Document:

Exhibit
4.30

    [Unofficial
Translation]

    

    AGREEMENT

    

    Made
and entered into on the 31st day of
March 2009

    

    Between

    

    BLUE
SQUARE CHAIN PROPERTIES & INVESTMENTS LTD.

    Publ.
Co. 520036187

    whose
address is 2 Amal Street, Ofek Industrial Zone, Rosh Ha’ayin

    (hereinafter:  “the
Seller”)

    

    of the one
part;

    

    And

    

    BLUE
SQUARE REAL ESTATE LTD.

    Pvte.
Co. 513765859

    whose
address is 2 Haamal Street, Park Ofek, Rosh Ha’ayin

    (hereinafter:  “the Buyer”)

    

    of the other
part;

    

    
      	
              WHEREAS

            	
              The
      Seller engages in the operation of retail chain stores and is the owner of
      activities in the field of leasing, management, development and
      improvement of real estate properties owned by it;
  and

            

    

    

    
      	
              WHEREAS

            	
              The
      Seller wishes to spin off its activities, in a manner whereby assets and
      liabilities connected with and/or related the Seller’s activities in the
      field of leasing, management, development and improvement of real estate
      properties owned by it (hereinafter: “the Real Estate Activities
      Transferred”) will be transferred to the Buyer (hereinafter: “the Spin-Off”);
      and

            

    

    

    
      	
              WHEREAS

            	
              The
      Buyer is a public company engaged in the development, initiation and
      management of real estate and is controlled by Blue Square Israel Ltd.,
      which is also the controlling shareholder in the Seller;
    and

            

    

    

    
      	
              WHEREAS

            	
              The
      parties declare that the Spin-Off is being effected for a commercial and
      economic objective; and

            

    

    

    
      	
              WHEREAS

            	
              The
      Spin-Off is being effected in accordance with 105I of the Income Tax
      Ordinance, and all the conditions and sub-sections thereof, and is
      contingent upon approval by the tax authorities and approval of the
      applicability of the tax benefits pursuant to Section 105B of the Income
      Tax Ordinance; and

            

    

     

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    
      	
              WHEREAS

            	
              For
      purposes of effecting the aforesaid Spin-Off the Seller wishes to sell the
      Property Sold to the Buyer, and the Buyer wishes to purchase the Property
      Sold from the Seller, as same is defined below, all in accordance with the
      terms and conditions set forth in this Agreement;
  and

            

    

    

    
      	
              WHEREAS

            	
              The
      parties have applied to the tax authorities with an application to obtain
      an approval in advance pursuant to which the Property Sold will be
      transferred from the Seller to the Buyer in accordance with Section 105I
      of the Income Tax Ordinance (New Version), 5721-1961 and on the terms and
      conditions as will be specified in the approval of the tax authorities;
      and

            

    

    

    
      	
              WHEREAS

            	
              The
      parties wish to specify and define in the framework of the provisions of
      this Agreement the legal relationship between them regarding the
      acquisition of the Property Sold and the transfer thereof, all in
      accordance with the terms and conditions set forth below in this
      Agreement;

            

    

    

    Now
therefore it is  agreed, declared and  stipulated by the
parties

    as
follows:

    

    
      	
              1.

            	
              Preamble
      and interpretation

            

    

    

    
      	
               
      

            	
              1.1

            	
              The
      preamble to the Agreement, the appendices hereto and the declarations by
      the parties constitute an integral part
hereof.

            

    

    

    
      	
               
      

            	
              1.2

            	
              The
      division of this Agreement into clauses and sub-clauses and the headings
      which appear herein have been inserted solely for the sake of convenience,
      and no use shall be made thereof for purposes of the interpretation of the
      Agreement.

            

    

    

    
      	
              2.

            	
              Definitions

            

    

    

    The terms
set forth below will have the meaning in this Agreement as set opposite
them:

    

    
      	
               
      

            	
              2.1

            	
              “The property sold” –
      the properties transferred and the liabilities transferred, as defined
      below.

            

    

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              2.2

            	
              “The properties
      transferred” – the real estate properties listed in Appendix
      A to this Agreement (hereinafter: “the Real Estate
      Properties”), including all the Seller’s rights in relation to the
      Real Estate Properties (including goodwill), as well as the Seller’s
      shares in the holding companies listed in Appendix
      A to this Agreement (hereinafter: “the Shares
      Transferred”, and “Holding Companies”,
      respectively), including all the Seller’s rights in relation to the Shares
      Transferred (including goodwill) and in relation to shareholders’ loans
      that were given by the Seller to the Holding Companies, and the Seller’s
      rights pursuant to the Agreement.

            

    

    

    
      	
               
      

            	
              2.3

            	
              “The liabilities
      transferred” – the Seller’s liabilities pursuant to the agreements,
      as well as the Seller’s financial liabilities in connection with financing
      the Real Estate activities being transferred against which encumbrances
      have been created and/or will be created over the properties transferred
      or part thereof, all as described in Appendix
      B which will be signed and attached to this Agreement after receipt
      of the approval from the tax authorities (hereinafter: “the Financial
      Liabilities”).  The balance of the Financial Liabilities
      as at the effective date will stand at a sum equivalent to the value of
      the Real Estate Properties and the shares transferred as set forth in
      Appendix
      A to this Agreement, plus a sum equivalent to the balance of the
      shareholders loans which were provided to the Holding Companies by the
      Seller, as same are presented in the financial statements of the Holding
      Companies as at the effective date, and the plus or minus (as the case may
      be) the increase or decrease, respectively, in the Seller’s proportionate
      share (according to its percentage holdings in the Holding Company) in the
      difference between the total assets of one of the Holding Companies
      (excluding the Real Estate Property) as at the effective date and the
      total liabilities of each of the Holding Companies as at the effective
      date, as against the difference specified in Appendix
      C to this Agreement.

            

    

    

    
      	
               
      

            	
              2.4

            	
              “The agreements” –
      contractual engagements between the Seller and third parties in connection
      with the Real Estate Properties and/or the Shares Transferred, including
      leasehold agreements and/or lease agreements and/or co-ownership
      agreements and/or purchase agreements and/or management agreements and/or
      any other agreement between the Seller and any third party in connection
      with the Real Estate Properties and/or the Shares Transferred, including
      and without derogating from the generality of the foregoing, the finance
      agreement between the Seller and the bank / the financial entity which is
      providing the finance in connection with the financial liabilities
      (hereinafter: “the
      Finance Agreement”).

            

    

    

    
      	
               
      

            	
              2.5

            	
              “The effective date” –
      March 31, 2009.

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	
              3.

            	
              Declarations
      and undertakings by the
Seller

            

    

    

    The
Seller hereby declares and undertakes to the Buyer that:

    

    
      	
               
      

            	
              3.1

            	
              The
      Seller’s rights in each of the Real Estate Properties are as stated
      alongside each Real Estate Property in Appendix
      A to this Agreement, with it being agreed that in relation to
      Property No. 20 (Tel Aviv – Tel Kabir) the contents of Appendix
      D to this Agreement will
apply.

            

    

    

    
      	
               
      

            	
              3.2

            	
              The
      Seller is the sole owner of the Shares
  Transferred.

            

    

    

    
      	
               
      

            	
              3.3

            	
              Apart
      from the properties listed alongside each company in Appendix
      A to this Agreement (hereinafter: “the Holding Company’s
      Properties”), the liabilities mentioned in the financial statements
      that are attached to this Agreement as Appendix
      E.

            

    

    

    
      	
               
      

            	
              3.4

            	
              The
      Seller’s rights in Real Estate Properties and in the Shares Transferred
      are free and clear of any attachment and/or encumbrance and/or pledge
      and/or any other right in favor of a third party, except only encumbrances
      that have been created and/or may be created as security for the
      liabilities transferred, and which shall continue to remain in force and
      be binding on the Buyer in all respects, according to the terms and
      conditions of the Financial Liabilities.  The Seller undertakes
      that its rights as aforesaid will remain in the condition as described
      above until same are registered in the name of the Buyer in the Land
      Registry and/or until the transfer thereof into the Buyer’s name in the
      relevant register of the companies, as the case may
  be.

            

    

    

    
      	
               
      

            	
              3.5

            	
              The
      leasehold contracts between the Seller and the Israel Lands Administration
      or the Tel Aviv Municipality, as the case may be, in respect of the Real
      Estate Properties that are leased under leasehold to the Seller and/or to
      the Holding Companies by the Israel Lands Administration or the Tel Aviv
      Municipality, are in force, and the Seller is not aware of any grounds for
      the cancellation of any of them.

            

    

    

    
      	
               
      

            	
              3.6

            	
              Except
      for the legal proceedings described in Appendix
      F to this Agreement, no legal proceedings are pending against the
      Company and/or the Holding Companies in connection with the Real Estate
      Properties and/or the Holding Companies’ assets and/or the Shares
      Transferred.

            

    

    

    
      	
               
      

            	
              3.7

            	
              In
      relation to the Real Estate Properties and the Holding Companies’ assets
      which are not registered in the name of the Seller or the Holding
      Companies, as the case may be, the Seller declares that there is no
      material impediment to completing registration of the rights in and to the
      Properties in the name of the Seller or the Holding Companies, as the case
      may be.

            

    

    

    
      	
               
      

            	
              3.8

            	
              Except
      for the Property in Kfar Saba (Property No. 6, to which the provisions of
      sub-clause 6.5 below will apply), there are no faults and/or defects
      and/or damage in the structural frame of the buildings and/or in the
      water-proofing of the buildings which form part of the Real Estate
      Properties and/or the Holding Companies’
assets.

            

    

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              3.9

            	
              Subject
      to the fulfillment of the conditions precedent, there is no legal,
      contractual or other bar or impediment to the Seller entering into this
      Agreement and to performance of its obligations pursuant to this Agreement
      in full and punctually on due date.

            

    

    

    
      	
              4.

            	
              Declarations
      and undertakings by the
Buyer

            

    

    

    The Buyer
hereby declares and undertakes to the Seller that:

    

    
      	
               
      

            	
              4.1

            	
              It
      is purchasing the Property Sold in its condition “as is” at the time of
      signing of this Agreement, without any representation and/or declaration
      by the Seller, including, without limitation, in regard to the condition
      of the Real Estate Properties and/or the Holding Companies’ assets and/or
      the Shares Transferred from the physical and/or zoning and/or legal aspect
      and/or from any other aspect and/or in regard to the value thereof, except
      only the Seller’s representations as set forth in Clause 3 above, and the
      Seller’s undertaking as set forth below in this
  Agreement.

            

    

    

    
      	
               
      

            	
              4.2

            	
              Subject
      to the fulfillment of the conditions precedent, there is no legal,
      contractual or other bar or impediment to its enter into this Agreement
      and to the performance of its obligations under this Agreement in full and
      punctually on due date.

            

    

    

    
      	
              5.

            	
              Conditions
      precedent

            

    

    

    
      	
               
      

            	
              5.1

            	
              This
      Agreement and the implementation hereof are contingent upon the
      fulfillment of and compliance with the following cumulative conditions
      (hereinafter: “the
      Conditions Precedent”):

            

    

    

    
      	
               
      

            	
              5.1.1

            	
              Receipt
      from the Seller’s competent organs of all the resolutions and approvals
      that are required for implementation of the transaction that is the
      subject matter of this Agreement.

            

    

    

    
      	
               
      

            	
              5.1.2

            	
              Approval
      of the Buyer’s audit committee and its board of directors to
      implementation of the transaction that is the subject matter of this
      Agreement, including to the terms and conditions of the Finance Agreement
      and the conditions of the approval of the tax authorities, as well as
      further approval by the Buyer’s general meeting for implementation of the
      transaction that is the subject matter of this Agreement, to the extent
      that it is specified by the Buyer’s audit committee that such approval is
      necessary.

            

    

    

    
      	
               
      

            	
              5.1.3

            	
              Obtaining
      an approval from the Income Tax Commission for effecting the Spin-Off in
      accordance with the provisions of this Agreement, to the satisfaction of
      the parties (hereinbefore and hereinafter: “the Approval of the Tax
      Authorities”).

            

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              5.1.4

            	
              Fulfillment
      of the conditions for the coming into force and implementation of the
      lease agreements mentioned in Clause 6.2.2
  below.

            

    

    

    
      	
               
      

            	
              5.2

            	
              If
      the Conditions Precedent or any of them are not fulfilled within 6 months
      from the date of signing of this Agreement, and the parties have not
      agreed on extending the period as stated in sub-clause 5.3 below, this
      Agreement will be null and void without this being deemed to be a breach
      hereof and without any party having any right to relief as a consequence
      thereof.

            

    

    

    
      	
               
      

            	
              5.3

            	
              Notwithstanding
      the contents of sub-clause 5.2 above, the board of directors of either of
      the parties will be entitled, by way of written notice to the other party,
      to extend the period for fulfillment of the Conditions Precedent, each
      time for a period of an additional 60 days beyond the last date that was
      fixed for fulfillment of the Conditions Precedent prior to the giving of
      the notice, but it is agreed that under no circumstances will the period
      for fulfillment of the Conditions Precedent be extended beyond a period of
      12 months from the date of signing of this
  Agreement.

            

    

    

    
      	
              6.

            	
              The
      transaction and the effective
date

            

    

    

    
      	
               
      

            	
              6.1

            	
              On
      the date of closing, as defined below, the Seller will transfer the
      Property Sold to the Buyer and the Buyer will accept same from the Seller,
      with effect from the effective date, including in a manner in which with
      effect from the effective date, the Seller will assign its rights in the
      Properties transferred to the Buyer, including its rights pursuant to the
      Agreement and its rights in connection with the shareholders’ loans that
      were provided by the Seller to the Holding Company (including in a manner
      in which the obligation of the Holding Company for payment of the
      shareholders’ loan, in accordance with the conditions thereof, will apply
      in full vis-à-vis
      the Buyer), and the Seller will assign the liabilities transferred to the
      Buyer, including in a manner in which all the income and expenditure in
      respect of the Property Sold shall be borne and paid by the Buyer, with
      effect from the effective date.  Included in the foregoing it is
      agreed that (a) guarantees and collateral security that were given to the
      Seller, if given, in the framework of any of the Agreements, will be
      endorsed into the name of the Buyer and/or will be held by the Seller in
      trust for the Buyer; (b) the Buyer will take upon itself all the Seller’s
      rights and obligations under co-ownership agreements to which the Seller
      is a party in relation to any of the Real Estate Properties, and to the
      extent necessary the Buyer will sign such co-ownership agreements in place
      of the Seller; (c) the encumbrances mentioned in Clause 3.4 shall continue
      to remain in force and shall be binding on the Buyer, for all intents and
      purposes, according to the conditions of the financial liabilities, on a
      basis that the Buyer will take action for completing registration of the
      aforesaid encumbrances, in accordance with and subject to the conditions
      of the financial liabilities (including the terms and conditions of the
      Finance Agreement).

            

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    Notwithstanding
the foregoing, it is agreed that on the date of closing the parties will do an
accounting in relation to the financial costs in respect of the financial
liabilities for the period between the effective date and the date of closing
(hereinafter: “the Interim
Period”), in a way that the Seller will bear the financial costs vis-à-vis the Bank/the
financial entity providing the finance, which apply on the total financial
liabilities in respect of the Interim Period, while the Buyer will pay the
Seller in respect of the total financial liabilities interest at a rate
equivalent to on-call interest (as defined below), for the period commencing
from the effective date and up to the date of closing, with it in any event
being agreed that the Buyer will not bear the financial costs which exceed the
financial costs that would have applied to it in respect of the Interim Period
had the transaction been executed on the effective date (where for these
purposes the calculation shall be made also taking into account financial income
from which the Buyer benefited during the Interim Period).

    

    In this
sub-clause – “on-call interest” means variable interest at the rate of interest
that was paid in the Interim Period by Blue Square Israel Ltd. in respect of
“on-call credit”, on an average weighted monthly basis, while the interest will
be calculated weekly.

    

    
      	
               
      

            	
              6.2

            	
              If
      one of the parties should bear any payment and/or receive any income in
      connection with the Property Sold beyond its entitlement or its
      obligation, as the case may be, in accordance with the provisions of this
      sub-clause 6.1 above, then the parties shall do an accounting between
      them, in a manner whereby each party will bear expenses and will receive
      income according to the provisions of this sub-clause 6.1
      above.  Included in the contents of sub-clause 6.1 above it is
      agreed between the parties as
follows:

            

    

    

    
      	
               
      

            	
              6.2.1

            	
              In
      relation to assets (or part thereof) forming part of the Real Estate
      Properties that are leased to third parties, it is agreed that all the
      Seller’s rights and obligations under the lease agreements will be
      assigned in favor of the Buyer, with effect from the effective date, in a
      manner whereby the Buyer will be entitled and will be obliged vis-à-vis such third
      parties, with effect from the effective date onwards, for everything
      connected with the lease agreements.  For the removal of doubt
      it is clarified that at the latest with effect from the effective date all
      the existing lease agreements between the Seller and Blue Square Israel
      Ltd. or Blue Square Chain (Hyper Hyper) Ltd. in relation to any of the
      Real Estate Properties will be cancelled and in their place the lease
      agreement between the Seller and the Buyer as set forth in sub-clause
      6.2.2 below shall come into force with respect to such
    assets.

            

    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              6.2.2

            	
              In
      relation to properties forming part of the Real Estate Properties (or part
      thereof) in which the Seller makes self-use (including Real Estate
      Properties the use of which was transferred to the Seller by Blue Square
      Israel Ltd. or the Blue Square (Hyper Hyper) Chain Ltd. and also in
      relation to the property held by Hyper Lod Center Ltd. (hereinafter: “Hyper Lod”) – it is
      agreed that these properties will be leased to the Seller by the Buyer or
      by Hyper Lod, as the case may be, with effect from the date of closing
      onwards, in accordance with the conditions of lease as will be set forth
      in lease agreements that have been signed or may be signed between the
      Seller and the Buyer and between the Seller and Hyper Lod, and which will
      come into force on the date of closing as stated in sub-clause 9.1
      below.

            

    

    

    
      	
               
      

            	
              6.3

            	
              If
      the consent of third parties is required for the transfer of the Property
      Sold and/or any part thereof, then the Seller undertakes to act diligently
      and continuously in order to obtain the consent of such third parties,
      until the aforesaid consents are obtained and transfer of the Property
      Sold to the Buyer is completed, and the Seller declares and undertakes
      that there is no impediment to obtaining all the consents that are
      required from third parties for purposes of transferring the Property Sold
      to the Buyer.  In a situation in which consent of any third
      party is required for the transfer of a right or obligation being
      transferred and such consent has not been obtained (hereinafter: “Property the Transfer of which
      Requires Consent”) the Seller will continue performing the
      contractual arrangement in trust for the Buyer until the transfer is
      completed, including on a basis that the income and expenditure in respect
      of the Property the Transfer of which Requires Consent will be attributed
      to the Buyer, so that receipts that are received by the Seller in respect
      of such properties will be transferred to the Buyer, while expenses in
      respect of such properties will be paid by the Buyer.  It is
      agreed that in a case in which it becomes apparent that notwithstanding
      the Seller’s representation as set forth above in this sub-clause, there
      is an impediment to obtaining the consent of any third party, the
      provisions of sub-clause 10.2 of this Agreement will apply to the
      matter.

            

    

    

    
      	
               
      

            	
              6.4

            	
              It
      is agreed that consent fees and/or capitalization fees to the Israel Lands
      Administration and/or to the Tel Aviv Municipality, to the extent that
      same apply, and in respect of which a deduction was made from the value of
      the Real Estate Properties and/or the Shares Transferred in the scope of
      assessing the value that was made for purposes of the transaction that is
      the subject matter of this Agreement, shall be borne and paid by the
      Buyer.  If it should transpire that in respect of any of the
      Real Estate Properties and/or the holding companies’ assets capitalization
      fees and/or consent fees to the Israel Lands Administration and/or to the
      Tel Aviv Municipality apply, the payment of which is required for purposes
      of transferring the rights in the Property Sold into the name of the
      Buyer, and which were not deducted in the scope of the assessments of
      value referred to above, then such payment shall be borne and paid by the
      Seller.

            

    

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    
      	
               
      

            	
              6.5

            	
              It
      is agreed between the parties that payments and/or expenses that may be
      demanded for purposes of repairing defects and/or faults and/or the
      existing damage in the structural frame of the building in Kfar Saba shall
      be borne by the Seller and the Buyer in equal
  shares.

            

    

    

    
      	
              7.

            	
              Registration
      of the rights in the Buyer’s
name

            

    

    

    
      	
               
      

            	
              7.1

            	
              The
      parties will act in cooperation until completion of registration in the
      name of the Buyer of the transfer of the Seller’s rights in the Real
      Estate Properties and in the Shares Transferred, which shall include the
      parties signing any deed and/or application and/or any other document that
      may be required for purposes of completing the registration as
      aforesaid.  Included in the foregoing, the Seller undertakes to
      furnish any document required from the Seller and to take any action
      (including legal proceedings) that may be required from the Seller and to
      bear all the expenses connected with furnishing of documents and/or taking
      of actions as aforesaid, in order to facilitate execution of the
      registration as aforesaid.  It is agreed that the Buyer shall
      bear all the costs and fees connected with registration of the rights in
      the Buyer’s name.

            

    

    

    
      	
               
      

            	
              7.2

            	
              Commencing
      from the date of closing, the Buyer will be entitled to register a caveat in its favor in
      the Land Registry with respect to the Real Estate Properties, to the
      extent that this is possible.  It is further agreed, that in
      relation to properties in respect of which it is not possible to register
      a caveat as
      aforesaid, the Buyer will be entitled, after the date of closing,
      and  to the extent that this is possible, to register a pledge
      in its favor over the Seller’s contractual rights, which shall remain in
      force until completion of registration of the rights in the Buyer’s
      name.

            

    

    

    
      	
               
      

            	
              7.3

            	
              It
      is agreed that if attachments and/or encumbrances exist and/or are imposed
      on any of the Real Estate Properties and/or the Shares Transferred the
      origin of which is connected with the Seller, apart from the encumbrances
      for securing the liabilities transfers that are mentioned in Clause 3.4
      above, the Seller undertakes to take steps for the removal of such
      attachments and/or encumbrances, including in a manner that will
      facilitate completion of registration of the transfer of rights from the
      Seller to the Buyer.

            

    

    

    
      	
              8.

            	
              Transfer
      without consideration

            

    

    

    Since the
total Financial Liabilities being transferred to the Buyer are to an extent
equal to the value of the assets being transferred, the transfer of the Property
Sold to the Buyer (including the transfer of the liabilities transferred) shall
be without consideration.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    
      	
              9.

            	
              The
      closing

            

    

    

    
      	
               
      

            	
              9.1

            	
              Within
      14 days from the date on which the Conditions Precedent are fulfilled
      (hereinbefore and hereinafter: “the Date of Closing”),
      after the parties have verified that all the Conditions Precedent have
      been fulfilled to their satisfaction, the parties shall perform all the
      following acts at one and the same time and will complete the transaction
      that is the subject matter of this Agreement, with effect from the
      effective date, as follows:

            

    

    

    
      	
               
      

            	
              9.1.1

            	
              Possession
      of the properties transferred shall be delivered by the Seller to the
      Buyer (subject to the lease agreements mentioned in sub-clause 6.2
      above).

            

    

    

    
      	
               
      

            	
              9.1.2

            	
              The
      Seller and the Buyer shall sign a share transfer deed in respect of the
      Shares Transferred.

            

    

    

    
      	
               
      

            	
              9.1.3

            	
              The
      Seller’s rights arising from the shareholders loans that were provided by
      the Seller to the holding company shall be assigned to the
      Buyer.

            

    

    

    
      	
               
      

            	
              9.1.4

            	
              The
      Seller shall lodge with the Buyer an irrevocable notarial power of
      attorney in two copies in favor of the Buyer, which enables the Buyer to
      perform any act in connection with the Real Estate Properties and/or the
      Property Sold, including the transfer of rights in the Real Estate
      Properties and the Shares Transferred into the name of the
      Buyer.

            

    

    

    
      	
               
      

            	
              9.1.5

            	
              The
      lease agreement between the Seller and the Buyer in relation to the
      Properties forming part of the Real Estate Properties that will be let to
      the Seller by the Buyer as stated in sub-clause 6.2.2 above shall come
      into force.

            

    

    

    
      	
               
      

            	
              9.1.6

            	
              The
      lease agreement between Hyper Lod and the Seller in relation to Property
      No. 7 will be cancelled, and the new lease agreement between the Seller
      and Hyper Lod Center (as referred to in sub-clause 6.2.2 above) shall come
      into force.

            

    

    

    
      	
               
      

            	
              9.1.7

            	
              The
      parties shall sign all the documents required for purposes of the transfer
      / assignment of the liabilities being transferred to the Buyer, in
      accordance with the terms and conditions of this
  Agreement.

            

    

    

    
      	
               
      

            	
              9.1.8

            	
              The
      parties shall sign any document and shall perform any act that may be
      required for purposes of completing the transaction that is the subject
      matter of this Agreement.

            

    

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    

      
        	
                10.

              	
                Liability
      and indemnity

              

      

    

     

    
      	
            	
              10.1

            	
              All
      responsibility and/or liability according to law and/or agreement vis-à-vis any person
      and/or any body (including authorities and/or other third parties) in
      connection with the use of the Real Estate Properties and/or the Holding
      Companies’ assets and/or the Property Sold and/or acts or omissions in
      connection with the Real Estate Properties and/or the Holding Companies’
      assets and/or the Property Sold, the origin and/or the cause of action
      and/or the facts which found same pertain to the period prior to the
      effective date or relate to the aforesaid period (whether or not legal
      proceedings were instituted in respect thereof as at the date of signing
      of this Agreement, including as described in the representations to this
      Agreement) shall be borne by the Seller to the exclusion of responsibility
      for the Buyer.  The Seller shall indemnify the Buyer in respect
      of any damage or expense that may be incurred by it, as a result of a
      claim or demand in connection with the Property Sold and the
      responsibility for which is imposed on the Seller in accordance with the
      foregoing in this clause, provided that the Buyer has notified the Seller
      about any demand and/or claim which was instituted or made against it in
      connection therewith, within a reasonable period of time from the date of
      receipt thereof, and has enabled the Seller to defend such demand or
      claim.  It is further agreed that the Buyer will not be entitled
      to make a compromise in connection with any such demand or claim, except
      subject to receiving the Seller’s prior written
  consent.

            

    

    

    
      	
            	
              10.2

            	
              Without
      derogating from the provisions of Clause 10.1 above, it is agreed that if
      during a period of 24 months commencing from the Date of Closing, it
      transpires that any of the Seller’s representations in Clause 3 above is
      incorrect and/or inaccurate (hereinafter: “Non-Conformity”), on a
      basis that had it been aware of the aforesaid Non-Conformity at the time
      of signing of this Agreement, this would have had the effect of reducing
      the value of any of the Real Estate Properties and/or the Shares
      Transferred as same were valued in the appraisals of value that were done
      immediately prior to the signing of this Agreement (hereinafter: “the Appraisals of
      Value”), then and in that event, without derogating from any remedy
      available to the Buyer according to any law, the Seller undertakes to
      indemnify the Buyer in respect of the difference (in nominal values)
      between the value of the Real Estate Properties and/or the Shares
      Transferred, as the case may be, which was fixed for purposes of this
      Agreement as stated in the Appendix
      G to this Agreement, and the value of the Real Estate Properties
      and/or the Shares Transferred (as the case may be) as at the date of the
      Appraisals of Value, had the Non-Conformity been known at the time of the
      Appraisals of Value.

            

    

    

    For the
removal of doubt it is clarified that the indemnity arrangement set forth in
this sub-clause above does not derogate from any other remedy available to the
Buyer according to any law in respect of the incorrectness of any of the
Seller’s representations, with it being clarified that the incorrectness of a
representation in relation to a particular property shall not constitute a
breach of this Agreement as a whole.  It is further clarified, for the
removal of doubt, that the existence of the Non-Conformity as also the question
of entitlement to indemnity and the amount thereof will be fixed by an
arbitrator in accordance with the mechanism described in Clause 12
below.

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

     

    
      	
            	
              10.3

            	
              It
      is further agreed, without derogating from the provisions of sub-clauses
      10.1-10.2 above, that since for purposes of drawing up the appraisals of
      value for purposes of the transaction that is the subject matter of this
      Agreement, data and/or information and/or documents were delivered by the
      Seller to the appraiser, O. Haushner Civil Engineering and Real Estate
      Appraisal Ltd. and/or Haushner & Co. and/or Oded Haushner
      (hereinafter: “the
      Appraiser”), and since the Buyer undertook to indemnify the
      Appraiser in respect of a claim in connection with the opinion resulting
      from data that was supplied to the Appraiser and which turn out to be
      incorrect and/or materially inaccurate, the Seller undertakes that if the
      Buyer is called upon to pay the Appraiser any amount by virtue of the
      aforesaid undertaking for indemnity, the Seller will then indemnify the
      Buyer, on a back-to-back basis, in respect of any such
      payment.

            

    

    

    
      	
            	
              10.4

            	
              Commencing
      from the effective date the Buyer will own all the rights and obligations
      in respect of the property sold and will bear all responsibility and/or
      liability to any person and/or body, including to various administrative
      authorities, in connection with the property sold, the origin of which
      and/or the cause of action and/or the facts which serve as a basis for
      them pertain to any date subsequent to the effective date – will be borne
      by the Buyer alone.  The Buyer will indemnify the Seller in
      respect of any damage or expense that it may incur, as a result of a claim
      or demand in connection with the property sold the responsibility for
      which is imposed on the Buyer in accordance with the foregoing, provided
      that such indemnity shall be given subject to the condition that the
      Seller has notified the Buyer about any amount and/or claim that was
      instituted or made against it in connection therewith, within a reasonable
      period of time from the time of receipt thereof, and has enabled the Buyer
      to defend against it.  It is further agreed that the Seller will
      not be entitled to make a compromise in connection with any such demand or
      claim, except subject to receiving the Buyer’s prior written
      consent.

            

    

    

    
      	
              11.

            	
              Taxes

            

    

    

    
      	
            	
              11.1

            	
              The
      parties are aware that a request has been made to the tax authorities in
      connection with the implementation of the transaction that is the subject
      matter of this Agreement for obtaining an approval from the tax
      authorities to the effect that the property sold will be transferred from
      the Seller to the Buyer in accordance with Section 105I of the Income Tax
      Ordinance, and on conditions that will be specified in the aforesaid
      approval of the tax authorities.  The parties agree that with
      regard to tax payments the following provisions will apply between
      them:

            

    

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    

    
      	
            	
              11.2

            	
              The
      Seller shall bear the payment of any tax or levy, if and to the extent
      that same apply to it, in its capacity as seller of the Property Sold, by
      virtue of the provisions of any law in respect of any transfer of a right
      in the Real Estate that is the subject matter of this Agreement (except
      consent fees and/or capitalization fees which are imposed on the Buyer in
      accordance with the provisions of sub-clause 6.4 above).  In
      addition, it is agreed by the parties that the Seller will bear a
      betterment levy as referred to in sub-clause 11.5 below (subject to the
      contents of sub-clause 11.6 below).

            

    

    

    
      	
            	
              11.3

            	
              The
      Buyer shall bear the payment of Land Acquisition Tax (at a rate of 0.5%)
      and the payment of any tax or levy, if and to the extent that same is
      imposed on it, in its capacity as purchaser of the property sold, by
      virtue of provisions of any law in respect of any acquisition of a right
      in the Real Estate that is the subject matter of this
      Agreement.

            

    

    

    
      	
            	
              11.4

            	
              All
      the taxes, rates, fees, levies, and current payments which applied and/or
      apply and exist and/or which may apply in connection with the Real Estate
      Properties and/or the Holding Companies’ assets, whether or not the
      payment thereof has been demanded, including debts to property tax, if
      any, in relation to any period up to the effective date, shall be borne by
      the Seller, and from the effective date onwards the payments mentioned in
      this clause shall be borne by the
Buyer.

            

    

    

    
      	
            	
              11.5

            	
              A
      betterment levy which applies and/or which may apply in respect of a plan
      (including a concession, permit for exceptional use and so forth) which
      was approved in relation to any of the Real Estate Properties and/or the
      Holding Companies’ assets before December 31, 2008, shall be borne and
      paid by the Seller.  A betterment levy which applies and/or
      which may apply in respect of a plan (including a concession, permit for
      exceptional use and so forth) which was approved in relation to any of the
      Real Estate Properties and/or the Holding Companies’ assets after December
      31, 2008, shall be borne by the
Buyer.

            

    

    

    
      	
            	
              11.6

            	
              Notwithstanding
      the contents of sub-clauses 11.4-11.5 above, it is agreed that betterment
      levies and past fees levies in respect of which a deduction was made from
      the value of the Real Estate Properties and/or the Shares Transferred in
      the framework of the appraisals of value – shall be borne and paid by the
      Buyer.

            

    

     

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    
      	
            	
              11.7

            	
              It
      is agreed between the parties that in connection with (1) Land
      Appreciation Tax and/or capital gains tax payments in respect of the
      difference between the value of the assets being transferred to the Buyer
      and the value of the assets that are being transferred for tax purposes,
      as at the effective date, which shall be borne by the Buyer at the time of
      the sale and/or realization of any of the transferred assets and (2) the
      depreciation element in respect of the difference between the value of the
      assets being transferred to the Buyer and the value of the assets being
      transferred for tax purposes as at the effective date – the compensation
      and indemnity mechanism described in Appendix
      H to this Agreement (which shall be signed and attached to this
      Agreement after receipt of the approval of the tax authorities) will apply
      between the parties in a manner that will place the Buyer in the same
      position with regard to the abovementioned elements as the position in
      which it would have been had the fair value of the Properties Transferred
      been recognized as cost for tax purposes in the case of the
      Buyer.

            

    

    

    
      	
              12.

            	
              Arbitration

            

    

    

    
      	
            	
              12.1

            	
              Any
      differences of opinion that may arise between the parties, inter alia in
      connection with and/or relating to this Agreement and/or in connection
      with any of the provisions hereof and/or in connection with the
      performance and/or the breach hereof, if any, shall be referred for the
      decision of an arbitrator who shall be appointed by the parties by
      consensus agreement and in the absence of agreement, the arbitrator will
      be appointed by the legal advisor of Blue Square Israel
    Ltd.

            

    

    

    
      	
            	
              12.2

            	
              The
      arbitrator shall adjudicate on the aforesaid differences of opinion or any
      of them after having been requested to do so by way of written notice
      signed by either of the parties to this
  Agreement.

            

    

    

    
      	
            	
              12.3

            	
              The
      arbitrator will be bound by the substantive law, but will not be bound by
      the rules of evidence and of
procedure.

            

    

    

    
      	
            	
              12.4

            	
              This
      clause constitutes a valid arbitration agreement within the meaning
      thereof in the Arbitration Law,
5728-1968.

            

    

    

    
      	
              13.

            	
              Miscellaneous

            

    

    

    
      	
            	
              13.1

            	
              This
      Agreement does not constitute an agreement in favor of a third
      party.

            

    

    

    
      	
            	
              13.2

            	
              The
      expenses of the transaction that is the subject matter of this Agreement
      shall be borne by the Seller and the Buyer in equal shares, with it being
      agreed that the Buyer will bear the fees of the appraiser and in addition
      will bear part of the total other expenses of the transaction (in respect
      of attorney’s fees, payments to consultants and so forth) so that the
      aggregate amount of the expenses of the transaction that will be paid by
      the Buyer (in respect of the appraiser’s fees and in respect of the other
      expenses) will stand at one-half of the total expenses of the transaction
      that is the subject of this
Agreement.

            

    

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    

    
      	
            	
              13.3

            	
              No
      alteration, amendment and/or addition to this Agreement will be of any
      validity and same will be deemed not to have been made, unless drawn up in
      writing and signed by all the parties to this
  Contract.

            

    

    

    
      	
            	
              13.4

            	
              The
      parties mutually agree to sign any deed and document and to furnish any
      certificate and document that is required for purposes of the actual
      implementation of the transaction according to this
      Agreement.  For the removal of doubt it is clarified that the
      parties will be entitled to extend the validity of any period specified in
      this Agreement.

            

    

    

    
      	
            	
              13.5

            	
              The
      parties shall render reports according to law to the competent authorities
      in connection with this transaction and the implementation hereof, to
      whatever extent may be required by
law.

            

    

    

    In
witness whereof the parties have hereunto signed:

    

    
      	
              /s/ David Wiessman, Ilan
    Kliger

            	 
      	
              /s/ David Wiessman, Zeev
    Stein

            
	
              Blue
      Square Chain Properties

            	 
      	
              Blue
      Square Real Estate Ltd.

            
	
              &
      Investments Ltd.

            	 
      	 
      

    

     

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

     

    Addendum No. 1 to Agreement
dated March 31, 2009

    

    made
and entered into at Tel Aviv on the 13th day of
September 2009

    

    
      	
              Between:

            	
              MEGA
      RETAIL LTD.

            

    

    (formerly
Blue Square Chain Properties & Investments Ltd.)

    Publ.
Co. 520036187

    whose
address is 2 Amal Street, Afek Industrial Zone, Rosh Ha’ayin

    

    (hereinafter:
“the Seller”)

    of the first
part;

    

    
      	
              And:

            	
              BLUE
      SQUARE REAL ESTATE LTD.

            

    

    Pvte.
Co. 513765859

    whose
address is 2 Haamal Street, Park Afek, Rosh Ha’ayin

    

    (hereinafter:  “the
Buyer”)

    
      of the second
part;

    

    

    
      	
              And:

            	
              BLUE
      SQUARE - ISRAEL LTD.

            

    

    Publ.
Co. 520042847

    whose
address is 2 Haamal Street, Park Afek, Rosh Ha’ayin

    

    (hereinafter:  “Ribua
Israel”)

    
      of the third
part;

    

    

    
      	
              WHEREAS:

            	
              On
      March 31, 2009 a Spin-Off Agreement was signed between the Buyer and the
      Seller in accordance with Section 105I of the Income Tax Ordinance
      (hereinafter: “the
      Agreement”); and

            

    

    

    
      	
              WHEREAS:

            	
              The
      parties wish to make certain amendments to the Agreement, inter alia in
      accordance with an approval from the tax authorities as has been received
      by the parties, all in accordance with and subject to the contents of this
      Addendum below;

            

    

    

    Now
therefore it is declared, stipulated and agreed by the parties as
follows:

    

    
      	
              1.

            	
              The
      preamble to this Addendum constitutes an integral part
      hereof.  All the terms and expressions in this Addendum will
      have the same meaning ascribed to them in the Agreement, unless otherwise
      expressly defined in this Addendum.

            

    

    

    
      	
              2.

            	
              In
      Clause 2.3 of the Agreement, the passage starting with the words: “The
      balance of Financial Liabilities as at the effective date” and ending at
      the end of the clause shall be deleted and in place thereof the following
      shall be inserted: “The balance of the financial liabilities as at the
      effective date shall stand at a sum equivalent to NIS 390 million
      (hereinafter: “Amount of
      the Financial
Liabilities”)”.

            

    

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    

    
      	
              3.

            	
              Clause
      2.6 will be added to the Agreement in the following
  text:

            

    

    

    “2.6
“Value of the properties
transferred” – the value of the Real Estate Properties and the Shares
Transferred as mentioned in Appendix
A to this Agreement, plus a sum equivalent to the balance of the
shareholders loans which were provided by the Seller to the Holding Companies,
as same are reflected in the financial statements of the Holding Companies as at
the effective date, and plus or minus (as the case may be) the increase or
decrease, respectively, in the Seller’s pro rata share (according to
its percentage holdings in the Holding Company) of the difference between the
total assets of each of the Holding Companies (excluding the Real Estate
Properties) as at the effective date, and the total liabilities of each of the
Holding Companies as at the effective date, as against the difference set forth
in Appendix
C to this Agreement”.

    

    
      	
              4.

            	
              Clause
      3.3 of the Agreement shall be replaced by the following text: “Except the
      assets listed alongside each company in Appendix
      A to this Agreement (hereinafter: “Holding Companies’
      Assets”) and the liabilities mentioned in the financial statements
      attached to this Agreement as Appendix
      E, the Holding Companies do not have any additional material assets
      or liabilities”.

            

    

    

    
      	
              5.

            	
              In
      Clause 6.1 of the Agreement, after the words “at the date of closing, as
      defined below”, the following words shall be added: “and against effecting
      of payment of the difference in the consideration as stated in Clause 8.2
      below”.

            

    

    

    
      	
              6.

            	
              In
      Clause 6.1 of the Agreement, the second paragraph and the third paragraph
      shall be deleted, and in their stead the following shall be
      inserted:

            

    

    

    “Notwithstanding
the foregoing, it is agreed that within 7 days from the date of closing, the
parties will conduct an accounting in regard to the financial costs in respect
of “the financial liabilities” and in respect of “the difference in the
consideration”, for the period from the effective date until the date of closing
(hereinafter: “the Interim
Period”), in a manner whereby the Seller shall bear vis-à-vis the bank/the
financial entity which finances the financial costs that apply to the total
financial liabilities in respect of Interim Period, and the Buyer will bear the
financial costs that would have applied to the Buyer in respect of the Interim
Period had the transaction been implemented on the effective date.  In
addition the parties shall within 7 days from the date of closing conduct an
accounting in regard to the rentals pursuant to the lease agreements mentioned
in Clause 6.2 below in respect of the Interim Period, in a manner whereby the
Seller will pay the Buyer the rentals to which the Buyer is entitled in respect
of the Interim Period plus “on-call” interest for the Interim Period, which is
variable interest at a rate equivalent to the interest which was paid by Blue Square Israel
Ltd. in the Interim Period in respect of “on-call
credit””.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    
      	
              7.

            	
              Clause
      8 of the Agreement shall be replaced by the following
  text:

            

    

    

    
      	
               
      

            	
              “8.

            	
              Consideration:

            

    

    

    8.1  As
consideration for the Property Sold, Ribua Israel which is the sole shareholder
in the Seller, is entitled to receive an allotment on the date of closing of
ordinary shares of NIS 1 par value each of the Buyer (hereinafter: “the Consideration Shares”) to
the value of the difference between “the value of the properties transferred”
(as defined above) and “the amount of the financial liabilities” (as defined
above) (hereinafter: “the
Difference in the Consideration”), where in relation to the Consideration
Shares, Ribua Israel will be entitled to compel the Buyer to purchase the
Consideration Shares from it against payment in cash of a sum equivalent to the
Difference in the Consideration (hereinafter: “the Put
Option”).

    

    8.2  Upon
the signing of this Agreement, Ribua Israel hereby notifies the Buyer
unconditionally and irrevocably that had the Consideration Shares as referred to
sub-clause 8.1 above been allotted to it, Ribua Israel would have exercised the
Put Option immediately
after the allotment of the Consideration Shares.  In light of the
foregoing and in accordance with the conditions of the approval from the tax
authorities, it is hereby agreed that the Consideration Shares will not be
allotted to Ribua Israel, and that in lieu of the Consideration Shares, the
Buyer shall pay Ribua Israel an amount in cash equivalent to the Difference in
the Consideration on the Date of Closing.

    

    8.3  The
parties declare that no consideration has passed and/or will pass between them
within the framework of the Spin-Off, except payment of the Difference in the
Consideration as described above”.

    

    
      	
              8.

            	
              In
      Clause 9 of the Agreement sub-clause 9.1.9 in the following text will be
      added: “The Difference in the Consideration, as mentioned in Clause 8.1
      above, shall be paid to Ribua Israel by the
  Buyer”.

            

    

    

    
      	
              9.

            	
              In
      Clause 11 of the Agreement sub-clause 11.8 shall be added in the following
      text: “For the removal of doubt, it is agreed that in a case in which, for
      any reason, any of the conditions and/or restrictions specified in the
      approval of the tax authorities are not complied with and/or if the
      approval is cancelled, this will not have the effect of derogating from
      the validity of the transaction that is the subject matter of this
      Agreement, and the provisions of this Clause 11 above will apply as
      between the parties in relation to the taxes in respect of the
      transaction, where in relation to Land Acquisition Tax it is agreed that
      if the rate of Land Acquisition Tax should exceed 0.5%, then the Seller
      and the Buyer will bear the surplus Land Acquisition Tax (above 0.5%) as
      may be imposed in practice, in equal
shares”.

            

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

    
      	
              10.

            	
              In
      every case of a conflict or non-conformity as between the clauses and
      provisions of this Addendum and the clauses and provisions of the
      Agreement, the provisions of this Addendum shall
  prevail.

            

    

    

    
      	
              11.

            	
              Apart
      from provisions and clauses of the Agreement which have been expressly
      altered in this Addendum, all the remaining provisions of the Agreement
      shall apply in full and shall continue to bind the parties in all
      respects.

            

    

    

    In
witness whereof the parties have hereunto signed:

    

    
      	
              /s/
      David Weissman, Zeev Stein

            	 
      	
              /s/
      David Weissman, Zeev Vurembrand

            
	
              Blue
      Square Real Estate Ltd.

            	 
      	
              Mega
      Retail Ltd.

            
	 
      	 
      	 
      
	 
      	 
      	 
      
	 
      	 
      	
              /s/
      David Weissman, Zeev Vurembrand

            
	 
      	 
      	
              Blue
      Square  - Israel Ltd.

            

    

     

    
      
         

      

      
        4Exhibit
4.37

    [Unofficial
Translation]

    

    DEED OF
TRUST

    made and
entered into at Tel Aviv on the 19th day of
May 2009

    

    Between:

    BLUE
SQUARE REAL ESTATE LTD.

    of 2
Ha’amal Street, Rosh Ha’ayin

    Telephone:
03-9282670/1

    Fax:
03-9282498

    (hereinafter: “the
Company”)

    of
the one part;

    

    And:

    HERMETIC
TRUST (1975) LTD.

    of 113
Hayarkon Street, Tel Aviv

    Telephone:
03-5272272

    Fax:
03-5271736

    (hereinafter:  “the
Trustee”)

    of
the other part;

    

    
      	
              WHEREAS:

            	
              The
      board of directors of the Company decided on May 18, 2009 to offer the
      public, by way of a shelf prospectus which the Company will publish in May
      2009 (hereinafter: “the
      Prospectus” or “the Shelf Prospectus”),
      a series of Debentures (Series C) having an overall par value of up to NIS
      500,000,000, a series of Debentures (Series D) having an overall par value
      of up to NIS 500,000,000 a series of Debentures (Series E) having an
      overall par value of up to NIS 500,000,000, a series of Debentures (Series
      F) having an overall par value of up to NIS 500,000,000, a series of
      Debentures (Series G) having an overall par value of up to NIS 500,000,000
      convertible into ordinary shares of the Company, a series of Debentures
      (Series H) having an overall par value of up to NIS 500,000,000
      convertible into ordinary shares of the Company, all in the manner and on
      the conditions that will be stipulated in this Deed of Trust;
      and

            

    

    

    
      	
              WHEREAS:

            	
              The
      Trustee is a company limited by shares which was incorporated in Israel in
      February 1995 in accordance with the Companies Ordinance, whose main
      object is to engage in trusteeships;
and

            

    

    

    
      	
              WHEREAS:

            	
              The
      Trustee has declared that there is no bar or impediment under the
      Securities Law, 5728-1968, or any other law, to its entering into this
      Deed of Trust with the Company and that it complies with the qualification
      requirements and conditions prescribed in the Securities Law to serve as a
      trustee for the issue of the Debentures that are the subject matter of the
      Prospectus; and

            

    

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    
      	
              WHEREAS:

            	
              The
      Company has made a request to the Trustee to serve as trustee for the
      holders of the Debentures (Series C-H), and the Trustee has agreed
      thereto, all subject to and in accordance with the terms and conditions of
      this Deed of Trust;

            

    

    

    Now
therefore it is agreed, declared and stipulated between the parties as
follows:

    

    
      	
              1.

            	
              Preamble,
      interpretation and the
definitions

            

    

    

    
      	
               
      

            	
              1.1

            	
              The
      preamble to this Deed of Trust and the appendices attached hereto form a
      fundamental and integral part
hereof.

            

    

    

    
      	
               
      

            	
              1.2

            	
              The
      division of this Deed of Trust into clauses and the insertion of headings
      to the clauses has been done for the sake of caution and as place-finders
      only, and no use shall be made thereof for purposes of
      interpretation.

            

    

    

    
      	
               
      

            	
              1.3

            	
              Everything
      stated in this clause in the plural shall also include the singular and
      vice versa, and
      everything in the masculine gender shall also include the feminine, and
      vice versa, and
      anything relating to a person shall also include a body corporate,
      wherever there is no express and/or implied provision to the contrary in
      this Deed and/or unless the content and the context otherwise
      dictates.

            

    

    

    
      	
               
      

            	
              1.4

            	
              In
      this Deed of Trust and in the Debentures (Series C to H) the following
      expressions will have the meanings set opposite them, unless a different
      meaning is to be inferred from the content or the
  context:

            

    

    

    
      

        
          
            	
                    “This Deed” or “the Deed of
      Trust”

                  	 
      	
                    This
      Deed of Trust including the appendices attached hereto which form an
      integral part hereof;

                  
	 
      	 
      	 
      
	
                    “The Offering Report” or
      “the Shelf Offering
      report”

                  	 
      	
                    As
      defined in Paragraph 2.1 of the Prospectus;

                  
	 
      	 
      	 
      
	
                    “The
      Prospectus”

                  	 
      	
                    A
      shelf prospectus the Company will publish in May 2009, inter alia in respect
      of the issue of the Debentures (Series C-H);

                  
	 
      	 
      	 
      
	
                    “The
      Debentures”

                  	 
      	
                    The
      Debentures (Series C-H) of the Company, which will be issued in accordance
      with the Prospectus and which are in circulation at the time in
      question;

                  
	 
      	 
      	 
      
	
                    “The
      Trustee”

                  	 
      	
                    Hermetic
      Trust (1975) Ltd. and/or whoever serves from time to time as trustee for
      the holders of the Debentures in accordance with this
  Deed;

                  
	 
      	 
      	 
      

          

        

      

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    

    
      
        
          
            	
                    “Register”

                  	 
      	
                    A
      register of holders of the Debentures of each of the series C-H as stated
      in the First Schedule to this Deed;

                  
	 
      	 
      	 
      
	
                    “Debenture holders”
      and/or “holders of the
      Debentures”

                  	 
      	
                    The
      persons whose names are registered for the time being in the register of
      holders of the Debentures of each of the series C to H and in the case of
      several joint holders, the joint holder whose name stands first in the
      register;

                  
	 
      	 
      	 
      
	
                    “Debenture
      certificate”

                  	 
      	
                    In
      respect of each of the aforesaid series of Debentures – a debenture
      certificate the wording of which appears in the First Schedule to this
      Deed;

                  
	 
      	 
      	 
      
	
                    “The Law” or “the Securities
      Law”

                  	 
      	
                    The
      Securities Law, 5728-1968 and the regulations pursuant thereto, as in
      force from time to time;

                  
	 
      	 
      	 
      
	
                    “Principal”

                  	 
      	
                    The
      par value of the Debentures of the relevant series that are in
      circulation, which has not yet been repaid;

                  
	 
      	 
      	 
      
	
                    “Trading
      day”

                  	 
      	
                    A
      day on which the banks in Israel are open for the execution of
      transactions;

                  
	 
      	 
      	 
      
	
                    “The
      Stock Exchange”

                  	 
      	
                    The
      Tel Aviv Stock Exchange Ltd.;

                  
	 
      	 
      	 
      
	
                    “Business day” or “banking business
      day”

                  	 
      	
                    Any
      day on which most of the banks in Israel are open for the execution of
      transactions with the public;

                  
	 
      	 
      	 
      
	
                    “The
      Offering Report”

                  	 
      	
                    A
      shelf offering report that will be prepared and published in accordance
      with the provisions of Section 23A(f) of the Securities Law, 5728-1968, in
      which all the special conditions for the offer of each of the series of
      the Debentures offered pursuant to the Prospectus will be completed,
      including the composition of the units offered, in accordance with the
      provisions of any law and in conformity with the regulations and
      directives of the Stock Exchange, as in force for the time
      being;

                  
	 
      	 
      	 
      
	
                    “The
      Nominee Company”

                  	 
      	
                    Bank
      Hapoalim Nominee Company Ltd.;

                  
	 
      	 
      	 
      
	
                    “The
      Stock Exchange Clearing House”

                  	 
      	
                    The
      Tel Aviv Stock Exchange Clearing House
Ltd.

                  

          

        

      

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    

    
      	
              2.

            	
              Issue of the
      Debentures and applicability of the Deed of
  Trust

            

    

    

    The
Company will issue shares in accordance with the Prospectus as
follows:

    

    
      	
               
      

            	
              2.1

            	
              Up
      to four series of registered Debentures (Series C to F), where of each of
      the series of Debentures will have an overall par value of up to NIS
      500,000,000, repayable (principal) in a number of installments which shall
      not be less than one and not more than fifteen (15) annual installments,
      or which shall not be less than one installment and shall not exceed
      thirty (30) half-yearly installments, payable at the times as set forth in
      the Offering Report, as will be described in the Offering Report, pursuant
      to which each of the aforesaid series will first be offered; the
      indexation basis (or absence of indexation) and the type of interest the
      principal amount of Debentures of each of the aforesaid series that will
      be issued will bear shall be specified in the Offering Report pursuant to
      which each of the aforesaid series is first issued.  The rate of
      interest the principal amount of the Debentures of each of the aforesaid
      series that will be issued in accordance with the Prospectus will bear, or
      the margin above or below the base interest the principal amount of the
      Debentures of each of the aforesaid Debentures will bear, as the case may
      be, will be specified in the Offering Report or will be fixed in a tender
      pursuant to which the initial offering of the Debentures of that series
      will be made.  The interest in respect of the Debentures of each
      of the aforesaid series will be payable each year in one annual payment or
      in two half-yearly payments or in four quarterly payments, as will be
      specified in the Offering Report pursuant to which each of the aforesaid
      series is initially offered.  The dates and number of repayments
      of principal, the indexation basis (or absence of indexation), the type of
      interest, the rate of interest or the manner for fixing it and the times
      for payment of interest on the Debentures of each of the aforesaid series,
      will be fixed by the Company immediately prior to the initial offering of
      the Debentures of the relevant
series.

            

    

    

    
      	
               
      

            	
              2.2

            	
              Up
      to two series of registered convertible Debentures (Series G to H), where
      each of the series of Debentures will have an overall par value of NIS
      500,000,000, repayable (principal) in a number of payments which shall not
      be less than one payment and shall not exceed fifteen (15) annual
      payments, or which shall not be less than one payment and shall not exceed
      thirty (30) half-yearly payments, payable at the times as set forth in the
      Offering Report, all as will be described in the Offering Report, pursuant
      to which each of the aforesaid series will be initially offered (“the Convertible
      Debentures”); the indexation basis (or absence of indexation) and
      the type of interest the principal of each of the series of Convertible
      Debentures that will be issued will bear shall be specified in the
      Offering Report pursuant to which each of the series of Convertible
      Debentures of is initially offered; the rate of interest the principal
      each of the series of Convertible Debentures that will be issued in
      accordance with the Prospectus will bear, or the margin above or below the
      base interest the principal of the Debentures of each of the aforesaid
      series will bear, as the case may be, will be specified in the Offering
      Report or will be fixed in a tender pursuant to which the initial offering
      of the Debentures of that series will be made; the interest in respect of
      the Debentures of each of the aforesaid series will be paid each year in
      one annual payment or in two half-yearly payments or in four quarterly
      payments, as will be described in the Offering Report pursuant to which
      each of the aforesaid series is initially offered.  The times
      and number of repayments of principal, indexation basis (or absence of
      indexation), the type of interest, the rate of interest or the manner for
      fixing it and the times for payment of interest on the Debentures of each
      of the aforesaid series, will be decided by the Company immediately prior
      to the initial offering of Debentures of the relevant series, as will be
      specified in the Offering Report pursuant to which each such series is
      initially offered (“the
      Initial Offering of the Convertible Debentures”); the Convertible
      Debentures of each of the series will be convertible into ordinary shares
      of NIS 1 par value each of the Company, on any trading day commencing from
      the date of their listing for trading on the Stock Exchange and up to a
      number of days before the end of the period of the Debentures of that
      series, save and except a number of days prior to the effective date for
      partial redemption in accordance with the directives of the Stock Exchange
      and up to the date on which the partial redemption is effected, with this
      being at a conversion rate that will be fixed in the shelf offering
      report, subject to adjustments as stated in Paragraph 2.12.2.6B of the
      Prospectus, in such manner and on such conditions as will be set forth in
      the first Offering Report of Convertible Debentures of that series, in
      accordance with the fixing of such details by the Company immediately
      prior to the Initial Offering of the Convertible Debentures of the
      relevant series.

            

    

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    

    Upon the
first issue to the public of Debentures of any of the abovementioned series
(Series C to H), the Company will issue the appropriate debenture certificate
(including the conditions recorded on the reverse side thereof) in accordance
with the appropriate wording which is attached as a first schedule to this Deed,
in which all the particulars relevant to the Debentures of that series are
completed.

    

    The
provisions of this Deed of Trust will apply to the Debentures that will be
issued as aforesaid in accordance with the Prospectus and which will be held
from time to time by the public, unless otherwise stated.  For
purposes of this Deed of Trust, “public” means – any person who holds a
debenture (of Series C to H).

    

    
      	
              3.

            	
              Conditions of the
      issue; purchase by the Company and additional
  issues

            

    

    

    
      	
               
      

            	
              3.1

            	
              The
      Company will issue the Debentures under the conditions as set forth in the
      Prospectus, in the Offering Report and in the Debentures.  The
      Company will be entitled to issue additional series of debentures of
      different classes, whether same rank prior to the conditions of the
      Debentures pursuant to the Prospectus, are equal or inferior
      thereto.

            

    

    

    
      	
               
      

            	
              3.2

            	
              The
      Company reserves the right to buy debentures of this issue on the open
      market at any time, whether on or off the Stock Exchange, at any price it
      may deem fit, without prejudicing the obligation for repayment as
      described above.  In the case of such purchase by the Company,
      the Company will give notice to that effect in an immediate report, a copy
      of which shall be delivered to the Trustee.  The debentures that
      will be bought by the Company will be cancelled and will be expunged from
      trading on the Stock Exchange, and the Company will not be entitled to
      reissue same.

            

    

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              3.3

            	
              A
      company under the control of the Company, the controlling shareholders in
      the Company and/or companies under the control of the controlling
      shareholders in the Company (hereinafter: “Related Holders”) are
      entitled at any time to buy and/or sell Debentures at any price they may
      deem fit, and to sell same accordingly.  In the case of a
      purchase and/or sale as aforesaid, the Company shall deliver an immediate
      report/notice to that effect to the Trustee, upon it becoming aware of the
      fact.  The Debentures which are held as aforesaid by a Related
      Holder will be deemed to be an asset of the Related Holder, and will not
      be expunged from trading on the Stock Exchange.  Debentures
      which are held as aforesaid will not confer voting rights at meetings of
      debenture holders and will not be taken into account for purposes of
      determining the presence of a quorum at such
  meetings.

            

    

    

    At the
time a meeting of debenture holders is held, the Trustee shall examine the
existence of conflicting interests of holders of debenture certificates
generally, according to the circumstances of the case.  The Company
and the Trustee will take steps to convene class meetings of debenture holders
in accordance with the provisions of any law, decided cases, provisions of the
Securities Law and the regulations and directives that have been issued pursuant
thereto, as the Trustee shall direct.  There is a presumption that
Related Holders have conflicting interests.  In the case in which any
of the Related Holders holds Debentures of any series, there will be a necessity
for class meetings of debenture holders in a manner whereby one of the classes
of meetings will be a group that does not include Related Holders.

    

    The
Trustee may, in its sole discretion, determine that a resolution requiring
approval of debenture holders of any series does not require a meeting of a
particular class (including the Trustee being entitled to decide that it does
not require the convening of a meeting of Related Holders) or that such meeting
will not be called.

    

    
      	
               
      

            	
              3.4

            	
              The
      Company may at any time, subject to any law, including in a period up to
      the date of final redemption of the Debentures of a particular series,
      issue additional Debentures of the same series (whether by way of a
      private placement, or in the framework of a prospectus or pursuant to a
      shelf offering report) at such price and in such manner as the Company
      shall deem fit, including a different discount rate or premium than other
      issues made of the same series, provided that it gives notice to that
      effect to the debenture holders and to the Trustee of such
      series.  The Debentures which will be issued in the first
      offering of the Debentures of that series pursuant to the Prospectus and
      additional Debentures of the same series that will be issued (if any)
      pursuant to this clause will (from the time of their issue) constitute one
      series for all intents and purposes, and the Deed of Trust for that series
      will also apply with respect to additional Debentures as aforesaid that
      may be issued by the Company.  In the case of an increase of a
      series of Debentures forming part of Series C to H, the Trustee will have
      the right to demand an increase in its remuneration proportionate to 50%
      of the extent of the enlarged series, and by contracting under this Deed
      the Company gives its consent in advance to an increase in the Trustee’s
      remuneration as aforesaid.  The Company will apply to the Stock
      Exchange requesting to list the additional debentures for trading on the
      Stock Exchange.

            

    

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              3.5

            	
              The
      Company may at any time, without requiring the consent of the Trustee
      and/or the consent of the debenture holders, issue additional series of
      Debentures, whether same confer a right of conversion into shares of the
      Company or do not confer such right, and on such conditions with regard to
      redemption, interest, indexation, ranking for repayment in the event of a
      winding-up and other conditions as the Company shall deem fit, whether
      such conditions are more favorable than the conditions of the Debentures
      offered pursuant to this Prospectus, equal or inferior
      thereto.  This right which the Company has does not exempt the
      Trustee from examining such issue, wherever such obligation is imposed by
      law on the Trustee, and it does not derogate from the rights of the
      Trustee and of a meeting of debenture holders pursuant to this Deed,
      including their right to make the Debentures immediately due and payable
      as stated in Clause 7.2 or 7.3
below.

            

    

    

    The
Company will notify the Trustee, and the Trustee will notify the debenture
holders, about the issue of such Debentures.

    

    It is
clarified that if at the time of a shelf offering report the Trustee serves as a
trustee for an additional series Debentures of the Company and/or the shelf
offering report relates to more than one series of Debentures, the possibility
of the Trustee serving as a trustee for the additional series of Debentures, or
any of them, will be examined both by the Company and by the Trustee, and
subject to the directive of the Securities Authority and/or the law which
applies at such time.  If a different trustee is appointed for any of
series of Debentures as a result of the foregoing, the particulars of such
trustee will be described in the framework of the relevant offering
report.

    

    
      	
               
      

            	
              3.6

            	
              Nothing
      contained in this clause above shall in itself oblige the Company or the
      debenture holders to buy Debentures or to sell the Debentures held by
      them.

            

    

    

    
      	
               
      

            	
              3.7

            	
              The
      Company reserves the right to make early repayment of the Debentures upon
      the fulfillment of the conditions set forth in Clause 6 of this
      Deed.

            

    

    

    
      	
              4.

            	
              The Company’s
      obligations

            

    

    

    The
Company hereby undertakes to pay all amounts of principal, interest and
indexation differences that will be payable pursuant to the terms and conditions
of the Debentures, and to comply with all the remaining conditions and
obligations imposed on it in accordance with the conditions of the Debentures
and pursuant to this Deed.

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

    
      	
              5.

            	
              Securing of the
      Debentures

            

    

    

    
      	
               
      

            	
              5.1

            	
              The
      Debentures that will be offered pursuant to the shelf offering reports in
      the framework of the Prospectus may be and may not be secured by any
      encumbrance.  In a case in which the Debentures are secured by
      any collateral, the Trustee’s remuneration will be increased in accordance
      with the provisions of Clause 3.4
above.

            

    

    

    The
Company reserves the right to create collateral security in favor of holders of
the Debentures that may be issued in accordance with the Shelf
Prospectus.  Details about the mechanism for securing the Debentures
that will be issued in accordance with the Shelf Prospectus, to the extent that
they are secured by collateral, will be outlined in the framework of the
relevant shelf offering report, and the conditions for the amendment to the Deed
of Trust that is required by virtue of the addition of collateral security as
aforesaid will be such that shall be agreed in advance with the
Trustee.

    

    For the
avoidance of doubt it is clarified that there shall be no obligation on the
Trustee to examine, and at the date of issue of a series from the shelf the
Trustee has in practice not examined and will not examine, the necessity for
providing collateral security to secure the payments to the debenture holders,
and the Trustee will not examine the economic value of the collateral security
that will be provided (if any) to secure the payment to the debenture
holders.  Likewise the Trustee will not be required to carry out, and
in practice the Trustee has not carried out, a financial, accounting or legal
due diligence examination regarding the state of the business of the Company
and/or the subsidiaries, and will not carry out such examination at the time of
issue of a series from the shelf.  By entering into this Deed of
Trust, and by it agreeing to serve as trustee for the debenture holders, the
Trustee is not expressing its opinion, whether expressly or impliedly, with
regard to the Company’s ability to meet its obligations to the debenture
holders.  Nothing in the foregoing shall derogate from the duties and
obligations of the Trustee according to law and/or under the Deed of Trust,
including there being nothing which derogates from the Trustee’s obligation (to
the extent that such obligation applies to the Trustee according to any law) to
examine the effect of changes in the Company from the date of the Prospectus
onwards, where such changes could adversely affect the Company’s ability to meet
its obligations to the debenture holders.  Nothing in the foregoing
shall derogate from the duties and obligations of the Trustee according to law
and/or according to the Deed of Trust.

    

    
      	
               
      

            	
              5.2

            	
              The
      Company will be entitled to sell, let under leasehold, assign, make over,
      encumber or otherwise dispose of all and/or part of its assets, in favor
      of whomever it deems fit, without any limitation, and at any ranking,
      including for securing series of debentures or other obligations, and
      without the necessity for the consent of the Trustee or the debenture
      holders and without it being obliged to notify the Trustee about the
      creation of such encumbrances.

            

    

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              5.3

            	
              The
      Debentures will rank pari passu amongst
      themselves in connection with the Company’s obligations pursuant to the
      Debentures of that series, and without one series having a right of
      priority or preference over
another.

            

    

    

    
      	
              6.

            	
              Early redemption of
      the Debentures

            

    

    

    
      	
               
      

            	
              6.1

            	
              Early
      redemption due to delisting from
trading

            

    

    

    After the
Debentures have been listed for trading on the Stock Exchange, and if and to the
extent that after such listing for trading it is decided by the Stock Exchange
on the delisting of the Debentures which are not convertible due to a decline in
the value of the series of Debentures below the amounts specified in the Stock
Exchange directives or of the delisting of the Convertible Debentures due to a
decline in the value of the public’s holdings below the amount specified in the
Stock Exchange directives as aforesaid, the Company will be entitled to allow
early redemption of the Debentures (Series C to H).  Unless the
Company gives notice to the contrary in the shelf offering report pursuant to
which a particular series of Debentures forming part of the series (C to H) is
offered for the first time, the Company will not allow such early redemption of
the series due delisting as aforesaid.

    

    If the
Company elects to allow redemption of the Debentures of the aforesaid series (C
to H), the Company will act as follows:

    

    
      	
               
      

            	
              6.1.1

            	
              Within
      45 days from the date of the decision by the board of directors of the
      Stock Exchange, the Company will give notice about the date of early
      redemption on which the holder of Debentures will be entitled to redeem
      same.  The Company will pay the holder the principal and the
      interest which has accrued up to the date of actual
      redemption.

            

    

    

    
      	
            	
               
      

            	
              Notice
      regarding the date of early redemption will be published in an immediate
      report and also in two widely-circulating Hebrew dailies in Israel and
      shall be delivered in writing to all the registered debenture
      holders.

            

    

    

    
      	
               
      

            	
              6.1.2

            	
              The
      date of early redemption that will fall with respect to Debentures that
      are not convertible (Series C to F) not earlier than 17 days from the date
      of publication of the notice, and with respect to the Convertible
      Debentures (Series G to H) not earlier than 30 days from the date of
      publication of the notice, and with respect to all the series of
      Debentures not later than 45 days from the aforesaid date, but not during
      the period between the date fixed for payment of interest and the date of
      actual payment thereof.

            

    

    

    
      	
               
      

            	
              6.1.3

            	
              At
      the time of early redemption the Company will redeem the Debentures which
      the holders thereof have requested to redeem, according to the balance of
      the par value thereof plus indexation differences and the interest that
      has accrued on the principal up to the date of actual redemption
      (calculation of the interest shall be made on a basis of 365 days in the
      year).

            

    

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

    

    Fixing of
a date for early redemption as aforesaid does not prejudice the redemption
rights specified in the Debentures or the rights of conversion of the
Convertible Debentures, for any of the debenture holders who do not redeem the
Debentures at the time of early redemption as aforesaid, but the Debentures will
be delisted and the tax implications arising from this will apply to
them.

    

    Early
redemption of the Debentures as aforesaid will not confer the right to payment
of interest in respect of the period subsequent to the date of redemption on any
person who held the Debentures that were redeemed as aforesaid.

    

    
      	
               
      

            	
              6.2

            	
              Early
      redemption on the Company’s
initiative

            

    

    

    
      	
               
      

            	
              The
      Company will be entitled to make the Debentures of any of the Series C to
      H, which will be offered pursuant to the offering report and in accordance
      with the Shelf Prospectus subject to early redemption, on such terms and
      conditions, price, mechanism, timetable and the remaining conditions that
      are specified in the Stock Exchange directives as in force for the time
      being, as shall be specified in the first offering report of the
      Debentures of the relevant series.

            

    

    

    
      	
              7.

            	
              Immediate
      repayment

            

    

    

    
      	
               
      

            	
              7.1

            	
              On
      the occurrence of one or more of the events enumerated
    below:

            

    

    

    
      	
               
      

            	
              7.1.1

            	
              If
      the Company does not pay any amount that is due from it in connection with
      the Debentures within 30 days after the due date for payment thereof has
      arrived.

            

    

    

    
      	
               
      

            	
              7.1.2

            	
              If
      a provisional liquidator has been appointed by a court, or a valid
      resolution has been passed for the winding-up of the Company (save and
      except a winging-up for purposes of merging with another company and/or a
      change in the Company’s structure), and such appointment or such decision
      has not been set aside within 20 business days from the date on which it
      was granted.

            

    

    

    
      	
               
      

            	
              7.1.3

            	
              If
      an attachment is imposed on material assets of the Company, in whole or in
      part, and the attachment is not removed within 60 days from the date on
      which it was imposed.

            

    

    

    
      	
               
      

            	
              7.1.4

            	
              An
      Execution Office operation is executed against a material asset of the
      Company, in whole or in part, and the operation is not set aside within 60
      days.

            

    

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              7.1.5

            	
              If
      a receiver is appointed for the Company and/or for its material assets, in
      whole or in part, and the appointment is not set aside within 60
      days.

            

    

    

    
      	
               
      

            	
              7.1.6

            	
              If
      the Company ceases payments on the Debentures and/or gives notice of its
      intention to cease payments on the
Debentures.

            

    

    

    
      	
               
      

            	
              7.1.7

            	
              If
      the Company ceases to continue to engage in and/or conduct its businesses
      and/or gives notice of its intention to cease continuing to engage in its
      businesses and/or the conduct
thereof.

            

    

    

    
      	
               
      

            	
              7.1.8

            	
              If
      another series of debentures the Company has issued has been made
      immediately due and payable.

            

    

    

    
      	
               
      

            	
              7.1.9

            	
              If
      a stay of proceedings order is granted under Section 350 of the Companies
      Law, 5759-1999 against the Company, and such order is not set aside within
      60 (sixty) days from the date of commencement
  thereof.

            

    

    

    
      	
               
      

            	
              7.1.10

            	
              If
      an application is lodged in relation to the Company for the making of an
      arrangement with the Company’s creditors pursuant to Section 350 of the
      Companies Law, 5759-1999, or if a stay of proceedings order is granted
      against the Company in accordance with the aforesaid section, and the
      application or the order has not been withdrawn or set aside within 60
      days from the date of filing or the date of grant thereof, as the case may
      be.

            

    

    

    
      	
               
      

            	
              7.1.11

            	
              If
      the Company is liquidated or expunged for any
  reason.

            

    

    

    
      	
               
      

            	
              7.1.12

            	
              If
      a genuine fear exists that the Company will cease payments on the
      Debentures and/or will cease to continue its businesses and/or be due to
      cease continuing its businesses and/or a material fear exists that it will
      cease conducting its business.

            

    

    

    
      	
               
      

            	
              7.1.13

            	
              Upon
      the occurrence of any event that constitutes material prejudice and/or
      could cause material prejudice to the rights of the holders of Debentures
      of that series.

            

    

    

    The provisions of Clauses 7.2 or 7.3
below will apply as the case may be.

    

    For
purposes of this clause “material asset” means – an asset the value of which in
the Company’s books exceeds 25% of the Company’s equity capital according to the
last consolidated financial statements (audited or reviewed), which were
published prior to the date of the event.

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              7.2

            	
              Upon
      the occurrence of any of the events noted in Clauses 7.1.1 to 7.1.11 above
      (inclusive):

            

    

    

    
      	
               
      

            	
              7.2.1

            	
              The
      Trustee will be obliged to call a meeting of debenture holders the date
      for convening of which will be after 30 days from the date of calling
      thereof (or an earlier date in accordance with the provisions of Clause
      7.2.4 below), whose agenda shall contain a resolution regarding the making
      of the entire unpaid balance of the Debentures immediately due and payable
      by virtue of the occurrence of one of the events mentioned in Clauses
      7.1.1 to 7.1.11 above (inclusive).

            

    

    

    
      	
               
      

            	
              7.2.2

            	
              In
      the event that up to the date of convening of the meeting any of the
      events described in Clauses 7.1.1 to 7.1.11 above (inclusive) has not been
      set aside or removed, and the resolution at such meeting of debenture
      holders is passed as a special resolution (as defined in the Second
      Schedule to this Deed), the Trustee will be obliged, within a reasonable
      time, to make the entire unpaid balance of the Debentures immediately due
      and payable.

            

    

    

    
      	
               
      

            	
              7.2.3

            	
              A
      copy of a notice calling such meeting shall be sent by the Trustee to the
      Company immediately upon publication of the notice and it shall constitute
      prior written warning notice to the Company of the Trustee’s intention to
      act as aforesaid.

            

    

    

    
      	
               
      

            	
              7.2.4

            	
              The
      Trustee may, in its discretion, shorten the aforesaid period of 30 days
      (as mentioned in Clause 7.2.1 above) in a situation in which the Trustee
      is of the opinion that any delay in making the Company’s debt due and
      payable endangers the rights of the debenture holders, but under no
      circumstances shall the aforesaid period be shortened to less than 7
      days.

            

    

    

    
      	
               
      

            	
              7.3

            	
              On
      the occurrence of any of the events described in Clauses 7.1.12 to 7.1.13
      above (inclusive):

            

    

    

    
      	
               
      

            	
              7.3.1

            	
              Each
      of the debenture holders and the Trustee will be entitled, but not
      obliged, to call a meeting of debenture holders, the date for convening of
      which shall be after 30 days from the date on which it was called (or an
      earlier date in accordance with the provisions of Clause 7.3.4 below),
      whose agenda shall contain a resolution regarding the making of the entire
      unpaid balance of the Debentures immediately due and payable by virtue of
      the occurrence of any of the events mentioned in Clauses 7.1.12 to 7.1.13
      above (inclusive).

            

    

    

    
      	
               
      

            	
              7.3.2

            	
              In
      a case in which a resolution is passed at a meeting of debenture holders
      as referred to in Clause 7.3.1 above as a special resolution (as defined
      in the Second Schedule to this Deed), the Trustee shall be obliged, within
      a reasonable time, to make the entire unpaid balance of the Debentures
      immediately due and payable.

            

    

    

    
      	
               
      

            	
              7.3.3

            	
              A
      copy of the notice calling such meeting shall be sent by the party calling
      the meeting to the Company and to the Trustee immediately upon publication
      of the notice, and shall constitute prior written warning notice to the
      Company about the intention to act as
aforesaid.

            

    

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              7.3.4

            	
              A
      debenture holder or the Trustee, as the case may be, who calls the meeting
      will be entitled, in his or its discretion, to shorten the aforesaid 30
      day period (mentioned in Clause 7.3.1 above) in the event that the party
      calling the meeting is of the opinion that any delay in making the
      Company’s debt payable endangers the rights of the debenture holders, but
      under no circumstances shall the aforesaid period be shortened to less
      than 7 days.

            

    

    

    
      	
               
      

            	
              7.3.5

            	
              The
      Trustee, after it becomes aware of the fact, shall be responsible for
      reporting to the debenture holders about the occurrence of any of the
      events mentioned in Clauses 7.1.12 to 7.1.13 above (inclusive), whether on
      the strength of public announcements the Company has published or in
      accordance with a notice the Company has sent to it in accordance with the
      provisions of Clause 22 below, shortly after this has been brought to its
      notice and/or has been delivered to
it.

            

    

    

    
      	
              8.

            	
              Claims and proceedings
      by the Trustee

            

    

    

    
      	
               
      

            	
              8.1

            	
              In
      addition to any other provision in this deed, the Trustee will be entitled
      as a matter of right and independent authority, in its discretion, and it
      will be obliged to do so by any special resolution passed at a meeting of
      the debenture holders, and without giving additional notice to the
      Company, to take all such proceedings, including legal proceedings as it
      sees fit and subject to the provisions of any law, for purposes of
      enforcing the Company’s obligations pursuant to this Deed, for purposes of
      exercising the rights of the debenture holders and protecting their rights
      under this Deed.  The Trustee will be entitled to commence legal
      and/or other proceedings also if the Debentures have not been made
      immediately due and payable, in order to protect the rights of the
      debenture holders and subject to any law.  Notwithstanding the
      contents of this clause, a right to make the Debentures immediately due
      and payable shall only arise in accordance with the provisions of Clause 7
      above and not on the strength of this
clause.

            

    

    

    
      	
               
      

            	
              8.2

            	
              The
      Trustee will be entitled, subject to any special resolution of the
      debenture holders as aforesaid, to waive the compliance with such
      obligations of the Company, in whole or in part, on such conditions as it
      shall deem fit.

            

    

    

    
      	
               
      

            	
              8.3

            	
              The
      Trustee may, in its sole discretion and without the necessity for giving
      notice to the Company, apply to the appropriate court with an application
      for instructions on any matter connected with and/or arising from this
      Deed.

            

    

    

    
      	
               
      

            	
              8.4

            	
              Subject
      to the provisions of this Deed, the Trustee is entitled, but not obliged,
      to convene a general meeting of the debenture holders at any time in order
      to consider and/or to obtain its instructions on any matter pertaining to
      this Deed and it may reconvene such
meeting.

            

    

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              8.5

            	
              The
      Trustee may, in its sole discretion, delay the performance of any act by
      it in accordance with this Deed, for purposes of referring to a meeting of
      debenture holders and/or to the court, until such time as it receives
      instructions from the meeting of debenture holders and/or the instructions
      of the court on how to act.  Notwithstanding the foregoing, the
      Trustee is not entitled to delay proceedings for making the Debentures
      immediately due and payable which were decided upon by a meeting of the
      debenture holders in accordance with the provisions of Clauses 7.2 or 7.3
      above.

            

    

    

    
      	
               
      

            	
              8.6

            	
              For
      the avoidance of doubt it is hereby clarified that none of the provisions
      set forth above shall prejudice and/or derogate from the Trustee’s right
      which is hereby conferred on it to apply to judicial instances, in its
      sole discretion, even before the Debentures are made immediately due and
      payable, for purposes of the grant of any order in regard to the affairs
      of the trust.

            

    

    

    
      	
              9.

            	
              Distribution of
      receipts

            

    

    

    All the
receipts that will be received by the Trustee in any manner, including, without
limitation, as a result of proceedings it may take, if any, against the Company,
shall be held by it in trust and shall serve in its hands for the following
objectives according to the order of priorities set forth below:

    

    Firstly
for liquidating the expenses, payments, levies and undertakings the Trustee has
incurred, or were imposed on it, or which were caused due to or as a result of
actions for performing the trust or otherwise in connection with the conditions
of this Deed, including its remuneration (on condition that the Trustee shall
not receive double remuneration both from the Company and from the debenture
holders).  Secondly – in order to pay the debenture holders the arrear
interest due to them pursuant to the conditions of the Debentures and subject to
the conditions of indexation contained in the Debentures pari passu and pro rata to the amount of
interest in arrears which is due to each of them, without any preference or
prior right for any of them; thirdly – in order to pay the debenture holders the
amounts of principal and/or arrears on principal which are due to them in
accordance with the Debentures held by them, pari passu and subject to the
conditions of indexation contained in the Debentures, whether or not the time
for payment of the amounts of principal has arrived and pro rata to the amounts that
are due to them, without any preference in connection with the precedence in the
time of issue by the Company of the Debentures or otherwise, and the balance, if
any, shall be paid by the Trustee to the Company or its
successors-in-title.

    

    Payment
by the Trustee of the amounts to the debenture holders is subject to the rights
of other creditors of the Company, if there are such.

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

    
      	
              9A.

            	
              Power to demand
      payment to the holders through the
  Trustee

            

    

    

    The
Trustee, in its sole discretion and without the necessity for giving any
explanation or grounds, may instruct the Company in writing (“Notice”) to transfer to the
Trustee, to the credit of such account as it shall direct, any payment the
Company owes to the holders, one banking business day before the intended date
of payment.  The Company is not entitled to refuse to act in
accordance with such notice and the Company shall be deemed to have fulfilled
its obligation to the holders if it proves that it transferred the full amount
of the debt the due date for which has fallen to the credit of the account the
details of which were specified in the Notice.  The Trustee will be
entitled to set off any amount the Company owes and/or the holders owe to the
Trustee (whether as payment on account of remuneration or as a reimbursement of
expenses) in accordance with the Trustee’s rights to receive such amounts
pursuant to this Deed of Trust, and it may do so without the necessity for a
resolution of a meeting of holders and/or the consent of the Company, on
condition that the Trustee notifies the holders and the Company by way of notice
in writing which the Company shall publish on the Magna and the Maya
system.

    

    
      	
              10.

            	
              Power to withhold
      distribution of money

            

    

    

    
      	
               
      

            	
              10.1

            	
              Notwithstanding
      the contents of Clause 9 above, if the monetary amount that is received as
      a result of the taking of the aforesaid steps which is available for
      distribution at any time, as stated in that clause, is less than the rate
      of interest in respect of the unpaid balance of the principal of the
      Debentures and the interest, subject to the conditions of indexation of
      the Debentures of the relevant series, the Trustee will be not obliged to
      distribute same and it will be entitled to invest such amount, in whole or
      in part, in investments which are permitted according to this Deed, and to
      vary and replace such investment from time to time with other permitted
      investments, as it sees fit.

            

    

    

    
      	
               
      

            	
              10.2

            	
              When
      the aforesaid investments, together with the profits thereon and together
      with additional moneys which are received by the Trustee for purposes of
      payment thereof to the debenture holders, if any, reach the amount
      specified in Clause 10.1 above, the Trustee shall pay same to the
      debenture holders as stated in Clause 9
above.

            

    

    

    
      	
              11.

            	
              Notice regarding
      distribution and deposit with the
Trustee

            

    

    

    The
Trustee shall notify the debenture holders about the day and the place on which
any of the payments mentioned in Clauses 9 and 10 above will be made, by way of
prior notice of 14 days which shall be delivered in the manner stipulated in
Clause 22 below.

    

    After the
date fixed in the notice the debenture holders will be entitled to interest in
respect of the Debentures at the rate specified in the Debentures, only on the
balance of the amount of the principal (if any), after deduction of the amount
which has been paid or which was offered to them for payment as
aforesaid.

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

    

    
      	
              12.

            	
              Failure to make
      payment for a reason over which the Company has no
      control

            

    

    

    
      	
               
      

            	
              12.1

            	
              Any
      amount that is due to a debenture holder which has not been paid in
      practice for a reason that is not dependent on the Company, at a time the
      Company was prepared to make payment thereof, shall cease to bear interest
      and indexation differences from the date specified for the payment
      thereof, and the debenture holder will only be entitled to those amounts
      to which he was entitled at the date specified for the effecting of such
      payment on account of the principal, the indexation differences or the
      interest.

            

    

    

    
      	
               
      

            	
              12.2

            	
              The
      Company shall deposit with the Trustee, not later than 14 business days
      from the date specified for such payment, the amount of the payment which
      was not paid for a reason that was not dependent on the Company, and such
      deposit shall be deemed to be liquidation of such payment, and in the case
      of liquidation of everything due in respect of the Debenture, also as
      redemption of the Debenture.

            

    

    

    
      	
               
      

            	
              12.3

            	
              The
      Trustee shall deposit any such amount at a bank to the credit of those
      account owners and shall invest such amounts in investments that are
      permitted to it in accordance with the Deed of Trust, which are securities
      of the State of Israel and other securities in which the laws of the State
      of Israel allow the investment of trust moneys, all as the Trustee shall
      see fit and subject to the provisions of the law.  Where the
      Trustee has done so, it will not be liable to the entitled persons in
      respect of such amounts, except the proceeds that will be received from
      realization of investments, less the expenses, commissions and compulsory
      payment, if any, connected with the aforesaid investment in the management
      of the trust account, less its
remuneration.

            

    

    

    
      	
               
      

            	
              12.4

            	
              Out
      of those moneys that were deposited as aforesaid, less all the expenses,
      commissions, compulsory payments and its remuneration, the Trustee shall
      transfer to every debenture holder for whom amounts and/or moneys that are
      due to the debenture holders have been deposited with the Trustee, and
      shall do so against presentation of such proof as may be demanded by the
      Trustee to its full satisfaction.

            

    

    

    
      	
              13.

            	
              Presentation
      of Debenture to the Trustee and registration in connection with partial
      payment 

            

    

    

    
      	
               
      

            	
              13.1

            	
              A
      debenture holder will be obliged, at the time of payment of any interest
      or partial payment of principal, interest and indexation differences
      pursuant to Clauses 9, 10 and 11 above, to present to the Trustee the
      Debenture in respect of which the payments are being
  made.

            

    

    

    
      	
               
      

            	
              13.2

            	
              The
      Trustee shall record a note on the Debenture regarding the amounts that
      have been paid as aforesaid and the date of payment
    thereof.

            

    

    

    
      	
               
      

            	
              13.3

            	
              The
      Trustee will be entitled in any special situation, in its discretion, to
      waive the presentation of the Debenture after a deed of indemnity and/or
      adequate guarantee to its satisfaction has been given to it in respect of
      damage likely to be caused due to the non-recording of such note, all as
      it shall see fit.

            

    

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              13.4

            	
              Notwithstanding
      the foregoing, the Trustee may, in its discretion, maintain records in
      another manner with regard to such partial
  payments.

            

    

    

    
      	
              14.

            	
              The Company’s
      obligations to the Trustee

            

    

    

    The
Company hereby undertakes to the Trustee and the debenture holders that so long
as the Debentures (including the indexation differences thereon) have not been
paid, as follows:

    

    
      	
               
      

            	
              14.1

            	
              To
      notify the Trustee immediately and in writing in regard to the Company’s
      reasonable fear that all or any of the events mentioned in Clause 7.1
      above are likely to occur and in regard to the occurrence of all or any of
      the events mentioned in Clause 7.1
above.

            

    

    

    
      	
               
      

            	
              14.2

            	
              Not
      later than the end of 30 days from the date of this Deed of Trust to
      deliver to the Trustee an amortization table in an Excel file for payment
      of the Debentures (principal and
interest).

            

    

    

    
      	
               
      

            	
              14.3

            	
              To
      notify the Trustee in writing within 4 business days about the effecting
      of any payment to the debenture holders and in regard to the balance of
      the amounts the Company owes at that time to the debenture holders after
      the effecting of the aforesaid
payment.

            

    

    

    
      	
               
      

            	
              14.4

            	
              To
      continue to manage and operate the business of the Company in a regular,
      proper and efficient manner.

            

    

    

    
      	
               
      

            	
              14.5

            	
              Not
      later than the date specified for the publication thereof, to deliver the
      Company’s consolidated audited financial statements for the financial year
      ended on December 31, of the preceding year and periodic reports to the
      Trustee.

            

    

    

    
      	
               
      

            	
              14.6

            	
              Not
      later than the date specified for the publication thereof, to deliver the
      Company’s consolidated interim financial statements and any quarterly
      statement accompanied by a review report from an accountant in relation
      thereto to the Trustee.

            

    

    

    
      	
               
      

            	
              14.7

            	
              To
      deliver to the Trustee, immediately upon the delivery thereof, any report
      it is obliged to submit to the Securities Authority.  Any report
      that may be published by the Company on the Magna system (including
      financial statements) shall be deemed to be actual delivery to the Trustee
      in accordance with this clause.

            

    

    

    
      	
               
      

            	
              14.8

            	
              Each
      December 31 of every year, and so long as this Deed is in force, the
      Company shall furnish the Trustee with a certificate signed by the
      chairman of the board of directors or the CEO of the Company to the effect
      that, to the best of his or their knowledge, as the case may be, in the
      period from the date of the Deed and/or from the date of the previous
      certificate that was delivered to the Trustee, whichever is the later, and
      up to the date of giving of the certificate, there has been no breach of
      this Deed by the Company (including a breach of conditions of the
      Debenture) unless otherwise expressly
stated.

            

    

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              14.9

            	
              To
      cause a situation that the Company’s accountant will, within a reasonable
      time, provide the Trustee and/or such persons as the Trustee shall direct,
      with any explanation, document, calculation or information concerning the
      Company, its business and/or its assets that may be reasonably required,
      in the Trustee’s discretion, for purposes of examinations that are
      performed by the Trustee for purposes of protecting holders of the
      Debentures that have been issued in accordance with the shelf offering
      report.

            

    

    

    
      	
               
      

            	
              14.10

            	
              To
      maintain proper books of account in accordance with accepted accounting
      principles.

            

    

    

    
      	
               
      

            	
              14.11

            	
              The
      Trustee, by its signing this Deed of Trust, undertakes to keep all
      information given as aforesaid confidential.  It is clarified
      that the passing on of information to the debenture holders for purposes
      of passing a resolution relating to their rights pursuant to the Debenture
      or for purposes of providing a report regarding the condition of the
      Company, does not constitute a breach of the Trustee’s confidentiality
      undertaking.

            

    

    

    
      	
               
      

            	
              14.12

            	
              To
      notify the Trustee, immediately it becomes aware thereof, in regard to any
      event in which an attachment has been imposed on its assets, in whole or
      in part, and also in every case in which a receiver has been appointed for
      its assets, in whole or in part, and immediately and at its expense to
      take all the reasonable steps necessary for the removal of such attachment
      or setting aside of the
receivership.

            

    

    

    
      	
               
      

            	
              14.13

            	
              To
      give the Trustee notice of all its general meetings (whether to annual
      general meetings or to special general meetings of the shareholders of the
      Company) without conferring a right on the Trustee to vote at such
      meetings.

            

    

    

    
      	
               
      

            	
              14.14

            	
              To
      deliver to the Trustee, upon its written request, a certificate in writing
      signed by the Company’s auditor that all the payments to the debenture
      holders were paid on due date, and the balance of the par value of the
      Debentures that are in circulation.

            

    

    

    
      	
               
      

            	
              14.15

            	
              A
      copy of every document the Company sends to its shareholders or to
      debenture holders and any additional information in accordance with the
      Trustee’s reasonable demand which is necessary for fulfilling the
      Trustee’s function of protecting the rights of the debenture
      holders.

            

    

    

    
      	
               
      

            	
              14.16

            	
              To
      deliver to the Trustee, upon its demand, an affidavit and/or declarations
      and/or documents and/or particulars and/or information, as may be demanded
      by the Trustee, in its sole discretion, for the exercise and
      implementation of the powers, authorities and permissions of the Trustee
      and/or its representatives in accordance with the Deed of
      Trust.

            

    

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

    

    
      	
              15.

            	
              Additional
      obligations

            

    

    

    After the
Debentures have been made immediately due and payable, as defined in Clause 7
above, the Company shall from time to time and at any time that it is called
upon to do so by the Trustee, perform all the reasonable operations in order to
allow for and to enable the exercise of all the powers conferred on the Trustee,
and in particular the Company shall perform the following acts:

    

    
      	
               
      

            	
              15.1

            	
              It
      shall make the declarations and/or sign all the documents and/or shall
      perform and/or cause the performance of all the requisite and/or necessary
      acts in accordance with the law for giving validity to the exercise of the
      powers, authorities and permissions of the Trustee and/or its
      representatives.

            

    

    

    
      	
               
      

            	
              15.2

            	
              It
      shall give all the notices, the orders and instructions which the Trustee
      may deem to be beneficial and may
demand.

            

    

    

    
      	
               
      

            	
              15.3

            	
              For
      purposes of this clause – a notice in writing signed by the Trustee
      confirming that an act demanded by it, in the scope of its powers and
      authorities, is a reasonable act, shall constitute prima facie evidence of
      the fact.

            

    

    

    
      	
              16.

            	
              Other
      agreements

            

    

    

    Subject
to the provisions of the law and the restrictions that are imposed by law on the
Trustee, the fulfilling of its function as trustee, in accordance with this
Deed, or its status as a trustee, shall not prevent it from entering into
various contracts with the Company or from executing transactions with it in the
ordinary course of the Trustee’s business.

    

    
      	
              17.

            	
              Reporting by the
      Trustee

            

    

    

    Not later
than the end of 3 months from the end of each year of the trust the Trustee
shall draw up an annual report regarding the affairs of the trust (hereinafter:
“the Annual
Report”).

    

    The
Annual Report shall contain details on the following subjects:

    

    
      	
               
      

            	
              17.1

            	
              Current
      particulars regarding the course of business of the trust in the preceding
      year.

            

    

    

    
      	
               
      

            	
              17.2

            	
              A
      report on exceptional events in connection with the trust which occurred
      during the course of the preceding
year.

            

    

    

    The
debenture holders will be entitled to peruse the annual report at the Trustee’s
offices during working hours and will be entitled to receive a copy of the
report in accordance with a demand.  A copy of the report shall be
furnished to the Company simultaneous with its being made available for perusal
of the debenture holders.

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

    

    The
Trustee shall give the debenture holders notice regarding the time of submission
of the report, in the manner stated in Clause 22 below.  If the
Trustee becomes aware of a material breach of this Deed by the Company, it shall
notify the debenture holders about the breach and about the steps it has taken
to prevent the breach or for the fulfillment of the Company’s obligations, as
the case may be.

    

    
      	
              18.

            	
              Remuneration and cover
      of the Trustee’s expenses

            

    

    

    The
Trustee’s remuneration is in accordance with an agreement between it and the
Company from the date of this Deed.

    

    
      	
              19.

            	
              Special
      powers

            

    

    

    
      	
               
      

            	
              19.1

            	
              The
      Trustee will be entitled to lodge all the deeds and documents which
      evidence, represent or specify its right in connection with any asset
      which is for the time being in its possession, in a safe and/or at another
      place it may choose, with any banker and/or any banking corporation and/or
      with an attorney.  Where the Trustee has done so, it will not be
      liable in respect of any loss that may be caused in connection with such
      deposit, unless the Trustee acted negligently or
    maliciously.

            

    

    

    
      	
               
      

            	
              19.2

            	
              The
      Trustee may, in the scope of performing the affairs of the trust pursuant
      to this Deed, requisition an opinion and/or advice of any attorney,
      accountant, appraiser, valuer, surveyor, real estate agent or other
      expert, and will be entitled to act in accordance with the conclusions
      thereof, whether such opinion and/or advice was prepared at the request of
      the Trustee and/or by the Company.  The Trustee will not be
      liable for any loss or damage that may be caused as a result of any act
      and/or omission committed by it on the strength of such advice or opinion,
      unless the Trustee acted negligently or
  maliciously.

            

    

    

    
      	
               
      

            	
              19.3

            	
              Any
      such advice and/or opinion may be given, sent or received by way of
      letter, telegram, facsimile and/or any other electronic means for the
      transfer of information, and the Trustee will not be liable in respect of
      acts it performed on the strength of advice and/or an opinion and/or
      information transmitted in one of the ways mentioned above,
      notwithstanding that errors were made in it and/or that they were not
      authentic, unless the Trustee acted negligently or
      maliciously.

            

    

    

    
      	
               
      

            	
              19.4

            	
              In
      a case in which the Trustee receives a certificate signed by the Company
      through two directors of the Company and/or an assessment confirming that
      in their opinion a transaction, step, operation or anything else being
      done or intended to be done by the Company are desirable and are for the
      benefit of the Company, this shall constitute sufficient proof that the
      transaction, step, operation or thing are indeed desirable and for the
      Company’s benefit.  Where the Trustee has acted in reliance on
      such certificate, it will not be liable for any damage and/or loss that
      may be caused as a consequence of such step, operation and/or thing,
      unless the Trustee acted negligently or
  maliciously.

            

    

    
      
         

      

      
        20

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              19.5

            	
              Subject
      to the provisions of this Deed, the Trustee shall be entitled, but not
      obliged, to call a general meeting of debenture holders at any time in
      order to consider and discuss and/or to obtain its instructions on any
      matter pertaining to this Deed, and it may reconvene such
      meeting.

            

    

    

    
      	
               
      

            	
              19.6

            	
              The
      Trustee shall not be obliged to give notice to any party about the signing
      of this Deed and it is not entitled to interfere in any way in the conduct
      and management of the Company’s business or its affairs, except in
      accordance with the powers and authorities conferred on the Trustee
      pursuant to this Deed.

            

    

    

    
      	
               
      

            	
              19.7

            	
              In
      performing the trust The Trustee shall exercise the powers, permissions
      and authorities that have been conferred on it under this Deed, in its
      absolute discretion, and it will not be liable for any damage that may be
      caused as a result of an error in such discretion, unless the Trustee
      acted negligently or maliciously.

            

    

    

    
      	
              20.

            	
              Trustee’s power to
      employ agents

            

    

    

    The
Trustee will be entitled to appoint an agent/s to act in its stead, whether an
attorney or other person, in order to carry out or to participate in the
performance of special operations that require to be performed in connection
with the trust, and without derogating from the generality of the foregoing, the
taking of legal proceedings.  The Trustee shall further be entitled to
make payment at the Company’s expense of the reasonable fees of any such agent,
and the Company shall refund any such expense to the Trustee immediately upon
its first demand, on condition that the Trustee gave the Company advance notice
regarding the appointment of such agents.

    

    The
Trustee may at any time delegate the trusts, powers, permissions and authorities
granted to it under this Deed of Trust, in whole or in part, to another person
or to other persons, and any such delegation shall be made according to the
conditions and instructions (including permission to the agent to appoint an
agent) which the Trustee deems to be conducive, but the delegation of powers as
aforesaid shall not release the Trustee from any liability that would have been
imposed on it had it not been for the delegation of powers.

    

    
      	
              21.

            	
              Indemnification of the
      Trustee

            

    

    

    
      	
               
      

            	
              21.1

            	
              The
      Trustee will be entitled to receive indemnity from the debenture holders
      or from the Company, as the case may be, in respect of reasonable expenses
      it has incurred and/or may incur in connection with the operations it has
      performed or is obliged to perform by virtue of its obligation pursuant to
      the terms and conditions of this Deed, and/or according to law and/or a
      directive of a competent authority and/or any statute and/or on a demand
      by the debenture holders and/or at the Company’s request, provided
      that:

            

    

    

    
      	
               
      

            	
              21.1.1

            	
              The
      expenses in respect of liability for damage are
  reasonable.

            

    

    
      
         

      

      
        21

        
          

        

      

      
         

      

    

    
      

      
        	
                 
      

              	
                21.1.2

              	
                The
      Trustee acted in good faith, and the act was performed in the scope of
      fulfilling its function.

              

      

    

     

    
      	
               
      

            	
              421.2

            	
              Without
      prejudice to the rights to compensation and to indemnity granted to the
      Trustee according to the law and/or without prejudice to the commitments
      of the Company and/or the debenture holders in accordance with this Deed,
      the Trustee, its attorney, manager, agent or other person appointed by the
      Trustee in accordance with this Deed, will be entitled to receive
      indemnity out of the moneys that will be received by the Trustee as a
      consequence of proceedings it has taken and/or otherwise in accordance
      with this Deed, with regard to the obligations they have assumed regarding
      the expenses that have been incurred in the course of performing the trust
      or in connection with such operations, which in their opinion were
      necessary for performing the matters aforesaid and/or in connection with
      the exercise of the powers and permissions conferred by virtue of this
      Deed and also in connection with all kinds of legal proceedings, opinions
      of attorneys and other experts, negotiations, discussions, expenses,
      claims and demands relating to any matter and/or thing that was done
      and/or was not done in any manner in relation to the foregoing, and the
      Trustee may withhold money in its possession and make payment out of such
      money of the requisite amounts for purposes of paying such
      indemnity.  All the aforesaid amounts will rank ahead of and
      prior to the debenture holders and subject to the provisions of any law,
      provided that the Trustee acted in good
faith.

            

    

    

    
      	
               
      

            	
              21.3

            	
              Wherever
      the Trustee is obliged pursuant to the terms and conditions of the Deed of
      Trust and/or according to law and/or a directive of a competent authority
      and/or any statute and/or upon a demand by the debenture holders and/or at
      the request of the Company, to perform any act, including, without
      limitation, the commencing of proceedings or the filing of claims on a
      demand by the debenture holders, as stated in the Deed of Trust, the
      Trustee will be entitled to refrain from taking any such action until it
      receives a deed of indemnity to its satisfaction from the debenture
      holders or any of them, and if the act is performed on a demand by the
      Company, from the Company, in respect of any liability for damage and/or
      for expenses that might be incurred by the Trustee and the Company or
      either of them, as a consequence of the performing of such
      act.  The Trustee’s power to refrain from such act shall not
      apply in circumstances where urgent action is necessary in order to
      prevent material prejudice to the rights of the debenture
      holders.

            

    

    
      
         

      

      
        22

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              21.4

            	
              Notwithstanding
      the contents of this Clause 21 above (including the sub-clauses hereof),
      whenever the Trustee deems fit, for purposes of the protection and/or the
      realization of the rights of the debenture holders, and/or is obliged,
      according to the conditions of this Deed and/or according to law and/or a
      directive of a competent authority and/or any law and/or at the request of
      the Company and/or the debenture holders, to institute legal proceedings,
      the Company shall deposit with the Trustee an amount that will be fixed by
      the Trustee as the anticipated amount of the Trustee’s expenses in
      connection with such proceedings.  In the event that the Company
      does not deposit the aforesaid amount at the time it was requested by the
      Trustee to do so and/or where in the Trustee’s opinion there is doubt
      regarding the Company’s ability to cover the expenses connected with the
      taking of proceedings by the Trustee, the Trustee shall immediately call a
      meeting of debenture holders in order to confirm their liability for the
      cover of the expenses connected with the proceedings which the Trustee
      will take.  In a case in which the debenture holders refuse to
      bear the expenses connected with the taking of proceedings by the Trustee,
      there will be no obligation on the Trustee to take such
      proceedings.  It is hereby clarified that the agreement of the
      debenture holders as aforesaid does not release the Company from its
      obligations to bear and to cover all the expenses connected with the
      taking of such proceedings.  Likewise, all the moneys that will
      be received from proceedings for realization shall also serve for refund
      and cover of expenses which the debenture holders have undertaken to bear
      as aforesaid.

            

    

    

    
      	
               
      

            	
              21.5

            	
              It
      is agreed that indemnity for the Trustee as set forth in this Clause 21 in
      respect of: (1) operations it has performed and/or has been called upon to
      perform by virtue of its obligation under the terms and conditions of the
      Deed of Trust or for purposes of protecting the rights of the debenture
      holders (including by virtue of a demand by a holder) – shall be borne and
      paid by the Company; (2) acts it has performed and/or has been called upon
      to perform at the request of the Company – shall be borne and paid by the
      Company; and (3) actions it has performed and/or has been called upon to
      perform on a request by the debenture holders (excluding acts as aforesaid
      that were taken on a demand by holders for purposes of protecting the
      rights of the debenture holders) – shall be borne and paid by the
      debenture holders.  It is further agreed that if there is an
      obligation for indemnity on the Company as aforesaid and the
      indemnification is not received from the Company within 60 days from the
      Trustee’s demand, the holders will be liable for the indemnity to the
      Trustee.  It is clarified that actual payment by the holders to
      the Trustee shall not derogate from the Company’s obligation to refund to
      the holders the amount that was paid in a situation in which it was
      obliged to make payment thereof in accordance with the provisions of this
      Deed.

            

    

    

    
      	
              22.

            	
              Notices

            

    

    

    
      	
               
      

            	
              22.1

            	
              Any
      notice by the Company and/or the Trustee to the debenture holders shall be
      given as follows:

            

    

    

    
      	
               
      

            	
              22.1.1

            	
              By
      reporting on the Magna system of the Securities Authority; (the Trustee
      may instruct the Company and the Company shall be obliged to report
      forthwith on the Magna system in the name and on behalf of the Trustee
      with respect to any report in the text as will be transmitted to the
      Company in writing by the Trustee); and
      also by way of:

            

    

    

    
      
        	
                 
      

              	
                22.1.2

              	
                A
      notice that shall be published in two widely circulating dailies that are
      published in Hebrew in Israel;

              
	 	 	 
	 	 	
                or

              

      

    

    
      
         

      

      
        23

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              by
      sending a notice by registered mail to every registered holder of
      Debentures according to his last address as recorded in the register of
      debenture holders (in the case of joint holders – to the joint holder
      whose name stands first in the
register).

            

    

    

    
      	
               
      

            	
              Any
      notice that may be published or sent as aforesaid, will be deemed to have
      been delivered to the debenture holder on the date of publication thereof
      as aforesaid or after three days from the date of posting thereof, as the
      case may be.

            

    

    

    
      	
               
      

            	
              22.2

            	
              Any
      notice or demand by the Trustee to the Company may be given by way of
      letter to be sent by registered mail according to the address set forth in
      the Deed of Trust, or according to such other address of which the Company
      has given the Trustee written notice, or by the transmission thereof by
      facsimile or via a messenger, and any such notice or demand will be deemed
      to have been received by the Company: (1) in the case of posting by
      registered mail – after three business days from the date of delivery
      thereof to the post office; (2) in the case of transmission by facsimile
      (together with telephonic verification regarding the receipt thereof) –
      after one business day from the day of its transmission; (3) and in the
      case of it being sent via messenger – upon delivery thereof by the
      messenger to the addressee or upon it being offered for acceptance to the
      addressee, as the case may be.

            

    

    

    
      	
               
      

            	
              22.3

            	
              Any
      notice or demand by the Company to the Trustee may be given by letter to
      be sent by registered mail according to the address set forth in the Deed
      of Trust, or according to such other address of which the Trustee has
      given the Company written notice, or by the transmission thereof by
      facsimile or via a messenger, and any such notice or demand shall be
      deemed to have been received by the Trustee: (1) in the case of posting by
      registered mail – after three business days from the date of delivery
      thereof to the post office; (2) in the case of transmission by facsimile
      (together with telephonic verification regarding the receipt thereof) –
      after one business day from the day of its transmission; (3) and in the
      case of it being sent via messenger – upon delivery thereof by the
      messenger to the addressee or upon it being offered to the addressee for
      acceptance, as the case may be.

            

    

    

    
      	
               
      

            	
              22.4

            	
              Copies
      of notices and invitations to meeting that may be given by the Company
      and/or the Trustee to the debenture holders – shall also be sent by the
      Company in an immediate report, a copy of which shall be delivered to the
      Trustee.

            

    

    

    
      	
              23.

            	
              Waiver; compromise;
      and amendments to the terms and conditions of the Deed of
      Trust

            

    

    

    
      	
               
      

            	
              23.1

            	
              Subject
      to the provisions of any law, the Trustee may from time to time and at any
      time, if it has been persuaded that this does not, in its opinion,
      constitute any form of prejudice to the rights of the debenture holders,
      waive any breach or non-fulfillment by the Company of any of the terms and
      conditions of this Deed.

            

    

    
      
         

      

      
        24

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              23.2

            	
              Subject
      to the provisions of the law and with prior approval to be given by a
      general meeting of debenture holders of a particular class by a 75%
      majority of the persons participating in the vote, at which the holders of
      at least 50% of the balance of the par value of the Debentures of that
      series which are in circulation were personally present or represented by
      proxy, or at an adjourned meeting, at which the holders of at least 10% of
      the aforesaid balance were personally present or represented by proxy, the
      Trustee may, either before or after the principal of the Debentures
      becomes due for payment, compromise with the Company in connection with
      any right or claim of holders of the Debentures of that series and may
      agree with the Company on any arrangement in connection with its rights or
      the rights of holders of the Debentures of that series, including the
      waiving of any right or claim of the debenture holders against the Company
      in accordance with this Deed.  Where the Trustee has compromised
      with the Company after obtaining prior approval of the holders of the
      Debentures as aforesaid, the Trustee will be exempt and released from any
      liability in respect of such
action.

            

    

    

    
      	
               
      

            	
              23.3

            	
              Subject
      to the provisions of the law, the Trustee and the Company may, either
      before or after the principal of the Debentures becomes due for payment,
      alter the Deed of Trust (including an alteration to the terms and
      conditions of the Debentures) if one of the following conditions is
      fulfilled:

            

    

    

    
      	
               
      

            	
              23.3.1

            	
              The
      Trustee has been persuaded that the alteration is not prejudicial to the
      debenture holders.

            

    

    

    
      	
               
      

            	
              23.3.2

            	
              The
      debenture holders have agreed to the proposed alteration, by way of a
      special resolution passed at a general meeting of the debenture holders,
      at which the holders of at least 50% of the unpaid balance of the
      principal of the Debentures that are in circulation were personally
      present or represented by proxy, or at an adjourned meeting, at which the
      holders of at least 10% of the aforesaid balance were personally present
      or represented by proxy.

            

    

     

    
      	
               
      

            	
              
                23.4

              

            	
              
                The
      Company shall lodge an immediate report in regard to any such
      alteration.

              

            

    

     

    
      	
               
      

            	
              
                23.5

              

            	
              
                The
      general meetings mentioned in this clause above shall be called as stated
      in the Second Schedule to this
Deed.

              

            

    

     

    
      	
               
      

            	
              In
      every case of the exercise by the Trustee of its right pursuant to this
      clause above, the Trustee shall be entitled to demand from the debenture
      holders that they deliver to it or to the Company their certificates, for
      purposes of recording a note in regard to any compromise, waiver,
      alteration or amendment as aforesaid and upon the Trustee’s demand, the
      Company shall record such note on the certificates that will be delivered
      to it.

            

    

    
      
         

      

      
        25

        
          

        

      

      
         

      

    

    

    
      	
              24.

            	
              Release

            

    

    

    When it
has been proved to the Trustee’s satisfaction that all the Debentures have been
repaid, redeemed or when the Company deposits in trust with the Trustee amounts
of money that will be sufficient for redemption, and where it has been proved to
the Trustee’s satisfaction that all the obligations and the expenses that were
incurred or caused by the Trustee in connection with this Deed and in accordance
with its instructions have been paid in full, the Trustee will be obliged, upon
the Company’s first demand, to deal with the moneys that were deposited in
respect of the Debentures redemption of which was not demanded, in accordance
with the terms and conditions stipulated in this Deed.

    

    
      	
              25. 

            	
              Release

            

    

    

    After it
has been proved to the Trustee’s satisfaction that all the Debentures have been
repaid, redeemed or after the Company has deposited amounts of money in trust
with the Trustee which will be sufficient for redemption, and after it has been
proved to the Trustee’s satisfaction that all the obligations and expenses that
were incurred or caused by the Trustee in connection with this Deed and in
accordance with the provisions hereof have been paid in full, the Trustee shall
be obliged, upon the Company’s first demand, to act with the moneys that have
been deposited in respect of Debentures the redemption of which was not
demanded, in accordance with the conditions stipulated in this
Deed.

    

    
      	
              25. 

            	
              Appointment of new
      Trustee and termination of its office as
  trustee

            

    

    

    
      	
               
      

            	
              25.1

            	
              The
      provisions of the law will apply to the holding of office by the Trustee
      and the expiration thereof and to the appointment of a new
      trustee.  Subject to the provisions of the law, the Trustee and
      any trustee who replaces it shall be entitled to resign from their
      positions as trustees after giving the Company three (3) months written
      notice in which the reasons for the resignation shall be
      specified.

            

    

    

    
      	
               
      

            	
              The
      resignation shall come into force only after confirmation by the court and
      from the day fixed for this in the confirmation.  In the case of
      such resignation or in the event of the expiration of the Trustee’s term
      of office, the court may appoint another trustee in place of the Trustee,
      for such period and on such conditions as it sees
  fit.

            

    

    

    
      	
               
      

            	
              25.2

            	
              According
      to the provisions of the Deed of Trust, where the Trustee or any trustee
      who replaces it have acted in this way, they will not be responsible for
      expenses or losses that may be caused as a result of their
      resignation.

            

    

    

    
      	
               
      

            	
              25.3

            	
              The
      court may dismiss a trustee if it has not fulfilled its function properly
      or if the court has found another reason for its
  dismissal.

            

    

    
      
         

      

      
        26

        
          

        

      

      
         

      

    

    
      	
               
      

            	
              25.4

            	
              The
      holders of ten percent of the unpaid balance of the Debentures and/or the
      Company shall be entitled to convene a general meeting of holders of
      debenture certificates.  Any meeting that is convened as
      aforesaid shall be entitled to decide, according to the vote of the
      holders of at least fifty percent of the unpaid balance of the Debentures,
      on the removal of the Trustee from its
office.

            

    

    

    
      	
               
      

            	
              25.5

            	
              The
      Securities Authority is entitled to apply to the court with an application
      to terminate the Trustee’s term of office, in accordance with Section 35N
      of the Law.

            

    

    

    
      	
               
      

            	
              25.6

            	
              The
      Trustee and the Company shall lodge an immediate report with the
      Securities Authority regarding any event as mentioned above in this
      clause, in connection with the Trustee’s term of
  office.

            

    

    

    
      	
               
      

            	
              25.7

            	
              Where
      the Trustee’s term of office has expired, the court may appoint another
      trustee for such period and on such conditions as it sees
      fit.  The Trustee whose term of office has expired shall
      continue to serve in its function until the appointment of such other
      trustee.

            

    

    

    
      	
               
      

            	
              25.8

            	
              Every
      new trustee will have the same powers, authorities and other permissions
      and may act in all senses as if it was appointed as a trustee from the
      outset, subject to the provisions of Section 35N of the
    Law.

            

    

    

    
      	
              26.

            	
              Meetings of debenture
      holders

            

    

    

    Meetings
of debenture holders shall be conducted in the manner stated in the Second
Schedule to this Deed.

    

    
      	
              27. 

            	
              Investment of
      money

            

    

    

    All the
moneys which the Trustee is entitled to invest in accordance with this Deed
shall be invested by it at a bank/s in its name or to its order, in investments
in which the laws of the State of Israel allow the investment of trust moneys
and as it deems conducive, all subject to the terms and conditions of this Deed
of Trust, provided that every investment in securities shall be in securities
that have been rated with a rating of not less than AA.  Where the
Trustee has done so, it will not be liable to the entitled persons in respect of
those amounts, but only the proceeds which will be received from the realization
of the investments, less the expenses connected with the aforesaid investment
and the maintaining of the trust accounts, the commissions and less the
compulsory payments that are imposed on the trust account.  The
Trustee shall transfer out of such moneys amounts to the debenture holders who
are entitled thereto, and shall do so as soon as possible after proof and
confirmations have been furnished to the Trustee regarding their right to such
amounts, to the Trustee’s full satisfaction, and less its expenses and
commission at a rate that shall be acceptable to it at such
time.

    
      
         

      

      
        27

        
          

        

      

      
         

      

    

    

    
      	
              28. 

            	
              Governing
      law

            

    

    

    The
Debentures are subject to the provisions of the Israeli law.  On any
matter which has not been mentioned in this Deed and also in any instance of a
conflict between the provisions of the law and this Deed, the parties will act
in accordance with the provisions of the Israeli law.  In every case
of a conflict between the provisions described in the Prospectus and/or in the
shelf offering report in connection with this Deed and/or the Debentures, the
provisions of this Deed shall prevail.

    

    
      	
              29.

            	
              Addresses

            

    

    

    The
Debentures are subject to the provisions of the Israeli law.  On any
matter that has not been mentioned in this Deed and also in any case of a
conflict between the provisions of the law and this Deed, the parties will act
in accordance with the Israeli law.

    

    
      	
              30. 

            	
              General

            

    

    

    Without
derogating from the other provisions of this Deed and of the Debenture, any
waiver, extension of time, indulgence, silence, failure to take action (“Waiver”) on the part of the
Trustee in regard to non-fulfillment or partial fulfillment or improper
fulfillment of any of the obligations to the Trustee under this Deed and the
Debenture, will not be deemed to be a waiver on the part of the Trustee of any
right, but as limited acquiescence to the particular instance in which it was
given.  Without derogating from the other provisions of this Deed and
the Debenture, any alteration to the obligations to the Trustee necessitates the
obtaining of the Trustee’s prior written consent.  Any other consent,
whether verbal or by way of waiver and failure to take action or in any other
manner that is not in writing, will not be deemed to be consent at
all.  The Trustee’s rights under this Agreement are independent of one
another, and are in addition to any right which exists and/or which may exist
for the Trustee according to law and/or agreement (including this Deed and the
Debenture).

    

    
      	
              31. 

            	
              Authorization for
      Magna

            

    

    

    In
accordance with the provisions of the Securities Regulations (Electronic
Signature and Reporting), 5763-2003, the Trustee hereby gives approval to the
authorized entity on behalf of the Company to report electronically to the
Securities Authority in regard to this Deed of Trust.

    

    In
witness whereof the parties have hereunto signed

    

    
      
        
          	
                  /s/

                	 
      	
                  /s/ David Weissman, Zeev
    Stein

                
	
                  Hermetic
      Trust (1973) Ltd.

                	 
      	
                  Blue
      Square Real Estate Ltd.

                

        

      

    

    

    I the
undersigned, Meirav Tamir, Adv., certify that this Deed of Trust was signed
through Mr. David Weisman and Mr. Zeev Stein and their signature binds Blue
Square Real Estate Ltd. in connection with this Deed of Trust.

    

    
      
        
          
            
              
                	 	 	
                        /s/ Meirav Tamir

                      
	 	 	
                        Meirav
      Tamir, Adv.

                      
	 	 	
                        Lic.
      No. 32164

                      
	 	 	
                        2
      Ha’amal St., Rosh Ha’ayin
48092

                      

              

            

          

        

      

    

    

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

    

    ADDENDUM TO DEED OF TRUST
DATED MAY 20, 2009

    entered
into at Tel Aviv on the 18th day of
October 2009

    

    Between:

    BLUE
SQUARE REAL ESTATE LTD.

    of 2
Ha’amal Street, Rosh Ha’ayin

    Telephone:
03-9282670/1

    Fax:
03-9282498

    (hereinafter: “the
Company”)

    of
the one part;

    

    And:

    HERMETIC
TRUST (1975) LTD.

    of 113
Hayarkon Street, Tel Aviv

    Telephone:
03-5272272

    Fax:
03-5271736

    (hereinafter:  “the
Trustee”)

    of
the other part;

    

    
      	
              WHEREAS

            	
              On
      May 20, 2009 the Company and the Trustee signed a deed of trust in
      connection with the Shelf Prospectus the Company published on May 20, 2009
      (hereinafter: “the Deed
      of Trust”), pursuant to which the Company is entitled, inter alia, to issue
      Debentures (Series C) of the Company (hereinafter: “Debentures (Series
      C)”); and

            

    

    

    
      	
              WHEREAS

            	
              The
      Company intends publishing a shelf offering report in accordance with the
      Shelf Prospectus, pursuant to which the Company will for the first time
      offer Debentures (Series C) (hereinafter: “the Shelf Offering
      Report”); and

            

    

    

    
      	
              WHEREAS

            	
              On
      October 7, 2009 Midroog Ltd. gave notice of having fixed a A1 rating for
      the Company’s new series of debentures to an extent of up to NIS
      300,000,000; and

            

    

    

    
      	
              WHEREAS

            	
              On
      October 7, 2009 Standard & Poor’s Maalot gave notice of having fixed a
      A+/negative rating for the Company’s new series of debentures to an extent
      of up NIS 300,000,000; and

            

    

    

    
      	
              WHEREAS

            	
              As
      an integral part of the Deed of Trust the parties hereby agree to make
      alterations in the Deed of Trust which will apply in connection with
      Debentures (Series C), as described below in this
  Addendum;

            

    

    
      
         

      

      
        29

        
          

        

      

      
         

      

    

    

    Now
therefore it is agreed, declared and stipulated by the parties as
follows:

    

    
      	
              1.

            	
              It
      is hereby clarified, agreed and declared that to the extent that any of
      the provisions of the Deed of Trust have not been expressly altered, those
      provisions will apply in full and will bind the parties in all
      respects.

            

    

    

    
      	
              2.

            	
              It
      is agreed that to the extent that the meaning of terms and expressions in
      the Deed of Trust or any of them have not been expressly altered in this
      Addendum, the meaning of the aforesaid terms and expressions will be the
      same meaning as accorded to them in the Deed of
  Trust.

            

    

    

    
      	
              3.

            	
              In
      the Deed of Trust, in
      connection with Debentures (Series C) only, the following
      alterations will apply:

            

    

    

    
      	
               
      

            	
              3.1

            	
              In
      Clause 4 of the Deed of Trust, after the words “the interest”, the
      following words will be added: “(including penalty interest, if same
      applies)”.

            

    

    

    
      	
               
      

            	
              3.2

            	
              In
      Clause 7 of the Deed of Trust (immediate payment), the following changes
      and additions will be made:

            

    

    

    
      	
               
      

            	
              3.2.1

            	
              In
      Clause 7.1.1 of the Deed of Trust, instead of: “30 days” there shall be
      inserted: “21 days”.

            

    

    

    
      	
               
      

            	
              3.2.2

            	
              Clause
      7.1.14 shall be added to the Deed of Trust, as
  follows:

            

    

    

    
      	
               
      

            	
              “7.1.14

            	
              If
      the Debentures (Series C) cease to be rated by any rating company, solely
      for a reason dependent on the Company, and this is not rectified within 60
      business days.  For the removal of doubt it is clarified that if
      the Debentures (Series C) are rated by a number of rating companies, then
      for purposes of this clause “cessation of rating” means “cessation of
      rating by all the rating
companies.”

            

    

    

    
      	
               
      

            	
              3.3

            	
              In
      Clause 14 of the Deed of Trust (the Company’s obligations to the Trustee)
      Clauses 14.17 and 14.18 will be added as
  follows:

            

    

    

    
      	
               
      

            	
              “14.17

            	
              Even
      if the Company ceases to be a reporting corporation, the Company shall
      continue to deliver quarterly and annual financial statements to the
      Trustee at the times at which a reporting corporation publishes same until
      the final and absolute repayment of the Debentures (Series
    C).

            

    

    

    
      	
               
      

            	
              14.18

            	
              Solely
      if this is dependent on the Company, the Company shall cause a situation
      that the Debentures (Series C) will continue to be rated by any rating
      company until a final and absolute repayment of the Debentures (Series
      C).”

            

    

    
      
         

      

      
        30

        
          

        

      

      
         

      

    

    

    
      	
               
      

            	
              3.4

            	
              In
      Clause 21 of the Deed of Trust, the following alterations and additions
      will be made:

            

    

    

    
      	
               
      

            	
              3.4.1

            	
              Clause
      21.1.2 of the Deed of Trust after the words: “in good faith”, the words
      “was not negligent” shall be
inserted.

            

    

    

    
      	
               
      

            	
              3.4.2

            	
              In
      Clause 21.2 of the Deed of Trust, wherever the word “expenses” appears the
      word: “reasonable” shall be added ahead of
it.

            

    

    

    
      	
               
      

            	
              3.4.3

            	
              In
      Clause 21.5 of the Deed of Trust, at the end of the clause before the
      period the following words will be added: “and in such case, the Trustee
      will be obliged to address a demand to the Company for reimbursement of
      this amount”.

            

    

    

    
      	
               
      

            	
              3.5

            	
              In
      Clause 23.3 of the Deed of Trust, the following paragraph will be added at
      the end thereof:

            

    

    

    
      	
            	
               
      

            	
              “It
      is clarified that a reduction in the rate of interest specified in the
      debenture, a change in the times of payment of the principal and the
      interest, the deletion of any of the grounds enumerated in Clause 7 of
      this deed, or the deletion of any of the reports according to this deed
      which the Company has undertaken to send to the Trustee – will be capable
      of being changed only if the provisions specified in Clause 23.3.2 above
      have been fulfilled”.

            

    

    

    
      	
               
      

            	
              3.6

            	
              In
      Clause 27 of the Deed of Trust, instead of: “at the bank/s” there shall be
      substituted: “at one of the five largest banks”, and instead of: “provided
      that any investment in securities shall be in securities that have been
      rated with a rating of not lower than a AA rating” there shall be
      inserted: “provided that any investment in securities shall be in
      government bonds and/or in bank deposits
only.”

            

    

    

    
      	
              4.

            	
              It
      is clarified that the alterations in the Deed of Trust as set forth in
      this Addendum shall apply only in regard to the Debentures (Series C) and
      this Addendum does not make the conditions set forth in this Addendum
      applicable to other series of debentures the Company is entitled to offer
      pursuant to the Shelf Prospectus (that is to say, Debentures (Series D to
      H).

            

    

    

    In
witness whereof the parties have hereunto signed:

    

    
      
        
          	
                  /s/

                	 
      	
                  /s/ Dror Moran, Zeev
  Stein

                
	
                  Hermetic
      Trust (1975) Ltd.

                	 
      	
                  Blue
      Square Real Estate
Ltd.

                

        

      

    

    
      
         

      

      
        31

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