<SEC-DOCUMENT>0001178913-23-003330.txt : 20231016
<SEC-HEADER>0001178913-23-003330.hdr.sgml : 20231016
<ACCEPTANCE-DATETIME>20231016101045
ACCESSION NUMBER:		0001178913-23-003330
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20231016
FILED AS OF DATE:		20231016
DATE AS OF CHANGE:		20231016

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Ituran Location & Control Ltd.
		CENTRAL INDEX KEY:			0001337117
		STANDARD INDUSTRIAL CLASSIFICATION:	WHOLESALE-ELECTRONIC PARTS & EQUIPMENT, NEC [5065]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-32618
		FILM NUMBER:		231326527

	BUSINESS ADDRESS:	
		STREET 1:		3 HASHIKMA STREET
		CITY:			AZOOR
		STATE:			L3
		ZIP:			58001
		BUSINESS PHONE:		972-3-557-1333

	MAIL ADDRESS:	
		STREET 1:		3 HASHIKMA STREET
		CITY:			AZOOR
		STATE:			L3
		ZIP:			58001
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>zk2330378.htm
<DESCRIPTION>6-K
<TEXT>
<html>
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    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
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      <div style="text-align: center; line-height: 1.25;">SECURITIES AND EXCHANGE COMMISSION</div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">Washington, D.C. 20549</div>
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    <div style="line-height: 1.25;">
      <div style="line-height: 1.25;">&#160;</div>
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    <div style="line-height: 1.25;">
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">________________________</div>
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    <div style="line-height: 1.25;">
      <div style="line-height: 1.25;">&#160;</div>
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    <div style="line-height: 1.25; background-color: rgb(255, 255, 255); font-weight: bold; color: rgb(0, 0, 0); font-family: 'Times New Roman',Times,serif; font-size: 14pt; font-style: normal; font-variant: normal; text-transform: none;">
      <div style="text-align: center; line-height: 1.25;">FORM 6-K</div>
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    <div style="line-height: 1.25;">
      <div style="line-height: 1.25;">&#160;</div>
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    <div style="line-height: 1.25;">
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">REPORT OF FOREIGN ISSUER<br>
        PURSUANT TO RULE 13a-16 OR 15d-16 OF THE<br>
        SECURITIES EXCHANGE ACT OF 1934</div>
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    <div style="line-height: 1.25;">
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      <div style="text-align: center; line-height: 1.25; font-weight: bold;">October 16,&#160; 2023</div>
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    <div style="line-height: 1.25;">
      <div style="line-height: 1.25;">&#160;</div>
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      <div style="text-align: center; line-height: 1.25; font-weight: bold;">Commission File Number: 001-32618</div>
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    <div style="line-height: 1.25;">
      <div style="line-height: 1.25;">&#160;</div>
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    <div style="line-height: 1.25;">
      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 16pt; font-weight: bold; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">Ituran Location and Control Ltd.</div>
      <div style="text-align: center; line-height: 1.25; font-style: italic;">(Exact name of Registrant as specified in its Charter)</div>
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    <div style="line-height: 1.25;">
      <div style="line-height: 1.25;">&#160;</div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">________________________</div>
    </div>
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      <div style="line-height: 1.25;">&#160;</div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">3 Hashikma Street, Azour 58001, Israel</div>
      <div style="text-align: center; line-height: 1.25; font-style: italic;">(Address of Registrant&#8217;s principal executive offices)</div>
    </div>
    <div style="line-height: 1.25;">
      <div style="line-height: 1.25;">&#160;</div>
    </div>
    <div style="line-height: 1.25;">
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">________________________</div>
    </div>
    <div style="line-height: 1.25;">
      <div style="line-height: 1.25;">&#160;</div>
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    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" id="zc2b4a24cbf15499d9ad8e9c33e297185">

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          <td style="width: 100%; vertical-align: top;">
            <div style="margin-right: 39.65pt; margin-left: 14.2pt; line-height: 1.25;">Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.</div>
            <div style="margin-right: 39.65pt; margin-left: 14.2pt; line-height: 1.25;">&#160;</div>
          </td>
        </tr>
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          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Form 20-F&#160;<font style="font-family: 'Segoe UI Symbol',sans-serif;">&#9746;</font> &#160; &#160;&#160; Form 40-F <font style="font-family: 'Segoe UI Symbol',sans-serif;">&#9744;</font></div>
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            <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#160;&#160;&#160;&#160; Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (1):</div>
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          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Yes <font style="font-family: 'Segoe UI Symbol',sans-serif;">&#9744;</font> &#160; &#160; &#160;&#160; No&#160;<font style="font-family: 'Segoe UI Symbol',sans-serif;">&#9746;</font></div>
            <div style="margin-right: 39.65pt; margin-left: 14.2pt; line-height: 1.25;">&#160;</div>
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        </tr>
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          <td style="width: 100%; vertical-align: top;">
            <div style="margin-right: 39.65pt; margin-left: 14.2pt; line-height: 1.25;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101 (b) (7):</div>
            <div style="margin-right: 39.65pt; margin-left: 14.2pt; line-height: 1.25;">&#160;</div>
          </td>
        </tr>
        <tr>
          <td style="width: 100%; vertical-align: top;">
            <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Yes <font style="font-family: 'Segoe UI Symbol',sans-serif;">&#9744;</font> &#160; &#160; &#160; No&#160;<font style="font-family: 'Segoe UI Symbol',sans-serif;">&#9746;</font></div>
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    <div style="line-height: 1.25;"> <br>
    </div>
    <div style="line-height: 1.25;">On October 16, 2023, Ituran Location and Control Ltd. issued press release announcing the Annual General Meeting of Shareholders.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">A copy of this press release is annexed hereto as Exhibit 99.1.</div>
    <div style="line-height: 1.25;"> <br>
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    <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>SIGNATURE</u></div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25;">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereto duly authorized.</div>
    <div style="line-height: 1.25">&#160;</div>
    <div style="line-height: 1.25">
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            <td valign="top" style="width: 50%;">&#160;</td>
            <td valign="top" colspan="2" style="width: 38%;">
              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">ITURAN LOCATION &amp; CONTROL LTD.</div>
              <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">(Registrant)</div>
            </td>
            <td valign="top" style="width: 12%;">&#160;</td>
          </tr>
          <tr>
            <td valign="top" style="width: 50%;">&#160;</td>
            <td valign="top" style="width: 3%;">&#160;</td>
            <td valign="top" style="width: 35%;">&#160;</td>
            <td valign="top" style="width: 12%;">&#160;</td>
          </tr>
          <tr>
            <td valign="top" align="left" style="width: 50%; padding-bottom: 2px;">
              <div align="left" style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt">Date: October 16, 2023</div>
            </td>
            <td valign="top" style="width: 3%; padding-bottom: 2px;">
              <div align="left" style="margin-left: 0pt; text-indent: 0pt; margin-right: 0pt">By: </div>
            </td>
            <td valign="top" nowrap="nowrap" align="left" style="width: 35%; border-bottom: #000000 2px solid">/s/ Eyal Sheratzky</td>
            <td valign="top" style="width: 12%; padding-bottom: 2px;">&#160;</td>
          </tr>
          <tr>
            <td valign="top" style="width: 50%;">&#160;</td>
            <td valign="top" style="width: 3%;">&#160;</td>
            <td valign="bottom" nowrap="nowrap" align="left" style="width: 35%;">Name: Eyal Sheratzky</td>
            <td valign="top" style="width: 12%;">&#160;</td>
          </tr>
          <tr>
            <td valign="top" style="width: 50%;">&#160;</td>
            <td valign="top" style="width: 3%;">&#160;</td>
            <td valign="top" style="width: 35%;">Title:&#160;&#160; Co-Chief Executive Officer</td>
            <td valign="top" style="width: 12%;">&#160;</td>
          </tr>
          <tr>
            <td valign="top" style="width: 50%;">&#160;</td>
            <td valign="top" style="width: 3%;">&#160;</td>
            <td valign="top" style="width: 35%;">&#160;</td>
            <td valign="top" style="width: 12%;">&#160;</td>
          </tr>

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    <br>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>EXHIBIT INDEX</u></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
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          <td style="width: 7%; vertical-align: top;">
            <div style="line-height: 1.25;"><u>Exhibit No.</u></div>
          </td>
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            <div style="line-height: 1.25;"><u>Item</u></div>
          </td>
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          <td style="width: 7%; vertical-align: top;">
            <div style="line-height: 1.25;"><a href="exhibit_99-1.htm">99.1</a></div>
          </td>
          <td style="width: 93%; vertical-align: top;">
            <div style="line-height: 1.25;"><a href="exhibit_99-1.htm">Press Release, dated October 16, 2023, announcing the Annual General Meeting of Shareholders.</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 7%; vertical-align: top;">
            <div style="line-height: 1.25;"><a href="exhibit_99-1.htm">99.2</a></div>
          </td>
          <td style="width: 93%; vertical-align: top;">
            <div style="line-height: 1.25;"><a href="exhibit_99-1.htm">Recovery Policy&#160; (Claw back)</a></div>
          </td>
        </tr>
        <tr>
          <td style="width: 7%; vertical-align: top;" rowspan="1"><a href="exhibit_99-3.htm">99.3</a></td>
          <td style="width: 93%; vertical-align: top;" rowspan="1"><a href="exhibit_99-3.htm">Proxy Card.<br>
            </a></td>
        </tr>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit_99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
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<body bgcolor="#ffffff" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000;">
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      <hr align="center" style="border: none; border-bottom: 1px solid black; border-top: 4px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"></div>
    <div style="line-height: 1.25;">
      <div style="text-align: right;"><u><font style="font-weight: bold;">Exhibit 99.1</font></u><br>
      </div>
      <div style="text-align: center;"><img width="283" height="165" src="image0.jpg"></div>
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    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25;"><br>
    </div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">ITURAN LOCATION AND CONTROL LTD.</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25;">Dear Shareholder,</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25;">Re: <u>Annual General Meeting of Shareholders</u></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;">You are cordially invited to attend an Annual General Meeting of Shareholders (the &#8220;<font style="font-weight: bold;">Annual Meeting</font>&#8221;) of Ituran Location and Control Ltd. to be held at Ituran&#8217;s
      USA offices at 1700 NW 64th St. Suite 100 Fort Lauderdale, FL 33309 USA, on November 30, 2023 at 9:00 a.m. US Eastern time.</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;">Holdings of the Company&#8217;s ordinary shares are being asked to vote on the matters listed in the enclosed Notice of Annual General Meeting of Shareholders. Your Board of Directors recommended a vote
      &#8220;FOR&#8221; all the matters set forth in the notice.</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;">At the Annual Meeting, representatives of the Board of Directors and management will be pleased to respond to any questions you may have.</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;">Whether or not you plan to be present at the Annual Meeting and regardless of the number of ordinary shares you own, you are requested to complete and return the enclosed proxy, which is solicited by
      the Company&#8217;s Board of Directors, and mail it promptly in the accompanying envelope, so that your votes will be recorded. Your proxy must be received no later than 9:00 a.m. US Eastern time, on November 29, 2023, to be counted for the Annual Meeting.
      If you are present at the Annual Meeting and desire to vote in person, you may revoke your appointment of proxy at the Annual Meeting so that you may vote your shares personally.</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25;">Your cooperation is appreciated.</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25;">
      <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;" id="ze0454661e75348e49d86eae653624ea8">

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            <td style="width: 50.00%;">
              <div>&#160;</div>
            </td>
            <td style="width: 50.00%;">
              <div>
                <div style="text-align: left; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Truly yours,</div>
                <div style="line-height: 1.25;"><br style="line-height: 1.25;">
                </div>
                <div style="text-align: left; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Ze'ev Koren</div>
                <div style="text-align: left; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Chairman of the Board of Directors</div>
              </div>
            </td>
          </tr>

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    </div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25;">
      <div style="border: #000000 2px solid; padding: 5px; width: 99%;">
        <div style="font-weight: bold;">&#160;AS A FOREIGN PRIVATE ISSUER, WE ARE EXEMPT FROM THE RULES UNDER THE SECURITIES EXCHANGE ACT RELATED TO THE FURNISHING AND CONTENT OF PROXY STATEMENTS. THE CIRCULATION OF THIS PROXY STATEMENT SHOULD NOT BE TAKEN AS
          AN ADMISSION THAT WE ARE SUBJECT TO THOSE PROXY RULES.</div>
      </div>
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    <div style="text-align: center; line-height: 1.25;"><img width="283" height="165" src="image0.jpg"></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
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    </div>
    <div style="text-align: center; line-height: 1.25;">ITURAN LOCATION AND CONTROL LTD</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25;">NOTICE OF ANNUAL GENERAL MEETING OF SHAREHOLDERS</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25;">To the shareholders of</div>
    <div style="line-height: 1.25;">Ituran Location and Control Ltd.:</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; line-height: 1.25;">The Annual general meeting of shareholders (the "<font style="font-weight: bold;">Annual Meeting"</font>) of Ituran Location and Control Ltd. (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;)
      will be held at Ituran&#8217;s USA offices at 1700 NW 64th St. Suite 100 Fort Lauderdale, FL 33309 USA, on November&#160; 30, 2023 at 9:00 a.m. US Eastern time for the following purposes:</div>
    <div style="text-align: justify; line-height: 1.25;"> <br>
    </div>
    <div style="line-height: 1.25;">
      <table cellspacing="0" cellpadding="0" id="z0c8b05e84d5c4726ac33d70113cff0b7" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 17.85pt;"><br>
            </td>
            <td style="width: 17.85pt; vertical-align: top;">1.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>To receive and discuss the audited Consolidated Financial Statements of the Company for the year ended December 31, 2022.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zcea4f64bf238400695bd832ccfbfd17c" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 17.85pt;"><br>
            </td>
            <td style="width: 17.85pt; vertical-align: top;">2.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>To renew the appointment of the firm of Fahn Kanne &amp; co. (a member firm of Grant Thornton International) as the Company&#8217;s independent auditors for the year ending December 31, 2023 and until the Company&#8217;s next annual general meeting.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z13a7ed9e4f3f473bbc5530cd30cd4b78" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt;"><br>
            </td>
            <td style="width: 18pt; vertical-align: top;">3.</td>
            <td style="width: auto; vertical-align: top;">
              <div>To elect the following persons to serve as directors in Class B for additional period until third succeeding Annual meeting thereafter: Nir Sheratzky, Yigal Shani and Yehuda Kahane.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25">&#160;</div>
        <table cellspacing="0" cellpadding="0" id="z5b254ac3667843e98fef24784b44e159" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;">4.</td>
              <td style="width: auto; vertical-align: top;">
                <div>To re-elect Mr. Israel Baron, an external director of the Company, to office for an&#160;additional term of three years which will commence on December 21 ,2023.</div>
              </td>
            </tr>

        </table>
        <div style="line-height: 1.25">&#160;</div>
        <table cellspacing="0" cellpadding="0" id="zcb2cef93a13c47a59c403413afa8dd6a" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

            <tr>
              <td style="width: 18pt;"><br>
              </td>
              <td style="width: 18pt; vertical-align: top;">5.</td>
              <td style="width: auto; vertical-align: top;">
                <div>Approval of Claw Back Policy.</div>
              </td>
            </tr>

        </table>
      </div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: justify; line-height: 1.25;">The affirmative vote of the holders of the majority of the voting power represented at the Meeting in person, by written ballot or by proxy and voting thereon is necessary for approval of items 2
          and 3.</div>
        <div style="line-height: 1.25">&#160;</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="text-align: justify; line-height: 1.25;">Only shareholders of record at the close of business on October 30, 2023 (the &#8220;<font style="font-weight: bold;">Record Date</font>&#8221;) will be entitled to participate in and vote at the Annual
          Meeting, subject to the restrictions in the Company&#8217;s Articles of Association, as set forth in the attached Proxy Statement. All shareholders are cordially invited to attend the Annual Meeting in person.</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
      </div>
      <div style="line-height: 1.25;">
        <div style="text-align: justify; line-height: 1.25;">Section 87(a) to the Israeli Companies Law, Company's Articles of Association and Board resolution permit to shareholders who will not attend the Annual Meeting in person, to vote by completing
          the Form of Proxy Card. The shareholders may also submit a position notice to the Company&#8217;s offices (envelope marked clearly as &#8220;position notice&#8221;, to the Company Secretary, at the Company registered address stated above) no later than ten (10)
          days prior to the Annual Meeting. The Board of Directors of the Company may submit response to such position notices until five (5) days prior to the Annual Meeting. Changes to the Annual Meeting agenda may be made after the filing of the
          Statement of Proxy, including by adding an item to the agenda following a shareholder request (in accordance with Section 66(b) to the Israeli Companies Law) submitted to the Company no later than seven (7) days following the date in which the
          Company filed the attached Proxy Statement, all in accordance with the Israeli Companies Regulations (Notice and advertisement regarding a general meeting and a class meeting in a public company and the addition of an item to the agenda) (2000).
          In such case, the Company will file an amended agenda and an amended Statement no later than seven (7) days from the last date of submission of such shareholder's request. The filing of an amended agenda will not require the change of the Record
          Date as set forth above and in the attached Proxy Statement. The Proxy Statement, the amended agenda and the amended Proxy Statement (both, if any) and position notices are or will be available on Form 6-K at the U.S. Securities and Exchange
          Commission&#8217;s EDGAR System <u>http://www.sec.gov/edgar.shtml</u>.</div>
        <div style="text-align: justify; line-height: 1.25;"> <br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
      </div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">If you wish to attend the Annual Meeting in person and if your shares are held in "street name", meaning a shareholder whose Ordinary Shares are registered in his, her, or its favor with a member
        of a stock exchange or other record holder and which are included in the Ordinary Shares registered in the register of shareholders of the&#160;Company&#160;under the name of such record holder, shall be required to prove ownership of such Ordinary Shares as
        of the Record Date by providing the Company, at least 24 hours before the time appointed for holding the Meeting, with proof of ownership, issued by a record holder as well as a statement from such record holder that it did not vote such shares,
        and a copy of the shareholder's passport, valid identification document or incorporation certificate.</div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
      </div>
      <div style="line-height: 1.25;">
        <div style="text-align: justify; line-height: 1.25;">The Company&#8217;s Articles of Association also allow shareholders registered in the Company&#8217;s Shareholders Register to appoint a proxy to vote in their stead (whether personally or by means of a&#160;
          Proxy) at the Annual Meeting, by means of a Deed of Authorization in the form a set forth in the Articles of Association of the Company, so long as the Deed of Authorization is delivered to the Company at least twenty-four (24) hours prior to the
          time of the Annual Meeting or presented to the Chairman at such meeting.&#160;Shareholders may revoke their Deeds of Authorization by a written notice received at the Company&#8217;s offices prior to the commencement of the Annual Meeting,&#160;or if present in
          person at said General Meeting, may revoke the appointment by means of a written or oral notification to the Chairman and vote their shares in person.</div>
      </div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25;">
        <div style="text-align: justify; line-height: 1.25;">Shareholders who will not attend the Annual Meeting in person are requested to complete date and sign the aforementioned form of Proxy Card distributed herewith (or the amended Form of Proxy
          Card, if any) and to return it promptly (and in any event, at least forty eight (48) hours prior to the time of the Annual Meeting) to the Company's transfer agent in the enclosed envelope or to vote by remote voting according to provided
          instructions (if it&#8217;s available).</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
      </div>
      <div style="line-height: 1.25;">
        <div style="text-align: justify; line-height: 1.25;">Any two or more Shareholders present in person or by proxy, or who have delivered to the Company proxy card indicating their manner of voting, and who hold or represent shares conferring in the
          aggregate at least thirty-three and one-third percent (33 1/3%) of the voting power of the Company, shall constitute a lawful quorum at the Annual Meeting. A Shareholder or his proxy, who also serves as a proxy for other Shareholder(s), shall be
          regarded as two or more Shareholders, in accordance with the number of Shareholders he is representing.</div>
      </div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25;">
        <div style="text-align: justify; line-height: 1.25;">If within an hour from the time appointed for the General Meeting a quorum is not present, the meeting shall stand adjourned to the same day in the next week, at the same time and place. No
          business shall be transacted at any adjourned meeting except business which might lawfully have been transacted at the meeting as originally called. At such adjourned meeting, any number of Shareholders present in person or by proxy or by proxy
          card, shall constitute a lawful quorum. The vote necessary to approve the resolutions relating to the matters upon which you will be asked to vote is specified herein above. Each outstanding Ordinary Share is entitled to one vote upon each of the
          matters to be presented at the Annual Meeting.</div>
        <div style="text-align: justify; line-height: 1.25;">A shareholder is entitled to contact the Company directly and receive the text of the Proxy Statement (or the amended Proxy Statement, if any) and the Position Notices (<font style="font-style: italic;">"hodaot emda</font>") (if any).</div>
        <div style="text-align: justify; line-height: 1.25;">&#160;</div>
        <div style="text-align: justify; line-height: 1.25;">For information regarding compensation on an individual basis for the Company's five Office Holders with the highest compensation for the year 2022, please see the Company's Annual Report on Form
          20-F for the year ended December 31, 2022 &#8220;Item 6. Directors, Senior Management and Employees - Item B. Compensation&#8221; at:</div>
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
        <div style="text-align: justify; line-height: 1.25;"><u>https://www.sec.gov/ix?doc=/Archives/edgar/data/0001337117/000117891323001449/zk2329524.htm</u></div>
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
        <div style="text-align: justify; line-height: 1.25;">Copies of the proposed resolutions are available at Ituran&#8217;s USA offices at 1700 NW 64th St. Suite 100 Fort Lauderdale, FL 33309 USA, every business day from 9 a.m. to 5 p.m. (US Eastern Time),
          following prior coordination at telephone number +1-954-484-3806.</div>
        <div style="line-height: 1.25; text-align: center;"><br>
          - ii -<br style="line-height: 1.25;">
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
      </div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25; font-style: italic; font-weight: bold;">Diversity of the Board of Directors</div>
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
      </div>
      <div style="line-height: 1.25;">
        <div style="text-align: justify; text-indent: 35.45pt; line-height: 1.25;">The table below provides certain information regarding the composition of our&#160;Board. Each of the categories listed in the below table has the meaning as it is used in Nasdaq
          Rule&#160;5605(f) and related instructions.</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25;">&#160;</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="text-align: center; line-height: 1.25; font-weight: bold;">Board Diversity Matrix (As of October 15, 2023)</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
      </div>
      <table cellspacing="0" cellpadding="2" border="0" id="z4976ca9da4c342e1ae93b12217494e88" style="font-family: 'Times New Roman',Times,serif; font-size: 10pt; width: 100%; text-align: left; color: rgb(0, 0, 0);">

          <tr>
            <td style="width: 24%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Country of Principal Executive Offices</div>
            </td>
            <td style="width: 76%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="4">
              <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Israel</div>
            </td>
          </tr>
          <tr>
            <td style="width: 24%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-indent: -126.6pt; margin-left: 126.6pt; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Foreign Private Issuer</div>
            </td>
            <td style="width: 76%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="4">
              <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Yes</div>
            </td>
          </tr>
          <tr>
            <td style="width: 24%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Disclosure Prohibited under Home Country Law</div>
            </td>
            <td style="width: 76%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="4">
              <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">No</div>
            </td>
          </tr>
          <tr>
            <td style="width: 24%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Total Number of Directors</div>
            </td>
            <td style="width: 76%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="4">
              <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">12</div>
            </td>
          </tr>
          <tr>
            <td style="width: 24%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Part I: Gender Identity</div>
            </td>
            <td style="width: 8.24%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Female</div>
            </td>
            <td style="width: 5.03%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Male</div>
            </td>
            <td style="width: 42.69%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Non-Binary</div>
            </td>
            <td style="width: 20.04%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Did Not Disclose&#8194;</div>
              <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Gender</div>
            </td>
          </tr>
          <tr>
            <td style="width: 24%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Directors</div>
            </td>
            <td style="width: 8.24%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">1</div>
            </td>
            <td style="width: 5.03%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">11</div>
            </td>
            <td style="width: 42.69%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
            <td style="width: 20.04%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">&#160;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 24%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif; font-weight: bold;">Part II: Demographic Background</div>
            </td>
            <td style="width: 76%; vertical-align: bottom; background-color: rgb(173, 173, 173); border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="4">
              <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">&#8195;</div>
            </td>
          </tr>
          <tr>
            <td style="width: 24%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Underrepresented Individual in Home Country Jurisdiction</div>
            </td>
            <td style="width: 76%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="4">
              <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">0</div>
            </td>
          </tr>
          <tr>
            <td style="width: 24%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0);">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">LGBTQ+</div>
            </td>
            <td style="width: 76%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-right: 2px solid rgb(0, 0, 0);" colspan="4">
              <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">0</div>
            </td>
          </tr>
          <tr>
            <td style="width: 24%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-left: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
              <div style="line-height: 1.25; font-family: 'Times New Roman', Times, serif;">Did Not Disclose Demographic Background</div>
            </td>
            <td style="width: 76%; vertical-align: bottom; border-width: 2px; border-style: solid; border-color: rgb(0, 0, 0);" colspan="4">
              <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman', Times, serif;">0</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
      </div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25;">
          <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;" id="z6ae449b8ac25456eacc5592558ced834">

              <tr>
                <td style="width: 50.00%;">
                  <div>&#160;</div>
                </td>
                <td style="width: 50.00%;">
                  <div>
                    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">By order of the Board of Directors,</div>
                    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
                    </div>
                    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Guy Aharonov, Adv.</div>
                    <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-style: italic;">General Counsel</div>
                  </div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
      </div>
      <div style="text-align: justify; margin-left: 18pt; line-height: 1.25;">Azour, Israel</div>
      <div style="text-align: justify; margin-left: 18pt; line-height: 1.25; font-weight: bold;">October 16,&#160; 2023</div>
      <div style="text-align: justify; margin-left: 18pt; line-height: 1.25; font-weight: bold;"> <br>
      </div>
      <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: 400;">- iii - </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="text-align: center; line-height: 1.25;"><img width="283" height="165" src="image0.jpg"></div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">ITURAN LOCATION AND CONTROL LTD.</div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">PROXY STATEMENT FOR ANNUAL GENERAL MEETING OF SHAREHOLDERS</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25;">October 16,&#160; 2023</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">The enclosed proxy is solicited on behalf of the Board of Directors of Ituran Location and Control Ltd (the &#8220;<font style="font-weight: bold;">Company</font>&#8221;) for use at the Company&#8217;s Annual
        General Meeting of Shareholders (the &#8220;<font style="font-weight: bold;">Annual Meeting</font>&#8221;) to be held on November 30, 2023 at 9:00 a.m. US Eastern time, or at any adjournment or postponement thereof, for the purposes set forth herein and in the
        accompanying notice. The Annual Meeting will be held at Ituran&#8217;s USA offices at 1700 NW 64th St. Suite 100 Fort Lauderdale, FL 33309 USA. The telephone number at that address is +1- 954-484-3806.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">INFORMATION CONCERNING SOLICITATION AND VOTING</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25; font-weight: bold;">Record Date and Shares Outstanding</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">You are entitled to notice of the Annual Meeting and to vote at the Annual Meeting if you were a shareholder of record of Ordinary Shares, nominal value NIS 0.33<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1/3 </sup>(the &#8220;<font style="font-weight: bold;">Ordinary Shares</font>&#8221;), of the Company at the close of business on October 30, 2023 (the &#8220;<font style="font-weight: bold;">Record Date</font>&#8221;). You are also entitled to notice of the Annual Meeting and to vote at the
        Annual Meeting if you held Ordinary Shares through a bank, broker or other nominee which was a shareholder of record of the Company at the close of business on the Record Date or which appeared in the participant listing of a securities depository
        on that date.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">As of October 15, 2023 we have 19,893,580&#160; outstanding shares.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25; font-weight: bold;">Revocability of Proxies</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">A form of proxy card for use at the Annual Meeting is attached. Please follow the instructions on the proxy card. You may change your mind and cancel your proxy card by filing a written notice of
        revocation with the Company with proof of identity of the shareholder (to the satisfaction of Company's secretary) which have to be received with the Company's registered address at least 48 hours prior to the time of the Annual Meeting, by
        completing and returning a duly executed proxy card bearing a later date, or by voting in person at the Annual Meeting. Attendance at the Annual Meeting will not in and of itself constitute revocation of a proxy.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25; font-weight: bold;">Quorum, Voting and Solicitation</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">Any two or more Shareholders present in person or by proxy, or who have delivered to the Company proxy card indicating their manner of voting, and who hold or represent shares conferring in the
        aggregate at least thirty-three and one-third percent (33 1/3%) of the voting power of the Company, shall constitute a lawful quorum at the Annual Meeting. A Shareholder or his proxy, who also serves as a proxy for other Shareholder(s), shall be
        regarded as two or more Shareholders, in accordance with the number of Shareholders he is representing.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">If within an hour from the time appointed for the General Meeting a quorum is not present, the meeting shall stand adjourned to the same day in the next week, at the same time and place. No
        business shall be transacted at any adjourned meeting except business which might lawfully have been transacted at the meeting as originally called. At such adjourned meeting, any number of Shareholders present in person or by proxy or by proxy
        card, shall constitute a lawful quorum.</div>
      <div style="text-align: justify; line-height: 1.25;"> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <!--PROfilePageNumberReset%Num%2%%%-->
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">The vote necessary to approve the resolutions relating to the matters upon which you will be asked to vote is specified below immediately following each proposed resolution. Each outstanding
        Ordinary Share is entitled to one vote upon each of the matters to be presented at the Annual Meeting.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">If you wish to attend the Annual Meeting in person and if your shares are held in "street name", meaning a shareholder whose Ordinary Shares are registered in his, her, or its favor with a member
        of a stock exchange or other record holder and which are included in the Ordinary Shares registered in the register of shareholders of the&#160;Company&#160;under the name of such record holder, shall be required to prove ownership of such Ordinary Shares as
        of the Record Date by providing the Company, at least 48 hours before the time appointed for holding the Meeting, with proof of ownership, issued by a record holder as well as a statement from such record holder that it did not vote such shares,
        and a copy of the shareholder's passport, valid identification document or incorporation certificate.</div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
      </div>
      <div style="line-height: 1.25;">
        <div style="text-align: justify; line-height: 1.25;">The Company&#8217;s Articles of Association also allow shareholders registered in the Company&#8217;s Shareholders Register to appoint a proxy to vote in their stead (whether personally or by means of a&#160;
          Proxy) at the Annual Meeting, by means of a Deed of Authorization in the form as set forth in the Articles of Association of the Company, so long as the Deed of Authorization is delivered to the Company at least twenty-four (24) hours prior to
          the time of the Annual Meeting or presented to the Chairman at such meeting.&#160;Shareholders may revoke their Deeds of Authorization by a written notice received at the Company&#8217;s offices prior to the commencement of the Annual Meeting,&#160;or if present
          in person at said General Meeting, may revoke the appointment by means of a written or oral notification to the Chairman and vote their shares in person.</div>
      </div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25;">
        <div style="text-align: justify; line-height: 1.25;">Shareholders who will not attend the Annual Meeting in person are requested to complete date and sign the aforementioned form of Proxy Card distributed herewith (or the amended Form of Proxy
          Card, if any) and to return it promptly (and in any event, at least forty eight (48) hours prior to the time of the Annual Meeting) to the Company's transfer agent in the enclosed envelope or to vote by remote voting according to provided
          instructions (if it&#8217;s available).</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
      </div>
      <div style="text-align: justify; line-height: 1.25;">The Board of Directors of the Company is soliciting the attached proxy cards for the Annual Meeting, primarily by electronic delivery mail and by filing it publicly. The original solicitation of
        proxies by mail may be further supplemented by solicitation by telephone and other means by certain officers, directors, employees and agents of the Company, but they will not receive additional compensation for these services. Under Israeli law,
        if a quorum is present in person or by proxy, broker non-votes and abstentions will have no effect on whether the requisite vote is obtained, as they do not constitute present and voting shares.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">Shareholders are entitled to apply in writing, through the Company, to the other shareholders of the Company in order to present their position in respect of any item on the agenda of the Annual
        Meeting (&#8220;<font style="font-weight: bold;">Position Notice</font>&#8221;). Position Notices may be sent to the Company&#8217;s Israeli office at 3 Hashikma St. Azour Israel (P.O. Box 11473 Azour 58001), by no later than 10 days prior to the Annual Meeting.</div>
      <div style="text-align: justify; line-height: 1.25;"> <br>
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" class="BRPFPageNumber">2</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25;">
        <div style="text-align: center; text-indent: 36pt; line-height: 1.25; font-weight: bold;">DISCUSSION OF THE COMPANY&#8217;S AUDITED FINANCIAL STATEMENTS</div>
      </div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; font-weight: bold;">Background</div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
      </div>
      <div style="line-height: 1.25;">
        <div style="text-align: justify; line-height: 1.25;">The Audit Committee has approved (pursuant to the Nasdaq Corporate Governance Rules) and recommended, and the Board of Directors has approved (pursuant to the Israeli Companies Law), the audited
          financial statements of the Company for the year ended December 31, 2022, as attached to the Company's Annual Report on Form 20-F for the year ended December 31, 2022.&#160;&#160;Under the Israeli Companies Law and the Company&#8217;s Articles of Association,
          shareholders&#8217; discussion is required for both the financial statements and the related report of the Board of Directors (please see the Company's Annual Report on Form 20-F for the year ended December 31, 2022). Our Chief Financial Officer, Mr.
          Eli Kamer will be available to respond to appropriate questions of shareholders.</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
      </div>
      <div style="line-height: 1.25; font-weight: bold;">Proposal</div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25;">It is proposed that at the Annual Meeting the following matter be discussed:</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
      </div>
      <div style="line-height: 1.25;">
        <div style="text-align: justify; line-height: 1.25;">&#8220;The audited financial statements of the Company for the year ended December 31, 2022 and the report of the Board of Directors for such period are hereby noted.&#8221;</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
      </div>
      <div style="line-height: 1.25; font-weight: bold;">Vote Required</div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
        <div style="line-height: 1.25;">No vote of the holders of Ordinary Shares is required in respect with discussion of this item.</div>
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
      </div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">PROPOSAL ONE</div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">REAPPOINTMENT OF INDEPENDENT AUDITORS AND AUTHORIZATION</div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">OF AUDITORS&#8217; COMPENSATION</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; font-weight: bold;">Background</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">The Audit Committee and the Board of Directors have selected the accounting firm Fahn Kanne &amp; co., a member of Grant Thornton International, as the independent auditors to audit the
        consolidated financial statements of the Company for the year ending December 31, 2023. Fahn Kanne &amp; co. audited the Company&#8217;s books and accounts since the year ended December 31, 1995.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="line-height: 1.25;">The following table presents aggregate fees for professional audit services and other services rendered by Fahn Kanne &amp; co., for 2021 and 2022:</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; text-align: left; color: #000000; width: 100%;" id="z7251ad0eb46b49d383e4004e4fa13c34" class="cfttable">

          <tr>
            <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; line-height: 1.25; font-weight: bold;"> 2021</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="2">
              <div style="text-align: center; line-height: 1.25; font-weight: bold;">2022</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; padding-bottom: 2px;" colspan="1">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: top; border-bottom: 2px solid rgb(0, 0, 0);" colspan="6">
              <div style="text-align: center; line-height: 1.25;">(in thousands, USD)</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; padding-bottom: 2px;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 76%;" colspan="1">
              <div style="line-height: 1.25;">Audit Fees&#160;(1)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="line-height: 1.25; font-weight: bold;">573</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%; font-weight: bold;" colspan="1" class="cftnumcell">581</td>
            <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; width: 76%;" colspan="1">
              <div style="line-height: 1.25;">Tax Fees (2)</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="line-height: 1.25; font-weight: bold;">7</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; text-align: right; width: 9%; font-weight: bold;" colspan="1" class="cftnumcell">13</td>
            <td valign="bottom" nowrap="nowrap" style="vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>
          <tr>
            <td valign="bottom" style="vertical-align: top; background-color: rgb(204, 238, 255); width: 76%;" colspan="1">
              <div style="line-height: 1.25; font-weight: bold;">Total</div>
            </td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%;" colspan="1" class="cftnumcell">
              <div style="line-height: 1.25; font-weight: bold;">580</div>
            </td>
            <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
            <td valign="bottom" style="vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255);" colspan="1" class="cftguttercell">&#160;</td>
            <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1" class="cftcurrcell">&#160;</td>
            <td valign="bottom" style="background-color: rgb(204, 238, 255); vertical-align: bottom; text-align: right; width: 9%; font-weight: bold;" colspan="1" class="cftnumcell">594</td>
            <td valign="bottom" nowrap="nowrap" style="background-color: rgb(204, 238, 255); vertical-align: bottom; width: 1%;" colspan="1" class="cftfncell">&#160;</td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <div style="line-height: 1.25;">
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zef592ca13076422e9950fa40f7edc75a" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr style="vertical-align: top;">
                <td style="text-align: right; vertical-align: top; width: 27pt;">
                  <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif; text-indent: -9pt; margin-left: 9pt;">(1)</div>
                </td>
                <td style="text-align: left; vertical-align: top; width: auto;">
                  <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif; text-indent: -9pt; margin-left: 9pt;">The audit fees for the years ended December 31, 2021 and 2022 were for professional services rendered
                    for the audits of our annual consolidated financial statements, review of consolidated quarterly financial statements and statutory audits of the Company.</div>
                </td>
              </tr>

          </table>
        </div>
        <div>
          <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="ze45bcac3b0d6433c9385cbd3ed64fe0c" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%;">

              <tr style="vertical-align: top;">
                <td style="text-align: right; vertical-align: top; width: 27pt;">
                  <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; text-indent: -9pt; margin-left: 9pt; text-align: left;">(2)</div>
                </td>
                <td style="text-align: left; vertical-align: top; width: auto;">
                  <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif; text-indent: -9pt; margin-left: 9pt;">Consists of all tax related services.</div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25;">Our audit committee has approved the above audit and non-audit services provided by Grant Thornton, during&#160;the years 2021 and 2022.</div>
        <div style="line-height: 1.25;"> <br>
        </div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" class="BRPFPageNumber">3</font></div>
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
      </div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; font-weight: bold;">Proposal</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">Shareholders are being asked to renew the appointment of Fahn Kanne &amp; co. as the Company&#8217;s independent auditors for the fiscal year 2023 and until the close of the next Shareholders' Annual
        General Meeting. The Audit Committee will pre-approve all services to be performed by, as provided for in the U.S. Sarbanes-Oxley Act of 2002 and the rules thereunder, while the board of directors will pre &#8211; approve and determine the compensation
        to be paid to our auditors, as provided for in the Israel Companies Law, rules and regulations thereunder.</div>
      <div style="text-align: justify; line-height: 1.25;"> <br>
      </div>
      <div style="text-align: justify; line-height: 1.25;">It is proposed that the following resolution be adopted at the Annual Meeting: &#8220;that Fahn Kanne &amp; co. be appointed as the Company&#8217;s independent auditors for the fiscal year 2023 and until the
        close of the next Shareholders' Annual General Meeting&#8221;.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; font-weight: bold;">Vote Required</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">The affirmative vote of the holders of a majority of the voting power represented at the Meeting in person or by proxy and voting thereon is necessary for approval of this proposal.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; font-weight: bold;">Board Recommendation</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25; font-weight: bold;">The Board of Directors recommends that the shareholders vote &#8220;FOR&#8221; the renewal of the appointment of the Company&#8217;s independent auditors.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">PROPOSAL TWO</div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">THE ELECTION OF CERTAIN DIRECTORS FOR ADDITIONAL PERIOD</div>
      <div style="text-align: center; line-height: 1.25; font-weight: bold;">&#160;UNTIL THIRD SUCCEEDING ANNUAL MEETING THEREAFTER</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; font-weight: bold;">Background</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">The election of Directors of the Company is determined under the Company&#8217;s Articles of Association. At every annual meeting three or four directors out of all directors presiding, shall be replaced
        or re-elected to office. Form of the&#160; declaration of these officers pursuant to Section 224B can be&#160; found on the Company's website <u>www.ituran.com</u>.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; font-weight: bold;">Proposal</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">Shareholders are being asked to elect the following persons to serve as directors in Class C for additional period until third succeeding Annual meeting thereafter: <font style="font-weight: bold;">Messrs. Nir Sheratzky, Igal Shani </font>and<font style="font-weight: bold;"> Yehuda Kahane</font>:</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;"><font style="font-style: italic;">Nir Sheratzky</font>&#160;has served as a director of our company since its acquisition from Tadiran in 1995 and currently serves as a Co-Chief Executive Officer since
        2003. Prior to 2003, Mr. Sheratzky served as an Executive Officer in our company from 1995 to 2003. Mr. Sheratzky is also a director in Moked Ituran. He holds BA and MA degrees in Economics from Tel Aviv University. Nir is the son of Izzy Sheratzky
        and the brother of Eyal and Gil Sheratzky and nephew of Effraim Sheratzky<font style="font-style: italic;">.</font></div>
      <div style="text-align: justify; line-height: 1.25;"><br>
        <font style="font-style: italic;">Yigal Shani</font>&#160;has served as a director of our company since its acquisition from Tadiran in 1995. Mr. Shani is an insurance agent and a partner in the insurance agency Tzivtit Insurance Agency (1998) Ltd.
        together with Efraim<font style="font-style: italic;">&#160;</font>Sheratzky, which provides insurance services to our company. Mr. Shani has resigned on March 13, 2014 in order to allow compliance with the provisions of the Israeli Companies Law, which
        require that the board of directors to include at least one female and was reappointed on February 9, 2015 to replace Mr. Avner Kurz, as a Class B Director<font style="font-style: italic;">.</font></div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;"><font style="font-style: italic;">Yehuda Kahane&#160;</font>is a co-founder of our company and has served on our board since 1995. Professor Kahane is an entrepreneur in both the academic and business
        arenas. He is a Fellow of the World Academy of Art and Science. He received the 2011 highest international award for his lasting contribution to the theory, practice and education in insurance and risk management, as well as a lifetime achievements
        award by the Israeli Insurance industry. He is a co-founder and chairperson of the YK Center for Preparing for the New Economy. Kahane is a Professor (Emeritus) from the Coller School of Management, Tel Aviv University where he headed the Institute
        for Business and the Environment. He taught at many business schools around the world, including the Wharton School, the University of Texas (Austin), the University of Toronto and the University of Florida, and has founded and served as the first
        Dean of the Israeli Academic School of Insurance. Professor Kahane chairs and is a major owner of Capital Point Ltd., and is active in the formation, seed investment and management of start-up companies and technological incubators, unrelated to
        our company. He chairs the association for the visually impaired people in Herzlia and Sharon district, and a board member of the Center for Blind People in Israel (The Umbrella organization). He is an honorary member of the Israel-Brazil Chamber
        of Commerce. Professor Kahane holds a BA degree in Economics and Statistics, an MA degree in Business Administration and a PhD in Finance from the Hebrew University of Jerusalem and is a Fellow of the Israeli Association of Actuaries. He
        specializes in insurance, risk management, environmental issues and technological forecasting. He is the father of Yoav Kahana</div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
        <div style="text-align: justify; line-height: 1.25;">The statements of the above candidates to serve as directors are available at Ituran&#8217;s Israeli offices at 3 Hashikma St. Azour Israel, every business day from 9 a.m. to 5 p.m. (Israeli time),
          following prior coordination at telephone number +972-3-5571314.</div>
      </div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
        <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" class="BRPFPageNumber">4</font></div>
        <div style="page-break-after: always;" class="BRPFPageBreak">
          <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
      </div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25; font-weight: bold;">Vote Required</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25;">The affirmative vote of the holders of a majority of the voting power represented at the Annual Meeting in person or by proxy and voting thereon is necessary for approval of this proposal.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25; font-weight: bold;">Board Recommendation</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="text-align: justify; line-height: 1.25; font-weight: bold;">The Board of Directors recommends that the shareholders vote &#8220;FOR&#8221; the re-election of the abovementioned persons to the Company&#8217;s board of directors, for additional period until
        third succeeding Annual meeting thereafter.</div>
      <div style="line-height: 1.25;"><br style="line-height: 1.25;">
      </div>
      <div style="line-height: 1.25;">
        <div style="text-align: center; line-height: 1.25; font-weight: bold;">PROPOSAL THREE</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="text-align: center; line-height: 1.25; font-weight: bold;">THE RE-ELECTION OF THE EXTERNAL DIRECTOR OF THE COMPANY FOR</div>
        <div style="text-align: center; line-height: 1.25; font-weight: bold;">ADDITIONAL PERIOD</div>
        <div style="text-align: center; line-height: 1.25; font-weight: bold;">&#160;UNTIL THIRD SUCCEEDING ANNUAL MEETING THEREAFTER</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
        <div style="line-height: 1.25; font-weight: bold;">Background</div>
        <div style="line-height: 1.25;">&#160;</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">Under the Israeli Companies Law, 1999 (the&#160;<font style="font-weight: bold;">"Israeli Companies Law"</font>), the board of directors of companies whose shares are publicly
          traded are required to include at least two members who qualify as external directors. External directors are elected for three-year terms. The Israeli Companies&#160; Law provides that a person is not qualified to serve as an external director if
          he/she is a relative of the company's controlling person, or if, at the time of his/her appointment and/or at any time during the two years preceding his or her appointment, that person, a relative, partner or employer of that person, or any
          entity under that person&#8217;s control, has or has had an Affinity (as defined below) to the company, its controlling person or its relative or to any entity that, as of the date of appointment, or at any time during the two years preceding that
          date, is controlled by the company or by its controlling person. "Affinity" means the existence of work relationship, business or professional relationship or control, except if negligible, or a service as an officer of the company. In addition,
          no person may serve as an external director if that person&#8217;s professional activities create, or may create, a conflict of interest with that person&#8217;s responsibilities as a director or otherwise interfere with that person&#8217;s ability to serve as a
          director; and, a person already serving as a director of one company may not be appointed as an external director of another company if at that time a director of such company is serving as an external director of the first company. The Israeli
          Companies Law prohibits external directors from receiving, directly or indirectly, any compensation other than for services as an external director pursuant to the provisions and limitations set forth in the applicable regulations promulgated
          under the Israeli Companies Law, 1999.</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">&#160;</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="text-indent: 36pt; line-height: 1.25;">A director who qualifies as an external director under Israeli law meets the "independence" requirements set forth under the Nasdaq listing rules, including those applicable to members of audit and
          compensation committees of the board.</div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
          <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" class="BRPFPageNumber">5</font></div>
          <div style="page-break-after: always;" class="BRPFPageBreak">
            <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
        </div>
        <div style="line-height: 1.25">&#160;</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">The Israeli Companies Law provides that each committee of the board of directors that is vested with an authority of the board must include at least one external director,
          except that the audit committee and compensation committee must include all external directors then serving on the board of directors.</div>
        <div style="line-height: 1.25">&#160;</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">External directors may generally be removed from office by the same majority of shareholders required for their election or by a court, in each case, only under limited
          circumstances, including if they cease to meet the statutory qualification for their appointment or violate the duty of loyalty to the company.</div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;"><font style="font-style: italic;">Israel Baron</font>&#160;has been serving as an external director of our company since 2003 and is the Chairman of our board&#8217;s committees. Mr.
          Baron served as a director in Poalim Trust Services Ltd., a fully owned subsidiary of Bank Hapoalim Ltd from 2009 until 2017. In addition, Mr. Baron has been serving as Chief Executive Officer of several public sector employee retirement and
          saving plans since 2003. Prior to 2003, Mr. Baron managed an organizational consulting firm, served as an investment manager in the Isaac Tshuva group during the years 1999 to 2001 and as Chief Executive Officer of Gmulot Investment Company Ltd.
          Mr. Baron serves as a director of Quality Baron Management Services Ltd. and since September ,2022&#160; he serves as a director of Brill Shoe Industries Ltd. Mr. Baron is a certified CPA and holds a BA degree in Economics and Accounting from the
          Bar-Ilan University in Ramat-Gan, Israel. Israel Baron was reelected on December 10, 2020 for additional 3-year term to serve as an external director.</div>
        <div style="line-height: 1.25">&#160;</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="text-align: justify; text-indent: 21.3pt; line-height: 1.25;">&#160;&#160; &#160;&#160; The board of directors decided to propose <font style="font-style: italic;">Mr. Baron</font> candidacy for the renewal appointment as an external director in the light
          of his substantial contribution to the Company's business, and his accounting and financial expertise.</div>
        <div style="line-height: 1.25">&#160;</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">Israeli law permits to reelect the external director for additional two terms, three years each if this extension is proposed by either of: (i) the board or (ii) by a
          shareholder whose voting rights are no less than 1% of the Company or (ii) by the external director him/herself. In addition to the above, being a company listed on foreign exchange such as NASDAQ the Company is authorized by Israeli law to
          re-elect its external directors for unlimited additional terms of three years each, if both Audit committee &amp; the board of directors come into conclusion that those directors have special expertise and&#160; contribution to the work of the board
          and its committees, the appointment for additional term will benefit the Company.</div>
        <div style="line-height: 1.25">&#160;</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25;">
          <div style="text-align: justify; text-indent: 21.3pt; line-height: 1.25;">&#160;&#160;&#160;&#160;&#160; On December 10,&#160; 2020&#160; the shareholders of the Company during the general meeting resolved to approve Mr. Baron candidacy, which was proposed by the board of
            directors, for additional term of three years, which commenced on December 21, 2020.The current proposed election will be the eighth term of Mr. Baron.</div>
          <div style="line-height: 1.25">&#160;</div>
        </div>
      </div>
      <div style="line-height: 1.25;">
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">Under Israeli Companies Law and regulations promulgated thereunder, (i) an external director must have either "accounting and financial expertise" or "professional
          qualifications" (as such terms are defined in regulations promulgated under the Israeli Companies Law) and (ii) at least one of the external directors must have "accounting and financial expertise".&#160; The Board of Directors of the Company has
          determined that Mr Baron has &#8220;accounting and financial expertise&#8221;) and his contribution to the work of the board and its committees, and the appointment for additional term, will benefit the Company. In addition, the Board of Directors has
          determined that Mr Baron qualifies as an independent director under the SEC and NASDAQ rules.</div>
        <div style="line-height: 1.25">&#160;</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="text-align: justify; line-height: 1.25;">Mr. Baron declaration of External Director is available at Ituran&#8217;s Israeli offices at 3 Hashikma St. Azour Israel, every business day from 9 a.m. to 5 p.m. (Israeli time), following prior
          coordination at telephone number +972-3-5571314.&#160;</div>
        <div style="line-height: 1.25">&#160; <br>
        </div>
      </div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25; font-weight: bold;">Proposal</div>
        <div style="line-height: 1.25;">&#160;
          <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">Shareholders are being asked to approve the re-election of Mr. Israel Baron as an external-director of the Company for additional three-year term, which will commence on
            December 21, 2023.</div>
          <div style="line-height: 1.25">&#160;</div>
          <div style="clear: both; margin-top: 10pt; margin-bottom: 10pt;" class="BRPFPageBreakArea">
            <div style="text-align: center;" class="BRPFPageNumberArea"><font style="font-weight: normal; font-style: normal;" class="BRPFPageNumber">6</font></div>
            <div style="page-break-after: always;" class="BRPFPageBreak">
              <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
          </div>
          <div style="line-height: 1.25;"><br style="line-height: 1.25;">
          </div>
        </div>
      </div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25; font-weight: bold;">Vote Required</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">The affirmative vote of the holders of a majority of the voting power represented at the Meeting in person, by written ballot or by proxy and voting thereon is necessary for
          approval of the proposal provided that: (a) such majority includes at least a majority of the shares held by all non-controlling shareholders or those having a personal interest in the appointment, except a personal interest which is not
          resulting from connections with controlling shareholders, present and voting at such meeting; or (b) the total number of shares voted against the election of the external director and held by shareholders other than controlling shareholders or
          those having a personal interest in the appointment, except a personal interest which is not resulting from connections with controlling shareholders, must not exceed 2% of the shares whose holders are entitled to vote at any meeting of
          shareholders.</div>
        <div style="line-height: 1.25">&#160;</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25; font-weight: bold;">Board Recommendation</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-indent: 36pt; line-height: 1.25; font-weight: bold;">The Board of Directors recommends the re-election of Mr Israel Baron to the Company&#8217;s board of directors as External Director, for additional period of three years.</div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="line-height: 1.25">
          <div style="line-height: 1.25;">
            <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">PROPOSAL FOUR</div>
            <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">APPROVE OF CLAW BACK -NEW POLICY</div>
          </div>
        </div>
        <div style="text-indent: 36pt; line-height: 1.25; font-weight: bold;">Background</div>
      </div>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="zbe9bc5e8d3f74f94b2d93084eebd3b63" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt; vertical-align: top; font-style: italic;">A.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>On October 26, 2022, the U.S. Securities and Exchange Commission (the &#8220;SEC&#8221;) adopted regulations (the &#8220;final rules&#8221;) implementing Section 10D of the Securities Exchange Act of 1934 (the &#8220;Exchange Act&#8221;), which was added by the Dodd-Frank
                Wall Street Reform and Consumer Protection Act of 2010. The SEC originally proposed these rules in 2015 and reopened the comment period in October 2021 and again in June 2022.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z4bb4cf029f66488fbb02347cf4190084" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt; vertical-align: top; font-style: italic;">B.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>The New Exchange Act Rule 10D-1 require U.S. national stock exchanges, including the Nasdaq, to propose and adopt new listing standards that will require listed companies to adopt and comply with policies that provide for the recovery of
                incentive-based compensation received by current or former executive officers based on any misstated financial reporting measure if the company is required to prepare an accounting restatement.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <table cellspacing="0" cellpadding="0" id="z8a6271770d9a4d50be24f362834a3a12" class="DSPFListTable" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;">

          <tr>
            <td style="width: 18pt; vertical-align: top; font-style: italic;">C.</td>
            <td style="width: auto; vertical-align: top; text-align: justify;">
              <div>Nasdaq has adopted such listing standards provided under Final Rules (the "Nasdaq Listing Rule"). Based on the aforementioned, the Company&#160; resolved to adopt this Recovery Policy to adhere to the Final Rules and the Nasdaq Listing Rule.
                The Recovery Policy is attached as schedule to this Proxy Statement ("<font style="font-weight: bold;">Recovery Policy</font>"). Our compensation committee and our Board of directors approved the Recovery Policy.</div>
            </td>
          </tr>

      </table>
      <div style="line-height: 1.25">&#160;</div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25; font-weight: bold;">Vote Required</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25;"><br style="line-height: 1.25;">
        </div>
        <div style="text-align: justify; text-indent: 36pt; line-height: 1.25;">The affirmative vote of the holders of a majority of the voting power represented at the Meeting in person, by written ballot or by proxy and voting thereon is necessary for
          approval of the proposal provided that: (a) such majority includes at least a majority of the shares held by all non-controlling shareholders or those having a personal interest in the resolution,&#160; or (b) the total number of shares voted against
          the resolution&#160; other than those included in sub clause (a) above, must not exceed 2% of the shares whose holders are entitled to vote at any meeting of shareholders.</div>
        <div style="line-height: 1.25">&#160;</div>
      </div>
      <div style="line-height: 1.25;">
        <div style="line-height: 1.25; font-weight: bold;">Board Recommendation</div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="line-height: 1.25; font-weight: bold;">The Board of Directors recommend the approval of the Recovery Policy.</div>
        <div style="line-height: 1.25">&#160;<br>
          <div>
            <table cellspacing="0" cellpadding="0" border="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;" id="z14df17288b2945408666dca3dec99070">

                <tr>
                  <td style="width: 50.00%;">
                    <div>&#160;</div>
                  </td>
                  <td style="width: 50%;">
                    <div>
                      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Sincerely yours,</div>
                      <div style="line-height: 1.25">&#160;</div>
                      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Ituran Location and Control Ltd.</div>
                    </div>
                  </td>
                </tr>

            </table>
          </div>
        </div>
      </div>
    </div>
    <div><br>
    </div>
    <div><br>
    </div>
    <div style="text-align: center;"><font style="font-weight: normal; font-style: normal;" class="BRPFPageNumber">7</font></div>
    <div>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit_99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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      <hr align="center" style="border: none; border-bottom: 1px solid black; border-top: 4px solid black; height: 10px; color: #ffffff; background-color: #ffffff; margin-left: auto; margin-right: auto;"></div>
    <div style="text-align: right; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><u> Exhibit 99.2</u><br>
    </div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;"> <br>
    </div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">ITURAN LOCATION &amp; CONTROL LTD</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;">&#160;(THE "COMPANY")</div>
    <div style="text-align: center; line-height: 1.25; font-weight: bold;"><u>RECOVERY POLICY</u></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="line-height: 1.25">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3c5122c993ae4992a88f72c82abe4e15">

        <tr>
          <td style="width: 28.35pt; vertical-align: top;">1.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-weight: bold;"><u>Preamble</u></div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze4cb8da70da0409aa6d02c1930089cdf">

        <tr>
          <td style="width: 7.65pt;"><br>
          </td>
          <td style="width: 29.7pt; vertical-align: top;">1.1.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-style: italic;"><u>Legal Framework</u></font>:</div>
            <div> <br>
            </div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0588c211feff47208693312a1b0cc36b">

        <tr>
          <td style="width: 37.35pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-style: italic;">A.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>On October 26, 2022, the U.S. Securities and Exchange Commission (the &#8220;<font style="font-weight: bold;">SEC</font>&#8221;) adopted regulations (the &#8220;<font style="font-weight: bold;">final rules</font>&#8221;) implementing Section 10D of the Securities
              Exchange Act of 1934 (the &#8220;<font style="font-weight: bold;">Exchange Act</font>&#8221;), which was added by the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. The SEC originally proposed these rules in 2015 and reopened the
              comment period in October 2021 and again in June 2022.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z47da6a67e7354a2d88b740cbd8361db8">

        <tr>
          <td style="width: 37.35pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-style: italic;">B.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The New Exchange Act Rule 10D-1 require U.S. national stock exchanges, including the Nasdaq, to propose and adopt new listing standards that will require listed companies to adopt and comply with policies that provide for the recovery of
              incentive-based compensation received by current <font style="font-weight: bold;">or</font> former executive officers based on any misstated financial reporting measure if the company is required to prepare an accounting restatement (the &#8220;<font style="font-weight: bold;">Compensation Policy</font>&#8221;).</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z206e008f9a2d4009a46a1c3e2817a0c9">

        <tr>
          <td style="width: 37.35pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-style: italic;">C.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Nasdaq has adopted such listing standards on as provided under Rule (the "<font style="font-weight: bold;">Nasdaq Listing Rule</font>"). Based on the aforementioned, Ituran Location and Control Ltd. (the "<font style="font-weight: bold;">Company</font>")
              is hereby resolves to adopt this Recovery Policy to adhere to the Final Rules and the Nasdaq Listing Rule.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z852c132e1aeb4b34a55a0a846cac203d">

        <tr>
          <td style="width: 37.35pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-style: italic;">D.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>This Recovery Policy shall stand alone and also, if required by law, be part of the Company's Compensation Policy which was recently re adopted and resolved by the Shareholders General meeting on December 12, 2022 (the "<font style="font-weight: bold;">Compensation</font>&#160;<font style="font-weight: bold;">Policy</font>").</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb91f0503f73c4632ade6e80e0fa8a36d">

        <tr>
          <td style="width: 7.65pt;"><br>
          </td>
          <td style="width: 29.7pt; vertical-align: top; font-family: 'Times New Roman',Times,serif;">1.2.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-style: italic;"><u>Definitions</u></font>:</div>
            <div> <br>
            </div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; text-indent: -1.35pt; margin-left: 37.35pt; line-height: 1.25;"><font style="font-weight: bold;">Definitions</font>: The following words-definitions shall have the meaning ascribed as follows:</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; margin-left: 37.35pt; line-height: 1.25;">"<font style="font-weight: bold;">Incentive based Compensation</font>" shall mean any kind of compensation, cash or in kind paid by Company to Executive Officer which is
      granted, vested or earned based wholly or in part on the achievement of any financial reporting measure. for that purpose, "<font style="font-weight: bold; font-style: italic;">financial reporting measure</font>" means measures that are determined
      and presented in accordance with accounting principles used in preparing Company's financial statements and any measures derived wholly or in part from such financial information. For that purpose, stock prices and total shareholder return shall be
      deemed "<font style="font-style: italic;">financial reporting measures".</font></div>
    <div style="text-align: justify; margin-left: 37.35pt; line-height: 1.25;"><font style="font-style: italic;"> <br>
      </font></div>
    <div class="BRPFPageBreakArea" style="clear: both; margin-top: 10pt; margin-bottom: 10pt;">
      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="text-align: justify; margin-left: 37.35pt; line-height: 1.25;"><font style="font-style: italic;"> <br>
      </font></div>
    <div style="text-align: justify; margin-left: 37.35pt; line-height: 1.25;">The following are examples (non-exclusive) of compensations that would be included in <font style="font-style: italic;">"incentive-based compensation':</font></div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2eee08d964b24f33a94ee086a5958b5b">

        <tr>
          <td style="width: 37.35pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">1)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Bonuses paid from "bonus pool" the size of which is determined on satisfying a financial reporting measure performance goal.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb1dd470799274b9aaf9cbd861fe2baee">

        <tr>
          <td style="width: 37.35pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">2)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Other cash awards based on satisfaction of a financial reporting measure performance goal.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6d84ee0919d84737be93fffe40de05ee">

        <tr>
          <td style="width: 37.35pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">3)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Any securities of Company including options that are granted or become vested based wholly or in part on satisfying a financial reporting measure performance goal.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc4f573e116554715bf1140fcafbf9f21">

        <tr>
          <td style="width: 37.35pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">4)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Proceeds received upon the sale of shares acquired through an incentive plan that the Company granted or vested based wholly or in part on satisfying a financial reporting measure performance goal.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; margin-left: 37.35pt; line-height: 1.25;">The following shall <font style="font-weight: bold;"><u>not</u></font> be deemed an incentive-based compensation (non-exclusive list):</div>
    <div style="text-align: justify; margin-left: 37.35pt; line-height: 1.25;"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf5a3e6b2abcd4c88bad88374de4808bd">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">1)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Bonuses based on subjective standards or upon completion of a specified period of employment.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zdbc12d140de44530988d989a71cc82d8">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">2)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Discretionary compensation, as long as not related wholly or in part on financial reporting measures.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2cae14334afb4426bd9765efeb02294e">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">3)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Non equity incentive plan awards earned solely upon satisfying strategic or operational measures or targets.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc450d7a09b104aa8801e054eebc13942">

        <tr>
          <td style="width: 36pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">4)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Equity awards, if the grant is not based on achieving any financial reporting measure performance goal, or where vesting is based solely on completion of a specific period of employment period and/or achieving non-financial reporting
              measures.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; margin-left: 54pt; line-height: 1.25;">"<font style="font-weight: bold;">Executive Officers</font>"- shall mean and include the Company's President, principal financial officer, principal accounting officer, any
      vice-president in charge of a principal business unit, division, or function (such as sales, administration, or finance), any other officer who performs a policy-making function, or any other person who performs similar policy-making functions for
      the Company. Executive officers of our&#160;&#160; subsidiaries are deemed executive officers of Company if they perform such policy making functions for Company. Policy-making function is not intended to include policy-making functions that are not
      significant. Identification of an executive officer for purposes of this definition would include at a minimum executive officers identified pursuant to <u>17 CFR 229.401(b)</u>.</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; margin-left: 54pt; line-height: 1.25;">"<font style="font-weight: bold;">Executive Officers Covered</font>" - means Executive Officers who served as Executive Officer at any time during the performance period for the <font style="font-style: italic;">incentive-based compensation</font>, whether she-he is an employee of Company when Company seeks the recovery based on this Policy, and whether he/she was involved or engaged in the accounting error which caused the
      Restatement or not.</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; margin-left: 54pt; line-height: 1.25;"><font style="font-weight: bold;">"Financial reporting measures</font><font style="font-style: italic;">" - </font>measures that are determined and presented in accordance with the
      accounting principles used in preparing the Company's financial statements, and any measures that are derived wholly or in part from such measures. Stock price and total shareholder return are also financial reporting measures. A financial reporting
      measure need not be presented within the financial statements or included in a filing with the SEC.</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; margin-left: 54pt; line-height: 1.25;"><font style="font-weight: bold;">"Incentive-based compensation"</font><font style="font-style: italic;"> - </font>any compensation that is granted, earned, or vested based wholly
      or in part upon the attainment of a financial reporting measure.</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: justify; margin-left: 54pt; line-height: 1.25;"><font style="font-weight: bold;">"Received"</font><font style="font-style: italic;"> -</font> Incentive-based compensation is deemed received in Company's fiscal period during
      which the <font style="font-style: italic;">financial reporting measure</font> specified in the <font style="font-style: italic;">incentive-based compensation</font> award is attained, even if the payment or grant of the <font style="font-style: italic;">incentive-based compensation</font> occurs after the end of that period.</div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
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      <div class="BRPFPageBreak" style="page-break-after: always;">
        <hr noshade="noshade" style="border-width: 0px; clear: both; margin: 4px 0px; width: 100%; height: 2px; color: #000000; background-color: #000000;"></div>
    </div>
    <div style="line-height: 1.25">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd7f2033b6bdf4e00ae252d5f315008ba">

        <tr>
          <td style="width: 36pt; vertical-align: top;">2.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-weight: bold; font-style: italic;"><u>Adoption of the Recovery Policy</u></font>:</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z0395a00599284ed3957528554f27b0da">

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          <td style="width: 37.35pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-style: italic;">A.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>This Recovery Policy has been approved and recommended by the Audit Committee, acting as the Compensation Committee (the &#8220;<font style="font-weight: bold;">Committee</font>&#8221;), and has been approved by the Board of Directors (the "<font style="font-weight: bold;">Board</font>") .</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zd9a58e7a558f4b2aaad05ac497ed8817">

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          <td style="width: 37.35pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-style: italic;">B.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The approval of this Recovery Policy by the Board is subject to the approval of the Company&#8217;s General Meeting of Shareholders (the "<font style="font-weight: bold;">General Meeting</font>")<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze350ed6a6bdf48e6a0cbac52e1ffb4d0">

        <tr>
          <td style="width: 36pt; vertical-align: top;">3.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-weight: bold;"><u>Applicability</u></font><font style="font-weight: bold; font-style: italic;"><u> of the Compensation Policy</u></font>:</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze2fd3c05d1d249b981c64febe69bf9bc">

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          <td style="width: 37.35pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-style: italic;">A.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>This Recovery Policy shall apply, as of the date it enters into effect (the "<font style="font-weight: bold;">Adoption Date</font>"), to the Company&#8217;s Executive Officers.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8843c1e9df45484488dd59897c6043a2">

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          <td style="width: 37.35pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-style: italic;">B.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>This Recovery Policy shall apply to all incentive-based compensation received by the following person/s or in the following situations:</div>
          </td>
        </tr>

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    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2dc27078d6954c368f3ce0a49b230487">

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          <td style="width: 55.35pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">1)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>After beginning service as an Executive Officer of the Company.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbd160d819efc41afbdd21aa655438c4c">

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          <td style="width: 55.35pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">2)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Who served as an Executive Officer at any time during the performance period for that incentive-based compensation ,whether or not such Executive Officer is serving at the time the <font style="font-weight: bold;">erroneously awarded
                compensation</font> is required to be repaid to Company.</div>
          </td>
        </tr>

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          <td style="width: 55.35pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">3)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>While the Company have a class of securities listed on a national securities exchange or a national securities association; and</div>
          </td>
        </tr>

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    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z20cf5002f0814b889d638a15a8ce2124">

        <tr>
          <td style="width: 55.35pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">4)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>During the three completed fiscal years immediately preceding the Restatement Date ("<font style="font-weight: bold;">Clawback Period</font>").</div>
          </td>
        </tr>

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    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z78e86c6f76db4f0ba90fab0da8bcf5f8">

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          <td style="width: 55.35pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">5)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>In addition to the Claw back Period , this Recovery Policy shall apply to any transition period (that results from a change in the Company's fiscal year) within or immediately following those three completed fiscal years.&#160; A transition
              period between&#160; the last day of Company's previous fiscal year end and the first day of Company's new fiscal year that comprises a period of nine to 12 months would be deemed a completed fiscal year. Company's obligation to recover
              erroneously awarded compensation is not dependent on if or when the restated financial statements are filed.</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze36721d0ea134bed912163b003e6f729">

        <tr>
          <td style="width: 28.35pt; vertical-align: top; font-style: italic;">4.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-style: italic; font-weight: bold;"><u>Restatement:</u></div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25">&#160;</div>
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          <td style="width: 37.35pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-style: italic;">C.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Company will recover reasonably promptly from the Executive Officers Covered&#160; the amount of erroneously awarded incentive-based compensation in the event that the Company is required to prepare an accounting restatement due to the material
              noncompliance of the Company with any financial reporting requirement under the securities laws, including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously
              issued financial statements, or that would result in a material misstatement if the error the Company corrected in the current period or left uncorrected in the current period (both events shall be called hereinafter: "<font style="font-weight: bold;">Restatement</font>").</div>
          </td>
        </tr>

    </table>
    <div style="text-align: justify; margin-left: 37.35pt; line-height: 1.25;"><br style="line-height: 1.25;">
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        <tr>
          <td style="width: 37.35pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-style: italic;">D.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>For purposes of determining the relevant recovery period, the date that the Company is required to prepare a Restatement is the earlier to occur of:</div>
          </td>
        </tr>

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        <tr>
          <td style="width: 55.35pt;"><br>
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          <td style="width: 18pt; vertical-align: top;">1)</td>
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            <div>The date Company's Board of Directors, a committee of the board of directors, or the officer or officers of Company authorized to take such action if Board action is not required, concludes, or reasonably should have concluded, that the
              Company is required to prepare a Restatement; or</div>
          </td>
        </tr>

    </table>
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        <tr>
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            <div>The date a court, regulator, or other legally authorized body directs the Company to prepare a Restatement.</div>
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      <div style="text-align: justify; line-height: 1.25;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup> In the event that the General Meeting does not approve this Recovery&#160; Policy, the Companies Law provides that it may still be approved and adopted by the Compensation Committee and the
        Board.</div>
      <div style="text-align: justify; line-height: 1.25;">&#160;</div>
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    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3813c40f496f444ca04d8142aa402552">

        <tr>
          <td style="width: 37.35pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-style: italic;">E.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The amount of incentive-based compensation that must be subject to the issuer's recovery policy (&#8220;<font style="font-weight: bold;">erroneously awarded compensation</font>&#8221;) is the amount of incentive-based compensation received that
              exceeds the amount of incentive-based compensation that otherwise would have been received had it been determined based on the restated amounts and must be computed without regard to any taxes paid. Exact calculation of the <font style="font-style: italic;">erroneously awarded compensation</font> will be decided based on the aforementioned formula and if required will exert to the SEC's publications, including ,inter alia, the Final Rule and SEC's observations and
              comments therein.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8ff3c0504e234b9fa0e5fcd14657b22f">

        <tr>
          <td style="width: 55.35pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">1)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>For incentive-based compensation based on stock price in any stock exchange or linked to any index (e.g., Russel 2000) or differences between the Company prices in stock exchange and any index (s) or any combination thereof, or total
              shareholder return, where the amount of erroneously awarded compensation is not subject to mathematical recalculation directly from the information in an accounting restatement:</div>
          </td>
        </tr>

    </table>
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        <tr>
          <td style="width: 55.35pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;"><br>
          </td>
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            <div>The amount will be based on a reasonable estimate of the effect of the Restatement&#160; on the stock price or total shareholder return upon which the <font style="font-style: italic;">incentive-based</font>&#160;<font style="font-style: italic;">compensation</font>
              was received .For that purpose The Company may by our Committee appoint an advisor or consultant to deliver an expert opinion on these aspects and the potential correlation between&#160; the Company and the <font style="font-style: italic;">erroneously
                awarded compensation</font><font style="font-weight: bold;">&#160;</font>,our restated financial statements and the relevant stock prices and/or index(s); and</div>
          </td>
        </tr>

    </table>
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        <tr>
          <td style="width: 55.35pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;"><br>
          </td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Company shall maintain documentation of the determination of that reasonable estimate and provide such documentation to the Nasdaq.</div>
          </td>
        </tr>

    </table>
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        <tr>
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          <td style="width: 18pt; vertical-align: top;">2)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Company shall recover <font style="font-style: italic;">erroneously awarded compensation</font> in compliance with this&#160; recovery policy except to the extent that the conditions of this paragraph or (3) below&#160; of this section are met,
              and our Audit&#160; Committee (comprised of independent directors, also responsible for executive compensation decisions),&#160; has made a determination that recovery would be impracticable.</div>
          </td>
        </tr>

    </table>
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        <tr>
          <td style="width: 55.35pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">3)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>Company may decide not to pursue the recovery of <font style="font-style: italic;">erroneously awarded compensation</font> in case the direct expense paid to a third party to assist in enforcing the policy would exceed the amount to be
              recovered. Before concluding that it would be impracticable to recover any amount of <font style="font-style: italic;">erroneously awarded compensation</font> based on expense of enforcement, the Company shall make a reasonable attempt to
              recover such <font style="font-style: italic;">erroneously awarded compensation</font>, document such reasonable attempt(s) to recover, and provide that documentation to Nasdaq.</div>
          </td>
        </tr>

    </table>
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        <tr>
          <td style="width: 55.35pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top;">4)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Committee shall have discretion to determine the appropriate means of receiving <font style="font-style: italic;">erroneously awarded compensation</font> based on the particular facts and circumstances.</div>
          </td>
        </tr>

    </table>
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        <tr>
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          </td>
          <td style="width: 18pt; vertical-align: top;">5)</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>To the extent that an Executive Officer fails to repay all <font style="font-style: italic;">erroneously awarded compensation</font> to Company when due, Company will take all actions reasonable and appropriate to recover such amounts and
              such Executive officer shall be required to reimburse Company also for such expenses (including legal fees).</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z85f124f50a084af9adeb69f59e9fe5a9">

        <tr>
          <td style="width: 28.35pt; vertical-align: top;">5.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div><font style="font-weight: bold; font-style: italic;"><u>General</u></font>:</div>
          </td>
        </tr>

    </table>
    <div style="line-height: 1.25">&#160;</div>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z78a1c995648a47d597552ac9feac0875">

        <tr>
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          <td style="width: 18pt; vertical-align: top; font-style: italic;">A.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>This Policy is subject to Israeli Laws and therefore in case there is a new legislation which may contradict this Policy, The Company shall then, after consultations with experts, take the required amendment(s) in order to settle such
              contradiction (which does not exist as of the time of approving this Policy).</div>
          </td>
        </tr>

    </table>
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        <tr>
          <td style="width: 37.35pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-style: italic;">B.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Company shall file all disclosures with regard to this Policy as required by applicable US Securities and Exchange Commission&#160;&#160; filings and rules.</div>
          </td>
        </tr>

    </table>
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        <tr>
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          <td style="width: 18pt; vertical-align: top; font-style: italic;">C.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Company shall approach its employees which may be included in the Executive Officers Covered and request their formal consent in writing to this Policy. Following approval of this Policy, new Executive Officers will be required upon
              their appointment to such position to deliver their consent to the Policy.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z08fdbeba108d4f5db7629274c2b7a2c4">

        <tr>
          <td style="width: 37.35pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; font-style: italic;">D.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Committee shall be responsible for implementing and exercising this Policy including its interpretation if such is required .The Committee is also authorized to make all required determinations necessary or advisable for the
              administration and this Policy and for the Company's compliance with all applicable rules ,laws, regulations or interpretations thereof ,including by SEC or Nasdaq.</div>
          </td>
        </tr>

    </table>
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        <tr>
          <td style="width: 37.35pt;"><br>
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          <td style="width: 18pt; vertical-align: top; font-style: italic;">E.</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div>The Company shall not indemnify, wholly or in part, directly or indirectly, its Executive Officers for incentive compensation recoverable pursuant to this Policy.</div>
          </td>
        </tr>

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          <td style="width: 18pt; vertical-align: top; font-style: italic;">F.</td>
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            <div>This Policy substitute and replaces Section 11.3 of our Compensation Policy.</div>
          </td>
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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit_99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
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        <hr align="center" style="border: none; border-bottom: 1px solid black; border-top: 4px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"></div>
      <div style="line-height: 1.25; text-align: right;"><u><font style="font-weight: bold;">Exhibit 99.3</font></u><br>
      </div>
      <div style="text-align: center; margin-right: 64.75pt; margin-left: 64.75pt; line-height: 1.25;"> <br>
      </div>
      <div style="text-align: center; margin-right: 64.75pt; margin-left: 64.75pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 12pt; background-color: rgb(255, 255, 255); font-weight: bold; color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">ITURAN LOCATION AND CONTROL LTD.</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: center; margin-right: 64.75pt; margin-left: 64.75pt; line-height: 1.25; font-weight: bold;">FORM OF PROXY</div>
      <div style="line-height: 1.25">&#160;</div>
      <div style="text-align: center; margin-right: 64.75pt; margin-left: 64.75pt; line-height: 1.25; font-weight: bold;">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS</div>
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      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">For use by shareholders of the Company at the Annual General Meeting of the Shareholders to be held on November 30, 2023, at 9:00 a.m.
        US Eastern time at the Company&#8217;s USA offices at 1700 NW 64th St. Suite 100 Fort Lauderdale, FL,33309, USA.</div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(Please use BLOCK CAPITALS)</div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;">Shareholder Name:</font>&#160;<u> &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; &#160;&#160;&#160;&#160;</u>&#160;&#160; <br>
      </div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;">Social Security/ID No.:</font>&#160;<u> &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; &#160;&#160;&#160;&#160;</u> &#160;&#160;&#160;&#160;&#160;&#160;&#160; </div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">For shareholders that are corporations:</div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;">Corporation No.:</font>&#160;<u> &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; &#160;&#160;&#160;&#160;</u>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; <br>
      </div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="line-height: 1.25;"><font style="font-family: 'Times New Roman',Times,serif;">Country of Incorporation:</font>&#160;<u> &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160; &#160;&#160; &#160;&#160;&#160;&#160;</u> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </div>
      <div style="line-height: 1.25;">&#160;</div>
      <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">I being a shareholder of lturan Location and Control Ltd. (the <font style="font-weight: bold;">"Company"</font>), hereby constitutes and appoints Mr.
        Ze'ev Koren, Mr. Israel Baron and Mr. Ariad Sommer, and each one of them, with full power of substitution, to represent the undersigned at the Annual Meeting of the Stockholders of the Company, to be held at the Company's offices at <font style="font-weight: bold;">the Company's USA offices at 1700 NW 64th St. Suite 100 Fort Lauderdale, FL 33309 USA </font>on November 30, 2023 at 9:00 a.m. US Eastern time and at any adjournment or adjournments thereof, with full powers then
        possessed by the undersigned, and to vote, at that meeting, or any adjournment or adjournments thereof, all shares of stock which the undersigned would be entitled to vote if personally present, as follows:</div>
    </div>
    <div style="line-height: 1.25;"><br style="line-height: 1.25;">
    </div>
    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">(Continued and to be signed on the reverse side)</div>
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    <div>
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        <div style="text-align: center; margin-right: 58.35pt; margin-left: 59.35pt; line-height: 1.25; font-weight: bold;">ANNUAL GENERAL MEETING OF SHAREHOLDERS OF</div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: center; margin-right: 58.35pt; margin-left: 59.35pt; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-size: 12pt; font-weight: bold; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-style: normal; font-variant: normal; text-transform: none;">ITURAN LOCATION AND CONTROL LTD.</div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: center; margin-right: 58.35pt; margin-left: 59.3pt; line-height: 1.25; font-weight: bold;">November 30, 2023</div>
        <div style="line-height: 1.25">&#160;</div>
        <div style="text-align: center; text-indent: -0.05pt; margin-right: 177.55pt; margin-left: 178.65pt; line-height: 1.25;">Please sign, date and mail</div>
        <div style="text-align: center; text-indent: -0.05pt; margin-right: 177.55pt; margin-left: 178.65pt; line-height: 1.25;"> your proxy card in the </div>
        <div style="text-align: center; text-indent: -0.05pt; margin-right: 177.55pt; margin-left: 178.65pt; line-height: 1.25;">envelope provided as soon </div>
        <div style="text-align: center; text-indent: -0.05pt; margin-right: 177.55pt; margin-left: 178.65pt; line-height: 1.25;">as possible.</div>
        <div style="line-height: 1.25">&#160;</div>
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          <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">&#8595; Please detach along perforated line and mail in the envelope provided. &#8595;</div>
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      <div> <br>
      </div>
      <div>
        <div>
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              <tr>
                <td style="width: 100%; border-color: rgb(0, 0, 0); border-style: solid; border-width: 2px;">
                  <div>
                    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Proposals &#8211; The Board of Directors recommends a vote FOR Proposals 1 - 4.</div>
                    <div style="text-align: center; line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold;">PLEASE SIGN, DATE AND RETURN PROMPTLY IN THE ENCLOSED ENVELOPE. PLEASE MARK YOUR VOTE IN BLUE OR BLACK INK
                        AS SHOWN HERE </font>&#9746;</div>
                  </div>
                </td>
              </tr>

          </table>
        </div>
      </div>
      <div>
        <table cellspacing="0" cellpadding="0" border="0" id="ze83ca77dd81d46169e64f06f5d439ce1" style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; color: #000000; width: 100%;">

            <tr>
              <td colspan="2" rowspan="1" style="border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td rowspan="1" style="width: 1%;">&#160;</td>
              <td rowspan="1" style="width: 2%; text-align: left; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 2%;">&#160;</td>
              <td rowspan="1" style="width: 35%; text-align: left; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 6%; text-align: center;">&#160;FOR</td>
              <td rowspan="1" style="width: 6%; text-align: center;">&#160;AGAINST <br>
              </td>
              <td rowspan="1" style="width: 6%; text-align: center;">ABSTAIN <br>
              </td>
            </tr>
            <tr>
              <td colspan="2" rowspan="1" style="border-right: 2px solid rgb(0, 0, 0);">
                <div>
                  <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">THIS PROXY IS SOLICITED ON BEHALF OF THE BOARD OF DIRECTORS OF THE CORPORATION. AUTHORITY TO VOTE FOR THE ELECTION OF ANY OF THE NOMINEES
                    LISTED ABOVE MAY BE WITHHELD BY LINING THROUGH OR OTHERWISE STRIKING OUT THE NAME OF SUCH NOMINEE.</div>
                </div>
              </td>
              <td style="width: 1%;">
                <div>&#160;</div>
              </td>
              <td style="width: 2%; text-align: left; vertical-align: top;">
                <div>1.</div>
              </td>
              <td colspan="2" rowspan="1" style="width: 2%; text-align: left; vertical-align: top;">
                <div>
                  <div>
                    <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;">To appoint Fahn Kanne &amp; co. as the Company&#8217;s independent auditors for the fiscal year 2023 and until the close of the next Shareholders' Annual General
                      Meeting.</div>
                  </div>
                </div>
                <div>
                  <div style="line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br>
                  </div>
                </div>
              </td>
              <td style="width: 6%; text-align: center; vertical-align: top;">
                <div>&#9744; <br>
                </div>
              </td>
              <td style="width: 6%; text-align: center; vertical-align: top;">
                <div>&#9744; <br>
                </div>
              </td>
              <td style="width: 6%; text-align: center; vertical-align: top;">
                <div>&#160;&#9744;</div>
              </td>
            </tr>
            <tr>
              <td colspan="2" rowspan="1" style="border-right: 2px solid rgb(0, 0, 0);">
                <div>
                  <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">If this proxy is signed and returned, it will be voted in accordance with your instructions. If you do not specify how the proxy should be
                    voted, it will be voted FOR Items 1, 2, 3 and 4.</div>
                </div>
              </td>
              <td style="width: 1%;">
                <div>&#160;</div>
              </td>
              <td style="width: 2%; text-align: left; vertical-align: top;">2.<br>
              </td>
              <td colspan="2" rowspan="1" style="width: 2%;">
                <div>
                  <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">To elect the following persons to serve as directors in Class B for additional period until third succeeding Annual General meeting
                    thereafter.</div>
                </div>
              </td>
              <td style="width: 6%; text-align: center; vertical-align: top;">
                <div>&#160;<br>
                </div>
              </td>
              <td style="width: 6%; text-align: center; vertical-align: top;">
                <div>&#160;<br>
                </div>
              </td>
              <td style="width: 6%; text-align: center; vertical-align: top;">
                <div>&#160;<br>
                </div>
              </td>
            </tr>
            <tr>
              <td colspan="2" rowspan="1" style="border-right: 2px solid rgb(0, 0, 0);">
                <div>
                  <div style="text-align: left; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;"><br>
                  </div>
                </div>
              </td>
              <td style="width: 1%;">
                <div>&#160;</div>
              </td>
              <td style="width: 2%; text-align: left; vertical-align: top;">
                <div>&#160;</div>
              </td>
              <td colspan="2" rowspan="1" style="width: 2%;">
                <div>
                  <div>
                    <div style="font-family: 'Times New Roman',Times,serif;">
                      <div>2.1.&#160;&#160;&#160;&#160;&#160; &#160; Yehuda Kahane</div>
                    </div>
                  </div>
                  <div>
                    <div style="font-family: 'Times New Roman',Times,serif;">
                      <div>2.2. &#160; &#160; &#160;&#160; Nir Sheratzky</div>
                    </div>
                  </div>
                  <div>
                    <div style="font-family: 'Times New Roman',Times,serif;">
                      <div>2.3.&#160;&#160;&#160;&#160;&#160;&#160;&#160; Yigal Shani</div>
                    </div>
                  </div>
                </div>
              </td>
              <td style="width: 6%; text-align: center; vertical-align: top;">
                <div>&#9744;</div>
                <div>&#9744; </div>
                <div>&#9744; </div>
              </td>
              <td style="width: 6%; text-align: center; vertical-align: top;">
                <div>&#9744; <br>
                </div>
                <div>&#9744; </div>
                <div>&#9744; </div>
              </td>
              <td style="width: 6%; text-align: center; vertical-align: top;">
                <div>&#9744; <br>
                </div>
                <div>&#9744; </div>
                <div>&#9744; </div>
              </td>
            </tr>
            <tr>
              <td colspan="2" rowspan="1" style="border-right: 2px solid rgb(0, 0, 0);">
                <div>
                  <div style="text-align: left; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">Notes:</div>
                </div>
              </td>
              <td rowspan="1" style="width: 1%;">&#160;</td>
              <td rowspan="1" style="width: 2%; text-align: left; vertical-align: top;">&#160;</td>
              <td colspan="2" rowspan="1" style="width: 2%; text-align: left; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 6%; text-align: center; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 6%; text-align: center; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 6%; text-align: center; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td colspan="2" rowspan="1" style="border-right: 2px solid rgb(0, 0, 0);">
                <div style="text-align: justify;">1.&#160; To be valid, this form of Proxy Card (together with all the required documents as set forth in the Proxy Statement) must be received not later than 48 hours prior to the time set for the meeting (or an
                  adjourned meeting, if such shall take place), and a failure to deposit so shall render the appointment invalid. <br>
                </div>
              </td>
              <td style="width: 1%;">
                <div>&#160;</div>
              </td>
              <td style="width: 2%; text-align: left; vertical-align: top;">
                <div>3.</div>
              </td>
              <td colspan="2" rowspan="1" style="width: 2%; text-align: left; vertical-align: top;">
                <div>
                  <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">To re-elect Mr. Israel Baron, an external director of the Company, to office for an additional term of three years, which will commence on
                    December 21, 2023.</div>
                </div>
              </td>
              <td style="width: 6%; text-align: center; vertical-align: top;">
                <div>&#160;&#9744;</div>
              </td>
              <td style="width: 6%; text-align: center; vertical-align: top;">
                <div>&#9744; <br>
                </div>
              </td>
              <td style="width: 6%; text-align: center; vertical-align: top;">
                <div>&#9744; <br>
                </div>
              </td>
            </tr>
            <tr>
              <td colspan="2" rowspan="1" style="border-right: 2px solid rgb(0, 0, 0);">
                <div>
                  <div>
                    <div style="font-family: 'Times New Roman',Times,serif;">
                      <div style="text-align: justify;">2.&#160; Any alterations to this form must be initialed.</div>
                    </div>
                  </div>
                </div>
              </td>
              <td rowspan="1" style="width: 1%;">&#160;</td>
              <td rowspan="1" style="width: 2%; text-align: left; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 2%; text-align: left; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 35%; text-align: left; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 6%; text-align: center; vertical-align: top;">YES <br>
              </td>
              <td rowspan="1" style="width: 6%; text-align: center; vertical-align: top;">NO <br>
              </td>
              <td rowspan="1" style="width: 6%; text-align: center; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td colspan="2" rowspan="1" style="border-right: 2px solid rgb(0, 0, 0);">
                <div>
                  <div>
                    <div style="font-family: 'Times New Roman',Times,serif;">
                      <div style="text-align: justify;">
                        <div>
                          <div>
                            <div>
                              <div>3.&#160; Completion and return of this Form of Proxy Card will not prevent a member from attending and voting in person at the Meeting.</div>
                            </div>
                          </div>
                        </div>
                      </div>
                    </div>
                  </div>
                </div>
                <div style="text-align: justify;">&#160;</div>
              </td>
              <td style="width: 1%;">
                <div>&#160;</div>
              </td>
              <td style="width: 2%; text-align: left; vertical-align: top;">
                <div>&#160;</div>
              </td>
              <td style="width: 2%; text-align: left; vertical-align: top;">
                <div>3A.</div>
              </td>
              <td style="width: 35%; text-align: left; vertical-align: top;">
                <div>
                  <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Are you a "controlling shareholder" of the Company or do you have "personal interest" in the appointment only due to your relations with the
                    "controlling shareholder"? *</div>
                </div>
              </td>
              <td style="width: 6%; text-align: center; vertical-align: top;">
                <div>&#160;&#9744;</div>
              </td>
              <td style="width: 6%; text-align: center; vertical-align: top;">
                <div>&#9744; <br>
                </div>
              </td>
              <td style="width: 6%; text-align: center; vertical-align: top;">
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td colspan="2" rowspan="1" style="border-right: 2px solid rgb(0, 0, 0); text-align: left; vertical-align: top;">
                <div>
                  <div>
                    <div style="font-family: 'Times New Roman',Times,serif;">
                      <div style="text-align: justify;"><br>
                      </div>
                    </div>
                  </div>
                </div>
              </td>
              <td rowspan="1" style="width: 1%;">&#160;</td>
              <td rowspan="1" style="width: 2%; text-align: left; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 2%; text-align: left; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 35%; text-align: left; vertical-align: top;">
                <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">It is unlikely that you are a controlling shareholder or that you have a "personal interest" in the appointment only due to
                  your relations with the "controlling shareholder" and therefore you probably need to check "NO" in the box.</div>
              </td>
              <td rowspan="1" style="width: 6%; text-align: center; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 6%; text-align: center; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 6%; text-align: center; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td colspan="2" rowspan="1" style="border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td rowspan="1" style="width: 1%;">&#160;</td>
              <td rowspan="1" style="width: 2%; text-align: left; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 2%; text-align: left; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 35%; text-align: left; vertical-align: top;">
                <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><br>
                </div>
              </td>
              <td rowspan="1" style="width: 6%; text-align: center; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 6%; text-align: center; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 6%; text-align: center; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td colspan="2" rowspan="1" style="border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td rowspan="1" style="width: 1%;">&#160;</td>
              <td rowspan="1" style="width: 2%; text-align: left; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 2%; text-align: left; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 35%; text-align: left; vertical-align: top;">
                <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold;">Note: </font>Failure to complete Item 3A will render your vote <font style="font-weight: bold;"><u>INVALID</u>&#160;</font>and
                  your vote <font style="font-weight: bold;"><u>wil</u>l <u>not be counted</u>&#160;</font>with respect to the proposed resolution 3.</div>
              </td>
              <td rowspan="1" style="width: 6%; text-align: center; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 6%; text-align: center; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 6%; text-align: center; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td colspan="2" rowspan="1" style="border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td rowspan="1" style="width: 1%;">&#160;</td>
              <td rowspan="1" style="width: 2%; text-align: left; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 2%; text-align: left; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 35%; text-align: left; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 6%; text-align: center; vertical-align: top;">FOR <br>
              </td>
              <td rowspan="1" style="width: 6%; text-align: center; vertical-align: top;">&#160;AGAINST </td>
              <td rowspan="1" style="width: 6%; text-align: center; vertical-align: top;">ABSTAIN <br>
              </td>
            </tr>
            <tr>
              <td colspan="2" rowspan="1" style="border-right: 2px solid rgb(0, 0, 0);">
                <div>
                  <div>
                    <div style="font-family: 'Times New Roman',Times,serif;">
                      <div style="text-align: justify;"><br>
                      </div>
                    </div>
                  </div>
                </div>
              </td>
              <td style="width: 1%;">
                <div>&#160;</div>
              </td>
              <td style="width: 2%; text-align: left; vertical-align: top;">
                <div>4.</div>
              </td>
              <td colspan="2" rowspan="1" style="width: 2%; text-align: left; vertical-align: top;">
                <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">To approve the Recovery Policy (Claw Back ) of the Company that was approved by the compensation committee and board of directors.</div>
              </td>
              <td style="width: 6%; text-align: center; vertical-align: top;">
                <div>&#160; &#9744;</div>
              </td>
              <td style="width: 6%; text-align: center; vertical-align: top;">
                <div>&#160; &#9744;</div>
              </td>
              <td style="width: 6%; text-align: center; vertical-align: top;">
                <div>&#160;&#9744; <br>
                </div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 39%;">&#160;</td>
              <td rowspan="1" style="width: 3%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td rowspan="1" style="width: 1%;">&#160;</td>
              <td rowspan="1" style="width: 2%;"><br>
              </td>
              <td rowspan="1" style="width: 2%;">&#160;</td>
              <td rowspan="1" style="width: 35%; text-align: left; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 6%; text-align: center; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 6%; text-align: center; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 6%; text-align: center; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 39%;">&#160;</td>
              <td rowspan="1" style="width: 3%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td rowspan="1" style="width: 1%;">&#160;</td>
              <td rowspan="1" style="width: 2%;">&#160;</td>
              <td rowspan="1" style="width: 2%; text-align: left; vertical-align: top;">4A.<br>
              </td>
              <td rowspan="1" style="width: 35%; text-align: justify; vertical-align: top;">"personal interest" means a person's personal interest in an act or a transaction of a company, including the personal interest of his relative and of another body
                corporate in which he or his relative is an interested party, and exclusive of a personal interest that stems from the fact of holding shares in the company.</td>
              <td rowspan="1" style="width: 6%; text-align: center; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 6%; text-align: center; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 6%; text-align: center; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td style="width: 39%; border-bottom: 2px solid rgb(0, 0, 0);">
                <div>&#160;</div>
              </td>
              <td style="width: 3%; border-right: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
                <div>&#160;</div>
              </td>
              <td style="width: 1%; padding-bottom: 2px;">
                <div>&#160;</div>
              </td>
              <td style="width: 2%; padding-bottom: 2px;">
                <div>&#160;</div>
              </td>
              <td style="width: 2%; padding-bottom: 2px;">
                <div>&#160;</div>
              </td>
              <td style="width: 35%; padding-bottom: 2px;">
                <div>&#160;</div>
              </td>
              <td style="width: 6%; padding-bottom: 2px; text-align: center; vertical-align: top;">
                <div>&#160;YES</div>
              </td>
              <td style="width: 6%; padding-bottom: 2px; text-align: center; vertical-align: top;">
                <div>&#160;NO </div>
              </td>
              <td style="width: 6%; padding-bottom: 2px; text-align: center; vertical-align: top;">
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td style="width: 39%;">
                <div>&#160;</div>
              </td>
              <td style="width: 3%; border-right: 2px solid rgb(0, 0, 0);">
                <div>&#160;</div>
              </td>
              <td style="width: 1%;">
                <div>&#160;</div>
              </td>
              <td style="width: 2%;">
                <div>&#160;</div>
              </td>
              <td style="width: 2%;">
                <div>&#160;</div>
              </td>
              <td style="width: 35%;">
                <div>
                  <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">Do you have a &#8220;personal interest&#8221; in the approval of the Recovery Policy? *</div>
                </div>
              </td>
              <td style="width: 6%; text-align: center; vertical-align: top;">
                <div>&#160; &#9744;</div>
              </td>
              <td style="width: 6%; text-align: center; vertical-align: top;">
                <div>&#160; &#9744;</div>
              </td>
              <td style="width: 6%; text-align: center; vertical-align: top;">
                <div>&#160;</div>
              </td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 39%;">&#160;</td>
              <td rowspan="1" style="width: 3%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td rowspan="1" style="width: 1%;">&#160;</td>
              <td rowspan="1" style="width: 2%;">&#160;</td>
              <td rowspan="1" style="width: 2%;">&#160;</td>
              <td rowspan="1" style="width: 35%;">
                <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif; font-weight: bold;">It is unlikely that you have a "personal interest" in the Recovery Policy unless you're an Executive Officer of Company or
                  family related.</div>
              </td>
              <td rowspan="1" style="width: 6%; text-align: center; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 6%; text-align: center; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 6%; text-align: center; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 39%;">&#160;</td>
              <td rowspan="1" style="width: 3%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td rowspan="1" style="width: 1%;">&#160;</td>
              <td rowspan="1" style="width: 2%;">&#160;</td>
              <td rowspan="1" style="width: 2%;">&#160;</td>
              <td rowspan="1" style="width: 35%;">&#160;</td>
              <td rowspan="1" style="width: 6%; text-align: center; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 6%; text-align: center; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 6%; text-align: center; vertical-align: top;">&#160;</td>
            </tr>
            <tr>
              <td rowspan="1" style="width: 39%;">&#160;</td>
              <td rowspan="1" style="width: 3%; border-right: 2px solid rgb(0, 0, 0);">&#160;</td>
              <td rowspan="1" style="width: 1%;">&#160;</td>
              <td rowspan="1" style="width: 2%;">&#160;</td>
              <td rowspan="1" style="width: 2%;">&#160;</td>
              <td rowspan="1" style="width: 35%;">
                <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;"><font style="font-weight: bold;">Note: </font>Failure to complete Item 4A will render your vote <font style="font-weight: bold;"><u>INVALID</u>&#160;</font>and
                  your vote <font style="font-weight: bold;"><u>wil</u>l <u>not be counted</u>&#160;</font>with respect to the proposed resolution 4.</div>
              </td>
              <td rowspan="1" style="width: 6%; text-align: center; vertical-align: top;">&#160;</td>
              <td rowspan="1" style="width: 6%; text-align: center; vertical-align: top;">&#160;</td>
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                <div style="text-align: justify; line-height: 1.25; font-family: 'Times New Roman',Times,serif;">To change the address on your account, please check the box at right and indicate your new address in the address space above. Please note that
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