<SEC-DOCUMENT>0001104659-20-128065.txt : 20210225
<SEC-HEADER>0001104659-20-128065.hdr.sgml : 20210225
<ACCEPTANCE-DATETIME>20201120180222
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001104659-20-128065
CONFORMED SUBMISSION TYPE:	DRSLTR
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20201120

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ZIM Integrated Shipping Services Ltd.
		CENTRAL INDEX KEY:			0001654126
		STANDARD INDUSTRIAL CLASSIFICATION:	DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DRSLTR

	BUSINESS ADDRESS:	
		STREET 1:		9 ANDREI SAKHAROV STREET
		STREET 2:		P.O. BOX 15067
		CITY:			HAIFA
		STATE:			NY
		ZIP:			3190500
		BUSINESS PHONE:		972 (4) 865-2000

	MAIL ADDRESS:	
		STREET 1:		9 ANDREI SAKHAROV STREET
		STREET 2:		P.O. BOX 15067
		CITY:			HAIFA
		STATE:			NY
		ZIP:			3190500
</SEC-HEADER>
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    <TD STYLE="width: 68%; font-size: 10pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 10pt; width: 17%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">New York<BR>
    Northern California<BR>
    Washington DC<BR>
    S&atilde;o Paulo<BR>
    London</FONT></TD>
    <TD STYLE="width: 15%; font-size: 10pt; font-weight: bold"><FONT STYLE="font-size: 8pt">Paris<BR>
    Madrid<BR>
    Tokyo<BR>
    Beijing<BR>
    Hong Kong</FONT></TD></TR>
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    <TD COLSPAN="2" STYLE="font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt"><B>Michael
                                         Kaplan</B></FONT></P>
                                            <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 8pt"><B>&nbsp;</B></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; font-size: 10pt"><FONT STYLE="font-size: 8pt">Davis Polk &amp; Wardwell <FONT STYLE="font-family: Times New Roman, Times, Serif">LLP</FONT><BR>
    450 Lexington Avenue<BR>
    New York, NY 10017</FONT></TD>
    <TD STYLE="width: 68%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">212 450 4111 tel</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">212 701-5111 fax</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">michael.kaplan@davispolk.com</FONT></P></TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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    <TD COLSPAN="2" STYLE="font-size: 10pt">November <FONT STYLE="font-family: Symbol">20</FONT>,
2020</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="font-size: 10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%; font-size: 10pt"><B>Re:</B></TD>
    <TD STYLE="width: 93%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ZIM Integrated Shipping Services Ltd.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Draft Registration Statement on Form F-1</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Submitted September 30, 2020</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 21pt 0pt 0"><B>CIK No. 0001654126</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">CONFIDENTIAL</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms. Irene Barberena-Meissner</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms. Loan Lauren Nguyen</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Division of Corporation Finance<BR>
U.S. Securities and Exchange Commission<BR>
100 F Street, N.E., Room 4415<BR>
Washington, DC 20549-4631</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dear Ms. Barberena-Meissner and Ms.   Nguyen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-underline-style: double">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On behalf of our client, ZIM Integrated Shipping Services Ltd.,
an Israeli corporation (the &ldquo;<B>Company</B>&rdquo;), we are responding to the comments from the Staff (the &ldquo;<B>Staff</B>&rdquo;)
of the Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) relating to the Company&rsquo;s confidential draft
Registration Statement on Form F-1 (CIK No. 0001654126, the &ldquo;<B>Draft Registration Statement</B>&rdquo;) contained in the
Staff&rsquo;s letter dated October 27, 2020 (the &ldquo;<B>Comment Letter</B>&rdquo;). In response to the comments set forth in
the Comment Letter, the Company has revised the Draft Registration Statement and is confidentially submitting a revised draft of
the Draft Registration Statement (the &ldquo;<B>Amended DRS</B>&rdquo;) together with this response letter. The Amended DRS also
contains certain additional updates and revisions including financial information for the nine months ended September 30, 2020.
We are also sending, under separate cover, a copy of the Amended DRS  and three marked copies of the Amended
DRS showing the changes to the Draft Registration Statement confidentially submitted on September 30, 2020.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Set forth below are the Company&rsquo;s responses to the Staff&rsquo;s
comments. For convenience, the Staff&rsquo;s comments are repeated below in italics, followed by the Company&rsquo;s response to
the comments as well as a summary of the responsive actions taken. We have included page numbers to refer to the location in the
Amended DRS submitted herewith where the revised language addressing a particular comment appears. Capitalized terms used but not
defined herein are used herein as defined in the Amended DRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 45%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms. Irene Barberena-Meissner</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms. Loan Lauren Nguyen<BR>
        Division of Corporation Finance<BR>
        U.S. Securities and Exchange Commission</P></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; text-align: center; font-size: 10pt">2</TD>
    <TD STYLE="vertical-align: bottom; width: 45%; text-align: right; font-size: 10pt">November 20,
2020</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"><U>Draft Registration Statement on Form F-1</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"><U>Industry and Market Data, page i</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-style: normal">1.</FONT></TD><TD>We note your use of industry and market data throughout the prospectus derived from reports prepared by third-parties, including
Alphaliner, PIERS, CTS, Glassdoor, Ipsos, and SeaIntel Maritime Analysis. Please revise to include the names and dates of these
reports. To the extent that you commissioned any of the third-party data that you cite in the prospectus, also provide the consent
of the third-party in accordance with Rule 436.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 1in"><FONT STYLE="font-style: normal"><B>Response:</B></FONT></TD><TD><FONT STYLE="font-style: normal">In response to the Staff&rsquo;s comment, the Company has revised page ii of the Amended
DRS to include the names and dates of the reports prepared by any such third-parties. None of such third-party reports were commissioned
by the Company and all are publicly available. Therefore, the Company respectfully submits that it is not required to file consents
in accordance with Rule 436. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"><U>Non-IFRS Financial Measures</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"><U>Reconciliation of Net Income (Loss) to Adjusted EBITDA,
page 14</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD><I>We note that your tabular reconciliation of net income (loss) to EBITDA includes an adjustment for impairments, which is
not traditionally included to arrive at the non-IFRS measure EBITDA. Please revise to include impairments as an adjustment in reconciling
EBITDA to adjusted EBITDA. Refer to Compliance Disclosure and Interpretation on Non-GAAP Financial Measures, revised April 4, 2018,
Question 103.01.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 1in">Response:</TD><TD><FONT STYLE="font-weight: normal">The Company respectfully advises the Staff that it has revised its disclosure throughout
the Amended DRS to include impairments as an adjustment in reconciling EBITDA to Adjusted EBITDA, rather than as an adjustment
in reconciling net income (loss) to EBITDA.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"><U>Risk Factors</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"><U>Future sales of our ordinary shares or the anticipation
of future sales could reduce the market</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"><U>price of our ordinary shares, page 33</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD><I>We note your disclosure at page 123 that you have entered into a registration rights agreement with certain existing stockholders,
pursuant to which such stockholders are entitled to request registration of their ordinary shares 180 days following the date of
your prospectus. Please expand this risk factor to address and quantify the number of shares subject to such registration rights.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 1in">Response:</TD><TD><FONT STYLE="font-weight: normal">The Company respectfully advises the Staff that it has added disclosure on page 34 of the
Amended DRS in which it will, prior to requesting acceleration of effectiveness, quantify the number of shares subject to the registration
rights. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

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<TR>
    <TD STYLE="vertical-align: top; width: 45%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms. Irene Barberena-Meissner</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms. Loan Lauren Nguyen<BR>
        Division of Corporation Finance<BR>
        U.S. Securities and Exchange Commission</P></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; text-align: center; font-size: 10pt">3</TD>
    <TD STYLE="vertical-align: bottom; width: 45%; text-align: right; font-size: 10pt">November 20,
2020</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"><U>As a foreign private issuer, we are permitted, and
intend, to follow certain home country</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"><U>corporate governance practices instead of ..., page
35</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">&nbsp;</P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD><I>We note your disclosure at page 127 that, as a foreign private issuer, the quorum required for your general meetings of
shareholders consists of at least two shareholders present in person, by proxy or written ballot who hold or represent between
them at least 25% of the total outstanding voting rights. Please expand this risk factor to address that your home country quorum
requirement for general shareholder meetings potentially differs from the typical quorum requirements of U.S. listed public companies
for such meetings.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 1in">Response:</TD><TD><FONT STYLE="font-weight: normal">The Company respectfully advises the Staff that it has concluded that it will comply with
the requirements applicable to U.S. listed public companies and has added disclosure on page 150 of the Amended DRS to that effect.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"><U>Use of Proceeds, page 42</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD><I>We note the disclosure that you may use a portion of the net proceeds to service or repay certain outstanding debt. We also
note disclosure elsewhere in your filing that you are highly leveraged and have short-term debt of approximately $356 million to
be repaid in 2020. In regards to your plan to use a portion of net proceeds to service or repay certain outstanding debt, please
revise to provide the information required by Item 3.C.4 of Form 20-F.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 1in">Response:</TD><TD><FONT STYLE="font-weight: normal">The Company respectfully advises the Staff that it has not yet finalized the use of proceeds
from this offering. Once it does so, it will add a description of the interest rate and maturity date of the indebtedness that
may be repaid with the proceeds of the offering.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"><U>Management's Discussion and Analysis of Financial
Condition and Results of Operations </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"><U>Overview, page 51</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">6.</TD><TD><I>We note your recurrent reference to &ldquo;utilization&rdquo; with regard to your vessels, short-term charters and cooperation
agreements. You disclose that for each service you operate you measure utilization on your dominant and counter-dominant leg in
your risk factor for changing trading patterns. To the extent that utilization is a key performance indicator used in managing
your business, please consider supplementing your discussion about utilization by discussing and analyzing the utilization rates
for the dominant leg and counter-dominant leg across your five geographic trade zones for the periods presented. Refer to Section
III.B.1 of SEC Release 33- 8350.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 1in">Response:</TD><TD><FONT STYLE="font-weight: normal">The Company respectfully advises the Staff that utilization is not a key performance indicator
used in managing its business, and that disclosure of utilization rates is not necessary to an understanding of its financial condition,
changes in financial condition and results of operations. In response to the Staff&rsquo;s comment, the Company has revised its
disclosure throughout the Amended DRS to remove any discussion of utilization &ldquo;rates&rdquo; and to instead refer only to
vessel utilization generically.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">Although the Company&rsquo;s management considers
historical utilization as one of a number of pieces of information when forecasting its future operations, it does not review utilization
on a trade-by-trade basis or use utilization as a measure of historical performance or profitability. Further, the Company does
not believe that a discussion or analysis of utilization rates would be helpful to an investor. The Company respectfully notes
that its competitors do not publicly disclose any measure of utilization, whether on a consolidated or trade-by-trade basis. In
addition, there is no uniform benchmark in the industry as to how one would calculate or measure utilization. As such, the Company
believes that disclosure of utilization rates would be of little use to an investor when comparing the Company to its peers or
in evaluating its historical performance, and that utilization is therefore not a key performance indicator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in"></P>

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<TR>
    <TD STYLE="vertical-align: top; width: 45%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms. Irene Barberena-Meissner</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms. Loan Lauren Nguyen<BR>
        Division of Corporation Finance<BR>
        U.S. Securities and Exchange Commission</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 10pt; width: 10%">4</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 10pt; width: 45%">November 20,
2020</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-style: normal"><U>Principal
Shareholders, page 121</U></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">7.</TD><TD><I>Please disclose the natural persons or persons who directly or indirectly exercise sole or shared voting or investment control
over the shares held by KSAC Europe Investments, S.a.r.l.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 1in; text-align: left">Response:</TD><TD STYLE="text-align: justify"><FONT STYLE="font-weight: normal">The
Company respectfully advises the Staff that it has added disclosure on page 143 and 144 of the Amended DRS to name the entities and natural
person who directly or indirectly exercise voting or investment control over the shares held by KSAC Europe Investments, S.a.r.l.</FONT></TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: -1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Agreements with Directors and Officers, page 123</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">8.</TD><TD><I>We note the disclosure that you have entered into certain employment or consulting agreements with your executive officers.
Please revise to describe the material terms of the respective agreements and file such agreements as exhibits to your registration
statement or provide analysis explaining why this is not necessary. For guidance, refer to Item 8 to Form F-1 and Item 601(b)(10)(iii)
of Regulation S-K.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: normal 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 1in; text-align: left"><B>Response:</B></TD><TD STYLE="text-align: justify">In response to the Staff&rsquo;s comment, the Company
has revised the disclosure on pages 140 and 141 of the Amended DRS to describe the material terms of the respective agreements.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: 0in"><FONT STYLE="font-weight: normal">The
Company respectfully does not believe that it is required to file its employment and consulting agreements with its executive officers
(&ldquo;<I>Management Employment Agreements</I>&rdquo;). Item 601(b)(10)(iii)(A) of Regulation S-K generally requires to be filed
any management contract or equity compensation plan in which any director or any of the named executive officers participates and
any other management contract or any other compensatory plan in which any other executive officer of the registrant participates
unless immaterial in amount or significance. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: 0in"><FONT STYLE="font-weight: normal">Although
Item 601(b)(10)(iii)(A) would cover the Management Employment Agreements, pursuant to Item 601(b)(10)(iii)(C)(5), this requirement
does not apply to a registrant that is a foreign private issuer that furnishes compensatory information under Item 402(a)(1), and
the public filing of the plan, contract or arrangement is not required in the registrant&rsquo;s home country and is not otherwise
publicly disclosed by the registrant. The Company is relying on the compensatory disclosure requirements of Item 402(a)(1) and
has been advised by Israeli counsel that no public filing of these agreements is required in Israel and has not otherwise publicly
disclosed these agreements. Therefore, the Company respectfully submits that the Management Employment Agreements are not required
to be filed under Item 601(b)(10)(iii)(A).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: 0in"></P>

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<TR>
    <TD STYLE="vertical-align: top; width: 45%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms. Irene Barberena-Meissner</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms. Loan Lauren Nguyen<BR>
        Division of Corporation Finance<BR>
        U.S. Securities and Exchange Commission</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 10pt; width: 10%">5</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 10pt; width: 45%">November 20,
2020</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"><U>Description of Share Capital</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"><U>Forum selection, page 128</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: italic 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-style: normal">9.</FONT></TD><TD>We note your disclosure that your amended and restated articles of association provide that unless you consent in writing to
the selection of an alternative forum, the Haifa District Court will be the exclusive forum for certain actions, including any
 &quot;derivative action.&quot; However, we note that this provision will not apply to Securities Act claims based on your disclosure
that unless you consent in writing to the selection of an alternative forum, and other than with respect to plaintiffs or a class
of plaintiffs which may be entitled to assert in the courts of the State of Israel, the federal district courts of the United States
of America will be the exclusive forum for Securities Act claims. Please disclose whether this provision will apply to actions
arising under the Exchange Act. In that regard, we note that Section 27 of the Exchange Act creates exclusive federal jurisdiction
over all suits brought to enforce any duty or liability created by the Exchange Act or the rules and regulations thereunder. Further,
if this provision does not apply to actions arising under the Securities Act or Exchange Act, please ensure that the exclusive
forum provision in your amended and restated articles of association states this clearly.</TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 1in">Response:</TD><TD><FONT STYLE="font-weight: normal">The Company respectfully advises the Staff that it has revised the disclosure on pages
                                                                    151 and 152 of the Amended DRS to clearly state that such exclusive forum provision will not apply to suits brought to
                                                                    enforce any liability or duty created by the Exchange Act, and will ensure that its amended and restated articles of
                                                                    association state this clearly.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"><U>Notes to the Consolidated Financial Statements</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"><U>1 Reporting Entity</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"><U>(b) Financial Position, page F-11</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">10.</TD><TD><I>We note that in fiscal year 2018 you entered into a strategic operational cooperation with the 2M Alliance. Please disclose
your accounting policy with respect to your cooperation agreement with 2M Alliance, including the nature, extent and financial
effects of your interests in the cooperation agreement, and other pertinent disclosures as outlined in IFRS 12.20 through 12.23.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 1in">Response:</TD><TD><FONT STYLE="font-weight: normal">The Company respectfully advises the Staff that it has added disclosure on page F-20 of
                                                                    the Amended DRS to provide additional information on the strategic operational cooperation agreements with the 2M Alliance
                                                                    (the &ldquo;2M Alliance Agreements&rdquo;). The 2M Alliance Agreements are slot exchange agreements (swap between separate services), vessel sharing
agreements (swap within the same services) and slot
                                                                    charter agreements. According to the 2M Alliance Agreements, the Company and the 2M Alliance swap slots on vessels which are
                                                                    operated by the parties. In addition, the Company purchases a predetermined number of slots on the vessels operated by the 2M
                                                                    Alliance at an agreed price. The parties may also offer each other additional slots. </FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: 0in"><FONT STYLE="font-weight: normal">The
Company respectfully advises the Staff that the 2M Alliance Agreements do not meet the definition of &ldquo;joint arrangements&rdquo;
as defined in IFRS 11. Each of the parties generates freight revenues from its own customers, and each party to the 2M Alliance
Agreements operates its own vessels. Accordingly, there is no &ldquo;joint control&rdquo; over relevant activities as described
in IFRS 11.7. As a result, the Company respectfully submits that the disclosure requirements in IFRS 12.20 through 12.23 do not
apply to the 2M Alliance Agreements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: 0in"></P>

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<TR>
    <TD STYLE="vertical-align: top; width: 45%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms. Irene Barberena-Meissner</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms. Loan Lauren Nguyen<BR>
        Division of Corporation Finance<BR>
        U.S. Securities and Exchange Commission</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 10pt; width: 10%">6</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 10pt; width: 45%">November 20,
2020</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"><U>(j) Revenue Recognition from Shipping Services and
Related Expenses, page F-26</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">11.</TD><TD><I>Please disclose your revenue recognition policy with respect to non-containerized freight and demurrage.</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><I>&nbsp;</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 1in">Response:</TD><TD><FONT STYLE="font-weight: normal">The Company respectfully advises the Staff that revenues derived from demurrage,
                                                                    value-added services and non-containerized cargo each constitute up to approximately 5% of the Company's revenues in any
                                                                    given period. However, the Company has included additional disclosure in Note 3(j) to its audited financial statements on
                                                                    page F-35 of the Amended DRS to disclose its revenue recognition policy with respect to &ldquo;Other revenues&rdquo;, which
                                                                    are mainly comprised of demurrage, value-added services and non-containerized cargo.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt"><U>Item 8. Exhibits and Financial Statement Schedules,
page II-2</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">12.</TD><TD><I>It appears the strategic cooperation agreement you entered into with 2M Alliance in September 2018 is material to your business.
In this regard we note your disclosure that a termination of this or any future cooperation agreement you may enter into could
adversely affect your business, financial condition and results of operations. Please file this agreement with 2M Alliance as an
exhibit or tell us why you believe it is not required to be filed. Refer to Part II, Item 8 of Form F-1 and Item 601(b)(10) of
Regulation S-K.</I></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 1in">Response:</TD><TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-weight: normal">The
Company respectfully submits that it does not believe its strategic cooperation agreements with the 2M Alliance (the &ldquo;2M
Alliance Agreements&rdquo;) are the type of &quot;material contract&quot; required to be filed as an exhibit pursuant to Item&nbsp;601(b)(10)&nbsp;of&nbsp;Regulation
S-K. Under Item 601(b)(10) a contract that is otherwise material is not required to be filed as an exhibit if the contract is
made in the ordinary course of business (subject to certain exceptions). Pursuant to the rule, &quot;[i] If the contract is such
as ordinarily accompanies the kind of business conducted by the registrant and its subsidiaries, it will be deemed to have been
made in the ordinary course of business and need not be filed unless it falls within one or more of the following categories .
.. ..&quot; Among these, the only relevant category would be &ldquo;any contract upon which the registrant's business is substantially
dependent [...].&rdquo;</FONT></P>
                                                                        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>
                                                                        <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-weight: normal">The 2M Alliance Agreements are slot exchange agreements (swap between separate services), vessel sharing agreements (swap within the same services) and slot charter
agreements, and are &quot;ordinary
                                                                        course&quot; contracts, because an agreement with respect to a container shipping alliance is the type of contract that
                                                                        ordinarily accompanies the kind of business conducted by the Company. Further, although the 2M Alliance Agreements do provide
                                                                        the Company with benefits, the Company&rsquo;s business is not substantially dependent on the 2M Alliance Agreements. Insofar as such agreements relate to swaps, the Company does not generate any material incremental revenue from the agreements, as the
Company is essentially replacing the revenue it would generate from its own slots or vessels with the revenue it generates from slots
or vessels from 2M Alliance members. In terms of slot charter agreements, the Company advises the Staff that purchases of slots from 2M
Alliance members comprise less than 10% of its aggregate operating costs, and if the Company were not purchasing such slots from 2M Alliance
members, it could readily identify other counterparties from which to purchase additional slots. As evidence of this, the Company operated for many years prior to entering into the 2M Alliance Agreements, and believes that it would
                                                                        similarly continue to operate if the agreements were terminated. We note that, as disclosed in the Amended DRS,
                                                                        one of the Company&rsquo;s peers, HMM, consummated the termination of its strategic cooperation with 2M in April 2020, and
                                                                        continues to operate in the ordinary course. Given this, the Company is not substantially dependent on the 2M Alliance
                                                                        Agreements, and is therefore not required to file such agreements as exhibits to the Amended DRS.</FONT></P></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 45%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms. Irene Barberena-Meissner</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Ms. Loan Lauren Nguyen<BR>
        Division of Corporation Finance<BR>
        U.S. Securities and Exchange Commission</P></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; font-size: 10pt; width: 10%">7</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; font-size: 10pt; width: 45%">November 20,
2020</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Please do not hesitate to contact me at (212) 450-4111, (212)
701-5111 (fax) or michael.kaplan@davispolk.com if you have any questions regarding the foregoing or if I can provide any additional
information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; font-size: 10pt"><P STYLE="margin-top: 0; margin-bottom: 0">Very truly yours,</P>
                                                                         <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
                                                                         <P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ Michael Kaplan</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Michael Kaplan</P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">cc:</TD><TD STYLE="text-align: justify"><U>Via E-mail</U></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><U></U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">Eli Glickman, Chief Executive Officer and President of the Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0in">Noam Nativ, Executive Vice President,
General Counsel and Company Secretary of the Company<BR>
Pedro J. Bermeo, Davis Polk &amp; Wardwell LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
