handle these sums in the same manner that dividend
sums are handled in accordance with the provisions set forth in Section 6.2 above.

 

    	 	36	 

     

    

 

	 	
	 	 
	 	X	-	The payment that will be deposited in the Trust Account. 
	 	 	 	 
	 		-	The number of Charged Shares for which the rights were exercised. 
	 	 	 	 
	 		-	The value of the Gamida and/or Insightec shares, as the case may be, prior to the rights issue. 
	 	 	 	 
	 		-	The value of Gamida and/or Insightec shares, as the case may be, after the rights issue. 

 

		6.4.	Voting rights in respect of the Charged Shares 

 

As long as a receiver was not
appointed for the purpose of enforcing the charge on the Charged Shares (in whole or in part), the voting rights in respect of
the Charged Shares and the right to pass resolutions with respect to the shares (including in connection with the drag along, tag-along
rights and right of first refusal) shall be granted to the Company that shall be entitled to enforce the said rights at its sole
discretion (and the Bondholders shall not be entitled to intervene in the decisions of the Company in anything related to Insightec
and Gamida) and provided that this shall not affect the charge on the Charged Shares.

 

In accordance with the provisions
set forth in the Gamida and/or Insightec Articles, after a receiver was appointed for the purpose of enforcing the charge on the
Charged Shares (in whole or in part) and until the Charged Shares are actually sold and transferred to a third-party, the Company
shall act vis-à-vis Gamida and the Gamida shareholders and Insightec and Insightec shareholders however the Company shall
act solely in accordance with the instructions set forth by the receiver.

 

		6.5.	The Trust Account 

 

In order to assure the full
and accurate fulfillment of the entire undertakings of the Company for the payment of all principal, interest and linkage differentials
of the Bonds (including interest in arrears, to the extent applicable) and any additional sum (including early repayment charges)
in accordance with the provisions set forth in this Deed (including the undertaking to perform early redemption in accordance with
the provisions set forth in Section 6.11.5 hereunder) the Company shall create and register: (a) a fixed, single and senior charge
for an unlimited amount in favor of the Trustee for the Bondholders for the full rights of the Company of any kind to the extent
that there are any in connection with the Trust Account including all secondary accounts and anything deposited therein (including
the consideration obtained from the offering that will be deposited in the Trust Account and that is charged in favor of the Bondholders,
until the conditions for its release to the Company are fulfilled, in accordance with the provisions set forth in Section 6.12.3
hereunder, and insofar as the conditions for releasing the proceeds of the offering to the Company have not been met, the charge
on the sums as aforesaid shall be used for the purpose of securing the performance of an early redemption of the Bonds in accordance
with the provisions set forth in Section 6.12.5 hereunder); and (b) a floating, single and senior charge for an unlimited amount
on all sums and/or deposits and/or securities that will be deposited in the Trust Account from time to time and any proceeds obtained
in connection therewith, including returns thereof.

 

    	 	37	 

     

    

 

The Company shall incur all
costs in connection with the opening of the Trust Account including management and closing thereof. The financial management policy
in the Trust Account, to the extent that sums are deposited in the Trust Account from time to time, and execution thereof shall
be prescribed by the Trustee in accordance with the provisions set forth in Section 16 of this Deed and the Trustee shall not be
held liable towards the Bondholders and/or the Company for any loss caused as a result of such investments as aforesaid.

 

		6.6.	Declarations and undertakings of the Company with respect to Charged Shares 

 

The Company hereby declares
and undertakes as follows:

 

		6.6.1.	As of the date of signing this Deed of Trust, the issued and paid-up share capital of Insightec
includes 192,442,652 shares NIS 0.01 par value each (in a distribution into ordinary shares, preferred shares class B, preferred
shares class B1, preferred shares Class C, preferred shares Class D, preferred shares Class E).

 

As of the date of signing this
Deed of Trust, the Company holds 42,275,497 shares NIS 0.01 par value each of Insightec, constituting 22.0% of the issued and paid-up
share capital of Insightec (18.6% in full dilution) after factoring all classes of Insightec shares and without making a distinction
between the different classes of the shares.

 

The following table details
the classes of Insightec shares that are held by the Company as of the date of signing this Deed of Trust:

 

	 	Class of shares	 	Total amount in the Insightec capital	 	 	Quantity held by the Company	 	 	Holding rate of the Company out of the said class of shares	 	 	Holding rate of the Company out of that class of shares in full dilution	 
	 	Ordinary shares	 	 	14,240,462	 	 	 	8,993,762	 	 	 	63.2	%	 	 	18.5	%
	 	Preferred shares class B	 	 	14,037,888	 	 	 	9,039,612	 	 	 	64.4	%	 	 	64.4	%
	 	Preferred shares class B1	 	 	32,201,524	 	 	 	24,242,023	 	 	 	75.3	%	 	 	75.3	%
	 	Preferred shares class C	 	 	27,519,390	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	Preferred shares class D	 	 	48,473,238	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	Preferred shares class E	 	 	55,970,149	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	Options to employees and consultants	 	 	34,438,755	 	 	 	-	 	 	 	-	 	 	 	-	 

 

    	 	38	 

     

    

 

Regarding the provisions of
Insightec Articles, regarding the rights attached to the classes of the different Insightec shares, including the charged Insightec
shares, and a convenience translation into Hebrew of certain provisions in the Insightec Articles regarding the rights attached
to the different classes of Insightec shares, including the charged Insightec shares, see the immediate report of the Company dated
January 29, 2018 (Ref. 2018-01-008694). It is clarified that the binding version shall be the full English version of the Articles.
The Insightec Articles and the convenience translation of certain provisions of the Insightec Articles are in accordance with the
version of the Insightec Articles as of the date of signing this Deed of Trust however the Insightec Articles (including provisions
thereof relating to the rights attached to the different Insightec shares, including the charged Insightec shares) might vary from
time to time subject to obtaining the proper approvals of the Insightec organs (including the issue of shares that have priority
compared to the Charged Shares) and without obtaining an approval of the Trustee and/or the Bondholders and this shall not give
rise to the Bondholders any right towards the Company, including a right to call for immediate repayment or a right to any compensation.

 

		6.6.2.	As of the date of signing this Deed of Trust the issued and paid-up share capital of Gamida includes
14,913,672 shares NIS 0.01 par value each (in a distribution into ordinary shares, ordinary shares class B, preferred shares class
A, preferred shares class B, preferred shares class C, preferred shares class D, preferred shares class E-1, preferred shares E-2,
and preferred shares F-1).

 

As of the date of signing this
Deed of Trust the Company holds 2,665,501 NIS 0.01 par value each of Gamida constituting 17.9% of the issued and paid-up share
capital of Gamida (13.6% in full dilution) after factoring all the classes of the Gamida shares and without making a distinction
between the different classes of shares.

 

    	 	39	 

     

    

 

The following are details regarding
the classes of Gamida shares held by the Company as of the date of signing this Deed of Trust:

 

	 	Class of shares	 	Total amount in Gamida capital	 	 	Quantity held by the Company	 	 	Holding rate of the Company out of the said class of shares	 	 	Holding rate of the Company out of the said class of shares in full dilution	 
	 	Ordinary shares	 	 	549,990	 	 	 	450,000	 	 	 	81.8	%	 	 	43.5	%
	 	Ordinary shares class B	 	 	139,908	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	Preferred shares class A	 	 	600,000	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	Preferred shares class B	 	 	1,453,846	 	 	 	517,637	 	 	 	35.6	%	 	 	35.6	%
	 	Preferred shares class C	 	 	2,827,430	 	 	 	990,460	 	 	 	35.0	%	 	 	25.0	%
	 	Preferred shares class D	 	 	3,473,345	 	 	 	270,723	 	 	 	7.8	%	 	 	7.8	%
	 	Preferred shares class E-1	 	 	571,478	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	Preferred shares class E-2	 	 	1,023,312	 	 	 	436,681	 	 	 	42.7	%	 	 	42.7	%
	 	Preferred shares class F-1	 	 	4,274,363	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	Options for preferred shares class C	 	 	1,129,008	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	Options for ordinary shares for investors, employees and consultants	 	 	946,746	 	 	 	-	 	 	 	-	 	 	 	-	 
	 	Options for preferred shares F-2	 	 	2,564,619	 	 	 	-	 	 	 	-	 	 	 	-	 

 

    	 	40	 

     

    

 

Regarding the provisions of
Insightec Articles, the rights attached to the classes of the different Gamida shares, including the charged Gamida shares, and
a convenience translation into Hebrew of certain provisions in the Gamida Articles regarding the rights attached to the different
classes of Gamida shares, including the charged Gamida shares, see the immediate report of the Company dated January 29, 2018 (Ref.
2018-01-008694). It is clarified that the binding version shall be the full English version of the Articles. The Insightec Articles
and the convenience translation of certain provisions of the Gamida Articles are in accordance with the version of the Gamida Articles
as of the date of signing this Deed of Trust however the Gamida Articles (including provisions thereof relating to the rights attached
to the different Gamida shares, including the charged Insightec shares) might vary from time to time subject to obtaining the proper
approvals of the Gamida organs (including the issue of shares that have priority compared to the Charged Shares) and without obtaining
an approval of the Trustee and/or the Bondholders and this shall not give rise to the Bondholders any right towards the Company,
including a right to call for immediate repayment or a right to any compensation.

 

		6.6.3.	As of the date of signing this Deed of Trust the Charged Shares are wholly-owned by the Company.

 

		6.6.4.	As of the date of signing this Deed of Trust and subject to the provisions set forth in Section
6.1.2 above and in this Section 6.6, there is no statutory preclusion or any preclusion in accordance with any agreement or undertaking,
including the instruments of incorporation of the Company and/or Gamida and/or Insightec preventing the signature of the Company
on the Deed of Trust and the fulfillment of all the undertakings of the Company in accordance with the Deed of Trust and the creation
of the charges specified in this Deed and there is no limitation or a condition imposed on the creation of the charges stated in
this Deed and there is no limitation or a condition imposed on their enforcement and that the Board of Directors passed a lawful
resolution regarding the creation of the charges specified above and that approval of any entity for the purpose of creating and
enforcing the said charges is not required, except for the amendment of the Insightec Articles (or, alternatively, obtaining the
approval of certain shareholders of Insightec) in a manner that the mere charge of the Insightec shares as stated in this Deed
shall not necessitate the enforcement of the right of first refusal when creating the charge (however at the time of enforcing
the charge (including by a receiver or any other officer) and in such circumstances as aforesaid the provisions set forth in the
Insightec Articles regarding the transfer of shares shall come into operation, including the Sections relating to the right of
first refusal and co-sale right).

 

    	 	41	 

     

    

 

		6.6.5.	As of the date of signing this Deed of Trust and subject to the provisions set forth in Section
6.1.2 above and this Section 6.6, the Charged Shares and any right attached thereto are not charged or attached in favor of others
and they are free and unencumbered from any debt and/or claim and/or demand and/or third-party rights and there is no limitation
or condition that apply in accordance with any law or agreement to the transfer of ownership therein or charge thereof and/or their
realization and/or transfer of ownership therein during realization except for the amendment of the Insightec Articles (or, alternatively,
obtaining the approval of certain shareholders of Insightec) in such manner that the mere charge on Insightec shares as stated
in this deed shall not oblige enforcement of the right of first refusal when creating the charge (however when enforcing the charge
(including by a receiver or any other officer) and in such circumstances the provisions set forth in the Insightec Articles regarding
the transfer of shares shall apply, including the Sections relating to right of first refusal and co-sale right).

 

		6.6.6.	As of the date of signing this Deed of Trust the Company did not receive any notice regarding any
claims with respect to its rights in the Charged Shares, in whole or in part. The Company hereby undertakes to deliver written
notice to the Trustee in the event of any change in the provisions set forth in this sub-section at the earliest opportunity and
no later than two business days as of the date in which the Company becomes aware of such a change.

 

		6.6.7.	As of the date of signing this Deed of Trust and to the best of knowledge of the Company: (a) Insightec
and/or Gamida are not in liquidation and/or receivership proceedings (temporary or permanent) and/or a stay of proceedings and
no motion for liquidation and/or receivership and/or stay of proceedings was filed against them as stated and the Company is not
aware of any intention to institute such proceedings as aforesaid; (b) Insightec and/or Gamida did not pass a resolution regarding
liquidation.

 

		6.6.8.	As of the date of signing this Deed of Trust and subject to the provisions set forth in Section
6.1.2 above and in this Section 6.6, the Company is not aware of any flaw in its rights in the Charged Shares, and in the event
a flaw in its rights in the Charged Shares is detected the Company shall act for the purpose of correcting this flaw at the earliest
opportunity immediately after becoming aware of the said flaw and shall deliver written notice promptly to the Trustee regarding
the said flaw, the manner the Company intends to correct this flaw, the period of time the process will take, and regarding the
correction of the flaw.

 

		6.6.9.	The Company undertakes not to perform any disposition (within its meaning hereunder) in the Charged
Shares, in whole or in part and not to institute any proceedings or actions in respect of the Charged Shares or any part thereof
contrary to the provisions set forth in this Deed of Trust and undertakes not to perform actions that might impair the ability
of the Trustee to exercise the Charged Shares in accordance with this deed unless the Bondholders’ meeting grants its advance approval
to perform any of the aforesaid actions.

 

    	 	42	 

     

    

 

“Disposition”
shall mean – a charge, pledge, sale, transfer, assignment or delivery, whether or not for consideration, or granting authorization
to another to perform any of the aforesaid actions in connection with the Charged Shares.

 

For the avoidance of doubt
and without derogating from the generality of the aforesaid, it is clarified that the provisions set forth in this Section 6.6.9
above shall not apply with respect to: (a) the rights of the Company to perform actions in the Charged Shares in accordance with
the provisions set forth in Sections 6.8 and 6.9 hereunder; and (b) actions that will be performed with respect to Charged Shares
by virtue of the provisions set forth in the Articles and/or the resolutions of the organs of Insightec and/or Agreement, including,
but not limited to: (1) conversion of the different classes of shares of Gamida and/or Insightec into ordinary shares, subject
to the provisions set forth in Section 6.1.1 above; and (2) the right to join the sale of the shares of Gamida and/or Insightec
(bring-along/drag along right); and (3) the issue of shares that have priority compared to the Charged Shares and/or change of
the conditions attached to the Charged Shares; as stated in Section 6.1.2 of the Deed of Trust.

 

		6.6.10.	At the time of signing this Deed of Trust no floating charge is registered on all the assets of
the Company by virtue of which the Company is obligated to obtain the consent of any creditor for the registration of the charges
in accordance with the Deed of Trust and the Company did not create and did not undertake to create a floating charge as aforesaid.

 

		6.6.11.	Notify the Trustee immediately and no later than 2 (two) business days as of the date of the Company
became aware of the said regarding any circumstances in which an attachment was imposed on execution proceedings were instituted
or in the event a motion for the appointment of a receiver was filed (or the appointment of any other officer whose function is
to exercise the Charged Shares) in connection with the Charged Shares, in whole or in part, and to notify the authority that attached
and/or that instituted the execution proceedings or that was asked to appoint a receiver as aforesaid and/or to a third-party that
initiated or requested these actions or any part thereof regarding the fact that the Charged Shares are charged in favor of the
Trustee and to take at its expense and immediately all reasonable measures that are necessary for the purpose of eliminating the
said attachment or the execution proceedings or the appointment of a receiver.

 

		6.6.12.	To sign any document that, at the reasonable discretion of the Trustee, is necessary for the purpose
of creating and crystalizing the securities made under this Deed, including the registration of the charges on the Charged Shares
and the Trust Account or in connection with such a registration as aforesaid.

 

    	 	43	 

     

    

 

		6.6.13.	As of the date of signing this Deed of Trust the Charged Shares were fully paid-up.

 

		6.6.14.	As of the date of signing this Deed of Trust: (a) the Company is not under liquidation and/or receivership
(temporary to permanent) and/or a stay of proceedings and no motion for liquidation and/or receivership and/or stay of proceedings
as aforesaid was filed against the Company and the Company is not aware of any intention to file such a motion as aforesaid; (b)
the Company did not pass a resolution regarding voluntary liquidation.

 

		6.7.	Registration of the charges

 

The Company shall furnish to
the Trustee the documents hereunder in connection with each of the charges made in accordance with this Deed (the said documents
shall be furnished to the Trustee also in connection with any other charge that the Company will be obligated to register in the
future in favor of the Trustee in accordance with the provisions set forth in it Deed):

 

		6.7.1.	A source of the Bond and a “Details of mortgages and charges” form whose version shall
be as customary in the Trustee and with which a copy of the deed of transfer is enclosed, and to which a stamp bearing the words
‘submitted for examination’ shall be affixed and a date, issued by the Registrar of Companies and no later than 21 days as of the
date of signing the Bond and the said form.

 

		6.7.2.	A copy of a certificate of registration of the charge with the Registrar of Companies in favor
of the Trustee. To the extent that the Trustee receives a printout issued by the Registrar of Companies stating that the relevant
charges were registered as aforesaid, receipt of a charge credit transfer shall not constitute a condition for transferring the
proceeds obtained from the offering as stated in Section 6.12 hereunder.

 

		6.7.3.	A printout of the Company issued by the Registrar of Companies evidencing, inter alia, that
the registration of all the charges in favor of the Trustee are true and accurate.

 

		6.7.4.	An original affidavit of a senior officer in the Company, authenticated by an advocate, stating,
inter alia, that the charges are not in contradiction to or in contravention of other undertakings of the Company and/or
any law, and the charges are enforceable, and in a version to the satisfaction of the Trustee.

 

		6.7.5.	An opinion with respect to each charge as aforesaid, regarding the effect of the charges, the manner
of their registration, their level of creditorship, legality and that the charges are enforceable against the Company in Israel
from the external attorneys of the Company and in a form to the satisfaction of the Trustee.

 

		6.7.6.	Original share certificates in respect of the shares of Insightec and Gamida that are charged,
together with a blank share transfer deed in respect of the charged Insightec shares and the charged Gamida shares. The Trustee
shall be entitled to use the deed of transfer only if and to the extent that the Charged Shares are realized in accordance with
the provisions set forth in the Deed of Trust and it is necessary to transfer the said shares as part of such realization as aforesaid
after obtaining the approval of the court in connection therewith.

 

    	 	44	 

     

    

 

		6.7.7.	Irrevocable instructions from the Company to Insightec and Gamida, approved by Insightec and Gamida,
in connection with the Charged Shares, signed at source, in the form enclosed as an appendix with the Charge Agreement.

 

		6.8.	Release of securities 

 

		6.8.1.	Release of securities after full payment of the Bonds 

 

		6.8.1.1.	After making all payments applicable to the Company in accordance with this Deed including payments
of principal, interest, fees and expenses of the Trustee and its representatives (hereinafter collectively: “Full Payment
of the Debts and Liabilities of the Company”) the securities by virtue of this Deed and they shall be deemed as null and
void and no further actions shall be required.

 

		6.8.1.2.	Without derogating from the generality of the aforesaid, in seven business days after obtaining
the written approval of the senior financial officer in the Company (in a form to the satisfaction of the Trustee) regarding the
Full Payment of the Debts and Liabilities of the Company (within the meaning of this term above), the Trustee shall rely on the
approval of the Company and shall not be required to conduct any additional inspections on its behalf, the Trustee shall sign the
charge cancellation documents with respect to all the assets and rights (including the Charged Shares and the funds and/or the
other assets that are in the Trust Account at the time) and that are left in the Trust Account, to the extent left, and in a customary
form, for the purpose of striking the registration of the securities, to the extent required, and shall transfer the remaining
assets in its possession (including Charged Shares and Substitute Assets) (subject to lack of statutory preclusion) to the Company.
In the event of a dispute between the Company and the Trustee regarding the debts of the Company to the Trustee, the Trustee shall
return to the Company any part of the charged assets that is not disputed, and the Company shall eliminate the charges at its expense
within a reasonable time and shall furnish to the Trustee all documents evidencing the elimination of the said charges.

 

    	 	45	 

     

    

 

		6.8.2.	Releasing securities after performance of early redemption on account of the Bonds principal
and/or buyback of Bonds 

 

In any event of a buyback of
Bonds and/or early redemption of the Bonds after which the balance of the Bonds principal decreased to 20% (or any lower rate)
of the original principal of the Bonds – subject to the provisions set forth in this Section hereunder and as long as the
resolution of the Trustee and/or the Bondholders’ meeting regarding the calling for immediate repayment of the Bonds and/or the
realization of the securities was not passed (and it is still pending), the Company shall be entitled to receive to its possession
or to instruct to the Trustee to deliver to a third-party a certain amount out of the Charged Shares (hereinafter in this Section:
“Released Shares”) that shall be calculated as follows:

 

A calculation of the VTL5
ratio shall be performed as of the first trading day after performance of the early redemption (hereinafter in this Section:
“the Relevant Date”) and to the extent that the VTL ratio on the Relevant Date is greater than 200%, the Trustee
shall release from the charge and shall transfer to the Company a certain quantity of the charged shares, in a manner that will
cause the VTL ratio as of the Relevant Date to be at a rate 200%. The release of the Charged Shares shall be performed pro-rata
between the charged shares of Gamida and the charged shares of Insightec and between the classes of shares of Insightec and the
classes of shares of Gamida, in the same manner that the charge on these shares was performed, as stated in Section 6.1.1 above.

 

The Company shall furnish to
the Trustee a confirmation from the senior financial officer in the Company regarding the number of the shares that the Company
wishes to release and the compliance of the Company with the VTL ratio as stated above, together with a relevant calculation, in
a form to the satisfaction of the Trustee. The Trustee shall rely on the confirmation of the Company and shall not be required
to initiate any additional inspection on its behalf (hereinafter in this Section: “Officer’s Approval”).

 

The Trustee shall release the
Released Shares from the charge and shall deliver the said shares to the Company until and no later than three business days as
of the date of receiving the request of the Company with which the Officer’s Approval was enclosed as aforesaid (and to the extent
that these are share certificates, the Trustee shall deliver to the Company the share certificates in respect of the Released Shares
subject to furnishing a new share certificate together with a blank deed of transfer in respect of the shares that are still charged).

 

 

5 It
is clarified that the calculation of the VTL is made based on the “Value of Insightec’s Shares” and the “Value of Gamida’s Shares”
deriving from the last investment round prior to the review date, as stated in the definitions of the terms “Value of Insightec’s
Shares” and “Value of Gamida’s Shares” in Section 7 of the Deed of Trust.

 

    	 	46	 

     

    

 

		6.9.	Replacing shares and sale of the Charged Shares 

 

		6.9.1.	Replacing securities

 

From time to time, and without
obtaining the approval of the Trustee or the Bondholders, the Company may, at its absolute and sole discretion, replace the Charged
Shares, in whole or in part, and the Substitute Assets (within their meaning hereunder) in whole or in part, to the extent that
provided by: (a) cash that will be deposited in the Trust Account; and/or (b) an autonomous irrevocable bank guarantee
that will be issued by a bank that is one of the five (5) largest banks in Israel and whose rating does not fall below the Israeli
rating (AA) of Maalot (or any equivalent rating) that is in effect up to 90 days after the final payment date of the Bonds principal
that will be deposited by the Trustee; and/or (c) a Government Bond (the assets that are charged under one of the alternatives
above or a combination thereof in lieu of the Charged Shares shall be referred hereinafter: “Substitute Assets”);
including by a combination of one or more of the Substitute Assets as decided by the Company, at its sole discretion, and provided
that at the time of replacing the securities as aforesaid the resolution of the Trustee and/or the Bondholders’ meeting to call
for immediate repayment the Bonds and/or the realization of the Bonds was not passed yet (and it is still pending).

 

Against the deposit of the
Substitute Assets in the Trust Account and/or with the Trustee, as the case may be, the Trustee shall release to the Company a
relative part of the Charged Shares that is equal to the ratio between the amount of the Substitute Assets and the adjusted value
of the Bonds as of the date of depositing the Substitute Assets in the Trust Account or with the Trustee. The release of the Charged
Shares shall be performed pro-rata between the charged Gamida shares and the charged Insightec shares and the classes of Insightec
shares and the classes of Gamida shares, in the same manner that their charge was performed, as stated in Section 6.1.1 above.

 

	
        For example: The Company issued
        NIS 90 par value of Bonds and charged in favor of the Bondholders 80 shares of Insightec (60 class A shares and 20 class B shares)
        and 20 Gamida shares (12 class A shares and 8 class B shares).

         

        Consequently, the adjusted value of the
        Bonds is NIS 100 and the Company deposits with the Trustee a bank guarantee in the amount of NIS 50.

         

        Against the deposit of the bank guarantee
        the Trustee shall release to the Company 40 Insightec shares (30 shares class A and 10 shares class B) and 10 Gamida shares (6
        shares class A and 4 shares class B).

 

After replacement of the securities
as aforesaid, the entire provisions set forth in this Deed of Trust relating to the Charged Shares shall apply to the Substitute
Assets, mutatis mutandis.

 

The Company shall publish an
immediate report regarding the replacement of the securities as aforesaid until and no later than two business days prior to the
replacement date.

 

    	 	47	 

     

    

 

The replacement of the securities
as aforesaid shall be performed by the Company and at its expense, at the earliest opportunity, by way of amending the existing
charge in favor of the Trustee, and the Trustee shall cooperate and shall sign any document that is necessary for the purpose of
releasing the securities as aforesaid. In addition, and to the extent required, the Company shall furnish to the Trustee immediately
after replacing the securities as aforesaid, alternative share certificates (together with a blank deed of transfer) in connection
with the remaining Charged Shares.

 

The Company shall furnish to
the Trustee, prior to the replacement date, a written confirmation issued by the senior financial officer in the Company, together
with a calculation, in a form to the satisfaction of the Trustee, regarding the amount of the Charged Shares (with specification
of all classes of shares) that the Company wishes the replace in accordance with the provisions set forth in this Section and a
calculation of the value of all the Substitute Assets.

 

The release of the replaced
shares from the charge and their transfer to the Company shall be performed until and no later than one business day after the
Substitute Assets are deposited with the Trustee.

 

Regarding Substitute Assets
that are cash that was deposited in the Trust Account – these assets shall be handled in accordance with the provisions set
forth in Sections 6.2.1 or 6.2.2 or 6.2.3 above, at the sole discretion of the Company.

 

		6.9.2.	Sale of the Charged Shares by the Company 

 

The Company shall be entitled
to sell the Charged Shares, in whole or in part, at its sole discretion (including in different ratios between the charged Gamida
shares and the charged Insightec shares) at any time (hereinafter in this Section 6.9.2: “Sold Shares”) provided
that the resolution of the Trustee and/or the Bondholders’ meeting regarding the calling for immediate repayment of the Bonds and/or
the realization of the securities was not passed yet (and it is still pending).

 

The Trustee shall cooperate
with the Company and shall sign all documents for the purpose of selling the Charged Shares, in whole or in part, in the manner
as instructed to the Trustee by the Company, and for any price as instructed by the Company, and the Trustee shall not be entitled
to object to the instructions regarding the sale that the Trustee receives from the Company as stated above, provided that the
sale meets the following conditions:

 

		6.9.2.1.	The Company shall deliver to the Trustee written notice regarding its intention to perform a transaction(s)
for the purpose of selling the Sold Shares, in or outside the Stock Exchange (hereinafter in this Section 6.9.2: “Sale
Notice”). The Sale Notice shall include the following details:

 

		(a)	The number of Charged Shares that the Company wishes to sell.

 

    	 	48	 

     

    

 

		(b)	Whether the sale will be performed in or outside the Stock Exchange (including a sale when Insightec
and/or Gamida are companies that are not traded in the Stock Exchange).

 

		(c)	To the extent that the sale is outside the Stock Exchange – the net consideration (before
tax withheld at source and sale expenses) expected for the Sold Shares in accordance with the Agreement.

 

		(d)	To the extent that the sale is in the Stock Exchange – the Company shall deliver a written
instruction to the Trustee for the purpose of performing the sale (including prices, quantities and dates).

 

		(e)	To the extent that the sale is a sale in the Stock Exchange – calculations and the approval
of a senior financial officer in the Company regarding the minimum sale price after withholding of tax at source (to the extent
required) and sale expenses so that the Company shall comply with the conditions set forth in Section 6.9.2.2 or 6.9.2.3 hereunder,
as the case may be, and that the sale transactions (in accordance with the instructions set forth by the Company) shall be performed
for prices that shall not fall below the said price (hereinafter in this Section 6.9.2: “Minimal Price”).

 

The Trustee shall rely on the
Sale Notice and on the calculations delivered to the Trustee by the Company and the approval of the senior officer as aforesaid
and shall not initiate or shall not be required to initiate any inspection on its behalf.

 

		6.9.2.2.	To the extent that the sale is a sale of part of the Charged Shares (in a manner that Charged Shares
remain after the sale), the consideration for the sale of the said Charged Shares shall not fall below the sum that is required
for the purpose of performing an early redemption in accordance with the provisions set forth in Section 7.2.7 hereunder of a relative
part of the principal of the Bonds (calculated according to the following formula), if such early redemption as aforesaid had been
performed at the time of delivering the Sale Notice (when for the purpose of the provisions set forth in Section 7.2.7.1 hereunder
the date in which the Company passed a resolution regarding the performance of early redemption shall be deemed as the date of
delivering the Sale Notice).

 

    	 	49	 

     

    

 

The relative part of the Bonds’
principal shall be calculated in the following manner:

 

	 	 	V	*	S	=	X	 
	 	 	 	 	P	 	 	 

 

	 	X	The
    relative part of the Bonds’ principal 
	 	 	 
	 	S	The
    value of the charged Gamida shares and/or the charged Insightec shares that the Company wishes to sell in their value as determined
    at the time of their charge in accordance with Section 6.1.1 above. 
	 	 	 
	 	P	The
    total value of the Charged Shares according to their value as determined on the date of their charge in accordance with Section
    6.1.1 above. 
	 	 	 
	 	V	The
    par value of the Bonds on the date of delivering the Sale Notice. 

 

		6.9.2.3.	To the extent that the sale is a sale of the entire (100%) Charged Shares (in a manner that there
are no more Charged Shares after the sale), the assets remaining in the Trust Account, including the consideration expected from
the sale of the shares as aforesaid (according to the Minimum Price or the price set with respect to a transaction outside the
Stock Exchange, as the case may be) and cash that is deposited in the Trust Account and/or a bank guarantee and/or the value of
Government Bonds that the Trustee holds at the time (with respect to the date that is one business day prior to the delivery of
the Sale Notice to the Trustee) (to the extent that there are any) shall not fall below the adjusted value of the Bonds as of the
date which is one business day prior to the date of delivery of the Sale Notice to the Trustee. The aforesaid shall not derogate
from the undertakings of the Company pursuant to Sections 6.9.2.4 and 7.2.7 hereunder.

 

		6.9.2.4.	The full net consideration (with deduction of tax withheld at source and sale expenses) in respect
of the Sold Shares shall be deposited directly in the Trust Account at the earliest possible date and the Company shall instruct
the Trustee to use the consideration according to one of the following three alternatives hereunder or a combination thereof, at
its sole discretion: (a) performance of early redemption of the Bonds in accordance with the provisions set forth in Section 7.2
hereunder; or (b) making payments on account of principal and interest on time in accordance with the payments schedule; or (c)
for the purpose of performing buyback of the Bonds as part of transactions in the Stock Exchange only, in accordance with detailed
instructions that the Company will deliver to the Trustee and at the sole and absolute discretion of the Company provided that
the Bonds that are purchased as aforesaid shall be transferred to the Company and shall be canceled; and as long as the said sums
are held in the Trust Account the said sums shall be invested by the Trustee in accordance with the provisions set forth in Section
16 hereunder. To the extent that the Sold Shares are sold in a transaction outside the Stock Exchange, the Company shall deliver
to the purchaser of the Sold Shares an irrevocable instruction to deposit the net consideration in the Trust Account.

 

    	 	50	 

     

    

 

Until and no later than two
business days after the date in which the consideration obtained from the sale of the Sold Shares was deposited in the Trust Account,
the Trustee shall release from the charge and shall deliver to the Company the part of the consideration that is beyond necessary
for the purpose of complying with the provisions set forth in Section 6.9.2.2 or 6.9.2.3 above, as the case may be, in accordance
with the confirmation delivered by a senior financial officer in the Company, together with a calculation that will be delivered
to the Trustee. Upon performance of the sale of the Charged Shares, in whole or in part, by the Company and after receiving the
consideration in respect whereof in the Trust Account, the charge on the Charged Shares that were sold shall be deemed as null
and void without performing any additional actions and/or obtaining any additional approval, including not on behalf of the Trustee
and/or the Bondholders. In 3 business days after depositing the consideration as stated in Section 6.9.2.2 or 6.9.2.3 above, as
the case may be, the Company and the Trustee shall sign all documents that are necessary for the purpose of amending the relevant
charge documents, and all in a form to the satisfaction the Trustee, and the Company shall amend the charge within a reasonable
time at its expense and furnish to the Trustee the documents evidencing the performance of the said amendment. In addition, and
to the extent that this is necessary, the Company shall furnish to the Trustee in three (3) business days as of the date of depositing
the consideration as stated in Section 6.9.2.2 above, as the case may be, alternative share certificates (together with a blank
deed of transfer) in connection with the remaining Charged Shares.

 

In addition, and at the request
of the Company, the Trustee shall sign an undertaking according to which the Trustee will agree to eliminate the charge registered
in its favor with respect to the Sold Shares against and concurrent with the transfer of the consideration in respect whereof to
the Trust Account.

 

After completing the sale of
the Sold Shares, the Company shall publish in an immediate report the number of the Sold Shares that were sold and the net consideration
paid in respect whereof.

 

    	 	51	 

     

    

 

Notwithstanding the aforesaid,
the Company shall be entitled to sell the Sold Shares for prices that are lower than the prices specified in Section 6.9.2.2 or
Section 6.9.2.3, as the case may be, provided that prior to the release of the Sold Shares from the charge as stated above the
Company shall deposit in the Trust Account sums from its supplementary sources for the actual sale amount to the amount specified
in Section 6.9.2.2 or Section 6.9.2.3, as the case may be.

 

		6.10.	Deleted

 

		6.11.	For the avoidance of doubt, it is clarified that Trustee is under no obligation to examine, and
de facto the Trustee did not examine and will not examine the nature of the securities for the purpose of securing the payments
to the Bondholders. The Trustee was not asked to conduct and the Trustee did not conduct a due diligence review, or an financial,
accounting or legal review regarding the state of business of the Company or its subsidiaries. By signing this Agreement and following
the consent of the Trustee to serve as a trustee for the Bondholders, the Trustee does not express its opinion, whether express
or implied, regarding the ability of the Company to fulfill its liabilities towards the Bondholders and regarding the economic
value of the securities that were provided by the Company. The aforesaid shall not derogate from the obligations of the Trustee
in accordance with the Law and/or this Deed of Trust and in this regard it shall not derogate from the obligation of the Trustee
(to the extent that such an obligation applies to the Trustee in accordance with the provisions set forth in any law) to examine
the effect of changes in the Company as of the date of issue of the Bonds henceforth, to the extent that these have an adverse
effect on the ability of the Company to fulfill its liabilities to Bondholders.

 

		6.12.	Transfer of the consideration obtained from the offering to the Company 

 

		6.12.1.	The consideration obtained from the offering that the dealer manager will receive in respect of
the issue of the Bonds shall be transferred by the dealer manager in full, including returns thereof (however, for the avoidance
of doubt, with deduction of an early repayment charge to classified investors) to the Trust Account, within its meaning above.

 

The Company considers payment
of the consideration obtained for the offering by the dealer manager as receipt of the consideration in the Company and consequently
the Company shall request the listing of the Bonds for trade in the Stock Exchange upon receipt of the consideration by the dealer
manager.

 

		6.12.2.	The Company shall deliver written instructions to the Trustee regarding the manner of investment
of the funds deposited in the Trust Account and the Trustee shall act in accordance with these instructions provided that the funds
are invested in the manner specified in Section 16 of the Deed. The Trustee shall not be responsible for examining the nature of
the investments of the funds in the Trust Account and shall not be responsible for the consequences of the investment. The Company
shall incur the expenses and charges regarding the opening of the Trust Account including management and closing thereof.

 

    	 	52	 

     

    

 

		6.12.3.	Release of the full consideration obtained for the offering 

 

The Trustee shall transfer
the consideration obtained for the offering that was deposited in the Trust Account (with deduction of the Interest Cushion, the
offering expenses and the current operation funds) to a bank account in the name of Elbit Imaging as instructed in writing by the
Company and that will be approved by Elbit Imaging in two (2) business days after all of the following conditions have been met
(cumulatively):

 

		6.12.3.1.	The Company delivered to the Trustee all documents specified in Section 6.7 above in connection
with the charges on the Charged Shares and the Trust Account, respectively; and

 

		6.12.3.2.	The Company delivered to the Trustee a confirmation issued by the senior financial officer in the
Company regarding the amount of the shares of Insightec and Gamida that should be charged in favor of the Bondholders for the purpose
of meeting the VTL ratio as stated in Section 6.1.1 above (together with a calculation) and the amount of the Interest Cushion
and the amount of the offering expenses; and

 

		6.12.3.3.	The Company delivered to the Trustee a confirmation of a senior officer of the Company and the
confirmation of Elbit Imaging regarding the current debt to Elbit Imaging with an indication of the sum that will be paid in cash
to Elbit Imaging and the sum that will be converted into bonds as stated in Section 5.3.3.3 above (if and to the extent required),
together with a transfer order that will include the details of the bank account of Elbit Imaging and a confirmation by an accountant
and, to the extent that a conversion into Bonds is required as aforesaid, a confirmation provided by Elbit Imaging stating that
the Bonds were issued to Trustee for the said amount; and

 

		6.12.3.4.	The Company delivered to the Trustee a certified and true copy of the Bonds certificates delivered
to the Nominee Company in respect of the Bonds that were issued to Elbit Imaging as aforesaid.

 

		6.12.3.5.	The Company delivered to the Trustee a confirmation issued by an officer stating that the amendment
of the Insightec Articles was approved (or, alternatively, certain shareholders of Insightec granted their consent) in such manner
that the mere charge of the Insightec shares as stated in this Deed shall not oblige the enforcement of the right of first refusal
at the time of creating the charge (however at the time of enforcing the charge (including by a receiver or any other officer)
and in such circumstances as aforesaid the provisions set forth in the Insightec Articles regarding the transfer of shares shall
come into operation, including the sections regarding the right of first refusal and the co-sale right).

 

    	 	53	 

     

    

 

		6.12.3.6.	The Company published an immediate report stating that all the conditions for the purpose of releasing
the balance of the consideration of the offering in accordance with this Section have been met.

 

At the time of transferring
the funds to Elbit Imaging as stated above the Trustee shall transfer to the Company the current operating expenses and the funds
designated for covering the offering expenses, in accordance with written instructions that the Company will deliver. If and to
the extent that after the transfer of the funds to Elbit Imaging as stated above and after the transfer of the current operation
expenses and the offering expenses to the Company there are still funds in the Trust Account (except for the Interest Cushion)
the said funds shall be transferred to the Company.

 

		6.12.4.	Deleted.

 

		6.12.5.	In the event the conditions for releasing the consideration obtained from the offering to the Company
as stated in Section 6.12.3 above are not fulfilled until the end of the definite period (within its meaning hereunder), the Company
shall perform a compulsory early redemption of the uncleared balance of the Bonds as stated hereunder.

 

“The Definite Period”
– 90 days as of the date in which the full consideration of the offering was received by the dealer manager however if, during
the said 90 days’ period, the Company wishes to convene a Bondholders’ meeting for the purpose of obtaining the approval of the
Bondholders to perform any action (including for the purpose of approving amendments in the Deed of Trust or approval for the purpose
of extending the Definite Period) in connection with the release of the consideration obtained from the offering and consequently
the said period of 90 days shall be extended by an additional period of 45 days. The extension of the period for the purpose of
creating and registering the charges in addition to the period specified above shall be allowed by an extraordinary resolution
that will be passed in the Bondholders’ meeting.

 

		6.12.5.1.	In one business day as of the expiration of the said period the Company shall publish an immediate
report regarding the early redemption of the Bonds in one payment (that will be paid to the Bondholders at the earliest opportunity
in accordance with the Stock Exchange rules) (hereinafter in this Section: “Early Redemption Day”). The provisions
set forth in Section 7.2.4 and 7.2.8 hereunder shall apply to an early redemption in accordance with the provisions set forth in
this Section 6.12.5.

 

    	 	54	 

     

    

 

		6.12.5.2.	The sum paid to the Bondholders in the event of early redemption as stated in this Section shall
be the full liability value of the Bonds in circulation on the actual Early Redemption Day (hereinafter in this Section 6.12.5.2:
“Liability Value”) when the interest in respect of the period until the Early Redemption Day shall be calculated
according to the nominal interest of the Bonds, and that the Bonds were supposed to carry in respect of the period commencing on
the day in which the full consideration for the offering was deposited with the dealer manager and that expires on the day that
preceded the Early Redemption Day, calculated according to a basis of 365 days a year, according to the number of days during this
period. The early redemption shall be performed in accordance with the provisions set forth in Sections 7.2.1 to 7.2.5 hereunder.

 

		6.12.5.3.	If, until the business day that preceded the Early Redemption Day, the sums obtained from the consideration
for the offering in the Trust Account including all returns accumulated in respect whereof (with deduction of charges and management
fees) totaled an amount lower than the amount payable to the Bondholders on the Early Redemption Day (hereinafter in this Section
6.12.5.3: “Early Redemption Amount”) the Company shall transfer to the Trust Account, on the business day preceding
the Early Redemption Day, the difference between the amount in the Trust Account and the Early Redemption Amount. And the Trustee
shall transfer all sums that are required for the purpose of performing the early redemption to the Nominee Company; in the event
there is a balance in the Trust Account after performing the early redemption as aforesaid, the said balance shall be transferred
to the Company.

 

		7.	Early redemption 

 

		7.1.	Early redemption initiated by the Stock Exchange 

 

In the event the Bonds are listed
for trade and the Stock Exchange decides to delist the Bonds from trade since the value of the public holdings in the Bonds decreased
from the amount specified in the instructions set forth by the Stock Exchange regarding the delisting from trade of the Bonds,
in such circumstances the Company shall act for the purpose of performing the early redemption of the Bonds as follows:

 

		7.1.1.	In forty-five (45) as of the date of the resolution of the Board of Directors of the Stock Exchange
regarding the delisting from trade as aforesaid, the Company shall announce an Early Redemption Day in which the Bondholder is
entitled to redeem the bonds. The notice regarding the Early Redemption Day shall be published in an immediate report and in two
widely circulated newspapers in Hebrew and will be delivered in writing to all registered Bondholders.

 

		7.1.2.	The Early Redemption Day with respect to the Bonds shall occur not earlier than twenty-one (21)
days as of the date of publishing the notice and not later than forty-five (45) days as of the said date, however not during the
period between the Effective Date for payment of interest and the actual date in which interest is paid.

 

    	 	55	 

     

    

 

		7.1.3.	On the Early Redemption Day, the Company shall redeem the Bonds that the Bondholders requested
to redeem. The consideration obtained from the redemption shall not fall below the amount of the par value of the Bonds with the
addition of interest accumulated until the actual payment date, as stated in the terms of the Bonds.

 

		7.1.4.	The determination of the Early Redemption Day as stated above shall not affect the redemption rights
specified in the Bonds of any of the Bondholders that will not redeem the Bonds on the Early Redemption Day as stated above, however
the Bonds shall be delisted from the trade in the Stock Exchange and the tax implications arising therefrom shall apply thereto,
inter alia.

 

		7.1.5.	The early redemption of the Bonds as stated above shall not grant to the holders of the Bonds that
will be redeemed as aforesaid the right to payment on account of a principal and/or interest in respect of the period after the
redemption date.

 

		7.2.	Early redemption initiated by the Company 

 

		7.2.1.	The Company shall be entitled, at its sole discretion, to decide that as of February 15, 2020 it
shall redeem the Bonds, in whole or in part, in early redemption, and the following provisions shall apply in such circumstances,
and subject to the decision of the Securities Authority and the instructions set forth by the Stock Exchange as periodically updated.

 

		7.2.2.	The early redemptions shall be performed in a frequency that shall not be greater than once a quarter.

 

In the event early redemption
was set for a quarter in which a date for payment of interest is set or a date for payment of partial payment or a date for payment
of final payment, the early redemption shall be performed on the date set for payment as aforesaid.

 

“Quarter” for the
purpose of this matter shall mean each of the following periods: January-March, April – June, July – September, October
– December.

 

		7.2.3.	The minimal scope of each early redemption shall not fall below NIS 1M. Notwithstanding the aforesaid,
the Company may perform early redemption for an amount that falls below NIS 1M provided that the frequency of the redemptions shall
not be greater than one redemption a year.

 

Any sum that is paid in early
repayment by the Company shall be repaid with respect to the entire Bondholders, pro-rata according to the par value of the Bonds
that are held at the time.

 

    	 	56	 

     

    

 

		7.2.4.	After the Company passes a resolution regarding the performance of early redemption as stated above,
the Company shall publish an immediate report no less than twenty-one (21) days and not later than forty-five (45) days prior to
the Early Redemption Day.

 

		7.2.5.	The Early Redemption Day shall not occur during the period between the Effective Date for payment
of interest in respect of the Bonds and the actual payment date of the interest. In the immediate report as aforesaid the Company
will publish the principal amount that will be repaid in early redemption and the interest accrued in respect of the principal
amount as aforesaid until the Early Redemption Day, in accordance with the provisions set forth hereunder.

 

		7.2.6.	In the event of partial early redemption, on the partial Early Redemption Day, to the extent that
there is any, the Company shall pay to the Bondholders the interest accrued solely for the redeemed part in early partial redemption
and not on the entire uncleared balance. No early redemption shall be performed for part of the series of the Bonds in the event
the last redemption amount falls below NIS 3.2M. On the date of the partial redemption as aforesaid, to the extent that there is
any, the Company shall publish the following information in an immediate report: (1) the partial redemption rate in terms of the
uncleared balance; (2) the partial redemption date in terms of the original series; (3) the interest rate in partial redemption
on the redeemed part; (4) the interest rate that will be paid in the partial redemption, calculated with respect to the uncleared
balance; (5) an update of the partial redemption rates that are outstanding, in terms of the original series; (6) the Effective
Date regarding the entitlement to the early redemption of the Bonds principal that will be six (6) days prior to the date designated
as the early redemption date, as the case may be.

 

		7.2.7.	The sum paid to the Bondholders in the event of early redemption (except for early redemption under
Section 2.1.1 above and under Section 6.12.5 above in respect of which the provisions set forth in this Section 7.2.7 hereunder
shall not apply) shall be the amount that is the higher of the following:

 

		7.2.7.1.	The market value of the par value of the Bonds called for early redemption that will be set according
to the average closing price of the Bonds in the thirty (30) trading days that preceded the date of passing the resolution of the
Company regarding the performance of the early redemption (hereinafter: “Market Value of the Balance of the Bonds”).
Notwithstanding the aforesaid, if, during the period of thirty (30) trading days that preceded the date of the resolution passed
by the Company regarding the performance of the early redemption the Effective Date for the purpose of paying interest occurs,
in such circumstances, for the purpose of calculating the market value of the Bonds that will be paid to the Bondholders in accordance
with this Section 7.2.7.1, a relative part of the sum that is paid on account of interest payments as aforesaid shall be subtracted
from the Market Value of the Balance of the Bonds (within its meaning above) (when the said relative part shall be calculated according
to the ratio between the Bonds principal called for early redemption and the total amount of the Bonds principal prior to the early
redemption).

 

    	 	57	 

     

    

 

		7.2.7.2.	The amount of: (a) the cash flow balance of the Bonds called for early redemption (principal with
the addition of interest), capitalized according to the returns of the Government Bonds (within its meaning hereunder) with the
addition of 1.5% interest. The capitalization of the Bonds called for immediate repayment shall be calculated as of the Early Redemption
Day and until the last redemption day set with respect to the Bonds; in addition to – (b) the value of the option in the
conversion component of the Bonds called for immediate repayment, calculated according to the Black & Scholes model as follows:

 

	 	C = (S x N (d1) - K
                    x e -rt x N (d2))

                     

        d1
        = [(1n (S/K) + (r + 0.5σ 2)
        x t)] / (σ x Ö
        t)

         

        d2
        = d1 - σ Ö t

	 	 
	 	S	-	Share
    rate at the Stock Exchange.  
	 	 	 	 
	 	N(d1)	-	The
    area under the standard normal curve up to point d1.
	 	 	 	 
	 	N(d2)	-	The
    area under the standard normal curve up to point d2.
	 	 	 	 
	 	σ	-	The
    standard deviation will be estimated according to the volatility in the share rate itself. If the share is traded less than
    4 and a half months in the six months that serves as basis for measuring the standard deviation, the standard deviation shall
    be measured in the manner it is estimated in the new company.
	 	 	 	 
	 	e	-	The
    basis of the natural algorithm.
	 	 	 	 
	 	K	-	Exercise increment.
    
	 	 	 	 
	 	r	-	The
    annual capitalization rate for warrants of the type of the linkage set for the exercise increment as stated by the Stock Exchange
    from time to time. 
	 	 	 	 
	 	t	-	The
    option term in years. 

 

For the purpose of this matter
“Government Bonds return” shall mean the weighted average of the return per redemption (gross) in a period of
7 business days, that expires 2 business days prior to the date of notice on the early redemption, of 2 unlinked series of Government
Bonds and whose average life is the closest to the average life of the Bonds on the relevant date, i.e., one series of Government
Bonds with the closest and highest duration of the duration of the Bonds on the relevant date, and one series of Government Bonds
with the lowest duration with relation to the duration of the Bonds on the relevant date and whose weighting will reflect the duration
of the Bonds on the relevant date.

 

    	 	58	 

     

    

 

For example: if the duration
of Government Bonds A is 4 years and the return for its redemption is 1%, the duration of Government Bonds B is 2 years and its
return for redemption is 0.5% and the duration of the balance of the loan is 3.5 years, the return shall be calculated as follows:

 

3.5 = 4X+2(1-X)

 

X = The weight of the return
of Government Bond A.

 

X-1 = The weight of the return
of Government Bonds B.

 

According to the calculation,
the annual return of Government Bonds A will be weighted at a rate of 75% of the return and the annual return of Government Bonds
B will be weighted at a rate of 25% of the return.

 

The return of the Government
Bonds shall be as follows:

 

0.875% = 0.5% * 0.25 + 1% * 0.75

 

		7.2.7.3.	The liability value of the Bonds that are called for early redemption in circulation.

 

To the extent that interest
is paid in accordance with the provisions set forth in Sections 7.2.7.1 or 7.2.7.2 above, the excess amount beyond the liability
value shall be calculated as addition of interest.

 

The Company shall furnish to
the Trustee the confirmation of the senior financial officer in the Company regarding the calculation of the amount for payment,
in a form to the satisfaction the Trustee, concurrent with the publication of the immediate report specified in Section 7.2.4 above.

 

		7.2.8.	Whoever held the Bonds that will be redeemed as aforesaid shall not be entitled to any payments
in connection with the Bonds in respect of the period after the early redemption.

 

		8.	Immediate repayment and/or exercising securities 

 

		8.1.	Subject to the provisions set forth in this Section 8, the Trustee and the Bondholders are entitled
to call for immediate repayment the uncleared balance of the Bonds and/or to exercise securities, and the Trustee shall be obligated
to act in the said manner in the event a resolution in accordance with the Deed of Trust was passed in the General Meeting of the
Bondholders, in accordance with the provisions set forth in Section 8.2 of the Deed, and all upon the occurrence of one or more
of the following events:

 

		8.1.1.	There has been a material adverse change in the businesses of the Company compared to their position
at the time of issuing the Bonds, and there is an actual concern that the Company will not be able to redeem the Bonds on time.

 

    	 	59	 

     

    

 

		8.1.2.	In the event the Company failed to pay principal and/or interest of any kind (including the addition
of interest and/or interest in arrears, to the extent applicable) of the payments the Company owes in accordance with the Deed
of Trust and/or in accordance with the Bonds or in the event any other material undertaking that was made in favor of the Bondholders
was not fulfilled, and all in the event the breach was not cured in 7 days as of the date set for repayment or as of the date of
receiving notice, regarding the breach and during this period the Company acts for the purpose of curing the breach, as the case
may be.

 

		8.1.3.	If one of the following has been called for immediate repayment: (1) another series of Bonds that
was issued by the Company (whether or not listed for trade) and that was called for immediate repayment in accordance with the
provisions set forth in its Deed of Trust; (2) a debt and/or cumulative debts of the Company towards a financial creditor and/or
a number of financial creditors (including institutional bodies) that were called for immediate repayment in accordance with the
law and whose cumulative balance at the time of their calling for immediate repayment is greater than NIS 10M (hereinafter: “Material
Debt”); and the demand for immediate repayment of such a debt as aforesaid was not eliminated in 45 days as of the date
they were called for immediate repayment as aforesaid.

 

		8.1.4.	The Company did not publish a financial statement it is obligated to publish in accordance with
the provisions set forth in any law, in thirty (30) days as of the last date the Company is obligated to publish the said statement.

 

		8.1.5.	The Bonds were delisted from trade in the Stock Exchange.

 

		8.1.6.	There is an actual concern that the Company will not meet is material liabilities towards the Bondholders.

 

		8.1.7.	A merger was performed without obtaining the prior approval of the Bondholders in an ordinary resolution,
unless the absorbing company declared towards the Bondholders, including by the Trustee, at least ten business days prior to the
merger date, that there is no reasonable concern that due to the merger the absorbing company will not be able to meet its liabilities
towards the Bondholders.

 

		8.1.8.	In the event the Company or Insightec passes a resolution on liquidation (except for liquidation
as a result of merger with another company, as stated in Section 8.1.8 above) or in the event a permanent and final liquidation
order is issued by the court against the Company or Insightec or in the event a permanent liquidator is appointed for Insightec.

 

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		8.1.9.	In the event a temporary liquidation order is issued by the court against the Company or Insightec,
or a temporary liquidator is appointed for it or any other similar judicial decision is made and such an order or a decision as
aforesaid were not dismissed or terminated in 45 days as of the date of issue of the order or delivery of the decision, as the
case may be.

 

Notwithstanding the aforesaid,
the Company or Insightec shall not have any remedy period with respect to any motions or orders that were served or delivered,
as the case may be, by the Company or with the approval of the Company or by Insightec or with the approval of Insightec.

 

		8.1.10.	In the event an attachment is imposed on the holdings of the Company in the shares of Insightec,
in whole or in part, or in the event any execution proceeding is instituted against such assets as aforesaid, and the attachment
or the proceeding is not eliminated or canceled, as the case may be, in 45 days as of the date they were imposed or instituted,
as the case may be.

 

Notwithstanding the aforesaid,
the Company shall not be entitled to any remedy period with respect to motions or orders that were filed or delivered, as the case
may be, by the Company or with the approval of the Company.

 

		8.1.11.	In the event a motion for receivership or for the appointment of a receiver (temporary or permanent)
was filed with respect to the holdings of the Company in the shares of Insightec, in whole or in part, or in the event an order
for the appointment of a temporary receiver (on the holdings of the Company in the shares of Insightec, in whole or in part) –
and these were not dismissed or canceled in 45 days as of the date of their filing or delivery, as the case may be; or –
if an order for the appointment of a permanent receiver on the entire or the majority holdings of the Company in Insightec shares
was issued.

 

Notwithstanding the said, the
Company shall not be entitled to any remedy period with respect to motions or orders that were filed or delivered, as the case
may be, by the Company or with the approval of the Company.

 

		8.1.12.	(a) In the event the Company or Insightec file a motion for a stay of proceedings or in the event
such an order is issued as aforesaid or in the event the Company or Insightec file a motion for a settlement or a composition with
creditors pursuant to Section 350 of the Companies Law (unless this concerns a merger with another company and/or a restructuring
of the Company or restructuring of Insightec or a split that are not prohibited in accordance with the provisions set forth in
this Deed and except for arrangements made between the Company and its shareholders or between Insightec and its shareholders that
are not prohibited under this Deed and that cannot affect the ability of the Company to repay the Bonds), or in the event the Company
or Insightec offers to its creditors in any other manner a settlement or an arrangement as aforesaid, in light of the inability
of the Company or Insightec, respectively, to fulfill its undertakings on time; or (b) in the event a motion is filed pursuant
to Section 350 of the Companies Law against the Company (and without its approval) or Insightec (and without its approval) and
was not dismissed or canceled in 45 days as of the date of filing thereof.

 

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		8.1.13.	In the event the Company breached its undertakings in connection with the expansion of the series
as stated in Section 2.6 above.

 

		8.1.14.	In the event the Company breached any of its undertakings in connection with the sale of the Charged
Shares as stated in Section 6.9.2 above.

 

		8.1.15.	In the event the Stock Exchange suspended the trade of the Bonds, except for suspension on the
grounds of ambiguity as stated in the Fourth Part of the Stock Exchange Bylaws and the suspension was not lifted in 60 days.

 

		8.1.16.	In the event the Company ceases or announces its intention to cease its payments or ceases or announces
its intention to cease conducting its business as conducted from time to time.

 

		8.1.17.	In the event the Company commits a fundamental breach of the terms set forth in the Bonds or the
Deed of Trust and, in this regard, in the event it transpires that a material representation of the representations of the Company
in the Deed of Trust is incorrect or deficient, on the condition that the breach was not cured in 7 business days as of the date
of receiving written notice regarding the breach and during this period the Company takes action for the purpose of curing the
breach.

 

		8.1.18.	In the event the Company performs a distribution contrary to the provisions set forth in Section
5.2 above.

 

		8.1.19.	In the event the Company ceases to be a “reporting corporation” (within the meaning of
this term in the Securities Law).

 

		8.1.20.	In the event the Bonds are no longer rated pursuant to the decision of the Company, as stated in
Section 35 hereunder, and after the Bonds are not rated for a period greater than 60 consecutive days, due to reasons and/or circumstances
over which the Company has control. It is clarified that the cessation of rating of the Bonds due to reasons and/or circumstances
over which the Company has not control shall not give rise to grounds for calling the Bonds for immediate repayment.

 

		8.1.21.	If and to the extent that the Company fails to meet the net debt ratio with respect to value of
the shares as stated in Section 5.4 on two consecutive review dates.

 

		8.1.22.	If the Company breaches its undertakings in connection with the use of the consideration obtained
following the sale of Insightec shares and/or Gamida shares that are not charged as stated in Section 5.5 above.

 

		8.1.23.	In the event the Company changes its sphere of activity, in such manner that the main part of the
activities of the Company is not in the field of investments in companies that operate in the life sciences sector and/or in the
medical equipment sector.

 

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		8.1.24.	In the event Insightec ceases or announces its intention to cease its payments or ceases or announces
its intention to cease from conducting its business as conducted from time to time.

 

For the purpose of this entire
Section 8.1 “majority of the Company’s holdings in Insightec” – more than 50% of the holdings of the
Company in the shares of Insightec at the time of occurrence of the relevant event.

 

In such cases as aforesaid,
the provisions set forth in Section 8.2 of this Deed shall apply, as the case may be.

 

		8.2.	Without derogating from the provisions set forth in any law, the following provisions shall apply
upon the occurrence of any of the events specified in Section 8.1 of this Deed:

 

		8.2.1.	Upon the occurrence of any of the events specified in Section 8.1 of the Deed of Trust, the Trustee
shall be obligated to convene a meeting of the Bondholders whose agenda shall include a resolution regarding the calling for immediate
repayment of the entire uncleared balance of the Bonds or exercise of securities.

 

		8.2.2.	If, for a certain matter, Section 8.1 of the Deed of Trust sets out a reasonable period in which
the Company is entitled to perform an action or pass a resolution as a result of which the grounds for calling for immediate repayment
and/or the exercise of securities are dropped, the Trustee and/or the Bondholders are entitled to call the Bonds for immediate
repayment only if the period that was set as aforesaid expired, and the grounds were not dropped; however, the Trustee may shorten
the said period in the event it is of the opinion that it will materially affect the rights of the Bondholders.

 

		8.2.3.	The date of convening the Bondholders’ meeting whose agenda includes a resolution regarding the
calling for immediate repayment of the total amount of the uncleared balance of the bonds and/or the exercise of securities as
a result of the occurrence of any of the events specified in Section 8.1 of the Deed of Trust, shall be twenty-one (21) days as
of the date of its convening (however the Trustee shall be entitled to shorten the period that was set as aforesaid in the event
it is of the opinion that this is necessary for the purpose of protecting the rights of the Bondholders).

 

		8.2.4.	In the event that if, until the date of convening of the meeting as aforesaid, none of the events
specified in Section 8.1 of the Deed of Trust was not canceled or eliminated, and the resolution in the Bondholders’ meeting as
aforesaid regarding the calling for immediate repayment and/or the exercise of securities was passed in a Bondholders’ meeting
as stated in Section 8.2.5 hereunder, the Trustee shall be obligated, within a reasonable period of time, to call for immediate
repayment the entire uncleared balance of the Bonds, provided that the Trustee delivered to the Company a written notice at least
fifteen (15) days in advance regarding its intention to perform the said actions and the event in respect of which the resolution
was passed was not canceled or eliminated during this period. However, the Trustee and/or the Bondholders shall not be obligated
to deliver notice to the Company as aforesaid, in the event there is a reasonable concern that delivery of notice will impair the
option to call the Bonds for immediate repayment and/or exercise the securities or impairs the rights of the Bondholders.

 

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		8.2.5.	The publication in Magna of a notice regarding the convening of the meeting whose agenda includes
the calling of the Bonds for immediate repayment and/or the exercise of securities shall constitute prior and written notice to
the Company regarding the intention of the Trustee to act in the said manner.

 

		8.2.6.	Canceled.

 

		8.2.7.	The resolution of the Bondholders whether or not to call for immediate repayment and/or exercise
securities shall be passed in a Bondholders’ meeting in which holders holding by themselves, or by their representatives, or by
ballot, a minimum of fifty percent (50%) of the outstanding par value of the Bonds, by a majority of the Bondholders holding the
outstanding par value of the Bonds represented in the vote, or in such a majority as stated in an adjourned Bondholders’ meeting
in which Bondholders holding a minimum of twenty percent (20%) of the said balance attended, whether by themselves or by their
representatives.

 

		8.2.8.	The delivery of notice to the Company regarding the calling for immediate repayment of the Bonds
and/or the exercise of securities shall be performed also by way of publishing a notice regarding the resolution of a meeting or
the Trustee in accordance with the provisions set forth in Section 8.2.4 above and shall constitute calling for immediate repayment
of the Bonds.

 

		8.2.9.	It is hereby clarified that the obligations of the Trustee in accordance with the provisions set
forth in this Section 8.2 are subject to the actual knowledge of the Trustee of the existence of the facts, the cases, the circumstances
and events specified therein, whether by virtue of public publications published by the Company, whether by virtue of notices that
the Company will deliver to the Trustee in accordance with the provisions set forth in this Deed and whether by virtue of information
that reached its possession in any other manner in its capacity as a Trustee of the Bonds.

 

The aforesaid shall not derogate
from the obligations and/or rights of the Trustee in accordance with the provisions set forth in any law.

 

		8.2.10.	It is clarified that the provisions set forth in this section 8.2 above shall not derogate from
the authorities of the Trustee granted in accordance with the provisions set forth in any law.

 

		8.2.11.	Deleted.

 

		8.2.12.	For the avoidance of doubt it is clarified that the right to call for immediate repayment as stated
above and/or the calling for immediate repayment shall not derogate or impair any other or additional relief the Bondholders or
the Trustee may seek in accordance with the terms set forth in the Bonds and the provisions set forth in this Deed and/or in accordance
with the provisions set forth in any law, and that subject to the provisions set forth in any law failure to call the debt for
immediate repayment, upon the occurrence of any of the events specified in Section 8.1 above, shall not constitute any waiver of
the rights of the Bondholders or the Trustee as aforesaid.

 

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		9.	Claims and proceedings by the Trustee 

 

		9.1.	In addition to any other provision set forth in this Deed the Trustee shall be entitled, at its
discretion, and shall be obligated to act in the said manner following a resolution that was passed by an ordinary majority in
a Bondholders’ meeting of Bonds (Series C), and without delivery of prior notice to the Company, to institute all proceedings,
including court proceedings and motions for instructions, as the Trustee deems fit and subject to the provisions set forth in any
law, for the purpose of enforcing the undertakings of the Company in accordance with the Deed of Trust and for the purpose of exercising
the rights of Bondholders in accordance with the Deed of Trust.

 

Notwithstanding the said in
this Section, the right to call for immediate repayment and the exercise of the securities shall arise only in accordance with
the provisions set forth in Section 8 of the Deed of Trust and not by virtue of this Section.

 

		9.2.	Subject to the provisions set forth in this Deed, the Trustee shall be entitled, however not obligated,
to convene at any time a General Meeting of the Bondholders in order to debate and/or receive its instructions regarding the Deed
of Trust, provided that the meeting shall be convened on the first possible date and that the delay of the proceedings shall not
risk the rights of the said Bondholders.

 

		9.3.	The Trustee may, at its sole discretion, delay the performance of any of its actions in accordance
with the Deed of Trust for the purpose of approaching the Bondholders’ meeting and/or the court until the Trustee receives instructions
from the Bondholders’ meeting and/or instructions from the court regarding its actions, provided that the Trustee shall convene
the meeting or approach the court as soon as practicable.

 

		9.4.	For the avoidance of doubt, it is hereby clarified that none of the provisions set forth above
shall impair and/or derogate from the right granted to the Trustee to approach legal instance at its sole discretion even before
calling the Bonds for immediate repayment, and/or for the purpose of delivering any order regarding the affairs subject matter
of this Trust.

 

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		10.	Distribution of proceeds 

 

		10.1.	All proceeds that the Trustee will receive, except for the Trustee’s fees and repayment of any
debt to the Trustee, in any manner, including, but not limited to, as a result of the calling of the Bonds for immediate repayment
and/or the exercise of securities and/or as a result of proceedings instituted, if instituted, against the Company, shall be held
by the Trustee in trust and shall be used by the Trustee for the following purposes and according to the following priority:

 

First for the purpose of settling
all expenses, payments, levies and liabilities expended by the Trustee were imposed on the Trustee or were caused or as a result
of actions related to the performance of the trust or in any other manner in connection with the terms set forth in this Deed including
its fees, and all with respect to the Bonds, and shall use the balance first – to pay any other amount in accordance
with the ‘Indemnity Undertaking’ (within the meaning of this term in Section 23 of the Deed); second – for the purpose
of paying to the Bondholders who incurred payments in an amount greater than their relative part in accordance with the provisions
set forth in Section 23.6.2 of the Deed in respect of the sums that are greater than their relative amount, and afterwards for
the purpose of paying the relative part of the Bondholders that incurred payments as stated in Section 23.5 of the Deed; third
– for the purpose of paying to the Bondholders the delayed interest rates (including interest in arrears, to the extent that
there is any) due to them in accordance with the terms set forth in the Bonds, pari-passu and relative to the amount of interest
in arrears due to each without any preference or priority in respect of any thereof; fourth – for the purpose of paying
to the Bondholders the amounts of interest due to them in accordance with the Bonds held by them, and whose payment date is not
yet due, pari-passu and relative to the sums due to them, without any preference regarding the priority of issue of the Bonds by
the Company or in any other manner. Fifth, to pay to the Bondholders the delays in principal due to Bondholders in accordance
with the terms set forth in the Bonds, pari-passu and relative to the principal of the amount in arrears due to each without preference
or a priority in respect of any thereof. Sixth – to pay to the Bondholders the principal amounts due to them in accordance
with the Bonds held by them and whose payment date was not yet due, pari-passu and relative to the principal amounts due to them,
without any preference regarding priority in time of issue of the Bonds by the Company or in any other manner; seventh –
the Trustee shall pay the balance after making the payments as aforesaid, if any, to the Company or its substitutes. Tax at source
shall be withheld from the payments to the Bondholders, to the extent that such withholding is mandatory by law.

 

		10.2.	The Trustee shall pay the aforesaid sums to the Bondholders in accordance with the provisions set
forth in any law.

 

		11.	Power to withhold the distribution of payments 

 

Notwithstanding the said in
Section 10 above, in the event the sum obtained following the institution of proceedings as stated above and that is available
for distribution at any time as stated in that Section is less than NIS 1M (hereinafter: “the Minimal Amount”)
the Trustee shall not be obligated to distribute the said sum and the Trustee shall be entitled to invest the said sum, in whole
or in part, in permissible investments in accordance with the provisions set forth in Section 16 of this Deed.

 

When the said investments,
including returns thereof, are deposited together with additional sums that are due to the Trustee for the purpose of their payment
to the Bondholders, if any, and reach the Minimal Amount, if the said sums total this amount, or on the closest date for performance
of payment on account of principal and/or interest in respect of the Bonds (whichever is earlier), or in the event the amount that
the Trustee accumulated is less than the Minimal Amount, the Trustee shall be obligated to distribute to the Bondholders the sum
accumulated by the Trustee as aforesaid. Without derogating from the said in this Section, the Bondholders are entitled, after
passing an ordinary resolution by a majority of the votes of the members participating in the vote, except for abstaining votes,
to instruct to the Trustee to pay them the sums the Trustee received and that are distributed as stated in Section 10 of the Deed
of Trust even if their amount is less than the Minimal Amount and even if the payment date of the principal and/or the interest
in accordance with the terms set forth in the Bonds is not yet due.

 

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The provisions set forth in
this Section above shall not derogate from the provisions set forth in Section 10 above regarding the priorities in distribution
of the sums that the Trustee will receive and it is clarified that the payments that have priority regarding payment to the holders
as stated in Section 10 above shall be distributed and/or paid, as the case may be, shortly after receipt thereof, even if the
Trustee holds an amount that falls below the Minimal Amount. Notwithstanding the aforesaid, the Trustee’s fees and expenses thereof
shall be paid out of the said sums immediately after the said sums reach the Trustee and even if the said sums are lower than the
Minimal Amount.

 

		12.	Notice regarding distribution and deposit with the Trustee 

 

		12.1.	The Trustee shall notify the Bondholders regarding the day and the place in which any of the payments
specified in Sections 10 and 11 above shall be paid, by delivery of a fourteen (14) days’ prior notice that will be delivered in
the manner specified in Section 25 hereunder.

 

		12.2.	After the date stated in the notice the Bondholders shall be entitled to interest in respect whereof
according to the rate specified in the Bonds solely with respect to the balance of the principal amount (if any) after deduction
of the amount that was paid or offered to them as payment as aforesaid.

 

		13.	Avoidance from payment for a reason that is not depending on the Company

 

		13.1.	Any sum that is due to a Bondholder and that was not actually paid on its payment date and for
a reason that is not depending on the Company, while the Company was willing to pay the said sum and was capable of paying the
said sum on its payment date (“the Preclusion”), shall no longer carry interest as of the said date and the said
Bondholder shall be entitled only to the said sums he was entitled to on the date set for the payment of the said payment on account
principal and/or interest.

 

		13.2.	In the event such payment was not made in seven (7) business days as of the date set for its payment,
on the eighth (8th) day after the date set for payment (and in the event the said date is not a business day, then on
the first business day thereafter) the Company shall transfer the said sum to the Trustee that shall keep the said sum in trust
for the Bondholder, and the transfer of the sum to the Trustee as aforesaid shall be deemed as payment of the said sum to this
Bondholder. In the event the said sum is the last payment for the Bonds – the deposit of the said sum by the Trustee in trust
shall constitute redemption of the said Bonds. The Trustee shall deposit in the bank any sum that it holds in trust for the Bondholders
and shall perform in its name or following its order, at its discretion, the permitted investments in accordance with Section 16
of the Deed of Trust. After the Trustee receives notice from the Bondholder regarding elimination of the Preclusion, the Trustee
shall deliver to the Bondholder the sums accumulated in respect of the deposit and deriving from the realization of their investment,
with deduction of its fees, expenses and other expenses that were expended in accordance with the provisions set forth in this
Deed (such as fees to service providers etc.) and all expenses and the Trust Account management fees and with deduction of any
tax as required by law. Payment shall be made against presentation of proof that is customary with the Trustee regarding the entitlement
of the Bondholder to receive the said payments.

 

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		13.3.	In one year as of the final payment date of the Bonds, the Trustee shall transfer to the Company
the sums that accumulated in the Trustee and that were not paid to any of the Bondholders, with deduction of its fees, expenses
and other expenses that were expended in accordance with the provisions set forth in this Deed (such as fees to service providers
etc.) and the Company shall keep the said sums in trust and shall invest the said sums as stated above for the Bondholder for a
period of three (3) years as of the last payment date of the Bonds and shall not make any use of the said sums during this period.
Regarding the sums that are transferred to the Company by the Trustee as stated above, the provisions set forth in Section 13 above
shall apply thereto, mutatis mutandis. After transfer of the sums to the Company the Trustee shall not owe to the Bondholders
any payment in respect of the sums that were held by the Trustee as aforesaid.

 

		13.4.	The Company shall deliver written approval to the Trustee regarding the transfer of the said sums
to the Company and receipt of these sums in the Trust for the Bondholders as aforesaid and shall undertake to indemnify the Trustee
for any suit and/or expense and/or damage of any kind caused to the Trustee for the transfer of the sums as aforesaid, provided
that the Trustee conducted reasonably and not in bad faith and/or maliciously and/or in gross negligence that is not exempt under
the law. Such sums as aforesaid that are not claimed from the Company by a Bondholder upon expiration of a period of three (3)
years as of the last payment date of the Bonds shall be transferred to the ownership of the Company and the Company shall be entitled
to sue the remaining sums for any purpose.

 

		14.	Receipt from the Bondholders 

 

		14.1.	A receipt from a Bondholder or a proof of a Stock Exchange member regarding performance of the
transfer or performance of the transfer by the Stock Exchange Clearing House in respect of the amounts of the principal and/or
interest payment to the Bondholder by the Trustee and/or the Company in respect of the Bond shall release the Trustee and/or the
Company (as the case may be) fully and absolutely with respect to the payment of the sums specified thereat.

 

		14.2.	A receipt issued by the Trustee regarding the deposit of the amounts of the principal and/or the
interest with the Trustee in favor of the Bondholders as stated in Section 13.2 above shall be deemed as a receipt from the Bondholder
for the purpose of the said in Section 14.1 of the Deed.

 

		14.3.	For the avoidance of doubt, payments that are distributed in accordance with the provisions set
forth in Sections 10 to 13 above, shall be deemed as payment on account of settlement.

 

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		15.	Application of the Securities Law 

 

Regarding any manner that is
not specified in this Deed and in any event of a contradiction between the provisions set forth in the Securities Law (that cannot
be stipulated on) and the provisions set forth in this Deed, the parties shall act in accordance with the provisions set forth
in the Securities Law (that cannot be stipulated on) without amending the provisions set forth in this Deed.

 

		16.	Investment of sums 

 

Any sum that the Trustee is
entitled to invest in accordance with this Deed shall be deposited by the Trustee in a bank that is part of the five (5) largest
banks in Israel and/or any other Israeli bank whose rating does not fall below the Israeli (AA) rating of Maalot (or any equivalent
rating) in its name or in its favor, provided that any investment that is made as aforesaid is made only in Government Bonds, in
short term bill (MAKAM) and/or in shekel deposits. In the event the Trustee acted in the said manner, the Trustee shall owe to
the entitled parties in respect of these sums only the consideration obtained from realization of the investments with deduction
of its fees and expenses, charges and all expenses in connection with the said investment and management of the trust accounts,
and deduction of mandatory payments applicable to the trust accounts, and the Trustee shall handle the balance of these sums in
accordance with the provisions set forth in the Deed of Trust, as the case may be.

 

		17.	Undertakings of the Company towards the Trustee

 

The Company shall assume upon
itself the following undertakings towards the Trustee, at any time in which the Bonds were not fully paid-up as follows:

 

		17.1.	To continue and conduct the businesses of the Company in a regular and proper manner;

 

		17.2.	To keep and maintain its assets (in their condition from time to time) in good condition and in
working order;

 

		17.3.	To deliver notice to the Trustee as soon as reasonably practicable, after becoming aware (and in
any event no later than two business days after it became aware) of any event in which an attachment was imposed on the entire
assets of the Company or their majority (within their meaning in the last part of Section 8.1 above) and in any event in which
a receiver, special administrator, and/or a temporary and/or a permanent liquidator and/or a trustee was appointed for all or the
main part of its assets and/or any other similar officer that was appointed as part of a motion for stay of proceedings filed under
Section 350 of the Companies Law 5759-1999 against the Company and/or any other officer, and to take at its expense all reasonable
measures that are necessary for the purpose of eliminating the said attachment or canceling the receivership, liquidation or administration.

 

		17.4.	To give and to instruct its accountants to give to the Trustee and to the accountants, the attorneys
or other consultants on its behalf, as soon as practicable as of the date of receiving the request of the Trustee for the purpose
of this matter (and, in any event, with respect to information that the Company holds and that is already available for delivery,
no later than 10 business days as of the date of receiving the request of the Trustee to that effect), any information that is
reasonably required for the purpose of protecting the Bondholders with respect to any data in connection with its business or assets
(and subject to the provisions set forth in any law) provided that the Trustee conducted in good faith, subject to the undertaking
of confidentiality set forth in the law and in Section 18 hereunder, that shall apply to the Trustee, the accountants, attorneys
or other consultants on its behalf.

 

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		17.5.	To keep regular books of account according to generally accepted accounting principles, and to
keep the ledgers, including all documents serving as proof thereof in its offices, as required by law and to allow to the Trustee
and/or to whoever the Trustee appoints in writing for the purpose of this matter to inspect at any reasonable time and as soon
as practicable (and in any event no later than 10 business days as of the date the Trustee delivered written notice to the Company
with a request to inspect the said documents), in any register and/or document and/or confirmation as aforesaid provided that the
Trustee conducts in good faith, subject to the undertaking of confidentiality as set forth in the Law and in Section 18 hereunder
that shall apply to the Trustee and/or whoever the Trustee appoints in writing for the purpose of this matter.

 

		17.6.	To invite the Trustee and allow the Trustee to attend the General Meetings of the shareholders
of the Company (without a right to participate or vote as a shareholder in the Company). To the extent that the Company becomes
a bonds company, the Company shall deliver to the Trustee a copy of the signed minutes of the shareholders’ meeting until and no
later than 10 business days after the date in which the shareholders’ meeting was adjourned.

 

		17.7.	To give to the Trustee the reports and the communications as stated in Section 30 of the Deed.

 

		17.8.	To deliver to the Trustee, upon its demand, an affidavit and/or statements and/or documents and/or
details and/or information as demanded by the Trustee, at its sole discretion, for the purpose of applying and exercising the authorities,
powers and permissions granted to the Trustee and/or its representatives in accordance with the Deed of Trust, provided that these
are reasonable.

 

		17.9.	To notify in an immediate report, without delay and in the name of the Trustee, any information
according to its version as delivered to the Company in writing by the Trustee and that concerns the Bonds and/or the Trust in
respect whereof in accordance with this Deed.

 

		17.10.	To deliver promptly a written notice to the Trustee, and immediately after becoming aware of the
occurrence of any of the events specified in Section 8.1 of the Deed including all sub-sections thereof, without taking into account
the remedy periods and the waiting periods specified in this Section.

 

		17.11.	To perform all actions that are reasonably required and/or necessary and in accordance with the
provisions set forth in this Deed for the purpose of granting force to exercise the authorities, powers and permissions granted
to the Trustee and/or its representatives in accordance with the provisions set forth in this Deed of Trust.

 

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		17.12.	To deliver to the Trustee a copy of any document or information that the Company delivered to the
Bondholders, to the extent that the Company delivers such documents in accordance with the provisions set forth in Section 25 hereunder.

 

		17.13.	To the extent that the Company is no longer a reporting corporation (within the meaning of this
term in the Securities Law) to deliver to the Trustee, once each calendric year, upon receiving its first written demand, a written
confirmation signed by the auditor of the Company stating that all payments to the Bondholders were paid on time and the balance
of the par value of the Bonds in circulation.

 

		17.14.	To deliver written notice to the Trustee, as soon as reasonably practicable (and in any event no
later than two business day after becoming aware of the said), regarding any change in the name or address of the Company.

 

		17.15.	To deliver to the Trustee, no later than 15 days as of the first date of issue of the Bonds and
as part of the expansion of the series, a certified and true copy of the issued Bonds.

 

		18.	Confidentiality 

 

		18.1.	The Trustee hereby undertakes to keep in confidence and to compel anyone acting on its behalf to
keep in confidence any information that the Trustee receives from the Company and/or from anyone acting on its behalf, including
its investees, and not to make any use of the said information unless the disclosure or the use of the said information is required
for the purpose of filling the position of the Trustee, in accordance with the Securities Law, in accordance with this Deed or
in accordance with a court order, provided that the disclosure of information as aforesaid will be limited to the necessary and
minimal scope so as to comply with the legal provisions and that the Trustee will coordinate with the Company in advance, to the
extent possible and permissible, the content and the timing of the disclosure, in a manner that will afford to the Company a reasonable
opportunity to approach the court as necessary and for the purpose of preventing the disclosure of the said information.

 

		18.2.	The communication of the information to the Bondholders, including by way of a public announcement,
for the purpose of passing a resolution relating to their rights in accordance with the Bonds or for the purpose of delivering
a report regarding the position of the Company, shall not constitute breach of the undertaking of confidentiality as aforesaid
provided that to the extent that this is possible and permissible it shall be done in coordination with the Company and that the
minimum required information for the purpose of passing the resolution is provided.

 

		18.3.	The said undertaking of confidentiality shall not apply to any part of the information that is
in the public domain (except for information that became part of the public domain as a result of this undertaking of confidentiality)
or information that the Trustee received not from the Company and/or its representatives and/or agents – as of the date of
receipt thereof.

 

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		19.	Additional undertakings 

 

After the Bonds are called
for immediate repayment (to the extent that the Bonds are called for immediate repayment) in accordance with the provisions set
forth in Section 8 of the Deed, from the moment and at any time required for that purpose the Company shall perform all reasonable
actions for the purpose of allowing the exercise of all the powers granted to the Trustee in accordance with this Deed, and, in
particular, the Company shall perform the following actions within a reasonable time from the time of receiving the Trustee’s request:

 

		19.1.	The Company shall deliver to the Trustee the outstanding consideration of the Bonds that is called
for immediate repayment in accordance with the terms set forth in the Bonds. In the event the Company transferred the full amount
of the principal and/or interest as stated in this Section, the Company shall be deemed to have fulfilled all its undertakings
towards the Bondholders with respect to the relevant payment of the principal and/or the interest and the Bondholders and/or the
Trustee shall raise no claim against the Company in connection with the said payments.

 

		19.2.	The Company shall submit all the declarations and/or sign all documents and/or perform and/or will
cause the performance of all actions that are reasonably required and/or necessary in accordance with the law for the purpose of
granting force to exercise the said authorities, powers and permissions of the Trustee and/or its representatives in connection
with the immediate repayment as stated above.

 

		19.3.	The Company shall deliver all notices, orders and instructions that Trustee deems fit and beneficial
and shall reasonably demand in connection with the immediate repayment as stated above.

 

		20.	Other agreements

 

Subject to the provisions set
forth in any law, filling the position of the Trustee in accordance with this Deed or its mere status as a Trustee shall not prevent
the Trustee from engaging with the Company in different contracts or performing transactions with the Company during the regular
course of its business, unless these put the Trustee in a conflict of interests.

 

		21.	Special authorities 

 

		21.1.	The Trustee shall be entitled to deposit all deeds and documents evidencing, representing and/or
affirming its right in connection with any asset that is in its possession at the time, in a safe and/or in any other location
as decided by the Trustee, with any banker and/or banking company and/or with an attorney.

 

		21.2.	The Trustee may, as part of conducting the affairs of the trust in accordance with this Deed and
subject to the provisions set forth in any law and the Deed of Trust, request an opinion and/or advice from any advocate, accountant,
appraiser, counselor, surveyor, realtor or any other expert and to act in accordance with their conclusions, whether the said opinion
and/or advice was prepared at the request of the Trustee and/or at the request of the Company. The Trustee shall not be held liable
for any loss or damage caused as a result of any act and/or omission that were committed by the Trustee based on the said opinion
and/or advice as aforesaid unless a peremptory judgment states that the Trustee conducted maliciously or in bad faith or in gross
negligence (that is not exempt under the law). The Trustee shall make available to the Company, at its request, a copy of any opinion
or advice as aforesaid provided that that this shall not impair the rights of the possessors.

 

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		21.3.	Subject to the provisions set forth in this Section hereunder, the Company shall incur the full
costs of employing the said consultants provided that the Trustee delivers written notice to the Company, a reasonable time in
advance, regarding its intention to receive an expert opinion or an advice as aforesaid and the purpose of its appointment (and
this is to the extent that the Trustee is of the opinion that this will be possible under the circumstances of the case and that
this shall not affect the rights of the Bondholders), provided that the said opinion or advice shall not be provided by anyone
who is in a conflict of interests and/or in a competition with the businesses of the Company. The Trustee and the Company shall
reach agreement, no later than 7 business days after the delivery to the Company of the data specified in this Section 21.3 above,
regarding a list of a maximum of three reputable and relevant experts whom the Trustee shall contact for the purpose of receiving
different fee proposals regarding their appointment as consultants as aforesaid. The Company shall select one of the proposals
that will be submitted and shall be entitled to conduct negotiations with the experts regarding their proposal. It is clarified
that the aforesaid shall not delay urgent actions that require performance at the discretion of the Trustee for the purpose of
protecting the rights of the Bondholders, including the appointment of consultants for the purpose of performing such actions as
aforesaid. The total sums that the Company will incur in respect of the aforesaid shall not be greater than a reasonable and customary
amount under the circumstances of the case.

 

		21.4.	Any advocate or opinion as aforesaid might be provided, delivered or received by a letter, telegram,
fax and/or any other electronic media for the purpose of transmitting information in writing and the Trustee shall not be responsible
for any actions it performed based on an advice and/or an opinion and/or information that were communicated in one of the manners
specified above, even though it included errors and/or were not authentic, unless these errors could have been detected in a reasonable
inspection.

 

		21.5.	Subject to the provisions set forth in this Deed, the Trustee shall be entitled, however not obligated,
to convene at any time a Bondholders’ meeting to consider and/or receive its instructions regarding this Deed and shall be entitled
to repeat and convene such a meeting.

 

		21.6.	The Trustee shall not be obligated to notify to any third-party regarding the signing of this Deed
and shall not be entitled to intervene in any manner in the management of the business of the Company or its affairs, however solely
in accordance with the powers granted to the Trustee under this Deed.

 

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		22.	Power of the Trustee to employ representatives 

 

As part of the management of
the affairs of the Trust, the Trustee shall be entitled to appoint a representative(s) that will act in its place, whether an advocate
and whether another, to perform or to participate in the performance of special actions that are required in connection with the
Trust and, without derogating from the generality of the aforesaid, to institute proceedings, provided that the Trustee delivered
notice to the Company regarding the appointment of such a representative as aforesaid (unless the delivery of advance notice as
aforesaid affects the rights of the Bondholders and in such circumstances the notice shall be delivered retroactively) and such
a representative as aforesaid shall assume the undertaking of confidentiality towards the Company as stated in Section 18 of the
Deed. In addition, the Trustee shall be entitled to settle at the expense of the Company the reasonable fees of each representative
as aforesaid in respect of the performance of the special actions that are required in connection with the Trust and the Company
shall return to the Trustee, immediately upon receiving its first demand, the said expenses, and all on the condition that Trustee
acted in accordance with the provisions set forth in Section 21.3 above, mutatis mutandis, in connection with the appointment
of representatives as aforesaid. The appointment of a representative as aforesaid shall not release the Trustee from any liability
that would have been imposed on the Trustee but for the said appointment and/or derogate from the liability of the Trustee in respect
of its actions and the actions of its representatives. The Company shall be entitled to submit its reasoned objection regarding
the appointment of a certain Trustee as aforesaid for any reasonable reason, including in circumstances in which the representative
is a competitor or is in a conflict of interests, whether directly or indirectly, with the businesses of the Company. The objection
of the Company as aforesaid shall be submitted in 3 business days as of the date in which the Company became aware of the preclusion
preventing the appointment of the representative as aforesaid however to the extent that the objection was filed after the appointment
of the representative, the mere filing of the objection shall not result in automatic termination of his appointment.

 

The Trustee shall consult with
the Company, to the extent possible, and shall take into account the position of the Company, to the extent possible, at the time
of appointing a representative as aforesaid.

 

The Trustee and the Company
shall reach agreement, in no later than 7 business days as of the date in which the Trustee requested from the Company to act for
the purpose of appointing a representative as aforesaid, regarding a list that will include a maximum of three (3) reputable representatives
with relevant expertise, and whom the Trustee will contact for the purpose of receiving proposal for their fees following their
appointment as representatives as aforesaid. The Company shall select one proposal out of the proposals that will be selected and
shall be entitled to conduct negotiations with the representatives regarding their proposal. It is clarified that the aforesaid
shall not delay urgent actions whose performance is required at the discretion of the Trustee and for the purpose of protecting
the rights of the Bondholders, including the appointment of representatives for the purpose of performing such actions as aforesaid.

 

For the avoidance of doubt,
the Company shall not incur the expenses of a representative who performed the regular actions that the Trustee is obligated to
perform by virtue of this Deed when the performance of these actions is included in the fees that the Trustee receives from the
Company in accordance with the provisions set forth in this Deed. Nevertheless, special actions that the Trustee is obligated to
perform in connection with the protection of the rights of the Bondholders, including proceedings conducted for the purpose of
or after the calling for immediate repayment of the Bonds and/or the enforcement of securities (to the extent that grounds for
the enforcement of securities arose) shall not be deemed as regular actions as aforesaid (in accordance with the provisions set
forth in this Section).

 

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		23.	Indemnity of the Trustee 

 

		23.1.	The Company and the Bondholders (on the relevant Effective Date, as stated in Section 23.7 of the
Deed), and each in respect of its undertaking as stated in Section 23.5 of the Deed, hereby undertakes to indemnify the Trustee
and any officer and employee thereof (hereinafter: “Parties Entitled to Indemnity”), as the case may be, and within
a reasonable time as of the date of its first demand:

 

		23.1.1.	In respect of any monetary obligation, including in accordance with a judgment and/or an arbitration
award (whose execution was not stayed) or a settlement that was concluded (and to the extent that the settlement refers to the
Company, the Company granted its consent to the settlement) and whose grounds are related to actions that the Parties Entitled
to Indemnity performed or that Parties Entitled to Indemnity are obligated to perform by virtue of the provisions set forth in
this Deed and/or by law and/or in accordance with an instruction provided by any competent authority and/or law and/or at the demand
of the Bondholders and/or at the demand of the Company and/or their position by virtue of this Deed; and

 

		23.1.2.	In respect of the fees paid to the Parties Entitled to Indemnity and the reasonable expenses they
expended and/or are about to expend, including in the course of or in connection with the performance of the Trust, and in their
opinion were necessary for the purpose of performing the said actions and/or in connection with the exercise of authorities and
permissions that are granted by virtue of this Deed of Trust and in connection with different proceedings, opinions by attorneys
and other experts, negotiations, contacts, expenses, claims and demands in anything related to and/or anything that was performed
and/or that was not performed in any manner with respect to the said and/or their position by virtue of this Deed.

 

And all on the condition that:

 

		[1]	The Parties Entitled to Indemnity do not demand indemnity in advance in respect of an urgent matter,
without derogating from their right to demand retroactive indemnity, if and to the extent that the said Parties Entitled to Indemnity
are entitled to make such a demand;

 

		[2]	A peremptory judicial decision stated that the Parties Entitled to Indemnity conducted in bad faith
or that the said act was performed not in the course of the performance of their position, not in accordance with the provisions
set forth in any law and/or not in accordance with this Deed of Trust;

 

		[3]	A peremptory judicial decision did not state that the Parties Entitled to Indemnity committed gross
negligence that is not exempt under the law as amended from time to time;

 

		[4]	A peremptory judicial decision did not state that the Parties Entitled to Indemnity conducted maliciously.

 

It is clarified that the provisions
set forth in this Section shall not derogate from the provisions set forth in Sections 21.3 and 22 of this Deed in connection with
the manner of employing consultants and representatives on behalf of the Trustee.

 

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The rights of indemnity in accordance
with this Section 23.1 shall be referred hereinafter: “Indemnity Undertaking” or “Right to Indemnity.”

 

		23.2.	It is agreed that in any event that it is argued that the Parties Entitled to Indemnity: (1) conducted
in bad faith not in the course of performance of their position and/or not in accordance with the provisions set forth in any law
or the Deed of Trust; and/or (2) committed gross negligence that is not exempt under the law as amended from time to time; and/or
(3) conducted maliciously – the Parties Entitled to Indemnity shall be entitled, immediately upon receiving their demand
to pay the Indemnity Undertaking amount however after a peremptory judicial decision states that the Parties Entitled to Indemnity
conducted in the manner as argued against them as aforesaid and the Parties Entitled to Indemnity shall return the amounts of the
Indemnity Undertaking, to the extent that the said amounts were paid to them.

 

		23.3.	Without derogating from the right to compensation granted to the Trustee in accordance with the
law and subject to the provisions set forth in this Deed and/or the obligations of the Company in accordance with this Deed, the
Parties Entitled to Indemnity shall be entitled to indemnity from the payments the Trustee receives following the proceedings that
were instituted by the Trustee, regarding the undertakings the Parties Entitled to Indemnity assumed upon themselves with respect
to the reasonable expenses they expended in the course of performance of the Trust or in connection with the said actions that,
in their opinion, were necessary for the purpose of performing the said actions and/or in connection with the exercise of the authorities
and permissions that are granted in accordance with this Deed and in connection with different proceedings, legal opinions and
the opinions of other experts, negotiations, contacts, claims and demands in anything related to and/or any action that was performed
and/or was not performed in any manner in connection therewith, and the Trustee shall be entitled to withhold payments that are
in its possession and pay from the said funds the sums that are necessary for the purpose of paying the indemnity as aforesaid.
All the said sums shall have priority over the rights of the holders of the certificates of indebtedness and subject to the provisions
set forth in any law, provided that the Trustee conducted in good faith and in accordance with the obligations imposed on it in
accordance with the provisions set forth in any law and in accordance with this Deed. For the purpose of this Section, an action
of the Trustee that was approved by the Company and/or the Bondholders shall be deemed as an action that was reasonably required.

 

		23.4.	Without derogating from the effect of the Indemnity Undertaking as stated in Section 23.1 of the
Deed, whenever the Trustee is obligated, in accordance with the provisions set forth in the Deed of Trust and/or in accordance
with the provisions set forth in any law and/or following an instruction of a competent authority and/or any law and/or upon receiving
the demand of the Bondholders and/or upon receiving the demand of the Company, to perform any action, including, but not limited
to, institution of proceedings or the filing of claims following the demand of the Bondholders as stated in this Deed, the Trustee
shall be entitled to avoid taking any action as aforesaid until it receives to its satisfaction a monetary deposit to cover the
Indemnity Undertaking (hereinafter: “Liquidity Cushion”) in first priority from the Company, and in circumstances
in which the Company does not deposit the full amount of the Liquidity Cushion on the date the Company was required to act in the
said manner by the Trustee, the Trustee shall contact the Bondholders that held the Bonds on the Effective Date (as stated in Section
23.7 of the Deed of Trust) and request to deposit with the Trustee the amount of the Liquidity Cushion each according to its ‘relative
part’ (within the meaning of this term hereunder). In the event the Bondholders fail to deposit the full amount of the Liquidity
Cushion the Trustee shall not be obligated to take any action or institute the relevant proceedings. The aforesaid shall not exempt
the Trustee from taking urgent action that is necessary for the purpose of preventing a material adverse effect to the rights of
the Bondholders.

 

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The Trustee shall be entitled
to set the amount of the Liquidity Cushion and shall be entitled to repeat its actions for the purpose of creating another cushion
as aforesaid from time to time, and for an amount that the Trustee reasonably sets under the circumstances of the case.

 

		23.5.	Right to Indemnity:

 

		23.5.1.	Shall apply to the Company if: (1) the Right to Indemnity arose by virtue of the Deed of
Trust or by virtue of the actions that were performed for the purpose of protecting the rights of the Bondholders (including as
a result of a demand that was made by a Bondholder that is necessary for the purpose of such a protection as aforesaid); and (2)
the Right to Indemnity arose by virtue of actions that were performed and/or that were required at the demand of the Company.

 

		23.5.2.	Shall apply to the Bondholders that held the Bonds on the Effective Date (as stated in Section
23.7 of the Deed) if: (1) the Right to Indemnity arose by virtue of a demand that was presented by the Bondholders (except for
a right that arose as a result of the demand of Bondholders for the purpose of protecting the rights of the Bondholders); and (2)
failure by the Company to pay the amount of the Right to Indemnity applicable to the Company in accordance with the provisions
set forth in Section 23.5 of the Deed (and subject to the provisions set forth in Section 23.8 of the Deed).

 

		23.6.	In any event in which: (a) the Company fails to pay the sums that are necessary for the purpose
of covering the Indemnity Undertaking and/or dose not deposit the full amount of the Liquidity Cushion, as the case may be; and/or
(b) the indemnity obligation applies to the Holders by virtue of the provisions set forth in Section 23.5.2 of the Deed and/or
the Holders were required to deposit the amount of the Liquidity Cushion in accordance with the Sections of the Deed and consequently
the following provisions shall apply:

 

Payments shall be collected
in the following manner:

 

		23.6.1.	First – the amount will be paid out of the interests and/or principal funds that the
Company is obligated to pay to the Bondholders after the day of performing the necessary action and the provisions set forth in
Section 10 of the Deed shall come into operation;

 

		23.6.2.	Second – to the extent that the Trustee is of the opinion that the sums that are deposited
in the Liquidity Cushion are insufficient to cover the Indemnity Undertaking the Holders that held the Bonds on the Effective Date
by the Trustee (as stated in Section 23.7 of the Deed) will deposit with the Trustee the missing amount, in accordance with their
relative part (within the meaning of this term hereunder). The amount that each Holder will deposit shall carry annual interest
at a rate equal to the interest on the Bonds and shall be paid in the priority as stated in Section 10 of the Deed.

 

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“Relative Part”
shall mean: the relative part of the Bonds that the Holder held on the relevant Effective Date (as stated in Section 23.7 of the
Deed) of the total amount of the Bonds in circulation at the time. It is clarified that the calculation of the relative part shall
be fixed even if there is a change in the par value of the Bonds held by the Holder after the said date.

 

The aforesaid shall not prevent
from the Holder, to the extent that this is necessary under the circumstances of the case, to deposit an amount to cover the Indemnity
Undertaking beyond his relative part and in such circumstances as aforesaid the amount shall be paid in accordance with the priority
set forth in Section 10 of the Deed.

 

		23.7.	The Effective Date for the purpose of determining the liability of a Holder of the Indemnity Undertaking
and/or the payment of the Liquidity Cushion is as follows:

 

		23.7.1.	In any event in which the Indemnity Undertaking and/or the payment of the Liquidity Cushion are
necessary as a result of an urgent resolution or action that are required for the purpose of preventing an adverse material effect
in the rights of the Bondholders, without passing an early resolution by the Bondholders’ meeting – the Effective Date for
the purpose of determining the liability shall be the end of the trading day in which the action is performed or the resolution
is passed, and if the said day is not a trading day – the previous trading day.

 

		23.7.2.	In any event in which the Indemnity Undertaking and/or the payment of the Liquidity Cushion are
required pursuant to the resolution of the Bondholders’ meeting – the Effective Date for the liability shall be the effective
date for the participation in the meeting (in the manner that the said date was set in the notice of invitation to the meeting)
and shall also apply to a Holder that was not present or did not participate in the meeting.

 

		23.8.	Payment of any amount imposed on the Company in accordance with this Section 23 by the Holders
(instead of the Company) shall not release the Company from its liability to incur the said payment and from the obligation of
the Trustee to act for the purpose of collecting the said amounts from the Company.

 

		24.	Reporting by the Trustee 

 

		24.1.	As of the date of issuance of the Bonds the Trustee shall draw up each year and shall publish until
the end of the second quarter in each calendric year an annual report regarding the affairs of the Trust (“the Annual Report”).
The Annual Report shall include the information as required by the law from time to time and/or by the Securities Authority.

 

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		24.2.	The Trustee shall publish (whether by itself or by the Company, at the request of the Trustee)
the Annual Report in the Magna system.

 

		24.3.	The Trustee shall be obligated to submit a report regarding the actions it performed in accordance
with the provisions set forth in Chapter E1 of the Law, following a reasonable demand made by the Holders of a minimum of ten percent
(10%) of the balance of the par value of the Bonds, within a reasonable time as of the date of the demand, and subject to the duty
of confidentiality the Trustee owes to the Company as stated in Section 35j(d) of the Law and this Deed.

 

		24.4.	The Trustee shall deliver to the Bondholders data and details regarding its expenses in connection
with the Trust contemplated in this Deed of Trust following a reasonable demand made by the Holders of a minimum of five (5%) of
the balance of the par value of the Bonds, subject to the duty of confidentiality that the Trustee owes to the Company as stated
in Section 35j(d) of the Law and this Deed.

 

		24.5.	The Trustee shall update the Company prior to each Report in accordance with the provisions set
forth in Sections 35h1(a) to (c) of the Law.

 

		24.6.	In the event the Trustee became aware of a material breach of this Deed by the Company, the Trustee
shall notify the Bondholders about the said breach and the actions that the Trustee performed for the purpose of preventing the
said breach or for the purpose of fulfilling the undertakings of the Company, as the case may be.

 

		24.7.	The Trustee shall be obligated to submit a report regarding the actions that the Trustee performed
in accordance with the provisions set forth in the Securities Law and the regulations promulgated thereunder.

 

		24.8.	As of the date of signing this Deed, the Trustee declares that it is insured under professional
liability insurance in the amount of NIS 40M per period (hereinafter: “Coverage Amount”). To the extent that prior
to the full payment of the Bonds (Series C) the Coverage Amount is reduced and falls below an amount of NIS 32M, for any reason,
in such circumstances the Trustee shall update the Company, no later than 7 business days as of the date the Trustee was informed
about the said reduction by the Insurer, so as to publish an immediate report on the subject. The provisions set forth in this
Section shall apply until the Securities Regulations that regulate the obligation of insurance coverage of the Trustee come into
operation. After the said Regulations come into operation as aforesaid, the Trustee shall be obligated to update the Company only
in the event the Trustee fails to meet the requirements set forth in the Regulations.

 

		25.	Notices 

 

		25.1.	Any notice on behalf of the Company and/or the Trustee other Bondholders shall be delivered by
way of an immediate report in the Magna system of the Securities Authority (hereinabove and hereinafter: “Magna”) and
only upon the occurrence of the following events the Company shall publish, in addition, a notice in two (2) widely circulated
newspapers that are published in Hebrew in Israel: (a) an arrangement or a settlement under Section 350 of the Companies Law; (b)
a merger, provided that the publication in the newspaper is required by law.

 

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		25.2.	Any notice that was delivered by the Company by the Magna system or in the newspaper shall be deemed
to have been delivered to the Bondholders and the Trustee on the publication date in the Magna system or in the newspaper, as the
case may be, whichever is earlier. In the event the Company no longer reports in accordance with the Securities Law, any notice
on behalf of the Company and/or the Trustee to the Bondholders shall be delivered by delivery of notice in registered mail to each
of the Bondholders, according to his last registered address in the Register (and in the event joint Holders – to the Holder
whose name is first listed in the Register). Any notice that was delivered as aforesaid shall be deemed to have reached the Bondholder
in three (3) business days as of the date of its delivery from the post office.

 

		25.3.	Any notice or demand on behalf of the Trustee to the Company may be delivered by a letter delivered
in registered mail or by courier to the address specified in the Deed of Trust or to any other address as notified by the parties
in writing (including via email) or – also by its transmission in fax or email. Any notice or demand that is delivered in
registered mail shall be deemed to have reached its recipient after three (3) business days as of the date of its delivery by mail.
Any notice or demand delivered by courier shall be deemed to have reached its recipient upon its delivery by the courier to the
recipient or following the offering by the courier to the recipient for acceptance, as the case may be. Any notice or demand that
is transmitted by fax (in addition to a telephone conversation to confirm receipt of the said notice) shall be deemed to have reached
its recipient one business day as of the date of its transmission. Any notice or demand that is sent via email shall be deemed
to have reached its recipient at the time of receiving a reply email (not automatic) regarding its receipt.

 

		25.4.	The Company shall also send copies of the notices that the Company will deliver to the Bondholders
to the Trustee (and for the purpose of this matter – publication of an immediate report by the Company in the Magna system
shall also be deemed as a copy of a notice to the Trustee as aforesaid), and copies of notices that the Trustee will deliver to
the Bondholders shall also be delivered by the Trustee to the Company (and for the purpose of this matter – the publication
of an immediate report in the Magna system shall also be deemed as delivery of a copy of the notice to the Company as aforesaid).

 

		25.5.	The Trustee shall update the Company in advance regarding any report or notice the Trustee delivers
in accordance with the provisions set forth in the Securities Law and regulations promulgated thereunder and the provisions set
forth in this Section 25.

 

		26.	Waivers and/or amendments of the Deed of Trust 

 

		26.1.	Subject to the provisions set forth in any law, the Company and the Trustee shall be entitled,
whether before or after the principal of the Bonds is called for immediate repayment, to amend the Deed of Trust if one of the
following holds true:

 

		26.1.1.	In the event the Trustee was convinced that the amendment does not affect the Bondholders. However,
the provisions set forth in the Deed of Trust may not be amended (in accordance with the mechanism set forth in this Section 26.1.1)
with respect to the following issues: amendments of the payments schedule of the Bonds, reduction of the interest specified in
the terms and conditions of the Bonds, modification of the provisions relating to the securities that will be provided in favor
of the Bondholders, a change of the VTL rate, a change in the conditions regarding the expansion of the series of the Bonds, a
change of limitations on the distribution of a dividend, a change of grounds for calling for immediate repayment, omission of any
of the reports to the Bondholders and/or to the Trustee as stated in the Deed of Trust, a change of the identity of the Trustee
or its fees in the Deed of Trust for the purpose of appointing a trustee instead of the Trustee whose term of office expired.

 

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		26.1.2.	The Holders of the same series agreed to the proposed amendment in a special resolution passed
in the Holders’ meeting.

 

		26.2.	In addition to the said in Section 26.1 of the Deed and subject to the provisions set forth in
any law:

 

		26.2.1.	From time to time and at any time the Trustee shall be entitled, when the Trustee is of the opinion
that this does not have an adverse effect on the rights of the Holders, to waive any breach or failure to fulfill any of the conditions
of the conditions of the Deed of Trust by the Company, except for the modifications that are excluded under Section 26.1.1 above.

 

		26.2.2.	The Trustee shall be entitled, after obtaining the approval of the Bondholders, to settle with
the Company in connection with any of their rights or claims, and waive any right or claim that Bondholders have towards the Company
in accordance with the Deed of Trust and in accordance with the provisions set forth in Section 35g(2) of the Securities Law.

 

		26.3.	The Company shall notify in an immediate report about any change and/or waiver as stated in sub-sections
26.1 or 26.2 of the Deed, shortly after performance thereof.

 

		26.4.	In any event in which the Trustee exercises its rights in accordance with this Section above with
respect to the Bonds, the Trustee shall be entitled to demand from the Holders to deliver to the Trustee or to the Company the
Bonds certificates for the purpose of registering a note regarding any waiver, settlement, change or amendment as aforesaid, and,
at the demand of the Trustee, the Company shall record a note as aforesaid in the Bond certificates delivered to it.

 

		26.5.	Subject to the instructions set forth by the Stock Exchange, as periodically updated, the conditions
of the Bonds may be modified also as part of an arrangement or a settlement that was certified by the court in accordance with
the provisions set forth in Section 350 of the Companies Law.

 

		26.6.	Without derogating from the other provisions set forth in this Deed of Trust and the Bonds, any
waiver, extension, discount, silence, avoidance from action (hereinafter: “Waiver”) on behalf of Trustee or the
Company, as the case may be, regarding the performance or partial performance or incorrect performance of any of the undertakings
towards the Trustee or towards the Bondholders in accordance with this Deed and the Bond or towards the Company, as the case may
be, shall not be deemed as Waiver on behalf of the Trustee or the Company, as the case may be, of any right, however as limited
consent to the said Waiver in accordance with its conditions. Without derogating from the other provisions set forth in this Deed
of Trust and the Bond, any reduction in the scope of undertakings towards the Trustee that were set forth in this Deed or that
were made in accordance with this Deed shall require the prior and written approval of the Trustee and any approval granted in
any other manner, whether verbally or by conduct with respect to such a reduction as aforesaid shall be null and void. The rights
of the Trustee in accordance with this Agreement are free and independent from each other and shall come in addition to any right
that exists and/or that the Trustee shall have in accordance with the provisions set forth in any law and/or any other agreement.

 

    	 	81	 

     

    

 

		27.	Bondholders’ Register 

 

The Company shall keep in its
registered office a Bondholders’ Register that shall be available for the inspection of any person (at any reasonable time) and
that will include details of all the registered Holders, as periodically updated, and additional particulars, in accordance with
the provisions set forth in Section 35h3 of the Securities Law. In addition, the Bondholders’ Register shall include other Holders,
to the extent that there are any, following a split or transfer of ownership in the Bond, in the event the actions are performed
in accordance with the provisions set forth in Section 7 of the conditions specified in the back of the page. The Company may close
the Bondholders’ Register from time to time for a period or for periods that shall not be greater cumulatively than thirty (30)
days a year.

 

The Company shall not be obligated
to register in the Bondholders’ Register any notice regarding any express or implied or imputed trust or a pledge or a charge of
any kind, or any equitable right, claim or setoff or any other right in connection with the Bonds. The Company shall recognize
solely the ownership of a person in whose name the Bonds were registered, including his lawful heirs, administrators or executors
of the registered Holder and any person that is entitled to the Bonds as a result of the bankruptcy of any registered Holder (and
in the event of a corporation – following its liquidation) shall be entitled to be registered as bondholders, after presenting
proof that the Company deems as satisfactory to prove their entitlement to be registered as their Holders.

 

		28.	Release 

 

After it is proven to the satisfaction
of the Trustee that all Bonds were paid-up or redeemed, or when the Company deposits in trust with the Trustee sums that are sufficient
for the purpose of redemption as aforesaid, and when it is proven to the satisfaction of the Trustee that all liabilities and expenses
that were made or caused by the Trustee in connection with this Deed and in accordance with its provisions were fully paid, the
Trustee shall be obligated, upon receiving the first demand of the Company, to handle the sums that were deposited in respect of
the Bonds whose redemption was not claimed, in accordance with the provisions set forth in this Deed.

 

		29.	Bondholders’ meetings 

 

The Bondholders’ meetings shall
be conducted in the manner set forth in the Second Addendum of this Deed.

 

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		30.	Report of the Company to the Trustee

 

As long as the Bonds are not
redeemed, the Company shall deliver to the Trustee the following:

 

		30.1.	In the event the Company ceases to be a “reporting corporation” within its meaning in
the Securities Law, the Company shall deliver to the Trustee annual and quarterly reports and immediate reports about certain events,
as stated in the provisions set forth in the Consolidated Circular of the Ministry of Finance – Capital Markets, Insurance
and Savings Division – Instructions regarding the Investment of Institutional Bodies in Non-Governmental Bonds, as periodically
updated. Each report as aforesaid shall be signed by the CEO of the Company and the senior financial officer in the Company.

 

In addition, as long as the
Insightec and/or Gamida shares are charged to the Trustee, the Company shall act in accordance with instructions that cannot be
made subject to conditions as stated in the Position Paper issued by the Securities Authority Staff6 (hereinafter:
“Authority’s Position”) and shall enclose with its financial statements the financial statements of Insightec
and Gamida, or summary thereof, in accordance with the instructions set forth in the Authority’s Position that cannot be made
subject to conditions, as periodically updated.

 

		30.2.	Until April 1 of each year or seven business days prior to the date in which the Trustee publishes
a report in accordance with the provisions set forth in Section 35h1 of the Securities Law, whichever is later, and as long as
this Deed is in effect, the Company shall deliver to the Trustee a confirmation signed by the authorized signatories of the Company
stating that during the period as of the date of signing this Deed or as of the date of the previous confirmation that the Trustee
delivered, whichever is later, and until the date of granting the approval, the Company did not commit a fundamental breach of
the provisions set forth in this Deed (including a breach of the conditions set forth in the Bonds) unless otherwise stated expressly
therein.

 

		30.3.	Upon receiving the written demand of the Trustee, the written approval of the senior financial
officer in the Company stating that all the payments to the Bondholders were timely paid and regarding the balance of the par value
of the Bondholders in circulation shall be provided.

 

		30.4.	To publish in Magna reports about the purchase of Bonds by the Company or a subsidiary, as stated
in Section 4 of the Deed, to the extent that such reports as aforesaid are required in accordance with the provisions set forth
in the Securities Law and the regulations promulgated thereunder.

 

The reports of the Company
in the Magna system shall be deemed as delivery to the Trustee. Notwithstanding the aforesaid, and at the request of the Trustee,
the Company shall deliver to the Trustee a printed copy of the said report or the information.

 

 

6 Legal Position
103-29: findings in connection with the appropriateness of the disclosure regarding securities and/or charges that were provided
by reporting corporations to assure payment of a certificate of indebtedness dated November 1, 2013, as updated on November 1,
2016 and any publication of the Securities Authority that updates or replaces this Position.

 

    	 	83	 

     

    

 

		31.	Trustee’s fees 

 

The Trustee’s fees in respect
of its service as a trustee in a public offering in accordance with a shelf prospectus of bonds including securities and undertakings
that Trustee is required to inspect shall be as follows:

 

		31.1.	In respect of each year of trust or any part thereof (relatively) that shall commence as of the
date of issue of the Bonds in accordance with this Deed, the Trustee shall receive annual fees in the amount of NIS 25,000 (hereinafter:
“Annual Fees”). In addition, and for the establishment of the Trust, including the preparation of the Trust instruments,
the Trustee shall receive a one-time payment in the amount of NIS 5,000.

 

		31.2.	Whenever an offering of additional Bonds is performed, after the original offering of the Bonds,
or in any other manner in which the scope of the series is expanded, the Annual Fees paid to the Trustee shall increase by an amount
reflecting the full rate of increase in the volume of the series, permanently and until expiration of the term of the Trust, however
in any event the Annual Fees paid to the Trustee shall not be greater than NIS 45,000.

 

		31.3.	In respect of handling the Deed of Trust and accompanying the offering process of the Bonds, the
Trustee shall receive payment of fees in the amount of NIS 500 per hour, and in any event in an amount that shall not be greater
than NIS 10,000 also in the event of a delay or cancellation or postponement of the offering for a period greater than three months,
for any reason.

 

		31.4.	In addition, the Trustee shall be entitled to receive from the Company reimbursement for its reasonable
expenses within their meaning hereunder:

 

“Reasonable expenses”
– sums that the Trustee pays in the course of fulfillment of its position and/or by virtue of the authorities granted to
the Trustee in accordance with this Deed including: expenses and costs in respect of calling and convening a Bondholders’ meeting
and expenses in respect of deliveries and publications in the media that are related to the convening of the meeting.

 

		31.5.	Without derogating from the generality of the aforesaid in this Section 31 above, the Trustee shall
be entitled to payment of fees in the amount of NIS 500 for each hour of work the Trustee requires in respect of special actions
that the Trustee will perform in its capacity as a trustee (and subject to the provisions set forth in the Deed of Trust) including:

 

		31.5.1.	Actions deriving from breach of the Deed by the Company;

 

		31.5.2.	Actions in connection with the calling for immediate repayment of the Bonds and/or actions in connection
with the resolution of the Bondholders’ meeting to call the Bonds for immediate report including anything associated therewith;

 

    	 	84	 

     

    

 

		31.5.3.	Special actions that are necessary or that should be performed for the purpose of filling its position
in accordance with this Deed in connection with the rights of the Bondholders and for the purpose of protecting the said rights,
including the convening of Bondholders’ meetings;

 

		31.5.4.	A work that is required due to a restructuring of the Company or a work that is required as a result
of the demand made by the Company or in respect of the need to perform additional actions for the purpose of filling its position
as a reasonable trustee, as a result of changes in the law and/or the legal provisions and/or regulations and/or other binding
provisions that apply to the Trustee and according to which the Trustee is required to conduct different actions and/or reviews;

 

		31.5.5.	Actions that the Trustee will perform in connection with securities that were provided in favor
of the Bondholders including registration, replacement, sale and update thereof, in a register that is kept in accordance with
the provisions set forth in any law (including abroad), and except for the registration of the charges in connection with the first
issue of the Bonds.

 

		31.6.	The Trustee shall receive additional fees in the amount of NIS 500 for each meeting in which the
Trustee attends, including its attendance in a shareholders’ meeting that was not opened as a result of the absence of a quorum.

 

		31.7.	VAT, if applicable, shall be added to each of the said sums and shall be paid by the Company.

 

		31.8.	All the said sums shall be linked to the index known on the date of signing this Deed however in
any event a sum that is lower than the sum specified in this Deed shall not be paid.

 

		31.9.	The Trustee’s fees shall be paid in respect of the period until expiration of the Trust contemplated
in this Deed even if a receiver was appointed for the Company (or a receiver and an administrator), or whether or not the Trust
contemplated in this Deed is conducted under the supervision of the Court, provided that the term of office of the Trustee continues
and does not expire.

 

		31.10.	The annual fees as aforesaid shall be paid in the beginning of each year of Trust.

 

		31.11.	All sums as stated in this Section 31 shall have priority over the payments that are due to the
Bondholders.

 

		31.12.	In the event a trustee was appointed instead of a Trustee whose term of office expired in accordance
with the provisions set forth in Sections 35b(a1) or 35n(d) of the Securities Law, the Bondholders shall incur the difference in
which the fees of the Trustee that was appointed as aforesaid increased compared to the fees that were paid to the Trustee in whose
place it was appointed, if the said difference is unreasonable, and the relevant legal provisions shall apply on the replacement
date as aforesaid.

 

The Bondholders shall incur
the said difference by way of offsetting the relative part of the difference from any payment that the Company will pay to the
Bondholders in accordance with the provisions set forth in the Deed of Trust and its transfer by the Company directly to the Trustee.

 

    	 	85	 

     

    

 

		32.	Liability of the Trustee 

 

		32.1.	Notwithstanding the provisions set forth in any law and anywhere in the Deed of Trust, to the extent
that the Trustee acted for the purpose of filling its position in good faith and within a reasonable time and inquired the fact
as a reasonable trustee would have inquired such facts under the circumstances of the case, the Trustee shall not be held liable
towards the Bondholders for damage caused to the Trustee following circumstances in which the Trustee exercised its judgment in
accordance with the provisions set forth in the Tender provisions set forth in Section 35h(d1) or 35i1 of the Securities Law, unless
the plaintiff proves that Trustee conducted in gross negligence. It is clarified that in the event of discrepancy between the provisions
set forth in this Section and any other provision set forth in the Deed of Trust, the provisions set forth in this Section shall
take precedence.

 

		32.2.	In the event the Trustee conducted in good faith and without negligence in accordance with the
provisions set forth in Section 35h(d2) or 35h(d3) of the Securities Law, the Trustee shall not be held liable for the commission
of the said action.

 

		33.	Authorization to Magna 

 

Pursuant to the Securities
Regulations (Electronic Signature and Reporting) 5763-2003 the Trustee hereby authorizes the authorized person on behalf of the
Company to report electronically to the Securities Authority regarding this Deed of Trust.

 

		34.	Governing law and jurisdiction 

 

The Israeli law shall solely
govern anything relating to and arising out of the Deed of Trust and the Bonds. The courts in the city of Tel Aviv - Yafo shall
have sole and exclusive jurisdiction in anything relating to and arising out of the Deed of Trust and the Bonds.

 

		35.	Miscellaneous 

 

		35.1.	The Bonds are not rated and the Company does not undertake that the Bonds will be rated in the
future and even if and to the extent that the Bonds will be rated in the future the Company shall be entitled, during the life
of the Bonds, to replace a rating company, at its sole discretion, and the Bondholders shall raise no claims and/or demands and/or
suits against the Company in connection therewith, however the Company undertakes that as of the first date in which the Bonds
are rated, and to the extent that this is under the control of the Company, that the Bonds shall continue to be rated by a rating
company and until their full payment date.

 

Without derogating from the
undertaking specified above, whenever the Bonds are no longer rated (for a reason over which the Company has no control) by a rating
company or that the company that rates the Bonds is replaced by another rating company, the Company shall deliver notice to the
Trustee and to the Bondholders in connection therewith in accordance with the provisions set forth ins Section above. In the event
that the replacement of the rating company was initiated by the Company, the Company shall deliver written notice to the Trustee
specifying the reason for the said, in one trading day as of the date of occurrence of the event.

 

    	 	86	 

     

    

 

It is clarified that the decrease
in rating, to the extent that the Bonds are rated, shall not entitle the Bondholders to any payment or any other relief and shall
not give rise to grounds for calling the Bonds for immediate repayment.

 

		35.2.	Subject to passing a resolution by an ordinary majority of the Bondholders and on the condition
that the Trustee argues that the Company breached the provisions set forth in the Deed of Trust, the Trustee shall be entitled
to deliver written notice to the Company to transfer to the Trust Account (for the Bondholders) part of the payment (interest and/or
principal) that the Company owes to the Holders for the purpose of financing proceedings and/or expenses and/or the Trustee’s fees
in accordance with this Deed however the said amount shall be deemed for all intents and purposes as an amount that was paid by
the Company on account of payment of principal and/or interest to the Bondholders, as the case may be.

 

It is clarified that such a
transfer as aforesaid from the Company shall be performed by the Company only on the dates set for the purpose of paying principal
and/or interest payments as stated in this Deed, and such a demand as aforesaid shall not forward and/or change the payment dates
applicable to the Company in accordance with this Deed. The Company shall not object to an action in accordance with such a notice
as aforesaid however for reasonable reasons and the Company shall be deemed to have fulfilled its undertakings towards the Holders
with respect to the payment of the principal and/or the interest in accordance with the provisions set forth in this Deed on the
date of transfer of the amounts as aforesaid that shall be on account of payments of principal and/or interest to the Bondholders.

 

The aforesaid shall not release
the Company from its liability to pay the expenses and the fees as aforesaid where the Company owes such payments in accordance
with the provisions set forth in this Deed or in accordance with the provisions set forth in any law.

 

		35.3.	The Company undertakes to register the Bonds for trade in the Stock Exchange shortly after the
date of their issue.

 

[Remainder of page intentionally left
blank]

 

And in witness hereof the parties are hereby
undersigned:

 

	 	 	 
	Elbit Medical Technologies Ltd. 	 	Reznik Paz Nevo Trusts Ltd. 

 

    	 	87	 

     

    

 

Advocate confirmation 

 

I, the undersigned, ______________ Adv.
of Gross, Kleinhendler, Hodak, Halevy, Greenberg & Co. Law Offices (1 Azrieli Center, Round Tower) hereby confirm that this
Deed of Trust was signed by Elbit Medical Technologies Ltd. by the Messrs. ______________ and ________________, and their signature
shall bind Elbit Medical Technologies for all intents and purposes.

 

	 	 
	____________, Adv. 	 

 

    	 	88	 

     

    

 

Elbit Medical Technologies Ltd.

 

First Addendum

 

Bond Certificate (Series C)

 

A series of __________ Bonds (Series C)

 

A series of ________ Bonds (Series C) convertible
into the shares of the Company, registered, NIS 1 par value each, payable in one installment on March 22, 2022, and carrying annual
interest as stated hereunder and in the conditions in the back of the page.

 

Certificate no.: [___] 

 

Total par value of the Bonds in this
Certificate NIS [___] 

 

Annual interest rate: %[_____] 

 

The registered Holder of the Bonds specified
in this Certificate [_____________]

 

		1.	This Certificate hereby attests that Elbit Medical Technologies Ltd. (hereinafter: “the
Company”) shall pay on March 1, 2022 the full (100%) amount of the par value of the Bond specified in this Certificate,
to the Holder of this certificate (as stated in the conditions in the back of the page) as registered in the Bond on the effective
date for the purpose of making the said payment, and subject to the conditions in the back of the page and the Deed of Trust that
was signed on February 18, 2018 between the Company and Reznik Paz Nevo Trusts Ltd. and/or whoever serves from time to time as
a trustee on behalf of the Bondholders in accordance with the Deed of Trust (hereinafter respectively: “the Trustee”
and “the Deed of Trust”).

 

		2.	This Bond shall carry interest in accordance with the provisions set forth in Section 2.1.2 of
the Deed of Trust and for the rate specified above, and that shall be paid on the dates as stated in the conditions in the back
of the page.

 

		3.	This Bond is not linked to any linkage basis.

 

		4.	It is clarified that the provisions set forth in the Deed of Trust shall constitute an integral
part of the provisions set forth in this Bond and shall bind the Company and the Holders of the Bonds specified in the said series.
In the event of discrepancy between the provisions set forth in this Certificate and the provisions set forth in the Deed of Trust,
the provisions set forth in the Deed of Trust shall take precedence.

 

		5.	Payment of principal and the last interest payment shall be made against the delivery of the Bond
on the payment date to the Company in its registered office as stated in the conditions in the back of the page or in any other
location as announced by the Company, no later than five business days prior to the payment date.

 

		6.	All Bonds of this series shall have equal ranking among themselves (pari-passu) and no Bond shall
have priority rights over the other.

 

    	 	89	 

     

    

 

		7.	Any transfer of the Bond is subject to the limitations on the transfer as stated in Section 7 of
the conditions specified in the back of the page of the Bond Certificate.

 

		8.	The Bonds are secured with charges in accordance with the provisions set forth in Section 6 of
the Deed of Trust.

 

		9.	Everything stated in this document is subject to the provisions set forth in the Deed of Trust
including all Appendixes thereof.

 

		10.	The Bonds are convertible into the shares of the Company as stated in Section 6 in the conditions
in the back of the page.

 

Signed by the Company on the ______ day
in the month of _________ in the year ____________

 

	 	 
	Elbit Medical Technologies Ltd.	 

 

By:

 

Authorized signatory: [______________]
Authorized signatory: [________________]

 

    	 	90	 

     

    

 

Advocate confirmation 

 

I, the undersigned, [___________________],
Adv., hereby confirm that this Bond Certificate was signed by Elbit Medical Technologies Ltd. by law and in accordance with its
Articles, by the Messrs. [________________] and their signature shall bind the Company for the purpose of this Bond Certificate.

 

	 	 
	 	[___________], Adv. 

 

    	 	91	 

     

    

 

The conditions specified in the back
of the page

 

		1.	General 

 

		1.1.	The terms used in this Bond and that were defined in the Deed of Trust shall have the meaning assigned
to them in the Deed of Trust, unless otherwise implied from the content or context of things.

 

		1.2.	The conditions of the Bond (the conditions in the back of the page) constitute an integral part
of the provisions set forth in the Deed of Trust and the provisions set forth in the Deed of Trust shall be deemed to be incorporated
expressly in the conditions of these Bonds.

 

		2.	Bonds principal and no linkage 

 

		2.1.	The Bonds principal is called for payment as stated in Section 2.1 of the Deed of Trust.

 

		2.2.	No linkage 

 

The Bonds are not linked to
any linkage basis.

 

		3.	Interest on the Bonds 

 

		3.1.	The Bonds carry interest as stated in Section 2.1.2 of the Deed of Trust.

 

		3.2.	The last payment of the interest on the principal of the Bonds shall be paid together with the
last payment on account of the principal of the Bonds of the same series, against delivery of Bonds’ certificate of the same series
to the Company.

 

		3.3.	Interest in arrears: any payment on account of principal and/or interest and that is paid following
a delay that is greater than seven (7) business days as of the date set for its payment in accordance with the conditions of the
Bonds, for reasons that are depending on the Company, shall incur interest in arrears as of the date set for its payment and until
its actual payment date. For the purpose of this matter, “interest in arrears” shall mean interest at a rate of
3% on annual basis that will be added to the interest rate that the Bonds carry in respect of the said period, calculated pro-rata
for the period as of the date set for payment and until the actual payment date, based on 365 days a year. In the event interest
in arrears is published, the Company shall publish an immediate report at least two (2) business days prior to such payment as
aforesaid in which the Company shall notify about the rate of the interest in arrears and the interest in arrears that will be
paid and that includes the interest rate that the Bonds carry in addition to the interest in arrears and the payment date of the
total interest for that period.

 

    	 	92	 

     

    

 

		4.	Payments schedule (principal and interest) of the Bonds 

 

		4.1.	The annual interest rate and the principal paid until the full payment of the Bonds on March 1,
2022 shall be as follows:

 

	Payment date	 	Principal payment rate	 	 	Principal effective date	 	 	Interest payment rate	 	 	Interest effective date	 
	1.9.2018	 	 	-	 	 	 	-	 	 	 	The annual interest rate for a period (5%) calculated on a basis of 365 days a year, according to the number of days in the period between receipt of the consideration for the issue of the Bonds and the interest payment date. The Company shall publish in the immediate report information regarding the results of the tender subject matter of this offering the interest rate for the first interest period. 	 	 	 	26.8	 
	1.3.2019	 	 	-	 	 	 	-	 	 	 	2.5	%	 	 	23.2	 
	1.9.2019	 	 	-	 	 	 	-	 	 	 	2.5	%	 	 	26.8	 
	1.3.2020	 	 	-	 	 	 	-	 	 	 	2.5	%	 	 	23.2	 
	1.9.2020	 	 	-	 	 	 	-	 	 	 	5	%	 	 	26.8	 
	1.3.2021	 	 	-	 	 	 	-	 	 	 	5	%	 	 	23.2	 
	1.9.2021	 	 	-	 	 	 	-	 	 	 	5	%	 	 	26.8	 
	1.3.2022	 	 	100	%	 	 	1.3	 	 	 	5	%	 	 	1.3	 

 

		5.	Payments of principal and interest of the Bonds 

 

		5.1.	Payments on account of the interest and/or the principal of the Bonds shall be paid to the persons
whose names are listed in the Bondholders’ Register on the effective dates as stated in Section 4 above, except for the last payment
of the principal and the interest that will be paid to the persons whose names are listed in the Bondholders’ Register on the payment
date and that shall be made against delivery of the Bond Certificates of the same series to the Company on the payment date, to
the registered office of the Company or in any other location as announced by the Company. The announcement of the Company as aforesaid
shall be published no later than five (5) business days prior to the last payment date.

 

		5.2.	It is clarified that any person who is not listed in the Bondholders’ Register on the effective
date shall not be entitled to payment of the interest in respect of the interest period that commenced prior to the said date.

 

		5.3.	In any event in which the payment date on account of the payment of principal and/or interest occurs
a day other than a business day, the payment date shall be delayed to the first business day thereafter, for no additional payment,
and the effective date for the purpose of determining the entitlement to the redemption or the interest shall not change as a result
of this event.

 

    	 	93	 

     

    

 

		5.4.	Payment of the principal and the interest shall not be linked to any linkage basis.

 

		5.5.	Payment to the entitled Bondholders shall be made by check or a wire transfer to the bank account
of the persons whose names are listed in the Bondholders’ Register and that will be listed in the particulars delivered to the
Company in advance, in accordance with the provisions set forth in Section 5.6 hereunder. In the event the Company is unable to
pay any amount to the entitled party for a reason over which the Company has no control, the provisions set forth in Section 13
of the Deed of Trust shall come into operation.

 

		5.6.	A registered Bondholder shall notify the Company about the details of his bank account for the
purpose of crediting payments to the said account or in his address, as the case may be, by delivery of written notice by registered
mail to the Company. The Company shall be obligated to act in accordance with the notice of the Bondholder regarding such a change
as aforesaid after expiration of the period of fifteen (15) business days as of the day the Holder’s notice reached the Company.

 

		5.7.	In the event a Bondholder entitled to payment did not deliver to the Company in advance details
regarding his bank account, each payment on account of the principal and the interest shall be made by a check that will be delivered
in registered mail to his last registered address in the Bondholders’ Register. The delivery of a check to an entitled Bondholder
in registered mail as aforesaid shall be deemed as payment of the amount specified in the date specified therein on the date of
its delivery by mail for all intents and purposes, provided that it was duly presented for payment.

		5.8.	Mandatory payments (including withholding of tax at source) shall be deducted from any payment
in respect of the Bonds, as required by law.

 

		6.	Right of conversion of the Bonds into shares 

 

		6.1.	Conditions for conversion 

 

		6.1.1.	The Bonds are convertible into the ordinary shares of the Company on any trading day in the Stock
Exchange (hereinafter: “Trading Day”) as of the date of their listing for trade in the Stock Exchange and until
February 19, 2022 (including) (hereinafter respectively: “Last Conversion Date” and “Conversion Period”)
in accordance with the Stock Exchange instructions.

 

However, in the event the Last
Conversion Date occurs on a date other than a Trading Day, the Conversion Date shall be delayed to the subsequent Trading Day.

 

The Bonds may be converted
in such manner that each NIS 1.47 par value of the Bonds (hereinafter: “Conversion Rate”) shall be converted into
one ordinary share of the Company without par value (subject to the adjustments as stated in Section 6.3 hereunder) (hereinafter:
“Conversion Shares”). The Company shall publish an immediate report, 14 days prior to the Last Conversion Date,
that will specify the Last Conversion Date of the securities as aforesaid.

 

    	 	94	 

     

    

 

		6.1.2.	Notwithstanding the said in Section 6.1.1 above, on the effective date for the purpose of distributing
the bonus shares the Bonds may not be converted into a rights offering, the distribution of a dividend, capital consolidation,
capital split or capital reduction (each of the aforesaid shall be referred hereinafter: “Company Event”). In
the event the Ex-Day of a Company Event occurs prior to the record date of Company Event, no conversion shall be performed in the
said Ex-Day.

 

		6.1.3.	The Bonds are convertible in accordance with the conditions set forth hereunder by applications
that will be submitted to the Company no later than the Last Conversion Date and Bonds whose exercise is not requested until the
said date shall be revoked.

 

		6.1.4.	Each Bondholder (hereinafter in this Section: “the Applicant”) who wishes to exercise
his conversion right, shall submit directly to the Company, in its registered office, or in any other place as determined by the
Company in the event of a registered Bondholder, or by the banks and the Stock Exchange members, in the event of a non-registered
Bondholder, an application in connection therewith (hereinafter: “Conversion Notice”).

 

The Conversion Notice of a
registered Holder shall be delivered in writing in a form designated by the Company together with the Bond Certificate subject
matter of the application. The Conversion Notice forms are available in the registered office of the Company and in any other location
as announced by the Company. The Applicant shall be obligated to sign at any time he is required by the Company any additional
document that is necessary in accordance with the provisions set forth in any law, for the purpose of granting force for the issue
of the Conversion Shares. The Board of Directors of the Company shall be entitled to empower any person that it deems fit to sign
in the name of the Applicant and for the Applicant any additional document that is necessary for the purpose of issuing the Conversion
Shares.

 

		6.1.5.	The date in which the Conversion Notice that meets all the said conditions reaches the registered
office of the Company (in the event the Notice is delivered directly to the Company by an Applicant who is a registered Bondholder)
or the day in which the Stock Exchange Clearing House is considered to have received from a Stock Exchange member a notice regarding
the conversion of the Bonds (in the event the Notice was delivered by the Stock Exchange members for an Applicant who is an unregistered
Bondholder) shall be deemed as the conversion date (hereinafter: “Conversion Date”). In the event the converting
Bondholder failed to fulfill all the conditions required for the purpose of converting fully the convertible Bond Certificates,
the Conversion Notice shall be deemed as null and void and the convertible Bonds Certificates that were enclosed with the said
Conversion Notice shall be returned to the Applicant.

 

		6.1.6.	The Applicant may not cancel or modify a Conversion Notice.

 

    	 	95	 

     

    

 

		6.1.7.	The Applicant shall not be entitled to a part of one Conversion Share, however shall be entitled
to add to full shares all fractions due to him, if due, in respect of the entire conversion rights the Applicant requested to use.
Part of the Bonds that are included in the Bonds Certificates may not be converted however these may be split in accordance with
the provisions set forth in Section 27 of the Deed of Trust. The excess of the Conversion Shares that are created at the time of
enforcing the conversion right, if any, shall be sold by the Company in the Stock Exchange in thirty (30) days after these surpluses
add up to full shares in a reasonable quantity for their sale in the Stock Exchange, taking into account all costs associated therewith,
and the net proceeds obtained after deduction of the sale expenses, charges and other levies, if any, shall be distributed among
those entitled to it in proportion to their relative share and in fifteen (15) days as of the date of the sale. An entitled registered
Bondholder as aforesaid shall not receive a check for an amount lower than NIS 50, and such an amount as aforesaid may be paid
in the offices of the Company on regular hours of work and days, by appointment. An entitled Bondholder as aforesaid who fails
to arrive to the offices of the Company for the purpose of receiving the said amount as aforesaid in twelve (12) months as of the
date of the sale shall no longer be entitled to the said amount.

 

		6.1.8.	No later than 2 Trading Days after the Conversion Date the Company shall issue to the Applicant
the Conversion Shares due to the Applicant in the name of the Nominee Company and following the approval to list the Conversion
shares in the Stock Exchange, shall cause the listing of the Conversion Shares in the Stock Exchange as shortly as possible thereafter.
The Company undertakes that the shares emanating from the conversion of the Bonds shall be listed in the name of the Nominee Company.

 

		6.1.9.	The Conversion Shares will be fully paid-up, will have equal in rights in all material respects
with relation to the ordinary shares of the Company that exist at the time and will entitle their holders to participate in any
dividend or any other distribution, fully, and the date determining their entitlement to their receipt shall be after the Conversion
Date.

 

		6.1.10.	The Bonds that are converted shall be delisted from the Bonds Register on the date of their conversion
and shall be fully null and void retroactively as of the Conversion Date, from the date of issue of the Conversion Shares in respect
whereof and shall not confer any right to any interest after payment of the interest whose effective date occurs prior to the Conversion
Date (and that were supposed to be paid together with the payments on account of the Bonds principal, if the Applicant had not
enforced his right to convert the Bonds of the said series by shares as stated above).

 

		6.1.11.	All Conversion Shares shall be listed in the name of the Nominee Company.

 

    	 	96	 

     

    

 

		6.2.	Schedules for conversion 

 

The Stock Exchange Clearing
House bylaws shall apply to the enforcement of the Conversion Rights of the Bonds into the shares of the Company, as applicable
on the actual Conversion Date. The Stock Exchange Clearing House bylaws that are known at the time of publishing the shelf prospectus
regarding the schedule for the performance of an instruction regarding conversion of the convertible Bonds that are held by the
Stock Exchange members state the following:

 

		6.2.1.	A conversion notice that is received until 12:00AM in the offices of the Stock Exchange member
shall be forwarded by the Stock Exchange member to the Stock Exchange Clearing House no later than 12:00AM on the following Trading
Day.

 

		6.2.2.	In the event the Stock Exchange Clearing House received a Conversion Notice from a Stock Exchange
member until 12:00AM, the Stock Exchange Clearing House shall charge from the Stock Exchange member the consideration and shall
credit accordingly the Nominee Company, no later than 12:00AM on the following Trading Day after it received such a notice as aforesaid.

 

		6.2.3.	In the event the Nominee Company received a credit notice as stated in Section 6.2.2 above until
12:00AM, the Nominee Company shall forward the conversion application to the offices of the Company no later than 12:00AM on the
following Trading Day.
	 	 	 

		6.2.4.	Any notice of the notices specified in Sections 6.2.1 to 6.2.3 above and that is received after
12:00AM in each Trading Day, shall be deemed to have been received before 12:00AM on the following Trading Day.

 

		6.2.5.	Notwithstanding the aforesaid, on the last Conversion Date prior to the final payment the members
of the Stock Exchange Clearing House shall be obligated to transfer to the Stock Exchange Clearing House the final conversion applications
until 12:00AM. The conversion shall be performed on the same day. A Stock Exchange Clearing House member that did not file the
application until the said time shall be considered by the Stock Exchange Clearing House to have forfeited his right. In the event
the last Conversion Date prior to the final payment or ex-partial repayment (as the case may be) occurs on a day other than a Trading
Day, the said day shall be delayed until the next Trading Day.

 

		6.3.	Adjustments 

 

As of the issue date of the
Bond and until the last date in which the conversion rights attached to the Bonds are exercisable, the following provisions shall
apply to the Bonds whose conversion right was not yet exercised:

 

		6.3.1.	Adjustment following the distribution of bonus shares 

 

If, during the period in which
the conversion right is in effect, the Company distributes bonus shares to the holders of ordinary shares, the rights of the holders
in the Bonds shall be reserved in such manner that the number of shares emanating from the conversion to which a Bondholder is
entitled upon their conversion shall increase or decrease by the number of shares of the same class that a Bondholder was entitled
to as bonus shares, if he had converted the Bond until the last Trading Day before the Ex-Day.

 

    	 	97	 

     

    

 

A Bondholder as aforesaid shall
not be entitled to allotment of any part of bonus shares in accordance with the provisions set forth above, however all fractions
of shares that are formed at the time of the allotment and that add up to full shares in a reasonable amount for sale in the Stock
Exchange shall be sold in the Stock Exchange in thirty (30) days as of the date of allotment as aforesaid, and the net proceeds
(after deduction of the sale expenses, mandatory payments and levies) shall be distributed among the entitled members in fifteen
(15) days as of the sale date. An entitled member shall not receive a check for an amount smaller than NIS 50 and the said amount
is available at the offices of the Company on regular days and hours of work, by appointment. An entitled member who failed to
arrive to the offices of the Company for the purpose of receiving this amount as stated in twelve (12) months as of the date of
the sale, shall no longer be entitled to receive the said amount.

 

This adjustment method cannot
be modified. The Company shall announce in an immediate report regarding the adjusted conversion rate prior to opening of the Trading
Day on the day in which the shares are traded “ex-benefit.”

 

		6.3.2.	Adjustment following a rights offering 

 

To the extent that during the
period in which the conversion right is in effect the shareholders of the Company receive a rights offering and are offered rights
to purchase any securities, the number of shares emanating from the conversion shall be adjusted to the bonus component in the
rights, as reflected in the ratio between the closing rate of the share in the Stock Exchange on the last Trading Day before the
“Ex-Day” and the basic rate of the share “Ex-Rights.” The Company shall announce in an immediate report about
the adjusted conversion rate prior to commencement of the Trading Day, on the day in which the shares are traded “Ex-Rights.”

 

		6.3.3.	Adjustment following the distribution of a dividend 

 

In the event the Company distributes
a dividend during the period in which the conversion right of the Bonds is in effect, the conversion rate shall be multiplied by
the ratio between the basic rate “Ex-Dividend” and the closing price of the share in the Stock Exchange on the last Trading
Day prior to the “Ex-Dividend” day.

This adjustment method cannot
be modified.

 

The Company shall announce
in an immediate report about the adjusted conversion rate prior to the commencement of the Trading Day in which the shares are
traded “Ex-Dividend.”

 

    	 	98	 

     

    

 

		6.3.4.	The number of shares that a Bondholder shall be entitled to following exercise of the conversion
right shall be adjusted in the event of any offerings (including an offering to interested parties) except for the adjustments
following the distribution of bonus shares and rights offerings following the distribution of a dividend.

 

		6.4.	Miscellaneous provisions protecting the rights of the Bondholders during the Conversion Period

 

		6.4.1.	As of the date of issue of the Bonds and as long as the Bonds whose conversion right attached therewith
is exercisable are not converted or paid, the following provision shall apply:

 

		6.4.1.1.	The Company shall maintain a sufficient number of ordinary shares in its registered capital for
the purpose of assuring the conversion right attached to the Bonds and, if necessary, shall cause an increase of its registered
capital.

 

		6.4.1.2.	Deleted.

 

		6.4.1.3.	In the event the Company consolidates the ordinary shares in its issued capital or distributes
these shares in a secondary distribution, the number of shares allotted following exercise of the conversion right after such an
action is performed as aforesaid shall be decreased or increased, as the case may be. In such circumstances as aforesaid the Bondholder
shall not be entitled to any part of an entire share however fractions of shares that are created shall be handled in the manner
that the Board of Directors deems fit. In the event of consolidation or distribution as aforesaid, the provisions set forth in
this Section 6 shall apply, mutatis mutandis.

 

		6.4.1.4.	In any event in which there is an adjustment following the distribution of bonus shares in accordance
with the provisions set forth in Section 6.3.1 above, the Company shall publish an immediate report and shall publish a notice
in two (2) widely circulated newspapers in Hebrew in Israel (to the extent that such a publication is required by law) regarding
the right of the holders of bonds in circulation to exercise the conversion rights attached to the Bonds, with an indication of
the conversion period, the conversion rate, the amount of the par value of the conversion shares and the bonus shares (if any)
to which they are entitled following the enforcement of one conversion right at the time.

 

In addition to the said, no
later than three weeks and not earlier than four weeks prior to expiration of the conversion period the Company shall deliver written
notice as aforesaid to all the registered holders of the Bonds regarding the last date of conversion of the Bonds as aforesaid,
and shall state that after the said date the rights shall be null and void, and shall publish a notice about the same in two widely
circulated newspapers published in Hebrew in Israel. The said notice shall specify the conversion rate, the number of conversion
shares and the bonus shares that the Bondholder shall be entitled to at the time of conversion during this period of time.

 

    	 	99	 

     

    

 

		6.4.1.5.	In the event of a resolution regarding voluntary liquidation, the Company shall publish an immediate
report about the said and shall publish a notice in two widely circulated newspapers published in Hebrew in Israel. Each Bondholder
shall be deemed to have exercised his right prior to passing the resolution (without making prior payment of the conversion rate)
unless he delivers written notice to the Company in thirty (30) days as of the publication day as aforesaid regarding his waiver
of the said right. In the event the Bondholder did not deliver such a notice as aforesaid within the period of time as aforesaid,
the Bondholder shall be entitled to the amount he would have received following liquidation of the Company as a shareholder following
the exercise of the Bonds in his possession shortly before the date of passing the resolution regarding liquidation, with deduction
of the conversion rate in respect of the said Bonds from the sums due to him following his share in the liquidation as aforesaid,
in the event there is a distributable balance.

 

		6.4.1.6.	The Company shall make available for the inspection of the Bondholders in its registered office
a copy of the periodic report and the interim financial statements of the Company immediately after their publication, during regular
hours of work. Upon receiving the written request of a Bondholder that will be delivered during the period in which the conversion
right is in effect, the Company shall deliver to the said Bondholder a copy of the said reports.

 

		6.4.1.7.	In accordance with the Stock Exchange bylaws, the conditions attached to the Bonds cannot be modified
in anything related to the conversion rate, the conversion dates and the linkage method, however the Company shall be entitled
to change the conversion period and/or the conversion rate provided that this action is performed in the framework of an arrangement
or a settlement under Section 350 of the Companies Law 5759-1999. In addition, and in accordance with the Stock Exchange bylaws
and guidelines, the Company may change the conversion rate as part of a splitting procedure of the Company or a merger of the Company,
provided that the change includes only the necessary adjustments following such a procedure as aforesaid.

 

		6.4.1.8.	In accordance with the Stock Exchange bylaws and guidelines, the “splitting procedure”
for the purpose of this matter shall mean – a procedure in which the Company transfers to its shareholders shares that the
Company holds in another company, or a procedure in which the Company transfers assets and liabilities to a new company that was
formed for the purpose of the split and the shareholders in the new company are also the shareholders in the company transferring
the assets and liabilities and all – on the condition that the splitting procedure is performed equitably with respect to
all the shareholders in the Company.

 

    	 	100	 

     

    

 

		6.4.1.9.	In accordance with the Stock Exchange bylaws and guidelines, the “merger procedure”
for the purpose of this matter shall mean – a procedure in which the entire shares of the Company are transferred to the
ownership of a new company or to the ownership of another registered company or a procedure in which the Company transfers all
its assets and liabilities to a new company or to another registered company as aforesaid, and all on the condition that the securities
of the Company whose shares or assets are transferred as aforesaid shall be delisted from the trade in the Stock Exchange and that
the procedure is performed in equitable conditions towards all the shareholders of the Company.

 

		6.4.2.	Dates 

 

Different dates, such as conversion
dates, effective dates for the purpose of making payments and schedules for filing conversion applications (hereinafter collectively:
“the Dates”), were set, inter alia, in accordance with the Stock Exchange bylaws, the guidelines in accordance
with the said bylaws and the bylaws of the Stock Exchange Clearing House (hereinafter: “Stock Exchange Instructions”)
that are in effect at the time of publishing this Deed of Trust. The Stock Exchange Instructions might vary from time to time and
might include, inter alia, different limitations regarding the Dates set in the offering report and/or the Deed of Trust.
In the event the Stock Exchange Instructions were amended with respect to said Dates, the change shall also apply to the Bonds,
unless otherwise stated by the Stock Exchange or the Stock Exchange Clearing House.

 

		7.	Avoidance from payment for a reason that is not depending on the Company 

 

For details regarding avoidance
from payment for a reason that is not depending on the Company and deposit by the Trustee, see Section 13 of the Deed of Trust.

 

		8.	Splitting and transferring Bond Certificates 

 

		8.1.	The Bonds’ Certificates are transferable for the full amount of the principal and even a part thereof,
provided that the amount is in full new Israeli shekels. Any transfer of Bonds (except for a transfer that is performed by trading
in the Stock Exchange) shall be performed with an instrument of transfer in the customary form, duly signed by the registered Holder
and his legal representatives and by the recipient of the transfer or his legal representatives as provided to the Company in its
registered office together with the Bond Certificates transferred in connection therewith and any other proof as demanded by the
Company for the purpose of proving the entitlement of the transferor to transfer the said securities. The Holder requesting the
transfer shall incur all expenses associated with the transfer of the Bonds, including mandatory payments, if any. In the event
any tax or any other mandatory payment applies to the instrument of transfer of the Bonds, the Company shall receive proof to its
satisfaction regarding their payment.

 

    	 	101	 

     

    

 

The Articles of Association
of the Company that apply to the transfer of fully paid-up shares and assignment thereof shall apply, mutatis mutandis and
as the case may be, to the manner of transfer of the Bonds and assignment thereof. In the event of transfer of only part of the
principal amount specified in the Bond Certificate, it is necessary to split first the Bond Certificate into a number of Certificates
in accordance with the provisions set forth in Section 7.2 of the conditions specified in the back of the page, as required, in
such manner that the total amount of all principal amounts specified thereat shall be equal to the nominal principal amount of
the said Bond.

 

After all the said conditions
have been met, the transfer shall be registered in the Register, and the Company shall be entitled to demand to register a note
regarding the transfer of the Bond as aforesaid and that shall be delivered to the transferee or that a new Bond certificate shall
be issued to the transferee as aforesaid and all the conditions set forth in the transferred Bonds’ Certificates shall apply to
the transferee, in such manner that anywhere in which the word “Holder” is used it shall be deemed as if the word “transferee”
is used, and the transferee shall be deemed as a “Holder” for the purpose of the Deed of Trust.

 

		8.2.	One certificate shall be issued in respect of the Bonds registered in the name of one Holder or,
following his request, a number of certificates up to the reasonable amount as decided by the Company (the certificates specified
in this Section shall be referred hereinafter: “the Certificates”).

 

Each Bond Certificate may be
split into a number of Bond Certificates when the total value of their nominal amount is equal to the nominal amount of the Certificate
whose split is requested, provided that such Certificates as aforesaid are issued only in a reasonable amount. The split shall
be performed against delivery of the said Certificate to the Company in its registered office for the purpose of performing the
split, together with an application for a split duly signed by the Applicant. The Holder requesting the split shall incur all expenses
associated with the split, including taxes and levies in respect whereof, if any.

 

		9.	Early redemption 

 

For details regarding the early
redemption of the Bonds following the initiative of the Stock Exchange and/or the Company – see Section 7 of the Deed of
Trust.

 

		10.	Waivers, settlements and/or changes in the terms of the Bonds 

 

For details regarding the authority
of the Company and/or the Trustee to perform waivers, settlements and/or changes in the terms set forth of the Deed of Trust see
Section 26 of the Deed of Trust.

 

		11.	Bondholders’ meetings 

 

The Bondholders’ meetings shall
be convened and conducted in accordance with the provisions set forth in the Second Addendum of the Deed of Trust.

 

    	 	102	 

     

    

 

		12.	Replacement of Bond Certificates 

 

In the event a Bond Certificate
is mutilated, lost or defaced, the Company shall issue a new Certificate in its place and under the same conditions. The Holder
requesting the new Certificate shall incur all taxes and other levies and all other expenses associated with the issuance of the
new Certificate (including expenses in connection with the proof of ownership of the Holder of the Bond and in connection with
indemnity and/or insurance coverage that the Company requests, if the Company makes such a request in connection therewith). In
the event of wear, the worn Certificate shall be returned to the Company concurrent with and against the issue of the new Certificate.

 

		13.	Immediate repayment 

 

The provisions set forth in
Section 8 of the Deed of Trust regarding the immediate repayment of the Bonds shall apply.

 

		14.	Notices 

 

The provisions set forth in
Section 25 of the Deed of Trust regarding notices shall apply.

 

*            *            *            *

 

    	 	103

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