Document:

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CAN-FITE BIOPHARMA LTD.

 

AND

 

THE BANK OF NEW YORK MELLON

 

As Depositary

  

AND

 

OWNERS AND HOLDERS OF AMERICAN DEPOSITARY
SHARES

 

Deposit Agreement

 

Dated as of September 19, 2012

 

As Amended and Restated as of September
11, 2013

 

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DEPOSIT AGREEMENT

 

DEPOSIT AGREEMENT dated
as of September 19, 2012, as amended and restated as of September 11, 2013, among Can-Fite BioPharma Ltd., a company incorporated
under the laws of Israel (herein called the Company), THE BANK OF NEW YORK MELLON, a New York banking corporation (herein called
the Depositary), and all Owners and Holders from time to time of American Depositary Shares issued hereunder.

 

WITNESSETH:

 

WHEREAS, the Company
desires to provide, as hereinafter set forth in this amended and restated Deposit Agreement, for the deposit of Shares (as hereinafter
defined) of the Company from time to time with the Depositary or with the Custodian (as hereinafter defined) as agent of the Depositary
for the purposes set forth in this Deposit Agreement, for the creation of American Depositary Shares representing the Shares so
deposited and for the execution and delivery of American Depositary Receipts evidencing the American Depositary Shares; and

 

WHEREAS, the American
Depositary Receipts are to be substantially in the form of Exhibit A annexed hereto, with appropriate insertions, modifications
and omissions, as hereinafter provided in this Deposit Agreement;

 

NOW, THEREFORE, in consideration
of the premises, it is agreed by and between the parties hereto as follows:

 

ARTICLE 1.DEFINITIONS

 

The following definitions
shall for all purposes, unless otherwise clearly indicated, apply to the respective terms used in this Deposit Agreement:

 

SECTION
1.1American Depositary Shares.

 

The term “American
Depositary Shares” shall mean the securities created under this Deposit Agreement representing rights with respect to the
Deposited Securities. American Depositary Shares may be certificated securities evidenced by Receipts or uncertificated securities.
The form of Receipt annexed as Exhibit A to this Deposit Agreement shall be the prospectus required under the Securities Act of
1933 for sales of both certificated and uncertificated American Depositary Shares. Except for those provisions of this Deposit
Agreement that refer specifically to Receipts, all the provisions of this Deposit Agreement shall apply to both certificated and
uncertificated American Depositary Shares. Each American Depositary Share shall represent the number of Shares specified in Exhibit
A to this Deposit Agreement, until there shall occur a distribution upon Deposited Securities covered by Section 4.3 or a change
in Deposited Securities covered by Section 4.8 with respect to which additional American Depositary Shares are not delivered, and
thereafter American Depositary Shares shall represent the amount of Shares or Deposited Securities specified in such Sections.

 

    	 

    	 

    

 

SECTION
1.2Commission.

 

The term “Commission”
shall mean the Securities and Exchange Commission of the United States or any successor governmental agency in the United States.

 

SECTION
1.3Company.

 

The term “Company”
shall mean Can-Fite BioPharma Ltd., a company organized under the laws of Israel, and its successors.

 

SECTION
1.4Custodian.

 

The term “Custodian”
shall mean the Tel Aviv office of Bank Hapoalim B.M., as agent of the Depositary for the purposes of this Deposit Agreement, and
any other firm or corporation which may hereafter be appointed by the Depositary pursuant to the terms of Section 5.5, as substitute
or additional custodian or custodians hereunder, as the context shall require and shall also mean all of them collectively.

 

SECTION
1.5Deliver; Surrender.

 

(a)The term “deliver”,
or its noun form, when used with respect to Shares or other Deposited Securities, shall mean (i) book-entry transfer of those Shares
or other Deposited Securities to an account maintained by an institution authorized under applicable law to effect transfers of
such securities designated by the person entitled to that delivery or (ii) physical transfer of certificates evidencing those Shares
or other Deposited Securities registered in the name of, or duly endorsed or accompanied by proper instruments of transfer to,
the person entitled to that delivery.

 

(b)The term “deliver”,
or its noun form, when used with respect to American Depositary Shares, shall mean (i) book-entry transfer of American Depositary
Shares to an account at DTC designated by the person entitled to such delivery, evidencing American Depositary Shares registered
in the name requested by that person, (ii) registration of American Depositary Shares not evidenced by a Receipt on the books of
the Depositary in the name requested by the person entitled to such delivery and mailing to that person of a statement confirming
that registration or (iii) if requested by the person entitled to such delivery, delivery at the Corporate Trust Office of the
Depositary to the person entitled to such delivery of one or more Receipts.

 

(c)The term “surrender”,
when used with respect to American Depositary Shares, shall mean (i) one or more book-entry transfers of American Depositary Shares
to the DTC account of the Depositary, (ii) delivery to the Depositary at its Corporate Trust Office of an instruction to surrender
American Depositary Shares not evidenced by a Receipt or (iii) surrender to the Depositary at its Corporate Trust Office of one
or more Receipts evidencing American Depositary Shares.

 

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SECTION
1.6Deposit Agreement.

 

The term “Deposit
Agreement” shall mean this amended and restated Deposit Agreement, as the same may be amended from time to time in accordance
with the provisions hereof.

 

SECTION
1.7Depositary; Corporate Trust Office.

 

The term “Depositary”
shall mean The Bank of New York Mellon, a New York banking corporation, and any successor as depositary hereunder. The term “Corporate
Trust Office”, when used with respect to the Depositary, shall mean the office of the Depositary which at the date of this
Deposit Agreement is 101 Barclay Street, New York, New York 10286.

 

SECTION
1.8Deposited Securities.

 

The term “Deposited
Securities” as of any time shall mean Shares at such time deposited or deemed to be deposited under this Deposit Agreement,
including without limitation Shares that have not been successfully delivered upon surrender of American Depositary Shares, and
any and all other securities, property and cash received by the Depositary or the Custodian in respect thereof and at such time
held under this Deposit Agreement, subject as to cash to the provisions of Section 4.5.

 

SECTION
1.9Dollars.

 

The term “Dollars”
shall mean United States dollars.

 

SECTION
1.10DTC.

 

The term “DTC”
shall mean The Depository Trust Company or its successor.

 

SECTION
1.11Foreign Registrar.

 

The term “Foreign
Registrar” shall mean the entity that presently carries out the duties of registrar for the Shares or any successor as registrar
for the Shares and any other agent of the Company for the transfer and registration of Shares, including without limitation any
securities depository for the Shares.

 

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SECTION
1.12Holder.

 

The term “Holder”
shall mean any person holding a Receipt or a security entitlement or other interest in American Depositary Shares, whether for
its own account or for the account of another person, but that is not the Owner of that Receipt or those American Depositary Shares.

 

SECTION
1.13Owner.

 

The term “Owner”
shall mean the person in whose name American Depositary Shares are registered on the books of the Depositary maintained for such
purpose.

 

SECTION
1.14Receipts.

 

The term “Receipts”
shall mean the American Depositary Receipts issued hereunder evidencing certificated American Depositary Shares, as the same may
be amended from time to time in accordance with the provisions hereof.

 

SECTION
1.15Registrar.

 

The term “Registrar”
shall mean any bank or trust company having an office in the Borough of Manhattan, The City of New York, that is appointed by the
Depositary to register American Depositary Shares and transfers of American Depositary Shares as herein provided.

 

SECTION
1.16Restricted Securities.

 

The term “Restricted
Securities” shall mean Shares, or American Depositary Shares representing Shares, that are acquired directly or indirectly
from the Company or its affiliates (as defined in Rule 144 under the Securities Act of 1933) in a transaction or chain of transactions
not involving any public offering, or that are subject to resale limitations under Regulation D under the Securities Act of 1933
or both, or which are held by an officer, director (or persons performing similar functions) or other affiliate of the Company,
or that would require registration under the Securities Act of 1933 in connection with the offer and sale thereof in the United
States, or that are subject to other restrictions on sale or deposit under the laws of the United States or Israel, or under a
shareholder agreement or the articles of association or similar document of the Company.

 

SECTION
1.17Securities Act of 1933.

 

The term “Securities
Act of 1933” shall mean the United States Securities Act of 1933, as from time to time amended.

 

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SECTION
1.18Shares.

 

The term “Shares”
shall mean ordinary shares of the Company that are validly issued and outstanding and fully paid, nonassessable and that were not
issued in violation of any pre-emptive or similar rights of the holders of outstanding securities of the Company; provided,
however, that, if there shall occur any change in nominal value, a split-up or consolidation or any other reclassification
or, upon the occurrence of an event described in Section 4.8, an exchange or conversion in respect of the Shares of the Company,
the term “Shares” shall thereafter also mean the successor securities resulting from such change in nominal value,
split-up or consolidation or such other reclassification or such exchange or conversion.

 

ARTICLE 2.FORM OF
RECEIPTS, DEPOSIT OF SHARES, DELIVERY, TRANSFER AND SURRENDER OF AMERICAN DEPOSITARY SHARES

 

SECTION
2.1Form of Receipts; Registration and Transferability of American Depositary Shares.

 

Definitive Receipts shall
be substantially in the form set forth in Exhibit A annexed to this Deposit Agreement, with appropriate insertions, modifications
and omissions, as hereinafter provided. No Receipt shall be entitled to any benefits under this Deposit Agreement or be valid or
obligatory for any purpose, unless such Receipt shall have been (i) executed by the Depositary by the manual signature of a duly
authorized officer of the Depositary or (ii) executed by the facsimile signature of a duly authorized officer of the Depositary
and countersigned by the manual signature of a duly authorized signatory of the Depositary or a Registrar. The Depositary shall
maintain books on which (x) each Receipt so executed and delivered as hereinafter provided and the transfer of each such Receipt
shall be registered and (y) all American Depositary Shares delivered as hereinafter provided and all registrations of transfer
of American Depositary Shares shall be registered. A Receipt bearing the facsimile signature of a person that was at any time a
proper officer of the Depositary shall, subject to the other provisions of this paragraph, bind the Depositary, notwithstanding
that such person was not a proper officer of the Depositary on the date of issuance of that Receipt.

 

The Receipts may be endorsed
with or have incorporated in the text thereof such legends or recitals or modifications not inconsistent with the provisions of
this Deposit Agreement as may be required by the Depositary or required to comply with any applicable law or regulations thereunder
or with the rules and regulations of any securities exchange upon which American Depositary Shares may be listed or to conform
with any usage with respect thereto, or to indicate any special limitations or restrictions to which any particular Receipts are
subject by reason of the date of issuance of the underlying Deposited Securities or otherwise.

 

American Depositary Shares
evidenced by a Receipt, when properly endorsed or accompanied by proper instruments of transfer, shall be transferable as certificated
registered securities under the laws of New York. American Depositary Shares not evidenced by Receipts shall be transferable as
uncertificated registered securities under the laws of New York. The Depositary, notwithstanding any notice to the contrary, may
treat the Owner of American Depositary Shares as the absolute owner thereof for the purpose of determining the person entitled
to distribution of dividends or other distributions or to any notice provided for in this Deposit Agreement and for all other purposes,
and neither the Depositary nor the Company shall have any obligation or be subject to any liability under this Deposit Agreement
to any Holder of American Depositary Shares unless that Holder is the Owner of those American Depositary Shares.

 

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SECTION
2.2Deposit of Shares.

 

Subject to the terms
and conditions of this Deposit Agreement, Shares or evidence of rights to receive Shares may be deposited by delivery thereof to
any Custodian hereunder, accompanied by any appropriate instruments or instructions for transfer, or endorsement, in form satisfactory
to the Custodian, together with all such certifications as may be required by the Depositary or the Custodian in accordance with
the provisions of this Deposit Agreement, and, if the Depositary requires, together with a written order directing the Depositary
to deliver to, or upon the written order of, the person or persons stated in such order, the number of American Depositary Shares
representing such deposit.

 

No Share shall be accepted
for deposit unless accompanied by evidence satisfactory to the Depositary that any necessary approval has been granted by any governmental
body in Israel that is then performing the function of the regulation of currency exchange. If required by the Depositary, Shares
presented for deposit at any time, whether or not the transfer books of the Company or the Foreign Registrar, if applicable, are
closed, shall also be accompanied by an agreement or assignment, or other instrument satisfactory to the Depositary, which will
provide for the prompt transfer to the Custodian of any dividend, or right to subscribe for additional Shares or to receive other
property which any person in whose name the Shares are or have been recorded may thereafter receive upon or in respect of such
deposited Shares, or in lieu thereof, such agreement of indemnity or other agreement as shall be satisfactory to the Depositary.

 

At the request and risk
and expense of any person proposing to deposit Shares, and for the account of such person, the Depositary may receive certificates
for Shares to be deposited, together with the other instruments herein specified, for the purpose of forwarding such Share certificates
to the Custodian for deposit hereunder.

 

Upon each delivery to
a Custodian of a certificate or certificates for Shares to be deposited hereunder, together with the other documents specified
above, such Custodian shall, as soon as transfer and recordation can be accomplished, present such certificate or certificates
to the Company or the Foreign Registrar, if applicable, for transfer and recordation of the Shares being deposited in the name
of the Depositary or its nominee or such Custodian or its nominee.

 

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Deposited Securities
shall be held by the Depositary or by a Custodian for the account and to the order of the Depositary or at such other place or
places as the Depositary shall determine.

 

SECTION
2.3Delivery of American Depositary Shares.

 

Upon receipt by any Custodian
of any deposit pursuant to Section 2.2 hereunder, together with the other documents required as specified above, such Custodian
shall notify the Depositary of such deposit and the person or persons to whom or upon whose written order American Depositary Shares
are deliverable in respect thereof and the number of American Depositary Shares to be so delivered. Such notification shall be
made by letter or, at the request, risk and expense of the person making the deposit, by cable, telex or facsimile transmission
(and in addition, if the transfer books of the Company or the Foreign Registrar, if applicable, are open, the Depositary may in
its sole discretion require a proper acknowledgment or other evidence from the Company or the Foreign Registrar that any Deposited
Securities have been recorded upon the books of the Company or the Foreign Registrar, if applicable, in the name of the Depositary
or its nominee or such Custodian or its nominee). Upon receiving such notice from such Custodian, or upon the receipt of Shares
or evidence of the right to receive Shares by the Depositary, the Depositary, subject to the terms and conditions of this Deposit
Agreement, shall deliver, to or upon the order of the person or persons entitled thereto, the number of American Depositary Shares
issuable in respect of that deposit, but only upon payment to the Depositary of the fees and expenses of the Depositary for the
delivery of such American Depositary Shares as provided in Section 5.9, and of all taxes and governmental charges and fees payable
in connection with such deposit and the transfer of the Deposited Securities.

 

SECTION
2.4Registration of Transfer of American Depositary Shares; Combination and Split-up of Receipts; Interchange of Certificated
and Uncertificated American Depositary Shares.

 

The Depositary, subject
to the terms and conditions of this Deposit Agreement, shall register transfers of American Depositary Shares on its transfer books
from time to time, upon (i) in the case of certificated American Depositary Shares, surrender of the Receipt evidencing those American
Depositary Shares, by the Owner in person or by a duly authorized attorney, properly endorsed or accompanied by proper instruments
of transfer or (ii) in the case of uncertificated American Depositary Shares, receipt from the Owner of a proper instruction (including,
for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.10), and, in either case, duly stamped
as may be required by the laws of the State of New York and of the United States of America. Thereupon the Depositary shall deliver
those American Depositary Shares to or upon the order of the person entitled thereto.

 

The Depositary, subject
to the terms and conditions of this Deposit Agreement, shall upon surrender of a Receipt or Receipts for the purpose of effecting
a split-up or combination of such Receipt or Receipts, execute and deliver a new Receipt or Receipts for any authorized number
of American Depositary Shares requested, evidencing the same aggregate number of American Depositary Shares as the Receipt or Receipts
surrendered.

 

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The Depositary, upon
surrender of certificated American Depositary Shares for the purpose of exchanging for uncertificated American Depositary Shares,
shall cancel those certificated American Depositary Shares and send the Owner a statement confirming that the Owner is the owner
of the same number of uncertificated American Depositary Shares. The Depositary, upon receipt of a proper instruction (including,
for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.10) from the Owner of uncertificated
American Depositary Shares for the purpose of exchanging for certificated American Depositary Shares, shall cancel those uncertificated
American Depositary Shares and deliver to the Owner the same number of certificated American Depositary Shares.

 

The Depositary may appoint
one or more co-transfer agents for the purpose of effecting registration of transfers of American Depositary Shares and combinations
and split-ups of Receipts at designated transfer offices on behalf of the Depositary. In carrying out its functions, a co-transfer
agent may require evidence of authority and compliance with applicable laws and other requirements by Owners or persons entitled
to American Depositary Shares and will be entitled to protection and indemnity to the same extent as the Depositary.

 

SECTION
2.5Surrender of American Depositary Shares and Withdrawal of Deposited Securities.

 

Upon surrender at the
Corporate Trust Office of the Depositary of American Depositary Shares for the purpose of withdrawal of the Deposited Securities
represented thereby, and upon payment of the fee of the Depositary for the surrender of American Depositary Shares as provided
in Section 5.9 and payment of all taxes and governmental charges payable in connection with such surrender and withdrawal of the
Deposited Securities, and subject to the terms and conditions of this Deposit Agreement, the Owner of those American Depositary
Shares shall be entitled to delivery, to him or as instructed, of the amount of Deposited Securities at the time represented by
those American Depositary Shares. Such delivery shall be made, as hereinafter provided, without unreasonable delay.

 

A Receipt surrendered
for such purposes may be required by the Depositary to be properly endorsed in blank or accompanied by proper instruments of transfer
in blank. The Depositary may require the surrendering Owner to execute and deliver to the Depositary a written order directing
the Depositary to cause the Deposited Securities being withdrawn to be delivered to or upon the written order of a person or persons
designated in such order. Thereupon the Depositary shall direct the Custodian to deliver at the office of such Custodian, subject
to Sections 2.6, 3.1 and 3.2 and to the other terms and conditions of this Deposit Agreement, to or upon the written order of the
person or persons designated in the order delivered to the Depositary as above provided, the amount of Deposited Securities represented
by the surrendered American Depositary Shares, except that the Depositary may make delivery to such person or persons at the Corporate
Trust Office of the Depositary of any dividends or distributions with respect to the Deposited Securities represented by those
American Depositary Shares, or of any proceeds of sale of any dividends, distributions or rights, which may at the time be held
by the Depositary.

 

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At the request, risk
and expense of any Owner so surrendering American Depositary Shares, and for the account of such Owner, the Depositary shall direct
the Custodian to forward any cash or other property (other than rights) comprising, and forward a certificate or certificates,
if applicable, and other proper documents of title for, the Deposited Securities represented by the surrendered American Depositary
Shares to the Depositary for delivery at the Corporate Trust Office of the Depositary. Such direction shall be given by letter
or, at the request, risk and expense of such Owner, by cable, telex or facsimile transmission.

 

SECTION
2.6Limitations on Delivery, Transfer and Surrender of American Depositary Shares.

 

As a condition precedent
to the delivery, registration of transfer or surrender of any American Depositary Shares or split-up or combination of any Receipt
or withdrawal of any Deposited Securities, the Depositary, Custodian or Registrar may require payment from the depositor of Shares
or the presenter of the Receipt or instruction for registration of transfer or surrender of American Depositary Shares not evidenced
by a Receipt of a sum sufficient to reimburse it for any tax or other governmental charge and any stock transfer or registration
fee with respect thereto (including any such tax or charge and fee with respect to Shares being deposited or withdrawn) and payment
of any applicable fees as herein provided, may require the production of proof satisfactory to it as to the identity and genuineness
of any signature and may also require compliance with any regulations the Depositary may establish consistent with the provisions
of this Deposit Agreement, including, without limitation, this Section 2.6.

 

The delivery of American
Depositary Shares against deposit of Shares generally or against deposit of particular Shares may be suspended, or the transfer
of American Depositary Shares in particular instances may be refused, or the registration of transfer of outstanding American Depositary
Shares generally may be suspended, during any period when the transfer books of the Depositary are closed, or if any such action
is deemed necessary or advisable by the Depositary or the Company at any time or from time to time because of any requirement of
law or of any government or governmental body or commission, or under any provision of this Deposit Agreement, or for any other
reason, subject to the provisions of the following sentence. Notwithstanding anything to the contrary in this Deposit Agreement,
the surrender of outstanding American Depositary Shares and withdrawal of Deposited Securities may not be suspended subject only
to (i) temporary delays caused by closing the transfer books of the Depositary or the Company or the Foreign Registrar, if applicable,
or the deposit of Shares in connection with voting at a shareholders’ meeting, or the payment of dividends, (ii) the payment
of fees, taxes and similar charges, and (iii) compliance with any U.S. or foreign laws or governmental regulations relating to
the American Depositary Shares or to the withdrawal of the Deposited Securities. Without limitation of the foregoing, the Depositary
shall not knowingly accept for deposit under this Deposit Agreement any Shares which would be required to be registered under the
provisions of the Securities Act of 1933 for public offer and sale in the United States unless a registration statement is in effect
as to such Shares for such offer and sale. 

 

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SECTION
2.7Lost Receipts, etc.

 

In case any Receipt shall
be mutilated, destroyed, lost or stolen, the Depositary shall deliver to the Owner the American Depositary Shares evidenced by
that Receipt in uncertificated form or, if requested by the Owner, execute and deliver a new Receipt of like tenor in exchange
and substitution for such mutilated Receipt, upon cancellation thereof, or in lieu of and in substitution for such destroyed, lost
or stolen Receipt. Before the Depositary shall deliver American Depositary Shares in uncertificated form or execute and deliver
a new Receipt, in substitution for a destroyed, lost or stolen Receipt, the Owner thereof shall have (a) filed with the Depositary
(i) a request for such execution and delivery before the Depositary has notice that the Receipt has been acquired by a bona fide
purchaser and (ii) a sufficient indemnity bond and (b) satisfied any other reasonable requirements imposed by the Depositary.

 

SECTION
2.8Cancellation and Destruction of Surrendered Receipts.

 

All Receipts surrendered
to the Depositary shall be cancelled by the Depositary. The Depositary is authorized to destroy Receipts so cancelled.

 

SECTION
2.9Pre-Release of American Depositary Shares.

 

Unless requested in writing
by the Company to cease doing so, the Depositary may, notwithstanding Section 2.3 hereof, execute and deliver American Depositary
Shares prior to the receipt of Shares pursuant to Section 2.2 ("Pre-Release"). The Depositary may, pursuant to Section
2.5, deliver Shares upon the receipt and cancellation of American Depositary Shares which have been Pre-Released, whether or not
such cancellation is prior to the termination of such Pre-Release or the Depositary knows that such American Depositary Share has
been Pre-Released. The Depositary may receive American Depositary Shares in lieu of Shares in satisfaction of a Pre-Release. Each
Pre-Release will be (a) preceded or accompanied by a written representation and agreement from the person to whom American Depositary
Shares are to be delivered (the "Pre-Releasee") that the Pre-Releasee, or its customer, (i) owns the Shares or American
Depositary Shares to be remitted, as the case may be, (ii) assigns all beneficial rights, title and interest in such Shares or
American Depositary Shares, as the case may be, to the Depositary in its capacity as such and for the benefit of the Owners, and
(iii) will not take any action with respect to such Shares or American Depositary Shares, as the case may be, that is inconsistent
with the transfer of beneficial ownership (including, without the consent of the Depositary, disposing of such Shares or American
Depositary Shares, as the case may be), other than in satisfaction of such Pre-Release, (b) at all times fully collateralized with
cash, U.S. government securities or such other collateral as the Depositary determines, in good faith, will provide substantially
similar liquidity and security, (c) terminable by the Depositary on not more than five (5) business days notice, and (d) subject
to such further indemnities and credit regulations as the Depositary deems appropriate. The number of Shares not deposited but
represented by American Depositary Shares outstanding at any time as a result of Pre-Releases will not normally exceed thirty percent
(30%) of the Shares deposited hereunder; provided, however, that the Depositary reserves the right to disregard such limit from
time to time as it deems reasonably appropriate, and may, with the prior written consent of the Company, change such limit for
purposes of general application. The Depositary will also set Dollar limits with respect to Pre-Release transactions to be entered
into hereunder with any particular Pre-Releasee on a case-by-case basis as the Depositary deems appropriate. For purposes of enabling
the Depositary to fulfill its obligations to the Owners under the Deposit Agreement, the collateral referred to in clause (b) above
shall be held by the Depositary as security for the performance of the Pre-Releasee's obligations to the Depositary in connection
with a Pre-Release transaction, including the Pre-Releasee's obligation to deliver Shares or American Depositary Shares upon termination
of a Pre-Release transaction (and shall not, for the avoidance of doubt, constitute Deposited Securities hereunder).

 

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The Depositary may retain
for its own account any compensation received by it in connection with the foregoing.

 

SECTION
2.10DTC Direct Registration System and Profile Modification System.

 

(a)Notwithstanding
the provisions of Section 2.4, the parties acknowledge that the Direct Registration System (“DRS”) and Profile Modification
System (“Profile”) shall apply to uncertificated American Depositary Shares upon acceptance thereof to DRS by DTC.
DRS is the system administered by DTC pursuant to which the Depositary may register the ownership of uncertificated American Depositary
Shares, which ownership shall be evidenced by periodic statements issued by the Depositary to the Owners entitled thereto. Profile
is a required feature of DRS which allows a DTC participant, claiming to act on behalf of an Owner of American Depositary Shares,
to direct the Depositary to register a transfer of those American Depositary Shares to DTC or its nominee and to deliver those
American Depositary Shares to the DTC account of that DTC participant without receipt by the Depositary of prior authorization
from the Owner to register such transfer.

 

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(b)In connection
with and in accordance with the arrangements and procedures relating to DRS/Profile, the parties understand that the Depositary
will not verify, determine or otherwise ascertain that the DTC participant which is claiming to be acting on behalf of an Owner
in requesting a registration of transfer and delivery as described in subsection (a) has the actual authority to act on behalf
of the Owner (notwithstanding any requirements under the Uniform Commercial Code). For the avoidance of doubt, the provisions of
Sections 5.3 and 5.8 shall apply to the matters arising from the use of the DRS. The parties agree that the Depositary’s
reliance on and compliance with instructions received by the Depositary through the DRS/Profile System and in accordance with this
Deposit Agreement shall not constitute negligence or bad faith on the part of the Depositary.

 

ARTICLE 3.CERTAIN
OBLIGATIONS OF OWNERS AND HOLDERS OF AMERICAN DEPOSITARY SHARES

 

SECTION
3.1Filing Proofs, Certificates and Other Information.

 

Any person presenting
Shares for deposit or any Owner or Holder may be required from time to time to file with the Depositary or the Custodian such proof
of citizenship or residence, exchange control approval, or such information relating to the registration on the books of the Company
or the Foreign Registrar, if applicable, to execute such certificates and to make such representations and warranties, as the Depositary
may deem necessary or proper. The Depositary may withhold the delivery or registration of transfer of American Depositary Shares
or the distribution of any dividend or sale or distribution of rights or of the proceeds thereof or the delivery of any Deposited
Securities until such proof or other information is filed or such certificates are executed or such representations and warranties
made.

 

SECTION
3.2Liability of Owner for Taxes.

 

If any tax or other governmental
charge shall become payable by the Custodian or the Depositary with respect to any American Depositary Shares or any Deposited
Securities represented by any American Depositary Shares, such tax or other governmental charge shall be payable by the Owner of
such American Depositary Shares to the Depositary. The Depositary may refuse to register any transfer of those American Depositary
Shares or any withdrawal of Deposited Securities represented by those American Depositary Shares until such payment is made, and
may withhold any dividends or other distributions, or may sell for the account of the Owner thereof any part or all of the Deposited
Securities represented by those American Depositary Shares, and may apply such dividends or other distributions or the proceeds
of any such sale in payment of such tax or other governmental charge and the Owner of such American Depositary Shares shall remain
liable for any deficiency.

 

    	- 12 -

    	 

    

 

SECTION
3.3Warranties on Deposit of Shares.

 

Every person depositing
Shares under this Deposit Agreement shall be deemed thereby to represent and warrant that such Shares and each certificate therefor,
if applicable, are validly issued, fully paid, nonassessable and free of any preemptive rights of the holders of outstanding Shares
and that the person making such deposit is duly authorized so to do. Every such person shall also be deemed to represent that the
deposit of such Shares and the sale of American Depositary Shares representing such Shares by that person are not restricted under
the Securities Act of 1933. Such representations and warranties shall survive the deposit of Shares and delivery of American Depositary
Shares.

 

SECTION
3.4Disclosure of Beneficial Ownership.

 

The Company may from
time to time request that any Owner or Holder of American Depositary Shares provide information as to the capacity in which it
holds American Depositary Shares or such beneficial interest and regarding the identity of any other persons then or previously
having a beneficial interest in such American Depositary Shares, and the nature of such interest and various other matters. Each
such Owner or Holder agrees to provide such information reasonably requested by the Company pursuant to this Section. The Depositary
agrees to comply with reasonable written instructions received from time to time from the Company requesting that the Depositary
forward any such written requests to the Owners and to forward to the Company any such responses to such requests received by the
Depositary.

 

Each Owner and Holder
agrees to comply with any applicable provision of Israeli law with regard to the notification to the Company of the holding or
proposed holding of certain interests in Shares and the obtaining of certain consents, to the same extent as if such Owner or Holder
were a registered holder or beneficial owner of Shares. The Depositary is not required to take any action with respect to such
compliance on behalf of any Owner or Holder, including the provision of the notifications described below.

 

As of the date of this
Deposit Agreement, under Israeli law, persons who hold a direct or indirect interest in 5% or more of the voting securities of
the Company (including persons who hold such an interest through the holding of American Depositary Shares) are required to give
written notice of their interest and any subsequent changes in their interest to the Company within the timeframes set forth in
Israeli law. The foregoing is a summary of the relevant provision of Israeli law and does not purport to be a complete review of
this or other provisions that may be applicable to Owners or Holders. The Company undertakes no obligations to update this summary
in the future.

 

    	- 13 -

    	 

    

 

ARTICLE 4.THE DEPOSITED
SECURITIES

 

SECTION
4.1Cash Distributions.

 

Whenever the Depositary
shall receive any cash dividend or other cash distribution on any Deposited Securities, the Depositary shall, subject to the provisions
of Section 4.5, convert such dividend or distribution into Dollars and shall distribute the amount thus received (net of the fees
and expenses of the Depositary as provided in Section 5.9) to the Owners entitled thereto, in proportion to the number of
American Depositary Shares representing such Deposited Securities held by them respectively; provided, however, that
in the event that the Custodian or the Depositary shall be required to withhold and does withhold from such cash dividend or such
other cash distribution an amount on account of taxes or other governmental charges, the amount distributed to the Owner of the
American Depositary Shares representing such Deposited Securities shall be reduced accordingly. The Depositary shall distribute
only such amount, however, as can be distributed without attributing to any Owner a fraction of one cent. Any such fractional amounts
shall be rounded to the nearest whole cent and so distributed to Owners entitled thereto. The Company or its agent will remit to
the appropriate governmental agency in Israel all amounts withheld and owing to such agency. The Depositary will forward to the
Company or its agent such information from its records as the Company may reasonably request to enable the Company or its agent
to file necessary reports with governmental agencies, and the Depositary or the Company or its agent may file any such reports
necessary to obtain benefits under the applicable tax treaties for the Owners.

 

SECTION
4.2Distributions Other Than Cash, Shares or Rights.

 

Subject to the provisions
of Sections 4.11 and 5.9, whenever the Depositary shall receive any distribution other than a distribution described in Section
4.1, 4.3 or 4.4, the Depositary shall cause the securities or property received by it to be distributed to the Owners entitled
thereto, after deduction or upon payment of any fees and expenses of the Depositary or any taxes or other governmental charges,
in proportion to the number of American Depositary Shares representing such Deposited Securities held by them respectively, in
any manner that the Depositary may deem equitable and practicable for accomplishing such distribution; provided, however, that
if in the opinion of the Depositary such distribution cannot be made proportionately among the Owners entitled thereto, or if for
any other reason (including, but not limited to, any requirement that the Company or the Depositary withhold an amount on account
of taxes or other governmental charges or that such securities must be registered under the Securities Act of 1933 in order to
be distributed to Owners or Holders) the Depositary deems such distribution not to be feasible, the Depositary may adopt such method
as it may deem equitable and practicable for the purpose of effecting such distribution, including, but not limited to, the public
or private sale of the securities or property thus received, or any part thereof, and the net proceeds of any such sale (net of
the fees and expenses of the Depositary as provided in Section 5.9) shall be distributed by the Depositary to the Owners entitled
thereto, all in the manner and subject to the conditions described in Section 4.1. The Depositary may withhold any distribution
of securities under this Section 4.2 if it has not received satisfactory assurances from the Company that the distribution does
not require registration under the Securities Act of 1933. The Depositary may sell, by public or private sale, an amount of securities
or other property it would otherwise distribute under this Section 4.2 that is sufficient to pay its fees and expenses in respect
of that distribution.

 

    	- 14 -

    	 

    

 

SECTION
4.3Distributions in Shares.

 

If any distribution upon
any Deposited Securities consists of a dividend in, or free distribution of, Shares, the Depositary may deliver to the Owners entitled
thereto, in proportion to the number of American Depositary Shares representing such Deposited Securities held by them respectively,
an aggregate number of American Depositary Shares representing the amount of Shares received as such dividend or free distribution,
subject to the terms and conditions of the Deposit Agreement with respect to the deposit of Shares and after deduction or upon
issuance of American Depositary Shares, including the withholding of any tax or other governmental charge as provided in Section
4.11 and the payment of the fees and expenses of the Depositary as provided in Section 5.9 (and the Depositary may sell, by public
or private sale, an amount of the Shares received sufficient to pay its fees and expenses in respect of that distribution). The
Depositary may withhold any such delivery of American Depositary Shares if it has not received satisfactory assurances from the
Company that such distribution does not require registration under the Securities Act of 1933. In lieu of delivering fractional
American Depositary Shares in any such case, the Depositary shall sell the amount of Shares represented by the aggregate of such
fractions and distribute the net proceeds, all in the manner and subject to the conditions described in Section 4.1. If additional
American Depositary Shares are not so delivered, each American Depositary Share shall thenceforth also represent the additional
Shares distributed upon the Deposited Securities represented thereby.

 

SECTION
4.4Rights.

 

In the event that the
Company shall offer or cause to be offered to the holders of any Deposited Securities any rights to subscribe for additional Shares
or any rights of any other nature, the Depositary shall have discretion as to the procedure to be followed in making such rights
available to any Owners or in disposing of such rights on behalf of any Owners and making the net proceeds available to such Owners
or, if by the terms of such rights offering or for any other reason, the Depositary may not either make such rights available to
any Owners or dispose of such rights and make the net proceeds available to such Owners, then the Depositary shall allow the rights
to lapse. If at the time of the offering of any rights the Depositary determines in its discretion that it is lawful and feasible
to make such rights available to all or certain Owners but not to other Owners, the Depositary may distribute to any Owner to whom
it determines the distribution to be lawful and feasible, in proportion to the number of American Depositary Shares held by such
Owner, warrants or other instruments therefor in such form as it deems appropriate.

 

    	- 15 -

    	 

    

 

In circumstances in which
rights would otherwise not be distributed, if an Owner requests the distribution of warrants or other instruments in order to exercise
the rights allocable to the American Depositary Shares of such Owner hereunder, the Depositary will make such rights available
to such Owner upon written notice from the Company to the Depositary that (a) the Company has elected in its sole discretion to
permit such rights to be exercised and (b) such Owner has executed such documents as the Company has determined in its sole discretion
are reasonably required under applicable law.

 

If the Depositary has
distributed warrants or other instruments for rights to all or certain Owners, then upon instruction from such an Owner pursuant
to such warrants or other instruments to the Depositary from such Owner to exercise such rights, upon payment by such Owner to
the Depositary for the account of such Owner of an amount equal to the purchase price of the Shares to be received upon the exercise
of the rights, and upon payment of the fees and expenses of the Depositary and any other charges as set forth in such warrants
or other instruments, the Depositary shall, on behalf of such Owner, exercise the rights and purchase the Shares, and the Company
shall cause the Shares so purchased to be delivered to the Depositary on behalf of such Owner. As agent for such Owner, the Depositary
will cause the Shares so purchased to be deposited pursuant to Section 2.2 of this Deposit Agreement, and shall, pursuant
to Section 2.3 of this Deposit Agreement, deliver American Depositary Shares to such Owner. In the case of a distribution
pursuant to the second paragraph of this Section, such deposit shall be made, and depositary shares shall be delivered, under depositary
arrangements which provide for issuance of depositary shares subject to the appropriate restrictions on sale, deposit, cancellation,
and transfer under applicable United States laws.

 

If the Depositary determines
in its discretion that it is not lawful and feasible to make such rights available to all or certain Owners, it may sell the rights,
warrants or other instruments in proportion to the number of American Depositary Shares held by the Owners to whom it has determined
it may not lawfully or feasibly make such rights available, and allocate the net proceeds of such sales (net of the fees and expenses
of the Depositary as provided in Section 5.9 and all taxes and governmental charges payable in connection with such rights and
subject to the terms and conditions of this Deposit Agreement) for the account of such Owners otherwise entitled to such rights,
warrants or other instruments, upon an averaged or other practical basis without regard to any distinctions among such Owners because
of exchange restrictions or the date of delivery of any American Depositary Shares or otherwise.

 

    	- 16 -

    	 

    

 

The Depositary will not
offer rights to Owners unless both the rights and the securities to which such rights relate are either exempt from registration
under the Securities Act of 1933 with respect to a distribution to all Owners or are registered under the provisions of such Act;
provided, that nothing in this Deposit Agreement shall create any obligation on the part of the Company to file a registration
statement with respect to such rights or underlying securities or to endeavor to have such a registration statement declared effective.
If an Owner requests the distribution of warrants or other instruments, notwithstanding that there has been no such registration
under the Securities Act of 1933, the Depositary shall not effect such distribution unless it has received an opinion from recognized
counsel in the United States for the Company upon which the Depositary may rely that such distribution to such Owner is exempt
from such registration.

 

The Depositary shall
not be responsible for any failure to determine that it may be lawful or feasible to make such rights available to Owners in general
or any Owner in particular.

 

SECTION 4.5Conversion
of Foreign Currency.

 

Whenever the Depositary
or the Custodian shall receive foreign currency, by way of dividends or other distributions or the net proceeds from the sale of
securities, property or rights, and if at the time of the receipt thereof the foreign currency so received can in the judgment
of the Depositary be converted on a reasonable basis into Dollars and the resulting Dollars transferred to the United States, the
Depositary shall convert or cause to be converted by sale or in any other manner that it may determine such foreign currency into
Dollars, and such Dollars shall be distributed to the Owners entitled thereto or, if the Depositary shall have distributed any
warrants or other instruments which entitle the holders thereof to such Dollars, then to the holders of such warrants and/or instruments
upon surrender thereof for cancellation. Such distribution may be made upon an averaged or other practicable basis without regard
to any distinctions among Owners on account of exchange restrictions, the date of delivery of any American Depositary Shares or
otherwise and shall be net of any expenses of conversion into Dollars incurred by the Depositary as provided in Section 5.9.

 

If such conversion or
distribution can be effected only with the approval or license of any government or agency thereof, the Depositary shall file such
application for approval or license, if any, as it may deem desirable.

 

If at any time the Depositary
shall determine that in its judgment any foreign currency received by the Depositary or the Custodian is not convertible on a reasonable
basis into Dollars transferable to the United States, or if any approval or license of any government or agency thereof which is
required for such conversion is denied or in the opinion of the Depositary is not obtainable, or if any such approval or license
is not obtained within a reasonable period as determined by the Depositary, the Depositary may distribute the foreign currency
(or an appropriate document evidencing the right to receive such foreign currency) received by the Depositary to, or in its discretion
may hold such foreign currency uninvested and without liability for interest thereon for the respective accounts of, the Owners
entitled to receive the same.

 

    	- 17 -

    	 

    

 

If any such conversion
of foreign currency, in whole or in part, cannot be effected for distribution to some of the Owners entitled thereto, the Depositary
may in its discretion make such conversion and distribution in Dollars to the extent permissible to the Owners entitled thereto
and may distribute the balance of the foreign currency received by the Depositary to, or hold such balance uninvested and without
liability for interest thereon for the respective accounts of, the Owners entitled thereto.

 

SECTION 4.6Fixing
of Record Date.

 

Whenever any cash dividend
or other cash distribution shall become payable or any distribution other than cash shall be made, or whenever rights shall be
issued with respect to the Deposited Securities, or whenever the Depositary shall receive notice of any meeting of holders of Shares
or other Deposited Securities, or whenever for any reason the Depositary causes a change in the number of Shares that are represented
by each American Depositary Share, or whenever the Depositary shall find it necessary or convenient, the Depositary shall fix a
record date (a) for the determination of the Owners who shall be (i) entitled to receive such dividend, distribution or rights
or the net proceeds of the sale thereof, (ii) entitled to give instructions for the exercise of voting rights at any such meeting
or (iii) responsible for any fee or charge assessed by the Depositary pursuant to this Deposit Agreement, or (b) on or after which
each American Depositary Share will represent the changed number of Shares. Subject to the provisions of Sections 4.1 through 4.5
and to the other terms and conditions of this Deposit Agreement, the Owners on such record date shall be entitled, as the case
may be, to receive the amount distributable by the Depositary with respect to such dividend or other distribution or such rights
or the net proceeds of sale thereof in proportion to the number of American Depositary Shares held by them respectively and to
give voting instructions and to act in respect of any other such matter.

 

SECTION 4.7Voting
of Deposited Securities.

 

Upon receipt of notice
of any meeting of holders of Shares or other Deposited Securities, if requested in writing by the Company, the Depositary shall,
as soon as practicable thereafter, mail to the Owners a notice, the form of which notice shall be in the sole discretion of the
Depositary, which shall contain (a) such information as is contained in such notice of meeting received by the Depositary
from the Company, (b) a statement that the Owners as of the close of business on a specified record date will be entitled,
subject to any applicable provision of Israeli law and of the articles of association or similar documents of the Company, to instruct
the Depositary as to the exercise of the voting rights, if any, pertaining to the amount of Shares or other Deposited Securities
represented by their respective American Depositary Shares and (c) a statement as to the manner in which such instructions may
be given. Upon the written request of an Owner of American Depositary Shares on such record date, received on or before the date
established by the Depositary for such purpose, the Depositary shall endeavor, in so far as practicable, to vote or cause to be
voted the amount of Shares or other Deposited Securities represented by those American Depositary Shares in accordance with the
instructions set forth in such request. The Depositary shall not vote or attempt to exercise the right to vote that attaches to
the Shares or other Deposited Securities, other than in accordance with such instructions.

 

    	- 18 -

    	 

    

 

There can be no assurance
that Owners generally or any Owner in particular will receive the notice described in the preceding paragraph sufficiently prior
to the instruction cutoff date to ensure that the Depositary will vote the Shares or Deposited Securities in accordance with the
provisions set forth in the preceding paragraph.

 

In order to give Owners
a reasonable opportunity to instruct the Depositary as to the exercise of voting rights relating to Deposited Securities, if the
Company will request the Depositary to act under this Section 4.7, the Company shall give the Depositary notice of any such meeting
and details concerning the matters to be voted upon not less than 45 days prior to the meeting date.

 

SECTION 4.8Changes
Affecting Deposited Securities.

 

Upon any change in nominal
value, change in par value, split-up, consolidation or any other reclassification of Deposited Securities, or upon any recapitalization,
reorganization, merger or consolidation or sale of assets affecting the Company or to which it is a party, or upon the redemption
or cancellation by the Company of the Deposited Securities, any securities, cash or property which shall be received by the Depositary
or a Custodian in exchange for, in conversion of, in lieu of or in respect of Deposited Securities, shall be treated as new Deposited
Securities under this Deposit Agreement, and American Depositary Shares shall thenceforth represent, in addition to the existing
Deposited Securities, the right to receive the new Deposited Securities so received, unless additional American Depositary Shares
are delivered pursuant to the following sentence. In any such case the Depositary may deliver additional American Depositary Shares
as in the case of a dividend in Shares, or call for the surrender of outstanding Receipts to be exchanged for new Receipts specifically
describing such new Deposited Securities.

 

SECTION 4.9Reports.

 

The Depositary shall
make available for inspection by Owners at its Corporate Trust Office any reports and communications, including any proxy solicitation
material, received from the Company which are both (a) received by the Depositary as the holder of the Deposited Securities
and (b) made generally available to the holders of such Deposited Securities by the Company. The Depositary shall also, upon
written request by the Company, send to the Owners copies of such reports when furnished by the Company pursuant to Section 5.6.
Any such reports and communications, including any such proxy soliciting material, furnished to the Depositary by the Company shall
be furnished in English, to the extent such materials are required to be translated into English pursuant to any regulations of
the Commission.

 

    	- 19 -

    	 

    

 

SECTION 4.10Lists
of Owners.

 

Promptly upon request
by the Company, the Depositary shall, at the expense of the Company, furnish to it a list, as of a recent date, of the names, addresses
and holdings of American Depositary Shares by all persons in whose names American Depositary Shares are registered on the books
of the Depositary.

 

SECTION 4.11Withholding.

 

In the event that the
Depositary determines that any distribution in property (including Shares and rights to subscribe therefor) is subject to any tax
or other governmental charge which the Depositary is obligated to withhold, the Depositary may by public or private sale dispose
of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner as
the Depositary deems necessary and practicable to pay such taxes or charges and the Depositary shall distribute the net proceeds
of any such sale after deduction of such taxes or charges to the Owners entitled thereto in proportion to the number of American
Depositary Shares held by them respectively.

 

ARTICLE 5.THE DEPOSITARY,
THE CUSTODIANS AND THE COMPANY

 

SECTION 5.1Maintenance
of Office and Transfer Books by the Depositary.

 

Until termination of
this Deposit Agreement in accordance with its terms, the Depositary shall maintain in the Borough of Manhattan, The City of New
York, facilities for the execution and delivery, registration, registration of transfers and surrender of American Depositary Shares
in accordance with the provisions of this Deposit Agreement.

 

The Depositary shall
keep books, at its Corporate Trust Office, for the registration of American Depositary Shares and transfers of American Depositary
Shares which at all reasonable times shall be open for inspection by the Owners, provided that such inspection shall not be for
the purpose of communicating with Owners in the interest of a business or object other than the business of the Company or a matter
related to this Deposit Agreement or the American Depositary Shares.

 

The Depositary may close
the transfer books, at any time or from time to time, when deemed expedient by it in connection with the performance of its duties
hereunder.

 

If any American Depositary
Shares are listed on one or more stock exchanges in the United States, the Depositary shall act as Registrar or appoint a Registrar
or one or more co-registrars for registry of such American Depositary Shares in accordance with any requirements of such exchange
or exchanges.

 

    	- 20 -

    	 

    

 

SECTION 5.2Prevention
or Delay in Performance by the Depositary or the Company.

 

Neither the Depositary
nor the Company nor any of their respective directors, employees, agents or affiliates shall incur any liability to any Owner or
Holder (i) if by reason of any provision of any present or future law or regulation of the United States or any other country,
or of any governmental or regulatory authority or stock exchange, or by reason of any provision, present or future, of the articles
of association or similar document of the Company, or by reason of any provision of any securities issued or distributed by the
Company, or any offering or distribution thereof, or by reason of any act of God or war or terrorism or other circumstances beyond
its control, the Depositary or the Company shall be prevented, delayed or forbidden from, or be subject to any civil or criminal
penalty on account of, doing or performing any act or thing which by the terms of this Deposit Agreement or the Deposited Securities
it is provided shall be done or performed, (ii) by reason of any non-performance or delay, caused as aforesaid, in the performance
of any act or thing which by the terms of this Deposit Agreement it is provided shall or may be done or performed, (iii) by reason
of any exercise of, or failure to exercise, any discretion provided for in this Deposit Agreement, (iv) for the inability of any
Owner or Holder to benefit from any distribution, offering, right or other benefit which is made available to holders of Deposited
Securities but is not, under the terms of this Deposit Agreement, made available to Owners or Holders, or (v) for any special,
consequential or punitive damages for any breach of the terms of this Deposit Agreement. Where, by the terms of a distribution
pursuant to Section 4.1, 4.2 or 4.3, or an offering or distribution pursuant to Section 4.4, or for any other reason,
such distribution or offering may not be made available to Owners, and the Depositary may not dispose of such distribution or offering
on behalf of such Owners and make the net proceeds available to such Owners, then the Depositary shall not make such distribution
or offering, and shall allow any rights, if applicable, to lapse.

 

SECTION 5.3Obligations
of the Depositary, the Custodian and the Company.

 

The Company assumes no
obligation nor shall it be subject to any liability under this Deposit Agreement to any Owner or Holder, except that the Company
agrees to perform its obligations specifically set forth in this Deposit Agreement without negligence or bad faith.

 

The Depositary assumes
no obligation nor shall it be subject to any liability under this Deposit Agreement to any Owner or Holder (including, without
limitation, liability with respect to the validity or worth of the Deposited Securities), except that the Depositary agrees to
perform its obligations specifically set forth in this Deposit Agreement without negligence or bad faith.

 

    	- 21 -

    	 

    

 

Neither the Depositary
nor the Company shall be under any obligation to appear in, prosecute or defend any action, suit or other proceeding in respect
of any Deposited Securities or in respect of the American Depositary Shares on behalf of any Owner or Holder or any other person.

 

Neither the Depositary
nor the Company shall be liable for any action or nonaction by it in reliance upon the advice of or information from legal counsel,
accountants, any person presenting Shares for deposit, any Owner or any other person believed by it in good faith to be competent
to give such advice or information.

 

The Depositary shall
not be liable for any acts or omissions made by a successor depositary whether in connection with a previous act or omission of
the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary, provided that
in connection with the issue out of which such potential liability arises the Depositary performed its obligations without negligence
or bad faith while it acted as Depositary.

 

The Depositary shall
not be liable for the acts or omissions of any securities depository, clearing agency or settlement system in connection with or
arising out of book-entry settlement of Deposited Securities or otherwise.

 

The Depositary shall
not be responsible for any failure to carry out any instructions to vote any of the Deposited Securities, or for the manner in
which any such vote is cast or the effect of any such vote, provided that any such action or nonaction is in good faith.

 

No disclaimer of liability
under the Securities Act of 1933 is intended by any provision of this Deposit Agreement.

 

SECTION 5.4 Resignation
and Removal of the Depositary.

 

The Depositary may at
any time resign as Depositary hereunder by written notice of its election so to do delivered to the Company, such resignation to
take effect upon the appointment of a successor depositary and its acceptance of such appointment as hereinafter provided.

 

The Depositary may at
any time be removed by the Company by 90 days prior written notice of such removal, to become effective upon the later of (i) the
90th day after delivery of the notice to the Depositary and (ii) the appointment of a successor depositary and its acceptance of
such appointment as hereinafter provided.

 

In case at any time the
Depositary acting hereunder shall resign or be removed, the Company shall use its best efforts to appoint a successor depositary,
which shall be a bank or trust company having an office in the Borough of Manhattan, The City of New York. Every successor depositary
shall execute and deliver to its predecessor and to the Company an instrument in writing accepting its appointment hereunder, and
thereupon such successor depositary, without any further act or deed, shall become fully vested with all the rights, powers, duties
and obligations of its predecessor; but such predecessor, nevertheless, upon payment of all sums due it and on the written request
of the Company shall execute and deliver an instrument transferring to such successor all rights and powers of such predecessor
hereunder, shall duly assign, transfer and deliver all right, title and interest in the Deposited Securities to such successor
and shall deliver to such successor a list of the Owners of all outstanding American Depositary Shares. Any such successor depositary
shall promptly mail notice of its appointment to the Owners.

 

    	- 22 -

    	 

    

 

Any corporation into
or with which the Depositary may be merged or consolidated shall be the successor of the Depositary without the execution or filing
of any document or any further act.

 

SECTION 5.5The
Custodians.

 

The Custodian shall be
subject at all times and in all respects to the directions of the Depositary and shall be responsible solely to it. Any Custodian
may resign and be discharged from its duties hereunder by notice of such resignation delivered to the Depositary at least 30 days
prior to the date on which such resignation is to become effective. If upon such resignation there shall be no Custodian acting
hereunder, the Depositary shall, promptly after receiving such notice, appoint a substitute custodian or custodians, each of which
shall thereafter be a Custodian hereunder. The Depositary in its discretion may appoint a substitute or additional custodian or
custodians, each of which shall thereafter be one of the Custodians hereunder. Upon demand of the Depositary any Custodian shall
deliver such of the Deposited Securities held by it as are requested of it to any other Custodian or such substitute or additional
custodian or custodians. Each such substitute or additional custodian shall deliver to the Depositary, forthwith upon its appointment,
an acceptance of such appointment satisfactory in form and substance to the Depositary.

 

Upon the appointment
of any successor depositary hereunder, each Custodian then acting hereunder shall forthwith become, without any further act or
writing, the agent hereunder of such successor depositary and the appointment of such successor depositary shall in no way impair
the authority of each Custodian hereunder; but the successor depositary so appointed shall, nevertheless, on the written request
of any Custodian, execute and deliver to such Custodian all such instruments as may be proper to give to such Custodian full and
complete power and authority as agent hereunder of such successor depositary.

 

SECTION 5.6Notices
and Reports.

 

On or before the first
date on which the Company gives notice, by publication or otherwise, of any meeting of holders of Shares or other Deposited Securities,
or of any adjourned meeting of such holders, or of the taking of any action in respect of any cash or other distributions or the
offering of any rights, the Company agrees to transmit to the Depositary and the Custodian a copy of the notice thereof in the
form given or to be given to holders of Shares or other Deposited Securities.

 

    	- 23 -

    	 

    

 

The Company will arrange
for the translation into English, if not already in English, to the extent required pursuant to any regulations of the Commission,
and the prompt transmittal by the Company to the Depositary and the Custodian of such notices and any other reports and communications
which are made generally available by the Company to holders of its Shares. If requested in writing by the Company, the Depositary
will arrange for the mailing, at the Company’s expense, of copies of such notices, reports and communications to all Owners.
The Company will timely provide the Depositary with the quantity of such notices, reports, and communications, as requested by
the Depositary from time to time, in order for the Depositary to effect such mailings.

 

SECTION 5.7Distribution
of Additional Shares, Rights, etc.

 

If the Company or any
affiliate of the Company determines to make any issuance or distribution of (1) additional Shares, (2) rights to subscribe
for Shares, (3) securities convertible into Shares, or (4) rights to subscribe for such securities (each a “Distribution”),
the Company shall notify the Depositary in writing in English as promptly as practicable and in any event before the Distribution
starts and, if requested in writing by the Depositary, the Company shall promptly furnish to the Depositary a written opinion from
U.S. counsel for the Company that is reasonably satisfactory to the Depositary, stating whether or not the Distribution requires,
or, if made in the United States, would require, registration under the Securities Act of 1933. If, in the opinion of that counsel,
the Distribution requires, or, if made in the United States, would require, registration under the Securities Act of 1933, that
counsel shall furnish to the Depositary a written opinion as to whether or not there is a registration statement under the Securities
Act of 1933 in effect that will cover that Distribution.

 

The Company agrees with
the Depositary that neither the Company nor any company controlled by, controlling or under common control with the Company will
at any time deposit any Shares, either originally issued or previously issued and reacquired by the Company or any such affiliate,
unless a Registration Statement is in effect as to such Shares under the Securities Act of 1933 or the Company delivers to the
Depositary an opinion of United States counsel, satisfactory to the Depositary, to the effect that, upon deposit, those Shares
will be eligible for public resale in the United States without further registration under the Securities Act of 1933.

 

SECTION 5.8Indemnification.

 

The Company agrees to
indemnify the Depositary, its directors, employees, agents and affiliates and any Custodian against, and hold each of them harmless
from, any liability or expense (including, but not limited to any fees and expenses incurred in seeking, enforcing or collecting
such indemnity and the fees and expenses of counsel) which may arise out of or in connection with (a) any registration with the
Commission of American Depositary Shares or Deposited Securities or the offer or sale thereof in the United States or (b) acts
performed or omitted, pursuant to the provisions of or in connection with this Deposit Agreement and of the American Depositary
Shares, as the same may be amended, modified or supplemented from time to time, (i) by either the Depositary or a Custodian or
their respective directors, employees, agents and affiliates, except for any liability or expense arising out of the negligence
or bad faith of either of them, or (ii) by the Company or any of its directors, employees, agents and affiliates.

 

    	- 24 -

    	 

    

 

The Depositary agrees
to indemnify the Company, its directors, employees, agents and affiliates and hold them harmless from any liability or expense
which may arise out of acts performed or omitted by the Depositary or its Custodian or their respective directors, employees, agents
and affiliates due to their negligence or bad faith.

 

SECTION 5.9Charges
of Depositary.

 

The Company agrees to
pay the fees and out-of-pocket expenses of the Depositary and those of any Registrar only in accordance with agreements in writing
entered into between the Depositary and the Company from time to time.

 

The following charges
shall be incurred by any party depositing or withdrawing Shares or by any party surrendering American Depositary Shares or to whom
American Depositary Shares are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared
by the Company or an exchange of stock regarding the American Depositary Shares or Deposited Securities or a delivery of American
Depositary Shares pursuant to Section 4.3), or by Owners, as applicable: (1) taxes and other governmental charges, (2) such registration
fees as may from time to time be in effect for the registration of transfers of Shares generally on the Share register of the Company
or Foreign Registrar and applicable to transfers of Shares to or from the name of the Depositary or its nominee or the Custodian
or its nominee on the making of deposits or withdrawals hereunder, (3) such cable, telex and facsimile transmission expenses as
are expressly provided in this Deposit Agreement, (4) such expenses as are incurred by the Depositary in the conversion of foreign
currency pursuant to Section 4.5, (5) a fee of $5.00 or less per 100 American Depositary Shares (or portion thereof) for the delivery
of American Depositary Shares pursuant to Section 2.3, 4.3 or 4.4 and the surrender of American Depositary Shares pursuant to Section
2.5 or 6.2, (6) a fee of $.05 or less per American Depositary Share (or portion thereof) for any cash distribution made pursuant
to this Deposit Agreement, including, but not limited to Sections 4.1 through 4.4 hereof, (7) a fee for the distribution of securities
pursuant to Section 4.2, such fee being in an amount equal to the fee for the execution and delivery of American Depositary Shares
referred to above which would have been charged as a result of the deposit of such securities (for purposes of this clause 7 treating
all such securities as if they were Shares) but which securities are instead distributed by the Depositary to Owners, (8) in addition
to any fee charged under clause 6, a fee of $.05 or less per American Depositary Share (or portion thereof) per annum for depositary
services, which will be payable as provided in clause 9 below, and (9) any other charges payable by the Depositary, any of the
Depositary's agents, including the Custodian, or the agents of the Depositary's agents in connection with the servicing of Shares
or other Deposited Securities (which charge shall be assessed against Owners as of the date or dates set by the Depositary in accordance
with Section 4.6 and shall be payable at the sole discretion of the Depositary by billing such Owners for such charge or by deducting
such charge from one or more cash dividends or other cash distributions).

 

    	- 25 -

    	 

    

 

The Depositary, subject
to Section 2.9 hereof, may own and deal in any class of securities of the Company and its affiliates and in American Depositary
Shares.

 

SECTION 5.10Retention
of Depositary Documents.

 

The Depositary is authorized
to destroy those documents, records, bills and other data compiled during the term of this Deposit Agreement at the times permitted
by the laws or regulations governing the Depositary unless the Company requests that such papers be retained for a longer period
or turned over to the Company or to a successor depositary.

 

SECTION 5.11Exclusivity.

 

The Company agrees not
to appoint any other depositary for issuance of American or global depositary shares or receipts so long as The Bank of New York
Mellon is acting as Depositary hereunder.

 

SECTION 5.12List
of Restricted Securities Owners.

 

From time to time, the
Company shall provide to the Depositary a list setting forth, to the actual knowledge of the Company, those persons or entities
who beneficially own Restricted Securities and the Company shall update that list on a regular basis. The Company agrees to advise
in writing each of the persons or entities so listed that such Restricted Securities are ineligible for deposit hereunder. The
Depositary may rely on such a list or update but shall not be liable for any action or omission made in reliance thereon.

 

    	- 26 -

    	 

    

 

ARTICLE 6.AMENDMENT
AND TERMINATION

 

SECTION 6.1Amendment.

 

The form of the Receipts
and any provisions of this Deposit Agreement may at any time and from time to time be amended by agreement between the Company
and the Depositary without the consent of Owners or Holders in any respect which they may deem necessary or desirable. Any amendment
which shall impose or increase any fees or charges (other than taxes and other governmental charges, registration fees, cable,
telex or facsimile transmission costs, delivery costs or other such expenses), or which shall otherwise prejudice any substantial
existing right of Owners, shall, however, not become effective as to outstanding American Depositary Shares until the expiration
of thirty days after notice of such amendment shall have been given to the Owners of outstanding American Depositary Shares. Every
Owner and Holder, at the time any amendment so becomes effective, shall be deemed, by continuing to hold such American Depositary
Shares or any interest therein, to consent and agree to such amendment and to be bound by the Deposit Agreement as amended thereby.
In no event shall any amendment impair the right of the Owner to surrender American Depositary Shares and receive therefor the
Deposited Securities represented thereby, except in order to comply with mandatory provisions of applicable law.

 

SECTION 6.2Termination.

 

The Company may at any
time terminate this Deposit Agreement by instructing the Depositary to mail a notice of termination to the Owners of all American
Depositary Shares then outstanding at least 30 days prior to the termination date included in such notice. The Depositary may likewise
terminate this Deposit Agreement if at any time 60 days shall have expired after the Depositary delivered to the Company a written
resignation notice and if a successor depositary shall not have been appointed and accepted its appointment as provided in Section
5.4; in such case the Depositary shall mail a notice of termination to the Owners of all American Depositary Shares then outstanding
at least 30 days prior to the termination date. On and after the date of termination, the Owner of American Depositary Shares will,
upon (a) surrender of such American Depositary Shares, (b) payment of the fee of the Depositary for the surrender of American Depositary
Shares referred to in Section 2.5, and (c) payment of any applicable taxes or governmental charges, be entitled to delivery, to
him or upon his order, of the amount of Deposited Securities represented by those American Depositary Shares. If any American Depositary
Shares shall remain outstanding after the date of termination, the Depositary thereafter shall discontinue the registration of
transfers of American Depositary Shares, shall suspend the distribution of dividends to the Owners thereof, and shall not give
any further notices or perform any further acts under this Deposit Agreement, except that the Depositary shall continue to collect
dividends and other distributions pertaining to Deposited Securities, shall sell rights and other property as provided in this
Deposit Agreement, and shall continue to deliver Deposited Securities, together with any dividends or other distributions received
with respect thereto and the net proceeds of the sale of any rights or other property, upon surrender of American Depositary Shares
(after deducting, in each case, the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the
account of the Owner of such American Depositary Shares in accordance with the terms and conditions of this Deposit Agreement,
and any applicable taxes or governmental charges).

 

    	- 27 -

    	 

    

 

At any time after the
expiration of four months from the date of termination, the Depositary may sell the Deposited Securities then held under this Deposit
Agreement and may thereafter hold uninvested the net proceeds of any such sale, together with any other cash then held by it hereunder,
unsegregated and without liability for interest, for the pro rata benefit of the Owners of American Depositary Shares that have
not theretofore been surrendered, such Owners thereupon becoming general creditors of the Depositary with respect to such net proceeds.
After making such sale, the Depositary shall be discharged from all obligations under this Deposit Agreement, except to account
for such net proceeds and other cash (after deducting, in each case, the fee of the Depositary for the surrender of American Depositary
Shares, any expenses for the account of the Owner of such American Depositary Shares in accordance with the terms and conditions
of this Deposit Agreement, and any applicable taxes or governmental charges. Upon the termination of this Deposit Agreement, the
Company shall be discharged from all obligations under this Deposit Agreement except for its obligations to the Depositary under
Sections 5.8 and 5.9.

 

ARTICLE 7.MISCELLANEOUS

 

SECTION 7.1Counterparts.

 

This Deposit Agreement
may be executed in any number of counterparts, each of which shall be deemed an original and all of such counterparts shall constitute
one and the same instrument. Copies of this Deposit Agreement shall be filed with the Depositary and the Custodians and shall be
open to inspection by any Owner or Holder during business hours.

 

SECTION 7.2No Third
Party Beneficiaries.

 

This Deposit Agreement
is for the exclusive benefit of the parties hereto and shall not be deemed to give any legal or equitable right, remedy or claim
whatsoever to any other person.

 

SECTION 7.3Severability.

 

In case any one or more
of the provisions contained in this Deposit Agreement or in the Receipts should be or become invalid, illegal or unenforceable
in any respect, the validity, legality and enforceability of the remaining provisions contained herein or therein shall in no way
be affected, prejudiced or disturbed thereby.

 

    	- 28 -

    	 

    

 

SECTION 7.4Owners
and Holders as Parties; Binding Effect.

 

The Owners and Holders
from time to time shall be parties to this Deposit Agreement and shall be bound by all of the terms and conditions hereof and of
the Receipts by acceptance of American Depositary Shares or any interest therein.

 

SECTION 7.5Notices.

 

Any and all notices to
be given to the Company shall be deemed to have been duly given if personally delivered or sent by mail or cable, telex or facsimile
transmission confirmed by letter, addressed to Can-Fite BioPharma Ltd., 10 Bareket Street, Kiryat Matalon, P.O. Box 7537, Petach
Tikva, 49170, Israel, Attention: Motti Farbstein or any other place to which the Company may have transferred its principal office
with notice to the Depositary.

 

Any and all notices to
be given to the Depositary shall be deemed to have been duly given if in English and personally delivered or sent by mail or cable,
telex or facsimile transmission confirmed by letter, addressed to The Bank of New York Mellon, 101 Barclay Street, New York,
New York 10286, Attention: American Depositary Receipt Administration, or any other place to which the Depositary may have
transferred its Corporate Trust Office with notice to the Company.

 

Any and all notices to
be given to any Owner shall be deemed to have been duly given if personally delivered or sent by mail or cable, telex or facsimile
transmission confirmed by letter, addressed to such Owner at the address of such Owner as it appears on the transfer books for
American Depositary Shares of the Depositary, or, if such Owner shall have filed with the Depositary a written request that notices
intended for such Owner be mailed to some other address, at the address designated in such request.

 

Delivery of a notice
sent by mail or cable, telex or facsimile transmission shall be deemed to be effected at the time when a duly addressed letter
containing the same (or a confirmation thereof in the case of a cable, telex or facsimile transmission) is deposited, postage prepaid,
in a post-office letter box. The Depositary or the Company may, however, act upon any cable, telex or facsimile transmission received
by it, notwithstanding that such cable, telex or facsimile transmission shall not subsequently be confirmed by letter as aforesaid.

 

SECTION 7.6Submission
to Jurisdiction; Appointment of Agent for Service of Process; Jury Trial Waiver.

 

The Company hereby (i) irrevocably
designates and appoints Puglisi & Associates, 850 Library Avenue, Suite 204, Newark, Delaware 19711, as the Company's authorized
agent upon which process may be served in any suit or proceeding arising out of or relating to the Shares or Deposited Securities,
the American Depositary Shares, the Receipts or this Agreement, (ii) consents and submits to the jurisdiction of any state or federal
court in the State of New York in which any such suit or proceeding may be instituted, and (iii) agrees that service of process
upon said authorized agent shall be deemed in every respect effective service of process upon the Company in any such suit or proceeding.
The Company agrees to deliver, upon the execution and delivery of this Deposit Agreement, a written acceptance by such agent of
its appointment as such agent. The Company further agrees to take any and all action, including the filing of any and all such
documents and instruments, as may be necessary to continue such designation and appointment in full force and effect for so long
as any American Depositary Shares or Receipts remain outstanding or this Agreement remains in force. In the event the Company fails
to continue such designation and appointment in full force and effect, the Company hereby waives personal service of process upon
it and consents that any such service of process may be made by certified or registered mail, return receipt requested, directed
to the Company at its address last specified for notices hereunder, and service so made shall be deemed completed five (5) days
after the same shall have been so mailed.

 

    	- 29 -

    	 

    

 

EACH PARTY TO THIS DEPOSIT
AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH OWNER AND HOLDER) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY
DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE AMERICAN DEPOSITARY SHARES OR
THE RECEIPTS, THIS DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF, INCLUDING
WITHOUT LIMITATION ANY QUESTION REGARDING EXISTENCE, VALIDITY OR TERMINATION (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).

 

SECTION 7.7Waiver
of Immunities.

 

To the extent that the
Company or any of its properties, assets or revenues may have or may hereafter become entitled to, or have attributed to it, any
right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of any
relief in any respect thereof, from setoff or counterclaim, from the jurisdiction of any court, from service of process, from attachment
upon or prior to judgment, from attachment in aid of execution or judgment, or from execution of judgment, or other legal process
or proceeding for the giving of any relief or for the enforcement of any judgment, in any jurisdiction in which proceedings may
at any time be commenced, with respect to its obligations, liabilities or any other matter under or arising out of or in connection
with the Shares or Deposited Securities, the American Depositary Shares, the Receipts or this Agreement, the Company, to the fullest
extent permitted by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim, any such immunity and
consents to such relief and enforcement.

 

    	- 30 -

    	 

    

 

SECTION 7.8Governing
Law.

 

This Deposit Agreement
and the Receipts shall be interpreted and all rights hereunder and thereunder and provisions hereof and thereof shall be governed
by the laws of the State of New York, except with respect to its authorization and execution by the Company, which shall be governed
by the laws of Israel.

 

    	- 31 -

    	 

    

 

IN WITNESS WHEREOF, CAN-FITE
BIOPHARMA LTD. and THE BANK OF NEW YORK MELLON have duly executed this Deposit Agreement as of the day and year first set forth
above and all Owners and Holders shall become parties hereto upon acceptance by them of American Depositary Shares or any interest
therein.

 

	 	CAN-FITE BIOPHARMA LTD.
	 	 
	 	By: /s/ Pnina Fishman, Ph.D
	 	Name:  Pnina Fishman, Ph.D
	 	Title:    Chief Executive Officer
	 	 
	 	THE BANK OF NEW YORK MELLON,
	 	as Depositary
	 	 
	 	By: /s/ Vincent J. Cahill, Jr.
	 	Name:  Vincent J. Cahill, Jr.
	 	Title:    Managing Director

 

    	- 32 -

    	 

    

 

EXHIBIT A

 

AMERICAN DEPOSITARY SHARES

(Each American Depositary Share
represents

Two (2) deposited Shares)

 

THE BANK OF NEW YORK MELLON

AMERICAN DEPOSITARY RECEIPT

FOR ORDINARY SHARES, OF

CAN-FITE BIOPHARMA LTD.

(INCORPORATED UNDER THE LAWS OF ISRAEL)

 

The Bank of New York
Mellon, as depositary (hereinafter called the “Depositary”), hereby certifies that___________ ____________________________________________,
or registered assigns IS THE OWNER OF _____________________________

 

AMERICAN DEPOSITARY SHARES

 

representing deposited ordinary shares
(herein called “Shares”) of Can-Fite BioPharma Ltd., incorporated under the laws of Israel (herein called the “Company”).
At the date hereof, each American Depositary Share represents two (2) Shares deposited or subject to deposit under the Deposit
Agreement (as such term is hereinafter defined) at the Tel Aviv office of Bank Hapoalim B.M. (herein called the “Custodian”).
The Depositary's Corporate Trust Office is located at a different address than its principal executive office. Its Corporate Trust
Office is located at 101 Barclay Street, New York, N.Y. 10286, and its principal executive office is located at One Wall Street,
New York, N.Y. 10286.

 

THE DEPOSITARY'S CORPORATE TRUST OFFICE
ADDRESS IS

101 BARCLAY STREET, NEW YORK, N.Y. 10286

 

    	 

    	 

    

 

		1.	THE DEPOSIT AGREEMENT.

 

This American Depositary
Receipt is one of an issue (herein called "Receipts"), all issued and to be issued upon the terms and conditions set
forth in the deposit agreement, dated as of September 19, 2012, as amended and restated as of September 11, 2013 (herein
called the "Deposit Agreement"), by and among the Company, the Depositary, and all Owners and Holders from time to time
of American Depositary Shares issued thereunder, each of whom by accepting American Depositary Shares agrees to become a party
thereto and become bound by all the terms and conditions thereof. The Deposit Agreement sets forth the rights of Owners and Holders
and the rights and duties of the Depositary in respect of the Shares deposited thereunder and any and all other securities, property
and cash from time to time received in respect of such Shares and held thereunder (such Shares, securities, property, and cash
are herein called "Deposited Securities"). Copies of the Deposit Agreement are on file at the Depositary's Corporate
Trust Office in New York City and at the office of the Custodian.

 

The statements made
on the face and reverse of this Receipt are summaries of certain provisions of the Deposit Agreement and are qualified by and subject
to the detailed provisions of the Deposit Agreement, to which reference is hereby made. Capitalized terms defined in the Deposit
Agreement and not defined herein shall have the meanings set forth in the Deposit Agreement.

 

		2.	SURRENDER OF RECEIPTS AND WITHDRAWAL OF SHARES.

 

Upon surrender at the
Corporate Trust Office of the Depositary of American Depositary Shares, and upon payment of the fee of the Depositary provided
in this Receipt, and subject to the terms and conditions of the Deposit Agreement, the Owner of those American Depositary Shares
is entitled to delivery, to him or as instructed, of the amount of Deposited Securities at the time represented by those American
Depositary Shares. Delivery of such Deposited Securities may be made by the delivery of (a) certificates or account transfer in
the name of the Owner hereof or as ordered by him, with proper endorsement or accompanied by proper instruments or instructions
of transfer and (b) any other securities, property and cash to which such Owner is then entitled in respect of this Receipt. Such
delivery will be made at the option of the Owner hereof, either at the office of the Custodian or at the Corporate Trust Office
of the Depositary, provided that the forwarding of certificates for Shares or other Deposited Securities for such delivery at the
Corporate Trust Office of the Depositary shall be at the risk and expense of the Owner hereof.

 

		3.	TRANSFERS, SPLIT-UPS, AND COMBINATIONS OF RECEIPTS.

 

Transfers of American
Depositary Shares may be registered on the books of the Depositary by the Owner in person or by a duly authorized attorney, upon
surrender of those American Depositary Shares properly endorsed for transfer or accompanied by proper instruments of transfer,
in the case of a Receipt, or pursuant to a proper instruction (including, for the avoidance of doubt, instructions through DRS
and Profile as provided in Section 2.10 of the Deposit Agreement), in the case of uncertificated American Depositary Shares, and
funds sufficient to pay any applicable transfer taxes and the expenses of the Depositary and upon compliance with such regulations,
if any, as the Depositary may establish for such purpose. This Receipt may be split into other such Receipts, or may be combined
with other such Receipts into one Receipt, evidencing the same aggregate number of American Depositary Shares as the Receipt or
Receipts surrendered. The Depositary, upon surrender of certificated American Depositary Shares for the purpose of exchanging for
uncertificated American Depositary Shares, shall cancel those certificated American Depositary Shares and send the Owner a statement
confirming that the Owner is the Owner of uncertificated American Depositary Shares. The Depositary, upon receipt of a proper instruction
(including, for the avoidance of doubt, instructions through DRS and Profile as provided in Section 2.10 of the Deposit Agreement)
from the Owner of uncertificated American Depositary Shares for the purpose of exchanging for certificated American Depositary
Shares, shall cancel those uncertificated American Depositary Shares and deliver to the Owner the same number of certificated American
Depositary Shares. As a condition precedent to the delivery, registration of transfer, or surrender of any American Depositary
Shares or split-up or combination of any Receipt or withdrawal of any Deposited Securities, the Depositary, the Custodian, or Registrar
may require payment from the depositor of the Shares or the presenter of the Receipt or instruction for registration of transfer
or surrender of American Depositary Shares not evidenced by a Receipt of a sum sufficient to reimburse it for any tax or other
governmental charge and any stock transfer or registration fee with respect thereto (including any such tax or charge and fee with
respect to Shares being deposited or withdrawn) and payment of any applicable fees as provided in the Deposit Agreement, may require
the production of proof satisfactory to it as to the identity and genuineness of any signature and may also require compliance
with any regulations the Depositary may establish consistent with the provisions of the Deposit Agreement.

 

    	 

    	 

    

 

The delivery of American
Depositary Shares against deposit of Shares generally or against deposit of particular Shares may be suspended, or the transfer
of American Depositary Shares in particular instances may be refused, or the registration of transfer of outstanding American Depositary
Shares generally may be suspended, during any period when the transfer books of the Depositary are closed, or if any such action
is deemed necessary or advisable by the Depositary or the Company at any time or from time to time because of any requirement of
law or of any government or governmental body or commission, or under any provision of the Deposit Agreement, or for any other
reason, subject to the provisions of the following sentence. Notwithstanding anything to the contrary in the Deposit Agreement
or this Receipt, the surrender of outstanding American Depositary Shares and withdrawal of Deposited Securities may not be suspended
subject only to (i) temporary delays caused by closing the transfer books of the Depositary or the Company or the Foreign Registrar,
if applicable, or the deposit of Shares in connection with voting at a shareholders’ meeting, or the payment of dividends,
(ii) the payment of fees, taxes and similar charges, and (iii) compliance with any U.S. or foreign laws or governmental regulations
relating to the American Depositary Shares or to the withdrawal of the Deposited Securities. Without limitation of the foregoing,
the Depositary shall not knowingly accept for deposit under the Deposit Agreement any Shares which would be required to be registered
under the provisions of the Securities Act of 1933, unless a registration statement is in effect as to such Shares or such Shares
are exempt from registration thereunder.

 

    	A-2

    	 

    

 

		4.	LIABILITY OF OWNER FOR TAXES.

 

If any tax or other
governmental charge shall become payable with respect to any American Depositary Shares or any Deposited Securities represented
by any American Depositary Shares, such tax or other governmental charge shall be payable by the Owner to the Depositary. The Depositary
may refuse to register any transfer of those American Depositary Shares or any withdrawal of Deposited Securities represented by
those American Depositary Shares until such payment is made, and may withhold any dividends or other distributions, or may sell
for the account of the Owner any part or all of the Deposited Securities represented by those American Depositary Shares, and may
apply such dividends or other distributions or the proceeds of any such sale in payment of such tax or other governmental charge
and the Owner shall remain liable for any deficiency.

 

		5.	WARRANTIES ON DEPOSIT OF SHARES.

 

Every person depositing
Shares under the Deposit Agreement shall be deemed thereby to represent and warrant, that such Shares and each certificate therefor,
if applicable, are validly issued, fully paid, nonassessable and free of any preemptive rights of the holders of outstanding Shares
and that the person making such deposit is duly authorized so to do. Every such person shall also be deemed to represent that the
deposit of such Shares and the sale of American Depositary Shares representing such Shares by that person are not restricted under
the Securities Act of 1933. Such representations and warranties shall survive the deposit of Shares and delivery of American Depositary
Shares.

 

		6.	FILING PROOFS, CERTIFICATES, AND OTHER INFORMATION.

 

Any person presenting
Shares for deposit or any Owner or Holder may be required from time to time to file with the Depositary or the Custodian such proof
of citizenship or residence, exchange control approval, or such information relating to the registration on the books of the Company
or the Foreign Registrar, if applicable, to execute such certificates and to make such representations and warranties, as the Depositary
may deem necessary or proper. The Depositary may withhold the delivery or registration of transfer of any American Depositary Shares
or the distribution of any dividend or sale or distribution of rights or of the proceeds thereof or the delivery of any Deposited
Securities until such proof or other information is filed or such certificates are executed or such representations and warranties
made. No Share shall be accepted for deposit unless accompanied by evidence satisfactory to the Depositary that any necessary approval
has been granted by any governmental body in Israel that is then performing the function of the regulation of currency exchange.

 

    	A-3

    	 

    

 

		7.	CHARGES OF DEPOSITARY.

 

The following charges
shall be incurred by any party depositing or withdrawing Shares or by any party surrendering American Depositary Shares or to whom
American Depositary Shares are issued (including, without limitation, issuance pursuant to a stock dividend or stock split declared
by the Company or an exchange of stock regarding the American Depositary Shares or Deposited Securities or a delivery of American
Depositary Shares pursuant to Section 4.3 of the Deposit Agreement), or by Owners, as applicable: (1) taxes and other governmental
charges, (2) such registration fees as may from time to time be in effect for the registration of transfers of Shares generally
on the Share register of the Company or Foreign Registrar and applicable to transfers of Shares to or from the name of the Depositary
or its nominee or the Custodian or its nominee on the making of deposits or withdrawals under the terms of the Deposit Agreement,
(3) such cable, telex and facsimile transmission expenses as are expressly provided in the Deposit Agreement, (4) such expenses
as are incurred by the Depositary in the conversion of foreign currency pursuant to Section 4.5 of the Deposit Agreement, (5) a
fee of $5.00 or less per 100 American Depositary Shares (or portion thereof) for the delivery of American Depositary Shares pursuant
to Section 2.3, 4.3 or 4.4 of the Deposit Agreement and the surrender of American Depositary Shares pursuant to Section 2.5 or
6.2 of the Deposit Agreement, (6) a fee of $.05 or less per American Depositary Share (or portion thereof) for any cash distribution
made pursuant to the Deposit Agreement, including, but not limited to Sections 4.1 through 4.4 of the Deposit Agreement, (7) a
fee for the distribution of securities pursuant to Section 4.2 of the Deposit Agreement, such fee being in an amount equal to the
fee for the execution and delivery of American Depositary Shares referred to above which would have been charged as a result of
the deposit of such securities (for purposes of this clause 7 treating all such securities as if they were Shares) but which securities
are instead distributed by the Depositary to Owners, (8) in addition to any fee charged under clause 6, a fee of $.05 or less per
American Depositary Share (or portion thereof) per annum for depositary services, which will be payable as provided in clause 9
below, and (9) any other charges payable by the Depositary, any of the Depositary's agents, including the Custodian, or the agents
of the Depositary's agents in connection with the servicing of Shares or other Deposited Securities (which charge shall be assessed
against Owners as of the date or dates set by the Depositary in accordance with Section 4.6 of the Deposit Agreement and shall
be payable at the sole discretion of the Depositary by billing such Owners for such charge or by deducting such charge from one
or more cash dividends or other cash distributions).

 

The Depositary, subject
to Article 8 hereof, may own and deal in any class of securities of the Company and its affiliates and in American Depositary Shares.

 

    	A-4

    	 

    

 

From time to time,
the Depositary may make payments to the Company to reimburse and / or share revenue from the fees collected from Holders, or waive
fees and expenses for services provided, generally relating to costs and expenses arising out of establishment and maintenance
of the American Depositary Shares program. In performing its duties under the Deposit Agreement, the Depositary may use brokers,
dealers or other service providers that are affiliates of the Depositary and that may earn or share fees and commissions.

 

		8.	PRE-RELEASE OF RECEIPTS.

 

Unless requested in
writing by the Company to cease doing so, the Depositary may, notwithstanding Section 2.3 of the Deposit Agreement, execute and
deliver American Depositary Shares prior to the receipt of Shares pursuant to Section 2.2 of the Deposit Agreement ("Pre-Release").
The Depositary may, pursuant to Section 2.5 of the Deposit Agreement, deliver Shares upon the receipt and cancellation of American
Depositary Shares which have been Pre-Released, whether or not such cancellation is prior to the termination of such Pre-Release
or the Depositary knows that such American Depositary Share has been Pre-Released. The Depositary may receive American Depositary
Shares in lieu of Shares in satisfaction of a Pre-Release. Each Pre-Release will be (a) preceded or accompanied by a written representation
and agreement from the person to whom American Depositary Shares are to be delivered (the "Pre-Releasee") that the Pre-Releasee,
or its customer, (i) owns the Shares or American Depositary Shares to be remitted, as the case may be, (ii) assigns all beneficial
rights, title and interest in such Shares or American Depositary Shares, as the case may be, to the Depositary in its capacity
as such and for the benefit of the Owners, and (iii) will not take any action with respect to such Shares or American Depositary
Shares, as the case may be, that is inconsistent with the transfer of beneficial ownership (including, without the consent of the
Depositary, disposing of such Shares or American Depositary Shares, as the case may be), other than in satisfaction of such Pre-Release,
(b) at all times fully collateralized with cash, U.S. government securities or such other collateral as the Depositary determines,
in good faith, will provide substantially similar liquidity and security, (c) terminable by the Depositary on not more than five
(5) business days notice, and (d) subject to such further indemnities and credit regulations as the Depositary deems appropriate.
The number of Shares not deposited but represented by American Depositary Shares outstanding at any time as a result of Pre-Releases
will not normally exceed thirty percent (30%) of the Shares deposited hereunder; provided, however, that the Depositary reserves
the right to disregard such limit from time to time as it deems reasonably appropriate, and may, with the prior written consent
of the Company, change such limit for purposes of general application. The Depositary will also set Dollar limits with respect
to Pre-Release transactions to be entered into hereunder with any particular Pre-Releasee on a case-by-case basis as the Depositary
deems appropriate. For purposes of enabling the Depositary to fulfill its obligations to the Owners under the Deposit Agreement,
the collateral referred to in clause (b) above shall be held by the Depositary as security for the performance of the Pre-Releasee's
obligations to the Depositary in connection with a Pre-Release transaction, including the Pre-Releasee's obligation to deliver
Shares or American Depositary Shares upon termination of a Pre-Release transaction (and shall not, for the avoidance of doubt,
constitute Deposited Securities hereunder).

 

    	A-5

    	 

    

 

The Depositary may
retain for its own account any compensation received by it in connection with the foregoing.

 

		9.	TITLE TO RECEIPTS.

 

It is a condition of
this Receipt and every successive Owner and Holder of this Receipt by accepting or holding the same consents and agrees that when
properly endorsed or accompanied by proper instruments of transfer, shall be transferable as certificated registered securities
under the laws of New York. American Depositary Shares not evidenced by Receipts shall be transferable as uncertificated registered
securities under the laws of New York. The Depositary, notwithstanding any notice to the contrary, may treat the Owner of American
Depositary Shares as the absolute owner thereof for the purpose of determining the person entitled to distribution of dividends
or other distributions or to any notice provided for in the Deposit Agreement and for all other purposes, and neither the Depositary
nor the Company shall have any obligation or be subject to any liability under the Deposit Agreement to any Holder of American
Depositary Shares unless that Holder is the Owner of those American Depositary Shares.

 

		10.	VALIDITY OF RECEIPT.

 

This Receipt shall
not be entitled to any benefits under the Deposit Agreement or be valid or obligatory for any purpose, unless this Receipt shall
have been (i) executed by the Depositary by the manual signature of a duly authorized officer of the Depositary or (ii) executed
by the facsimile signature of a duly authorized officer of the Depositary and countersigned by the manual signature of a duly authorized
signatory of the Depositary or a Registrar.

 

		11.	REPORTS; INSPECTION OF TRANSFER BOOKS.

 

The Company is subject
to the periodic reporting requirements of the Securities Exchange Act of 1934 and, accordingly, files certain reports with the
Securities and Exchange Commission. Those reports will be available for inspection and copying through the Commission's EDGAR system
or at public reference facilities maintained by the Commission in Washington, D.C.

 

The Depositary will
make available for inspection by Owners at its Corporate Trust Office any reports, notices and other communications, including
any proxy soliciting material, received from the Company which are both (a) received by the Depositary as the holder of the
Deposited Securities and (b) made generally available to the holders of such Deposited Securities by the Company. The Depositary
will also, upon written request by the Company, send to Owners copies of such reports when furnished by the Company pursuant to
the Deposit Agreement. Any such reports and communications, including any such proxy soliciting material, furnished to the Depositary
by the Company shall be furnished in English to the extent such materials are required to be translated into English pursuant to
any regulations of the Commission.

 

    	A-6

    	 

    

 

The Depositary will
keep books, at its Corporate Trust Office, for the registration of American Depositary Shares and transfers of American Depositary
Shares which at all reasonable times shall be open for inspection by the Owners, provided that such inspection shall not be for
the purpose of communicating with Owners in the interest of a business or object other than the business of the Company or a matter
related to the Deposit Agreement or the American Depositary Shares.

 

		12.	DIVIDENDS AND DISTRIBUTIONS.

 

Whenever the Depositary
receives any cash dividend or other cash distribution on any Deposited Securities, the Depositary will, if at the time of receipt
thereof any amounts received in a foreign currency can in the judgment of the Depositary be converted on a reasonable basis into
United States dollars transferable to the United States, and subject to the Deposit Agreement, convert such dividend or distribution
into dollars and will distribute the amount thus received (net of the fees and expenses of the Depositary as provided in Article 7
hereof and Section 5.9 of the Deposit Agreement) to the Owners entitled thereto; provided, however, that in
the event that the Company or the Depositary is required to withhold and does withhold from any cash dividend or other cash distribution
in respect of any Deposited Securities an amount on account of taxes or other governmental charges, the amount distributed to the
Owners of the American Depositary Shares representing such Deposited Securities shall be reduced accordingly.

 

Subject to the provisions
of Section 4.11 and 5.9 of the Deposit Agreement, whenever the Depositary receives any distribution other than a distribution
described in Section 4.1, 4.3 or 4.4 of the Deposit Agreement, the Depositary will cause the securities or property received
by it to be distributed to the Owners entitled thereto, in any manner that the Depositary may deem equitable and practicable for
accomplishing such distribution; provided, however, that if in the opinion of the Depositary such distribution cannot
be made proportionately among the Owners of Receipts entitled thereto, or if for any other reason the Depositary deems such distribution
not to be feasible, the Depositary may adopt such method as it may deem equitable and practicable for the purpose of effecting
such distribution, including, but not limited to, the public or private sale of the securities or property thus received, or any
part thereof, and the net proceeds of any such sale (net of the fees and expenses of the Depositary as provided in Article 7
hereof and Section 5.9 of the Deposit Agreement) will be distributed by the Depositary to the Owners of Receipts entitled
thereto all in the manner and subject to the conditions described in Section 4.1 of the Deposit Agreement. The Depositary may withhold
any distribution of securities under Section 4.2 of the Deposit Agreement if it has not received satisfactory assurances from the
Company that the distribution does not require registration under the Securities Act of 1933. The Depositary may sell, by public
or private sale, an amount of securities or other property it would otherwise distribute under this Article that is sufficient
to pay its fees and expenses in respect of that distribution.

 

    	A-7

    	 

    

 

If any distribution
consists of a dividend in, or free distribution of, Shares, the Depositary may deliver to the Owners entitled thereto, an aggregate
number of American Depositary Shares representing the amount of Shares received as such dividend or free distribution, subject
to the terms and conditions of the Deposit Agreement with respect to the deposit of Shares and after deduction or upon issuance
of American Depositary Shares, including the withholding of any tax or other governmental charge as provided in Section 4.11 of
the Deposit Agreement and the payment of the fees and expenses of the Depositary as provided in Article 7 hereof and Section 5.9
of the Deposit Agreement (and the Depositary may sell, by public or private sale, an amount of Shares received sufficient to pay
its fees and expenses in respect of that distribution. In lieu of delivering fractional American Depositary Shares in any such
case, the Depositary will sell the amount of Shares represented by the aggregate of such fractions and distribute the net proceeds,
all in the manner and subject to the conditions described in Section 4.1of the Deposit Agreement. If additional American Depositary
Shares are not so delivered, each American Depositary Share shall thenceforth also represent the additional Shares distributed
upon the Deposited Securities represented thereby.

 

In the event that the
Depositary determines that any distribution in property (including Shares and rights to subscribe therefor) is subject to any tax
or other governmental charge which the Depositary is obligated to withhold, the Depositary may by public or private sale dispose
of all or a portion of such property (including Shares and rights to subscribe therefor) in such amounts and in such manner as
the Depositary deems necessary and practicable to pay any such taxes or charges, and the Depositary shall distribute the net proceeds
of any such sale after deduction of such taxes or charges to the Owners of Receipts entitled thereto.

 

		13.	RIGHTS.

 

In the event that the
Company shall offer or cause to be offered to the holders of any Deposited Securities any rights to subscribe for additional Shares
or any rights of any other nature, the Depositary shall have discretion as to the procedure to be followed in making such rights
available to any Owners or in disposing of such rights on behalf of any Owners and making the net proceeds available to such Owners
or, if by the terms of such rights offering or for any other reason, the Depositary may not either make such rights available to
any Owners or dispose of such rights and make the net proceeds available to such Owners, then the Depositary shall allow the rights
to lapse. If at the time of the offering of any rights the Depositary determines in its discretion that it is lawful and feasible
to make such rights available to all or certain Owners but not to other Owners, the Depositary may distribute to any Owner to whom
it determines the distribution to be lawful and feasible, in proportion to the number of American Depositary Shares held by such
Owner, warrants or other instruments therefor in such form as it deems appropriate.

 

    	A-8

    	 

    

 

In circumstances in
which rights would otherwise not be distributed, if an Owner requests the distribution of warrants or other instruments in order
to exercise the rights allocable to the American Depositary Shares of such Owner under the Deposit Agreement, the Depositary will
make such rights available to such Owner upon written notice from the Company to the Depositary that (a) the Company has elected
in its sole discretion to permit such rights to be exercised and (b) such Owner has executed such documents as the Company has
determined in its sole discretion are reasonably required under applicable law.

 

If the Depositary has
distributed warrants or other instruments for rights to all or certain Owners, then upon instruction from such an Owner pursuant
to such warrants or other instruments to the Depositary from such Owner to exercise such rights, upon payment by such Owner to
the Depositary for the account of such Owner of an amount equal to the purchase price of the Shares to be received upon the exercise
of the rights, and upon payment of the fees and expenses of the Depositary and any other charges as set forth in such warrants
or other instruments, the Depositary shall, on behalf of such Owner, exercise the rights and purchase the Shares, and the Company
shall cause the Shares so purchased to be delivered to the Depositary on behalf of such Owner. As agent for such Owner, the Depositary
will cause the Shares so purchased to be deposited pursuant to Section 2.2 of the Deposit Agreement, and shall, pursuant to Section
2.3 of the Deposit Agreement, deliver American Depositary Shares to such Owner. In the case of a distribution pursuant to the second
paragraph of this Article 13, such deposit shall be made, and depositary shares shall be delivered, under depositary arrangements
which provide for issuance of depositary shares subject to the appropriate restrictions on sale, deposit, cancellation, and transfer
under applicable United States laws.

 

If the Depositary determines
in its discretion that it is not lawful and feasible to make such rights available to all or certain Owners, it may sell the rights,
warrants or other instruments in proportion to the number of American Depositary Shares held by the Owners to whom it has determined
it may not lawfully or feasibly make such rights available, and allocate the net proceeds of such sales (net of the fees and expenses
of the Depositary as provided in Section 5.9 of the Deposit Agreement and all taxes and governmental charges payable in connection
with such rights and subject to the terms and conditions of the Deposit Agreement) for the account of such Owners otherwise entitled
to such rights, warrants or other instruments, upon an averaged or other practical basis without regard to any distinctions among
such Owners because of exchange restrictions or the date of delivery of any American Depositary Shares or otherwise.

 

The Depositary will
not offer rights to Owners unless both the rights and the securities to which such rights relate are either exempt from registration
under the Securities Act of 1933 with respect to a distribution to all Owners or are registered under the provisions of such Act;
provided, that nothing in the Deposit Agreement shall create any obligation on the part of the Company to file a registration statement
with respect to such rights or underlying securities or to endeavor to have such a registration statement declared effective. If
an Owner requests the distribution of warrants or other instruments, notwithstanding that there has been no such registration under
the Securities Act of 1933, the Depositary shall not effect such distribution unless it has received an opinion from recognized
counsel in the United States for the Company upon which the Depositary may rely that such distribution to such Owner is exempt
from such registration.

 

    	A-9

    	 

    

 

The Depositary shall
not be responsible for any failure to determine that it may be lawful or feasible to make such rights available to Owners in general
or any Owner in particular.

 

		14.	CONVERSION OF FOREIGN CURRENCY.

 

Whenever the Depositary
or the Custodian shall receive foreign currency, by way of dividends or other distributions or the net proceeds from the sale of
securities, property or rights, and if at the time of the receipt thereof the foreign currency so received can in the judgment
of the Depositary be converted on a reasonable basis into Dollars and the resulting Dollars transferred to the United States, the
Depositary shall convert or cause to be converted by sale or in any other manner that it may determine, such foreign currency into
Dollars, and such Dollars shall be distributed to the Owners entitled thereto or, if the Depositary shall have distributed any
warrants or other instruments which entitle the holders thereof to such Dollars, then to the holders of such warrants and/or instruments
upon surrender thereof for cancellation. Such distribution may be made upon an averaged or other practicable basis without regard
to any distinctions among Owners on account of exchange restrictions, the date of delivery of any American Depositary Shares or
otherwise and shall be net of any expenses of conversion into Dollars incurred by the Depositary as provided in Section 5.9
of the Deposit Agreement.

 

If such conversion
or distribution can be effected only with the approval or license of any government or agency thereof, the Depositary shall file
such application for approval or license, if any, as it may deem desirable.

 

If at any time the
Depositary shall determine that in its judgment any foreign currency received by the Depositary or the Custodian is not convertible
on a reasonable basis into Dollars transferable to the United States, or if any approval or license of any government or agency
thereof which is required for such conversion is denied or in the opinion of the Depositary is not obtainable, or if any such approval
or license is not obtained within a reasonable period as determined by the Depositary, the Depositary may distribute the foreign
currency (or an appropriate document evidencing the right to receive such foreign currency) received by the Depositary to, or in
its discretion may hold such foreign currency uninvested and without liability for interest thereon for the respective accounts
of, the Owners entitled to receive the same.

 

    	A-10

    	 

    

 

If any such conversion
of foreign currency, in whole or in part, cannot be effected for distribution to some of the Owners entitled thereto, the Depositary
may in its discretion make such conversion and distribution in Dollars to the extent permissible to the Owners entitled thereto
and may distribute the balance of the foreign currency received by the Depositary to, or hold such balance uninvested and without
liability for interest thereon for the respective accounts of, the Owners entitled thereto.

 

		15.	RECORD DATES.

 

Whenever any cash dividend
or other cash distribution shall become payable or any distribution other than cash shall be made, or whenever rights shall be
issued with respect to the Deposited Securities, or whenever the Depositary shall receive notice of any meeting of holders of Shares
or other Deposited Securities, or whenever for any reason the Depositary causes a change in the number of Shares that are represented
by each American Depositary Share, or whenever the Depositary shall find it necessary or convenient, the Depositary shall fix a
record date (a) for the determination of the Owners who shall be (i) entitled to receive such dividend, distribution or rights
or the net proceeds of the sale thereof, (ii) entitled to give instructions for the exercise of voting rights at any such meeting
or (iii) responsible for any fee assessed by the Depositary pursuant to the Deposit Agreement, or (b) on or after which each
American Depositary Share will represent the changed number of Shares, subject to the provisions of the Deposit Agreement.

 

		16.	VOTING OF DEPOSITED SECURITIES.

 

Upon receipt of notice
of any meeting of holders of Shares or other Deposited Securities, if requested in writing by the Company, the Depositary shall,
as soon as practicable thereafter, mail to the Owners of Receipts a notice, the form of which notice shall be in the sole discretion
of the Depositary, which shall contain (a) such information as is contained in such notice of meeting received by the Depositary
from the Company, (b) a statement that the Owners as of the close of business on a specified record date will be entitled,
subject to any applicable provision of law and of the articles of association or similar documents of the Company, to instruct
the Depositary as to the exercise of the voting rights, if any, pertaining to the amount of Shares or other Deposited Securities
represented by their respective American Depositary Shares and (c) a statement as to the manner in which such instructions may
be given. Upon the written request of an Owner of American Depositary Shares on such record date, received on or before the date
established by the Depositary for such purpose, the Depositary shall endeavor insofar as practicable to vote or cause to be voted
the amount of Shares or other Deposited Securities represented by those American Depositary Shares in accordance with the instructions
set forth in such request. The Depositary shall not vote or attempt to exercise the right to vote that attaches to the Shares or
other Deposited Securities, other than in accordance with such instructions.

 

    	A-11

    	 

    

 

There can be no assurance
that Owners generally or any Owner in particular will receive the notice described in the preceding paragraph sufficiently prior
to the instruction date to ensure that the Depositary will vote the Shares or Deposited Securities in accordance with the provisions
set forth in the preceding paragraph.

 

In order to give Owners
a reasonable opportunity to instruct the Depositary as to the exercise of voting rights relating to Deposited Securities, if the
Company will request the Depositary to act under Section 4.7 of the Deposit Agreement, the Company shall give the Depositary notice
of any such meeting and details concerning the matters to be voted upon not less than 45 days prior to the meeting date.

 

		17.	CHANGES AFFECTING DEPOSITED SECURITIES.

 

Upon any change in
nominal value, change in par value, split-up, consolidation, or any other reclassification of Deposited Securities, or upon any
recapitalization, reorganization, merger or consolidation, or sale of assets affecting the Company or to which it is a party, or
upon the redemption or cancellation by the Company of the Deposited Securities, any securities, cash or property which shall be
received by the Depositary or a Custodian in exchange for, in conversion of, in lieu of or in respect of Deposited Securities shall
be treated as new Deposited Securities under the Deposit Agreement, and American Depositary Shares shall thenceforth represent,
in addition to the existing Deposited Securities, the right to receive the new Deposited Securities so received, unless additional
Receipts are delivered pursuant to the following sentence. In any such case the Depositary may deliver additional American Depositary
Shares as in the case of a dividend in Shares, or call for the surrender of outstanding Receipts to be exchanged for new Receipts
specifically describing such new Deposited Securities.

 

		18.	LIABILITY OF THE COMPANY AND DEPOSITARY.

 

Neither the Depositary
nor the Company nor any of their respective directors, employees, agents or affiliates shall incur any liability to any Owner or
Holder, (i) if by reason of any provision of any present or future law or regulation of the United States or any other country,
or of any governmental or regulatory authority, or by reason of any provision, present or future, of the articles of association
or any similar document of the Company, or by reason of any provision of any securities issued or distributed by the Company, or
any offering or distribution thereof, or by reason of any act of God or war or terrorism or other circumstances beyond its control,
the Depositary or the Company shall be prevented, delayed or forbidden from or be subject to any civil or criminal penalty on account
of doing or performing any act or thing which by the terms of the Deposit Agreement or Deposited Securities it is provided shall
be done or performed, (ii) by reason of any non-performance or delay, caused as aforesaid, in the performance of any act or thing
which by the terms of the Deposit Agreement it is provided shall or may be done or performed, (iii) by reason of any exercise of,
or failure to exercise, any discretion provided for in the Deposit Agreement, (iv) for the inability of any Owner or Holder to
benefit from any distribution, offering, right or other benefit which is made available to holders of Deposited Securities but
is not, under the terms of the Deposit Agreement, made available to Owners or Holders, or (v) for any special, consequential or
punitive damages for any breach of the terms of the Deposit Agreement. Where, by the terms of a distribution pursuant to Section 4.1,
4.2 or 4.3 of the Deposit Agreement, or an offering or distribution pursuant to Section 4.4 of the Deposit Agreement, such
distribution or offering may not be made available to Owners of Receipts, and the Depositary may not dispose of such distribution
or offering on behalf of such Owners and make the net proceeds available to such Owners, then the Depositary shall not make such
distribution or offering, and shall allow any rights, if applicable, to lapse. Neither the Company nor the Depositary assumes any
obligation or shall be subject to any liability under the Deposit Agreement to Owners or Holders, except that they agree to perform
their obligations specifically set forth in the Deposit Agreement without negligence or bad faith. The Depositary shall not be
subject to any liability with respect to the validity or worth of the Deposited Securities. Neither the Depositary nor the Company
shall be under any obligation to appear in, prosecute or defend any action, suit, or other proceeding in respect of any Deposited
Securities or in respect of the American Depositary Shares, on behalf of any Owner or Holder or other person. Neither the Depositary
nor the Company shall be liable for any action or nonaction by it in reliance upon the advice of or information from legal counsel,
accountants, any person presenting Shares for deposit, any Owner or Holder, or any other person believed by it in good faith to
be competent to give such advice or information. The Depositary shall not be liable for any acts or omissions made by a successor
depositary whether in connection with a previous act or omission of the Depositary or in connection with a matter arising wholly
after the removal or resignation of the Depositary, provided that in connection with the issue out of which such potential liability
arises, the Depositary performed its obligations without negligence or bad faith while it acted as Depositary. The Depositary shall
not be liable for the acts or omissions of any securities depository, clearing agency or settlement system in connection with or
arising out of book-entry settlement of Deposited Securities or otherwise. The Depositary shall not be responsible for any failure
to carry out any instructions to vote any of the Deposited Securities or for the manner in which any such vote is cast or the effect
of any such vote, provided that any such action or nonaction is in good faith.

 

    	A-12

    	 

    

 

No disclaimer of liability
under the Securities Act of 1933 is intended by any provision of the Deposit Agreement.

 

		19.	RESIGNATION AND REMOVAL OF THE DEPOSITARY; APPOINTMENT OF SUCCESSOR CUSTODIAN.

 

The Depositary may
at any time resign as Depositary under the Deposit Agreement by written notice of its election so to do delivered to the Company,
such resignation to take effect upon the earlier of (i) the appointment of a successor depositary and its acceptance of such appointment
as provided in the Deposit Agreement or (ii) termination by the Depositary pursuant to Section 6.2 of the Deposit Agreement. The
Depositary may at any time be removed by the Company by 90 days prior written notice of such removal, to become effective upon
the later of (i) the 90th day after delivery of the notice to the Depositary and (ii) the appointment of a successor depositary
and its acceptance of such appointment as provided in the Deposit Agreement. The Depositary in its discretion may appoint a substitute
or additional custodian or custodians.

 

    	A-13

    	 

    

 

		20.	AMENDMENT.

 

The form of the Receipts
and any provisions of the Deposit Agreement may at any time and from time to time be amended by agreement between the Company and
the Depositary without the consent of Owners or Holders in any respect which they may deem necessary or desirable. Any amendment
which shall impose or increase any fees or charges (other than taxes and other governmental charges, registration fees, cable,
telex or facsimile transmission costs, delivery costs or other such expenses), or which shall otherwise prejudice any substantial
existing right of Owners, shall, however, not become effective as to outstanding American Depositary Shares until the expiration
of thirty days after notice of such amendment shall have been given to the Owners of outstanding American Depositary Shares. Every
Owner and Holder of American Depositary Shares, at the time any amendment so becomes effective, shall be deemed, by continuing
to hold such American Depositary Shares or any interest therein, to consent and agree to such amendment and to be bound by the
Deposit Agreement as amended thereby. In no event shall any amendment impair the right of the Owner to surrender American Depositary
Shares and receive therefor the Deposited Securities represented thereby, except in order to comply with mandatory provisions of
applicable law.

 

		21.	TERMINATION OF DEPOSIT AGREEMENT.

 

The Company may terminate
the Deposit Agreement by instructing the Depositary to mail notice of termination to the Owners of all American Depositary Shares
then outstanding at least 30 days prior to the termination date included in such notice. The Depositary may likewise terminate
the Deposit Agreement, if at any time 60 days shall have expired after the Depositary delivered to the Company a written resignation
notice and if a successor depositary shall not have been appointed and accepted its appointment as provided in the Deposit Agreement;
in such case the Depositary shall mail a notice of termination to the Owners of all American Depositary Shares then outstanding
at least 30 days prior to the termination date. On and after the date of termination, the Owner of American Depositary Shares will,
upon (a) surrender of such American Depositary Shares, (b) payment of the fee of the Depositary for the surrender of American Depositary
Shares referred to in Section 2.5, and (c) payment of any applicable taxes or governmental charges, be entitled to delivery, to
him or upon his order, of the amount of Deposited Securities represented by those American Depositary Shares. If any American Depositary
Shares shall remain outstanding after the date of termination, the Depositary thereafter shall discontinue the registration of
transfers of American Depositary Shares, shall suspend the distribution of dividends to the Owners thereof, and shall not give
any further notices or perform any further acts under the Deposit Agreement, except that the Depositary shall continue to collect
dividends and other distributions pertaining to Deposited Securities, shall sell rights and other property as provided in the Deposit
Agreement, and shall continue to deliver Deposited Securities, together with any dividends or other distributions received with
respect thereto and the net proceeds of the sale of any rights or other property, upon surrender of American Depositary Shares
(after deducting, in each case, the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the
account of the Owner of such American Depositary Shares in accordance with the terms and conditions of the Deposit Agreement, and
any applicable taxes or governmental charges). At any time after the expiration of four months from the date of termination, the
Depositary may sell the Deposited Securities then held under the Deposit Agreement and may thereafter hold uninvested the net proceeds
of any such sale, together with any other cash then held by it thereunder, unsegregated and without liability for interest, for
the pro rata benefit of the Owners of American Depositary Shares that have not theretofore been surrendered, such Owners thereupon
becoming general creditors of the Depositary with respect to such net proceeds. After making such sale, the Depositary shall be
discharged from all obligations under the Deposit Agreement, except to account for such net proceeds and other cash (after deducting,
in each case, the fee of the Depositary for the surrender of American Depositary Shares, any expenses for the account of the Owner
of such American Depositary Shares in accordance with the terms and conditions of the Deposit Agreement, and any applicable taxes
or governmental charges). Upon the termination of the Deposit Agreement, the Company shall be discharged from all obligations under
the Deposit Agreement except for its obligations to the Depositary with respect to indemnification, charges, and expenses.

 

    	A-14

    	 

    

 

		22.	DTC DIRECT REGISTRATION SYSTEM AND PROFILE MODIFICATION SYSTEM.

 

(a)Notwithstanding
the provisions of Section 2.4 of the Deposit Agreement, the parties acknowledge that the Direct Registration System (“DRS”)
and Profile Modification System (“Profile”) shall apply to uncertificated American Depositary Shares upon acceptance
thereof to DRS by DTC. DRS is the system administered by DTC pursuant to which the Depositary may register the ownership of uncertificated
American Depositary Shares, which ownership shall be evidenced by periodic statements issued by the Depositary to the Owners entitled
thereto. Profile is a required feature of DRS which allows a DTC participant, claiming to act on behalf of an Owner, to direct
the Depositary to register a transfer of those American Depositary Shares to DTC or its nominee and to deliver those American Depositary
Shares to the DTC account of that DTC participant without receipt by the Depositary of prior authorization from the Owner to register
such transfer.

 

(b)In connection
with and in accordance with the arrangements and procedures relating to DRS/Profile, the parties understand that the Depositary
will not verify, determine or otherwise ascertain that the DTC participant which is claiming to be acting on behalf of an Owner
in requesting registration of transfer and delivery described in subsection (a) has the actual authority to act on behalf of the
Owner (notwithstanding any requirements under the Uniform Commercial Code). For the avoidance of doubt, the provisions of Sections
5.3 and 5.8 of the Deposit Agreement shall apply to the matters arising from the use of the DRS. The parties agree that the Depositary’s
reliance on and compliance with instructions received by the Depositary through the DRS/Profile System and in accordance with the
Deposit Agreement, shall not constitute negligence or bad faith on the part of the Depositary.

 

    	A-15

    	 

    

 

		23.	SUBMISSION TO JURISDICTION; JURY TRIAL WAIVER; WAIVER OF IMMUNITIES.

 

In the Deposit Agreement,
the Company has (i) appointed Puglisi & Associates, 850 Library Avenue, Suite 204, Newark, Delaware 19711, as the Company's
authorized agent upon which process may be served in any suit or proceeding arising out of or relating to the Shares or Deposited
Securities, the American Depositary Shares, the Receipts or this Agreement, (ii) consented and submitted to the jurisdiction of
any state or federal court in the State of New York in which any such suit or proceeding may be instituted, and (iii) agreed that
service of process upon said authorized agent shall be deemed in every respect effective service of process upon the Company in
any such suit or proceeding.

 

EACH PARTY TO THE DEPOSIT
AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH OWNER AND HOLDER) THEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING AGAINST THE COMPANY AND/OR THE DEPOSITARY
DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE AMERICAN DEPOSITARY SHARES OR
THE RECEIPTS, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR THEREIN, OR THE BREACH HEREOF OR THEREOF, INCLUDING
WITHOUT LIMITATION ANY QUESTION REGARDING EXISTENCE, VALIDITY OR TERMINATION (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY).

 

To the extent that
the Company or any of its properties, assets or revenues may have or hereafter become entitled to, or have attributed to it, any
right of immunity, on the grounds of sovereignty or otherwise, from any legal action, suit or proceeding, from the giving of any
relief in any respect thereof, from setoff or counterclaim, from the jurisdiction of any court, from service of process, from attachment
upon or prior to judgment, from attachment in aid of execution or judgment, or other legal process or proceeding for the giving
of any relief or for the enforcement of any judgment, in any jurisdiction in which proceedings may at any time be commenced, with
respect to its obligations, liabilities or any other matter under or arising out of or in connection with the Shares or Deposited
Securities, the American Depositary Shares, the Receipts or the Deposit Agreement, the Company, to the fullest extent permitted
by law, hereby irrevocably and unconditionally waives, and agrees not to plead or claim, any such immunity and consents to such
relief and enforcement.

 

    	A-16

    	 

    

 

		24.	Disclosure
of Beneficial Ownership.

 

The Company may from
time to time request that any Owner or Holder of American Depositary Shares provide information as to the capacity in which it
holds American Depositary Shares or such beneficial interest and regarding the identity of any other persons then or previously
having a beneficial interest in such American Depositary Shares, and the nature of such interest and various other matters. Each
such Owner or Holder agrees to provide such information reasonably requested by the Company pursuant to this Section. The Depositary
agrees to comply with reasonable written instructions received from time to time from the Company requesting that the Depositary
forward any such written requests to the Owners and to forward to the Company any such responses to such requests received by the
Depositary.

 

Each Owner and Holder
agrees to comply with any applicable provision of Israeli law with regard to the notification to the Company of the holding or
proposed holding of certain interests in Shares and the obtaining of certain consents, to the same extent as if such Owner or Holder
were a registered holder or beneficial owner of Shares. The Depositary is not required to take any action with respect to such
compliance on behalf of any Owner or Holder, including the provision of the notifications described below.

 

As of the date of this
Deposit Agreement, under Israeli law, persons who hold a direct or indirect interest in 5% or more of the voting securities of
the Company (including persons who hold such an interest through the holding of American Depositary Shares) are required to give
written notice of their interest and any subsequent changes in their interest to the Company within the timeframes set forth in
Israeli law. The foregoing is a summary of the relevant provision of Israeli law and does not purport to be a complete review of
this or other provisions that may be applicable to Owners or Holders. The Company undertakes no obligations to update this summary
in the future.

 

    	A-17MDC PARTNERS INC.,

 

THE NOTE GUARANTORS PARTY HERETO

 

AND

 

THE BANK OF NEW YORK MELLON,

 

AS TRUSTEE

 

6.75% SENIOR NOTES DUE 2020

 

THIRD SUPPLEMENTAL INDENTURE

 

Dated as of November 15, 2013

 

    	 

    	 

    

 

This THIRD SUPPLEMENTAL
INDENTURE, dated as of November 15, 2013 (this “Third Supplemental Indenture”), among MDC Partners
Inc., a corporation continued under the laws of Canada (the “Company”), the Note Guarantors party hereto
and The Bank of New York Mellon, a New York banking corporation, as Trustee under the Indenture referred to below (the
“Trustee”).

 

W I T N E S S E T H:

 

WHEREAS, the Company, the Note Guarantors
party hereto and the Trustee have previously entered into an indenture, dated as of March 20, 2013 (the “Base Indenture”)
(as supplemented by the First Supplemental Indenture dated as of June 21, 2013, the Second Supplemental Indenture dated as of November
6, 2013, together and as may be further amended, supplemented, waived or otherwise modified, the “Indenture”),
providing for the issuance of $550,000,000 aggregate principal amount of its 6.75% Senior Notes due 2020 of the Company (the “Notes”),
all of which are outstanding on the date hereof;

 

WHEREAS, pursuant to Section 9.1(9)
of the Base Indenture, the Company, the Note Guarantors and the Trustee may amend or supplement the Indenture without notice to
or consent of any Holder to provide, among other things, for the issuance of Additional Notes as permitted by Section 2.2(c)
and Section 2.14 of the Base Indenture, which will be treated, together with any other Outstanding Notes, as a single
issue of securities;

 

WHEREAS, the Board of Directors of
the Company has authorized by resolutions, including the Additional Note Board Resolutions pursuant to Section 2.14(b) of
the Base Indenture, the issuance of $110,000,000 aggregate principal amount of Additional Notes (the “November 2013 Additional
Notes”);

 

WHEREAS, pursuant to Section 2.14(b)
of the Base Indenture, the Company has delivered to the Trustee the Officers’ Certificate pursuant to and in accordance with
the Additional Note Board Resolutions relating to the November 2013 Additional Notes;

 

WHEREAS, the Company has requested
that the Trustee join in the execution of this Third Supplemental Indenture, and

 

WHEREAS, all conditions and requirements
necessary to make this Third Supplemental Indenture a valid, binding, and legal instrument in accordance with the terms of the
Indenture have been performed and fulfilled and the execution and delivery hereof have been in all respects duly authorized.

 

NOW, THEREFORE, for and in
consideration of the premises and the mutual covenants contained herein and in the Indenture and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Company, the Note Guarantors and the Trustee hereby agree for
the equal and ratable benefit of all Holders of the November 2013 Additional Notes as follows:

 

    	 

    	 

    

 

Article
I

DEFINITIONS

 

Section 1.1.         
Defined Terms. All capitalized terms used but not defined herein shall have the meanings ascribed to such terms in
the Indenture, as supplemented and amended hereby.

 

Article
II

ADDITIONAL NOTES

 

Section 2.1.         
The Additional Notes. (a) Pursuant to Section 2.14 of the Base Indenture, the Company hereby creates
$110,000,000 aggregate principal amount of its 6.75% Senior Notes due 2020. These November 2013 Additional Notes shall constitute
a single series with the Company’s Outstanding Notes issued on March 20, 2013 (the “Existing Notes”),
to which the November 2013 Additional Notes are identical in all terms and conditions except as to the issue date, the amount of
interest payable on the first Interest Payment Date therefore and issue price as permitted under Section 2.14(a) of
the Base Indenture and except with respect to the use of a separate CUSIP in respect of the Regulation S Temporary Global Note
for compliance with the Distribution Compliance Period as further permitted by Section 2.14(a) of the Base Indenture . Interest
on the November 2013 Additional Notes shall accrue from October 1, 2013. The first interest payment date of the November 2013 Additional
Notes shall be April 1, 2014. All November 2013 Additional Notes issued under the Indenture will, when issued, be considered Notes
for all purposes thereunder and will be subject to and take the benefit of all of the terms, conditions and provisions of the Indenture.
The November 2013 Additional Notes shall be issued in global form in minimum denominations of $2,000 and integral multiples of
$1,000 in excess thereof in substantially the form of Exhibit A hereto. The terms and provisions of the November 2013 Additional
Notes set forth in Exhibit A hereto shall constitute and are expressly made a part of this Supplemental Indenture.

 

Section 2.2.         
Execution and Authentication of the Additional Notes. The Trustee shall, upon receipt of and in accordance with a
Company Order pursuant to Section 2.2 of the Base Indenture, authenticate and deliver the November 2013 Additional Notes in
the aggregate principal amount of $110,000,000.

 

Article
III

MISCELLANEOUS

 

Section 3.1.         
Ratification of Indenture; Third Supplemental Indenture Part of Indenture. Except as expressly supplemented hereby,
the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full
force and effect. This Third Supplemental Indenture shall form a part of the Indenture for all purposes, and every Holder of Notes
heretofore or hereafter authenticated and delivered shall be bound hereby. The Trustee makes no representation or warranty as to
the validity or sufficiency of this Third Supplemental Indenture. The recitals and statements herein are deemed to be those of
the Company and the Note Guarantors and not those of the Trustee, and the Trustee assumes no responsibility for their correctness.

 

    	2

    	 

    

 

Section 3.2.         
Governing Law, Etc. This Third Supplemental Indenture shall be governed by the provisions set forth in Section 11.7
of the Base Indenture, mutatis mutandis.

 

Section 3.3.         
Severability. In case any provision in this Third Supplemental Indenture shall be invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby and
such provision shall be ineffective only to the extent of such invalidity, illegality or unenforceability.

 

Section 3.4.         
Duplicate and Counterpart Originals. The parties may sign any number of copies of this Third Supplemental Indenture.
One signed copy is enough to prove this Third Supplemental Indenture. This Third Supplemental Indenture may be executed in any
number of counterparts, each of which so executed shall be an original, but all of them together represent the same agreement.

 

Section 3.5.         
Headings. The headings of the Articles and Sections in this Third Supplemental Indenture have been inserted for convenience
of reference only, are not intended to be considered as a part hereof and shall not modify or restrict any of the terms or provisions
hereof.

 

[Signature Pages Follow]

 

    	3

    	 

    

 

IN WITNESS WHEREOF, the parties have caused
this Third Supplemental Indenture to be duly executed as of the date first written above.

 

	 	MDC PARTNERS INC.,
	 	as the Company
	 	 	 
	 	 	 
	 	By:  	/s/ Mitchell Gendel
	 		Name:  Mitchell Gendel
	 	 	Title:  General Counsel & Corporate Secretary

 

[Signature Pages Follow]

 

    	 

    	 

    

 

Guarantors:

 

	
        6DEGREES INTEGRATED COMMUNICATIONS CORP.,

        an Ontario corporation

        72 AND SUNNY PARTNERS LLC,

        a Delaware limited liability company

        ACCENT MARKETING SERVICES, L.L.C.,

        a Delaware limited liability company

        ACCUMARK PARTNERS INC.,

        an Ontario corporation

        ALLISON & PARTNERS LLC,

        a Delaware limited liability company

        ANOMALY Inc.,

        an Ontario corporation

        ANOMALY PARTNERS LLC,

        a Delaware limited liability company

        ATTENTION PARTNERS LLC,

        a Delaware limited liability company

        BOOM MARKETING INC.,

        an Ontario corporation

        BRUCE MAU DESIGN INC.,

        an Ontario corporation

        BRUCE MAU DESIGN (USA) LLC,

        a Delaware limited liability company

        BRUCE MAU HOLDINGS LTD.,

        an Ontario corporation

        BRYAN MILLS IRADESSO CORP.,

        an Ontario corporation

        CAPITAL C PARTNERS GP INC.,

        an Ontario corporation

        CAPITAL C PARTNERS LP,

        an Ontario limited partnership

        By: Capital C Partners GP Inc.

        Its general partner

        COLLE & MCVOY LLC,

        a Delaware limited liability company

        CONCENTRIC PARTNERS LLC,

        a Delaware limited liability company

        CRISPIN PORTER & BOGUSKY LLC,

        a Delaware limited liability company

        CRISPIN PORTER & BOGUSKY EUROPE AB,

        a Swedish corporation

        DONER PARTNERS LLC,

        a Delaware limited liability company

        DOTGLU LLC,

        a Delaware limited liability company

        HELLO DESIGN, LLC,

        a California limited liability company

        HL GROUP PARTNERS LLC,

        a Delaware limited liability company

        INTEGRATED MEDIA SOLUTIONS PARTNERS LLC,

        a Delaware limited liability company

        
	
        KBP HOLDINGS LLC,

        a Delaware limited liability company

        KBS+P ATLANTA LLC,

        a Delaware limited liability company

        KBS+P CANADA LP KBS+P CANADA SEC,

        an Ontario limited partnership

        By: MDC Canada GP Inc.

        Its general partner

        KENNA COMMUNICATIONS GP INC.,

        an Ontario corporation

        KENNA COMMUNICATIONS LP,

        an Ontario limited partnership

        By: Kenna Communications GP Inc.

        Its general partner

        KIRSHENBAUM BOND SENECAL & PARTNERS LLC,

        a Delaware limited liability company

        KIRSHENBAUM BOND & PARTNERS WEST LLC,

        a Delaware limited liability company

        KWITTKEN PR LLC,

        a Delaware limited liability company

        LBN PARTNERS LLC,

        a Delaware limited liability company

        LAIRD + PARTNERS NEW YORK LLC,

        a Delaware limited liability company

        MAXXCOM GLOBAL MEDIA LLC,

        a Delaware limited liability company

        MAXXCOM (USA) FINANCE COMPANY,

        a Delaware corporation

        MAXXCOM (USA) HOLDINGS INC.,

        a Delaware corporation

        MAXXCOM INC.,

        a Delaware corporation

        MDC ACQUISITION INC.,

        a Delaware corporation

        MDC CANADA GP INC.,

        a corporation incorporated under the laws of Canada

        MDC CORPORATE (US) INC.,

        a Delaware Corporation

        MDC INNOVATION PARTNERS LLC,

        a Delaware limited liability company

        MDC TRAVEL, INC.,

        a Delaware corporation

         

        [continues on next page]

 

[Signature Page to Supplemental Indenture]

 

    	 

    	 

    

 

	
        MONO ADVERTISING, LLC,

        a Delaware limited liability company

        NEW TEAM LLC,

        a Delaware limited liability company

        NORTHSTAR MANAGEMENT HOLDCO INC.,

        an Ontario corporation

        NORTHSTAR RESEARCH GP LLC,

        a Delaware limited liability company

        NORTHSTAR RESEARCH HOLDINGS CANADA INC.,

        an Ontario corporation

        NORTHSTAR RESEARCH HOLDINGS USA LP,

        a Delaware limited partnership

        NORTHSTAR RESEARCH PARTNERS INC.,

        an Ontario corporation

        NORTHSTAR RESEARCH PARTNERS (USA) LLC,

        a Delaware limited liability company

        OUTERACTIVE, LLC,

        a Delaware limited liability company

        PULSE MARKETING, LLC,

        a Delaware limited liability company

        REDSCOUT LLC,

        a Delaware limited liability company

        RELEVENT PARTNERS LLC,

        a Delaware limited liability company

        RJ PALMER PARTNERS LLC,

        a Delaware limited liability company

        SKINNY NYC LLC,

        a Delaware limited liability company

        SLOANE & COMPANY LLC,

        a Delaware limited liability company

        SOURCE MARKETING LLC,

        a New York limited liability company

        STUDIO PICA INC.,

        a federal company organized under the laws of Canada

        TARGETCAST LLC,

        a Delaware limited liability company

        TARGETCOM, LLC,

        a Delaware limited liability company

        TC ACQUISITION INC.,

        a Delaware corporation

        THE ARSENAL LLC,

        a Delaware limited liability company

        TRACK 21 LLC,

        a Delaware limited liability company

        TRADE X PARTNERS LLC,

        a Delaware limited liability company

        UNION ADVERTISING CANADA LP,

        an Ontario limited partnership

        By: MDC Canada GP Inc.

        Its general partner

        VARICK MEDIA MANAGEMENT LLC,

        a Delaware limited liability company
	
        VERITAS COMMUNICATIONS INC.,

        an Ontario corporation

        VITRO PARTNERS LLC,

        a Delaware limited liability company

        VITROROBERTSON LLC,

        a Delaware limited liability company

        X CONNECTIONS INC.,

        an Ontario corporation

        YAMAMOTO MOSS MACKENZIE, INC.,

        a Delaware corporation

        ZYMAN GROUP, LLC,

        a Delaware limited liability company

         

         

        [continues on next page]

 

[Signature Page to Supplemental Indenture]

 

    	 

    	 

    

 

	 	On behalf of each of the Note Guarantors
	 	 	 
	 	 	 
	 	 	 
	 	By:  	/s/ Mitchell Gendel
	 	 	Name: Mitchell Gendel
	 	 	Title: Authorized Signatory

  

[Signature Page to Supplemental Indenture]

 

    	 

    	 

    

 

	 	THE BANK OF NEW YORK MELLON,
	 	as Trustee
	 	 
	 	 
	 	 
	 	By:  	/s/ Vincent Jhingoor
	 		Name:  Vincent Jhingoor
	 	 	Title:  Vice President

 

[Signature Page
to Supplemental Indenture]

 

    	 

    	 

    

 

Exhibit A

 

[Include the following legend for Global Notes
only:

 

THIS IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE
REFERRED TO HEREINAFTER.

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE COMPANY
OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE &
CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE
OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED
TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS
OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE
REFERRED TO ON THE REVERSE HEREOF.]

 

[Include the following legend on all Notes that
are Restricted Notes:

 

The sale of
this Note has not been registered under the United States Securities Act of 1933, as amended (the ‘‘Securities Act’’),
and accordingly, this Note may not be offered or sold except as set forth in the following sentence. By its acquisition hereof,
the holder agrees that (1) it will not within the later of (x) one year after the last date of original issuance of the Notes,
and (y) 90 days after it ceases to be an affiliate (within the meaning of Rule 144 under the Securities Act) of the issuer, offer,
resell, pledge or otherwise transfer the Note evidenced hereby, except (a) to the issuer; (b) under a registration statement that
has been declared effective under the Securities Act; (c) to a person the seller reasonably believes is a Qualified Institutional
Buyer (as defined in Rule 144A under the Securities Act) that is purchasing for its own account or for the account of another Qualified
Institutional Buyer and to whom notice is given that the transfer is being made in reliance on Rule 144A, all in compliance with
Rule 144A; (d) in an offshore transaction complying with Rule 903 or Rule 904 of Regulation S; or (e) under any other available
exemption from the registration requirements of the Securities Act; (2) it will comply with all applicable securities laws of the
states of the United States and other jurisdictions; and (3) it will, prior to any transfer of this Note pursuant to clause (E)
within the later of (x) one year after the last date of original issuance of the Notes and (y) 90 days after it ceases to be an
affiliate (within the meaning of Rule 144 under the Securities Act) of the issuer, furnish to the trustee and the issuer such certifications,
legal opinions or other information as they may require pursuant to the indenture and may rely upon to confirm that such transfer
is being made pursuant to such other available exemption from the registration requirements of the Securities Act. In any event,
no affiliate of the issuer may purchase or sell these Notes prior to the date that is one year after the last date of original
issuance of the Notes. The restrictions set forth in this legend shall cease to have effect one year after the last date of original
issuance of the Notes, provided that all holders after such date shall continue to be required to transfer Notes in conformity
with the requirements of applicable securities laws.]

 

    	Exhibit A-1

    	 

    

 

UNLESS PERMITTED UNDER CANADIAN SECURITIES LAWS, THE
HOLDER OF THIS SECURITY MUST NOT TRADE THIS SECURITY IN OR TO A PERSON IN ANY PROVINCE OR TERRITORY OF CANADA BEFORE THE DATE THAT
IS FOUR MONTHS AND A DAY AFTER THE DATE OF THE ISSUANCE OF THIS SECURITY.

 

 

[Include the following legend on all Regulation
S Temporary Global Notes:

 

THIS GLOBAL NOTE IS A TEMPORARY GLOBAL NOTE FOR PURPOSES
OF REGULATION S UNDER THE SECURITIES ACT. NEITHER THIS TEMPORARY GLOBAL NOTE NOR ANY INTEREST HEREIN MAY BE OFFERED, SOLD, DELIVERED
OR EXCHANGED FOR AN INTEREST IN A PERMANENT GLOBAL NOTE OR OTHER NOTE EXCEPT UPON DELIVERY OF THE CERTIFICATIONS SPECIFIED IN THE
INDENTURE.]

 

    	Exhibit A-2

    	 

    

 

FORM OF FACE OF NOTE

 

6.75% Senior Notes due 2020

 

	No. [___]	Principal Amount $[______________]

 

[If the Note is a Global Note include
the following two lines:

as revised by the Schedule of Increases and

Decreases in Global Note attached hereto]

 

CUSIP NO. ____________

ISIN NO. ____________

 

MDC Partners Inc., a corporation continued
under the laws of Canada (together with its successors and assigns, the “Company”) promises to pay to
___________________, or registered assigns, the principal sum of __________________ United States Dollars [If the Note is a
Global Note, add the following, as revised by the Schedule of Increases and Decreases in Global Note attached hereto], on April
1, 2020.

 

	Interest Payment Dates:	April 1 and October 1, commencing on April 1, 2014
	Record Dates:  	March 15 and September 15

 

    	Exhibit A-3

    	 

    

 

Additional provisions of this Note are set
forth on the other side of this Note.

 

	 	MDC PARTNERS INC.
	 	 
	 	By:  	                
	 	Name:
	 	Title:
	 	 	 
	 	By:	 
	 	Name:
	 	Title:

 

TRUSTEE’S CERTIFICATE OF

  AUTHENTICATION

 

This is one of the Notes referred
to in the

within-mentioned Indenture.

 

THE BANK OF NEW YORK MELLON,

as Trustee

 

 

	By:   	 	 	Date:  	 
	 	Authorized Signatory	 	 	 

 

    	Exhibit A-4

    	 

    

 

FORM OF REVERSE SIDE OF NOTE

 

6.75% Senior Notes due 2020

 

Capitalized terms used but not defined herein shall have the
meanings assigned to them in the Indenture referred to below unless otherwise indicated.

 

1.Interest

 

MDC Partners Inc., a corporation continued
under the laws of Canada (together with its successors and assigns, the “Company”) promises to pay interest
on the principal amount of this Note at the rate per annum shown above.

 

The Company will pay interest semiannually
in arrears on each Interest Payment Date of each year commencing April 1, 2014; provided that if any such Interest Payment
Date is not a Business Day, then such payment shall be made on the next succeeding Business Day. Interest on the Notes will accrue
from, and including, the most recent date to which interest has been paid on the Notes or, if no interest has been paid, from,
and including, October 1, 2013. The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy
Law) on overdue principal at the then applicable interest rate on the Notes to the extent lawful; it shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (“Defaulted Interest”),
without regard to any applicable grace period, at the then applicable rate on the Notes. Interest will be computed on the basis
of a 360-day year of twelve 30-day months.

 

All payments made by the Company in respect
of the Notes will be made free and clear of and without deduction or withholding for or on account of any Taxes imposed or levied
by or on behalf of any Taxing Authority, unless such withholding or deduction is required by law or by the interpretation or administration
thereof. In that event, the Company will pay to each Holder of the Notes Additional Amounts as provided in the Indenture subject
to the limitations set forth in the Indenture.

 

2.Method of Payment

 

By at least 10:00 a.m., New York City time,
on the date on which any principal of or interest on any Note is due and payable, the Company shall irrevocably deposit with the
Trustee or the Paying Agent money sufficient to pay such principal and/or interest. The Company will pay interest (except Defaulted
Interest) on the applicable Interest Payment Date to the Persons who are registered Holders of Notes at the close of business on
the Record Date preceding the Interest Payment Date even if Notes are canceled, repurchased or redeemed after the Record Date and
on or before the relevant Interest Payment Date, except as provided in Section 2.13 of the Base Indenture (as defined below)
with respect to Defaulted Interest. Holders must surrender Notes to a Paying Agent to collect principal payments. The Company will
pay principal and interest in U.S. Legal Tender.

 

Payments in respect of Notes represented by
a Global Note (including principal and interest) will be made by the transfer of immediately available funds to the accounts specified
by DTC. The Company will make all payments in respect of a Certificated Note (including principal and interest) by mailing a check
to the registered address of each registered Holder thereof as set forth in the Note Register; provided, however,
that payments on the Notes may also be made, in the case of a Holder of at least $1,000,000 aggregate principal amount of Notes,
by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects payment
by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such account no later than
15 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion).

 

    	Exhibit A-5

    	 

    

 

3.Paying Agent and Registrar

 

Initially, The Bank of New York Mellon, the
Trustee under the Indenture, will act as Trustee, Paying Agent and Registrar. The Company may appoint and change any Paying Agent,
Registrar or co-Registrar without notice to any Holder. The Company, any Note Guarantor or any of their Affiliates may act as Paying
Agent, Registrar or co-Registrar.

 

4.Indenture

 

The Company issued the Notes under an Indenture,
dated as of March 20, 2013 (the “Base Indenture”) (as supplemented by the First Supplemental Indenture dated
as of June 21, 2013, the Second Supplemental Indenture dated as of November 6, 2013, the Third Supplemental Indenture dated as
of November 15, 2013 and as may be further amended or supplemented from time to time in accordance with the terms thereof, the
“Indenture”), among the Company, the Note Guarantors and the Trustee. The terms of the Notes include those stated
in the Indenture and those made part of the Indenture by reference to the TIA. The Notes are subject to all such terms, and Holders
are referred to the Indenture and the TIA for a statement of those terms. Each Holder, by accepting a Note, agrees to be bound
by all of the terms and provisions of the Indenture, as amended or supplemented from time to time.

 

The Notes are general unsecured obligations
of the Company of which $110,000,000 in aggregate principal amount will be issued on November 15, 2013 as Additional Notes, in
addition to the $550,000,000 in aggregate principal amount issued on March 20, 2013. Subject to the conditions set forth in the
Indenture and without the consent of the Holders, the Company may issue Additional Notes. All Notes will be treated as a single
class of securities under the Indenture. The Indenture imposes certain limitations on, among other things, the ability of the Company
and its Restricted Subsidiaries to: Incur Indebtedness, make Restricted Payments, create Liens, make Asset Sales, designate Unrestricted
Subsidiaries, enter into transactions with Affiliates, enter into Sale and Leaseback Transactions, or consolidate or merge or transfer
or convey all or substantially all of the Company’s and its Restricted Subsidiaries’ assets.

 

To guarantee the due and punctual payment
of the principal of, premium and interest on the Notes and all other amounts payable by the Company under the Indenture and the
Notes when and as the same shall be due and payable, whether at maturity, by acceleration or otherwise, according to the terms
of the Notes and the Indenture, the Note Guarantors have unconditionally guaranteed (and each of the existing and future Restricted
Subsidiaries that Guarantee or are co-borrowers under or grant Liens to secure the Bank Credit Facility will unconditionally guarantee),
jointly and severally, such obligations pursuant to the terms of the Indenture. Each Note Guarantee will be subject to release
as provided in the Indenture.

 

    	Exhibit A-6

    	 

    

 

The obligations of each Note Guarantor in
respect of its Note Guarantee will be limited to the maximum amount as will, after giving effect to all other contingent and fixed
liabilities of such Note Guarantor and after giving effect to any collections from or payments made by or on behalf of any other
Note Guarantor in respect of the obligations of such other Note Guarantor under its Note Guarantee or pursuant to its contribution
obligations under this Indenture, result in the obligations of such Note Guarantor under its Note Guarantee not constituting a
fraudulent conveyance, fraudulent transfer or similar illegal transfer under federal or state law or the law of the jurisdiction
of formation or incorporation of such Note Guarantor.

 

5.Optional Redemption

 

(a)Optional Redemption. Except
as stated below, the Company may not redeem the Notes prior to April 1, 2016. The Company may, at its option without the prior
agreement of Holders, redeem the Notes, in whole at any time or in part from time to time, on and after April 1, 2016, at the following
redemption prices, expressed as percentages of the principal amount thereof, if redeemed during the twelve-month period commencing
on April 1 of any year set forth below:

 

	Year	 	Percentage	 
	2016	 	 	103.375	%
	2017	 	 	101.688	%
	2018 and thereafter	 	 	100.000	%

  

(b)Make-Whole Redemption. At any
time prior to April 1, 2016, the Company may, at its option without the prior agreement of Holders, redeem all or part of the Notes
upon not less than 30 nor more than 60 days’ prior notice at a redemption price equal to the sum of (i) 100% of the principal
amount thereof plus (ii) the Applicable Premium as of the date of redemption.

 

“Applicable Premium”
means, with respect to a Note at any date of redemption, the greater of (i) 1.0% of the principal amount of such Note and (ii)
the excess, if any, of (A) the present value at such date of redemption of (1) the redemption price of such Note on April 1, 2016
(such redemption price being described under this Section 5) plus (2) all remaining required interest payments due
on such Note through April 1, 2016 (excluding accrued but unpaid interest to the date of redemption), computed using a discount
rate equal to the Treasury Rate plus 50 basis points, over (B) the then-Outstanding principal amount of such Note.

 

“Treasury Rate”
means, as of any redemption date, the yield to maturity as of such redemption date of United States Treasury securities with a
constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become
publicly available at least two Business Days prior to the redemption date (or, if such Statistical Release is no longer published,
any publicly available source of similar market data)) most nearly equal to the period from the redemption date to April 1, 2016;
provided, however, that if the period from the redemption date to April 1, 2016 is less than one year, the weekly
average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used.

 

    	Exhibit A-7

    	 

    

 

(c)Optional Redemption upon Equity
Offerings. At any time, or from time to time, on or prior to April 1, 2016, the Company may, at its option without the prior
agreement of Holders, use the net cash proceeds of one or more Equity Offerings to redeem in the aggregate up to 35% of the aggregate
principal amount of the Notes issued under the Indenture (calculated after giving effect to any issuance of Additional Notes) at
a redemption price equal to 106.750% of the principal amount thereof; provided that:

 

(1)after giving effect to
any such redemption at least 65% of the aggregate principal amount of the Notes issued under the Indenture remains outstanding;
and

 

(2)the Company will make such
redemption not more than 90 days after the consummation of such Equity Offering.

 

Notice of a redemption upon any Equity Offering
may be given prior to the redemption thereof, and any such redemption or notice may, at the Company’s discretion, be subject
to one or more conditions precedent, including, but not limited to, completion of the related Equity Offering.

 

(d)Optional Redemption for Changes
in Withholding Taxes. The Company may at any time, at its option without the prior agreement of Holders, redeem, in whole but
not in part, the outstanding Notes at a redemption price of 100% of the principal amount thereof if it has become or would become
obligated to pay any Additional Amounts (as defined in the Indenture) or any Reimbursement Payments (as defined in the Indenture)
in respect of the Notes as a result of:

 

(1)any change in or amendment
to the laws (or regulations promulgated thereunder, rulings, technical interpretations, interpretation bulletins or information
circulars) of any Taxing Authority (as defined in the Indenture); or

 

(2)any change in or amendment
to any official position regarding the application, administration or interpretation of such laws, regulations, rulings, technical
interpretations, interpretation bulletins or information circulars (including a holding, judgment or order by a court of competent
jurisdiction),

 

which change or amendment is announced or is effective on or
after the Issue Date (without regard to whether any Note Guarantor is or has been making any payments under the Notes prior to,
at or after the time such change or amendment is announced or effective).

 

It shall be a condition to the Company’s
right to redeem the Notes pursuant to the provisions set forth in the immediately preceding paragraph that, prior to giving any
notice of redemption of the Notes, the Company shall have delivered to the Trustee (a) an Officers’ Certificate stating that
the Company has determined in its reasonable judgment that the obligation to pay such Additional Amounts or Reimbursement Payments
cannot be avoided by the Company taking reasonable measures available to it and (b) an Opinion of Counsel that the circumstances
described in the immediately preceding paragraph exist. No such notice of redemption may be given more than 90 days before or more
than 365 days after the Company first becomes liable (or, if later, the earlier of the date on which it first becomes aware of
its liability or the date on which it reasonably should have become aware of its liability) to pay any Additional Amounts or Reimbursement
Payments as a result of a change or amendment described above.

 

    	Exhibit A-8

    	 

    

 

(e)Optional Redemption Procedures.
In the case of any partial redemption, selection of the Notes for redemption will be made in accordance with Article V of
the Base Indenture. On and after the redemption date, interest will cease to accrue on Notes or portions thereof called for redemption
as long as the Company has deposited with the Paying Agent funds in satisfaction of the applicable redemption price, together with
any accrued and unpaid interest, pursuant to the Indenture. Any redemption notice may, at the Company’s discretion, be subject
to one or more conditions precedent, including completion of an Equity Offering or other corporate transaction.

 

6.Mandatory Repurchase Provisions

 

(a)Change Of Control Offer. Upon
the occurrence of a Change of Control, each Holder of Notes will have the right to require that the Company purchase all or a portion
(equal to $2,000 or an integral multiple of $1,000 in excess thereof (provided that the unpurchased portion will be in a denomination
of at least $2,000)) of the Holder’s Notes at a purchase price equal to 101% of the principal amount thereof, plus accrued
and unpaid interest thereon through the date of purchase; provided that the Company will not be required to purchase Notes
upon the occurrence of a Change of Control in the event that it has exercised its right to redeem all of the Notes in accordance
with Section 5 hereof or if a third party makes the Change of Control Offer subject to the conditions set forth in the Indenture.
Within 30 days following the date upon which the Change of Control occurred, the Company must make a Change of Control Offer pursuant
to a Change of Control Notice. As more fully described in the Indenture, the Change of Control Notice shall state, among other
things, the Change of Control Payment Date, which must be no earlier than 30 days nor later than 60 days from the date the notice
is mailed, other than as may be required by applicable law.

 

(b)Asset Sale Offer. The Indenture
imposes certain limitations on the ability of the Company and its Restricted Subsidiaries to make Asset Sales. In the event the
proceeds from a permitted Asset Sale exceed certain amounts and are not applied as specified in the Indenture, the Company will
be required to make an Asset Sale Offer to purchase to the extent of such remaining proceeds each Holder’s Notes together
with holders of certain other Indebtedness at 100% of the principal amount thereof, plus accrued and unpaid interest thereon to
the Asset Sale Offer Payment Date, as more fully set forth in the Indenture.

 

[Insert for Certificated Notes:

 

(c)In the event of repurchase of the Note
pursuant to a Change of Control Offer or Asset Sale Offer in part only, a new Note or Notes for the unpurchased portion will be
issued in the name of the Holder hereof upon cancellation hereof.]

 

    	Exhibit A-9

    	 

    

 

8.Denominations; Transfer; Exchange

 

The Notes are in fully registered form without
coupons, and only in denominations of principal amount of $2,000 and any integral multiple of $1,000 in excess thereof. A Holder
may transfer or exchange Notes in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish
appropriate endorsements or transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. The
Registrar shall not be required to register the transfer or exchange of (i) (x) any Note for a period beginning: (1) 15 days before
the mailing of a notice of an offer to repurchase or redeem Notes and ending at the close of business on the day of such mailing
or (2) 15 days before an Interest Payment Date and ending on such Interest Payment Date and (y) any Note selected for repurchase
or redemption, except the unrepurchased or unredeemed portion thereof, if any.

 

9.Persons Deemed Owners

 

[for Certificated Notes, include the following:

 

Prior to due presentment of this Note for
registration or transfer, the Company, the Note Guarantors, the Trustee, and any agent of the Company, the Note Guarantors or the
Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note
be overdue, and none of the Company, the Note Guarantors, the Trustee or any such agent shall be affected by notice to the contrary.]

 

[for Global Notes, include the following:

 

The registered Holder of this Note may be
treated as the owner of it for all purposes.]

 

10.Unclaimed Money

 

If money for the payment of principal or interest
remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back to the Company at its request unless an abandoned
property law designates another Person. After any such payment, Holders entitled to the money must look only to the Company and
not to the Trustee for payment.

 

11.Discharge Prior to Redemption or Maturity

 

Subject to certain conditions set forth in
the Indenture, the Company at any time may terminate some or all of its obligations under the Notes and the Indenture if the Company
deposits with the Trustee U.S. Legal Tender or U.S. Government Obligations for the payment of principal of and interest on the
Notes to redemption or maturity, as the case may be.

 

12.Amendment, Waiver

 

Subject to certain exceptions set forth in
the Indenture, (i) the Indenture or the Notes may be amended or supplemented with the written consent of the Holders of at least
a majority in principal amount of the then Outstanding Notes and (ii) any default (other than with respect to nonpayment or in
respect of a provision that cannot be amended or supplemented without the written consent of each Holder affected) or noncompliance
with any provision may be waived with the written consent of the Holders of a majority in aggregate principal amount of the then
Outstanding Notes. Subject to certain exceptions set forth in the Indenture, without the consent of any Holder, the Company and
the Trustee may amend or supplement the Indenture or the Notes to, among other things, cure any ambiguity, omission, defect or
inconsistency, or to comply with Article IV of the Base Indenture, or to provide for uncertificated Notes in addition to
or in place of Certificated Notes, or to add Note Guarantees with respect to the Notes or to secure the Notes, or to add additional
covenants of the Company or the Note Guarantors for the benefit of the Holders or surrender rights and powers conferred on the
Company or the Note Guarantors, or to make any change that does not adversely affect the rights of any Holder in any material respect,
or to provide for the issuance of Additional Notes, or to conform the text of the Indenture, Note Guarantees or the Notes to any
provision of the “Description of Notes” section of the Offering Circular to the extent that such provision in such
“Description of Notes” section was intended to be a verbatim recitation of a provision of the Indenture, the Note Guarantees
or the Notes, or to make any amendment to the provisions of the Indenture relating to the transfer and legending of Notes as permitted
by the Indenture, including, without limitation, to facilitate the issuance and administration of the Notes; provided, however,
that (i) compliance with the Indenture as so amended would not result in Notes being transferred in violation of the Securities
Act or any applicable securities laws and (ii) such amendment does not materially and adversely affect the rights of Holders to
transfer Notes.

 

    	Exhibit A-10

    	 

    

 

13.Defaults and Remedies

 

If an Event of Default occurs and is continuing,
the Trustee or the Holders of at least 25% in principal amount of Outstanding Notes may declare all the Notes to be due and payable
immediately. Certain events of bankruptcy or insolvency are Events of Default, which will result in the Notes being due and payable
immediately upon the occurrence of such Events of Default.

 

Holders may not enforce the Indenture or the
Notes except as provided in the Indenture. The Trustee may refuse to enforce the Indenture or the Notes unless it receives indemnity
satisfactory to it. Subject to certain limitations, Holders of a majority in principal amount of the Outstanding Notes may direct
the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders notice of any continuing Default or Event
of Default (except a Default or Event of Default in payment of principal or interest) if it determines that withholding notice
is in their interest.

 

14.Trustee Dealings with the Company and the Note Guarantors

 

Subject to certain limitations set forth in
the Indenture, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Notes
and may otherwise deal with and collect obligations owed to it by the Company, any Note Guarantor or their Affiliates and may otherwise
deal with the Company, any Note Guarantor or their Affiliates with the same rights it would have if it were not Trustee. Any Paying
Agent, Registrar or co-Registrar may do the same with like rights.

 

    	Exhibit A-11

    	 

    

 

15.No Recourse Against Others

 

An incorporator, director, officer, employee,
stockholder or controlling Person, as such, of the Company or any Note Guarantor will not have any liability for any obligations
of the Company or any Note Guarantor under the Notes (including the Note Guarantees) or this Indenture or for any claims based
on, in respect of, or by reason of, such obligations or their creation. By accepting a Note, each Holder waives and releases all
such liability. The waiver and release are part of the consideration for issuance of the Notes.

 

16.Authentication

 

This Note shall not be valid until an authorized
signatory of the Trustee (or an Authenticating Agent) manually signs the certificate of authentication on the other side of this
Note.

 

17.Abbreviations

 

Customary abbreviations may be used in the
name of a Holder or an assignee, such as TEN COM (= tenants in common), TEN ENT (= tenants by the entirety), JT TEN (= joint tenants
with rights of survivorship and not as tenants in common), CUST (=custodian) and U/G/M/A (= Uniform Gift to Minors Act).

 

18.CUSIP or ISIN Numbers

 

Pursuant to a recommendation promulgated by
the Committee on Uniform Security Identification Procedures the Company has caused CUSIP, ISIN or other similar numbers to be printed
on the Notes and has directed the Trustee to use CUSIP, ISIN or other similar numbers in notices of redemption as a convenience
to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any
notice of redemption and reliance may be placed only on the other identification numbers placed thereon.

 

19.Governing Law

 

This Note shall be governed by, and construed
in accordance with, the laws of the State of New York.

 

20.Currency of Account; Conversion of Currency.

 

U.S. Legal Tender is the sole currency of
account and payment for all sums payable by the Company and the Note Guarantors under or in connection with the Notes or
the Indenture, including damages. The Company and the Note Guarantors will indemnify the Holders as provided in respect of the
conversion of currency relating to the Notes and the Indenture.

 

    	Exhibit A-12

    	 

    

 

21.Agent for Service; Submission to Jurisdiction; Waiver
of Immunities.

 

The Company and the Note Guarantors have agreed
that any suit, action or proceeding against the Company brought by any Holder or the Trustee arising out of or based upon the Indenture
or the Notes may be instituted in any state or federal court in the Borough of Manhattan, New York City, New York. The Company
and the Note Guarantors have irrevocably submitted to the non-exclusive jurisdiction of such courts for such purpose and waived,
to the fullest extent permitted by law, trial by jury and any objection they may now or hereafter have to the laying of venue of
any such proceeding, and any claim they may now or hereafter have that any proceeding in any such court is brought in an inconvenient
forum. The Company and the Note Guarantors have appointed Corporation Service Company as each of their authorized agent upon whom
all writs, process and summonses may be served in any suit, action or proceeding arising out of or based upon the Indenture or
the Notes which may be instituted in any federal or state court in the Borough of Manhattan, New York City. To the extent that
any of the Company and the Note Guarantors has or hereafter may acquire any immunity (sovereign or otherwise) from any legal action,
suit or proceeding, from jurisdiction of any court or from set-off or any legal process (whether service or notice, attachment
in aid or otherwise) with respect to itself or any of its property, each of the Company and the Note Guarantors has irrevocably
waived and agreed not to plead or claim such immunity in respect of their obligations under the Indenture or the Notes.

 

The Company will furnish to any Holder upon
written request and without charge to the Holder a copy of the Indenture which has in it the text of this Note in larger type.
Requests may be made to:

 

	c/o MDC Partners Inc.
	745 Fifth Avenue, 19th Floor
	New York, NY 10151
	Attention:	General Counsel
	Telephone:  	(646) 429-1803
	Facsimile:	(212) 937-4365

 

 

    	Exhibit A-13

    	 

    

 

[Include for Certificated Notes only:

 

ASSIGNMENT FORM

 

To assign this Note, fill in the form below:

 

I or we assign and transfer this Note to

 

______________________________________________

(Print or type assignee’s name, address
and zip code)

 

______________________________________________

(Insert assignee’s Social Security
or Tax I.D. No.)

 

and irrevocably appoint _________________________
as agent to transfer this Note on the books of the Company. The agent may substitute another to act for him.

 

 

 

	Date:  	 	 	Your Signature:  	 

 

Signature Guarantee:__________________________________

(Signature must be guaranteed)

 

Sign exactly as your name appears
on the other side of this Note.

 

The signature(s) should be guaranteed by an eligible guarantor
institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee
medallion program), pursuant to Exchange Act Rule 17Ad-15.]

 

    	Exhibit A-14

    	 

    

 

[To be attached to Global Notes only:

 

SCHEDULE A

 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL
NOTE

 

The following increases or decreases in this
Global Note have been made:

  

	Date of Exchange	 	Amount of decrease in Principal Amount of this Global Note	 	Amount of increase in Principal Amount of this Global Note	 	Principal Amount of this Global Note following such decrease or increase	 	Signature of authorized signatory of Trustee or Note Custodian	 
	 	 	 	 	 	 	 	 	 	]

 

    	Exhibit A-15

    	 

    

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you want to elect to have this Note purchased
by the Company pursuant to Section 3.12 or 3.21 of the Indenture, check either box:

 

	 ̈	 ̈
	Section 3.12	Section 3.21

If you want to elect to have only part of
this Note purchased by the Company pursuant to Section 3.12 or 3.21 of the Indenture, state the principal amount
(which must equal to $2,000 or an integral multiple of $1,000 in excess of $2,000) that you want to have purchased by the Company:
$_________________

 

	Date:  	 	 	Your Signature  	 
	 	 	 	(Sign exactly as your name appears on the other side of the Note)

 

Signature Guarantee:_______________________________________

(Signature must be guaranteed)

 

The signature(s) should be guaranteed by an eligible guarantor
institution (banks, stockbrokers, savings and loan associations and credit unions with membership in an approved signature guarantee
medallion program), pursuant to Exchange Act Rule 17Ad-15.

 

    	Exhibit A-16

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