<SEC-DOCUMENT>0001104659-23-026755.txt : 20230228
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<ACCEPTANCE-DATETIME>20230228163032
ACCESSION NUMBER:		0001104659-23-026755
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		13
CONFORMED PERIOD OF REPORT:	20230226
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Other Events
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20230228
DATE AS OF CHANGE:		20230228

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CION Investment Corp
		CENTRAL INDEX KEY:			0001534254
		IRS NUMBER:				453058280
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	814-00941
		FILM NUMBER:		23685997

	BUSINESS ADDRESS:	
		STREET 1:		100 PARK AVENUE
		STREET 2:		25TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017
		BUSINESS PHONE:		212-418-4700

	MAIL ADDRESS:	
		STREET 1:		100 PARK AVENUE
		STREET 2:		25TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	C&#298;ON Investment Corp
		DATE OF NAME CHANGE:	20111104
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>WASHINGTON, D.C.&#160;&#160;20549</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM <span id="xdx_903_edei--DocumentType_c20230226__20230226_zlTZNsaOGIEj"><ix:nonNumeric contextRef="From2023-02-26to2023-02-26" name="dei:DocumentType">8-K</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CURRENT REPORT</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Pursuant to Section 13 or 15(d) of the</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Securities Exchange Act of 1934</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Date of Report</b> (Date of earliest event
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

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<tr style="background-color: white">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Wingdings"><span id="xdx_906_edei--WrittenCommunications_c20230226__20230226_zeyc50kZy07g"><ix:nonNumeric contextRef="From2023-02-26to2023-02-26" format="ixt:booleanfalse" name="dei:WrittenCommunications">&#168;</ix:nonNumeric></span>
</span>Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Wingdings"><span id="xdx_90D_edei--SolicitingMaterial_c20230226__20230226_zSlbFsSXNGY1"><ix:nonNumeric contextRef="From2023-02-26to2023-02-26" format="ixt:booleanfalse" name="dei:SolicitingMaterial">&#168;</ix:nonNumeric></span>
</span>Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Wingdings"><span id="xdx_90D_edei--PreCommencementTenderOffer_c20230226__20230226_zDUGYbr9b3hd"><ix:nonNumeric contextRef="From2023-02-26to2023-02-26" format="ixt:booleanfalse" name="dei:PreCommencementTenderOffer">&#168;</ix:nonNumeric></span>
</span>Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Wingdings"><span id="xdx_909_edei--PreCommencementIssuerTenderOffer_c20230226__20230226_z74go03wG7r4"><ix:nonNumeric contextRef="From2023-02-26to2023-02-26" format="ixt:booleanfalse" name="dei:PreCommencementIssuerTenderOffer">&#168;</ix:nonNumeric></span>
</span>Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">Securities registered
pursuant to Section&#160;12(b) of the Act:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></p>

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<tr style="vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;&#160;</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Indicate by check mark whether the registrant
is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2
of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emerging growth company, indicate
by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial
accounting standards provided pursuant to Section 13(a) of the Exchange Act. <span style="font-family: Wingdings">&#168;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>


<!-- Field: Page; Sequence: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><b>Item 1.01. Entry Into a Material Definitive
Agreement.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="background-color: white">On
February 28, 2023,&#160;C&#298;ON Investment Corporation (&#8220;CION&#8221;) entered into a Deed of Trust (the &#8220;Deed of Trust&#8221;)
with </span>Mishmeret Trust Company <span style="background-color: white">Ltd., as trustee, under which CION issued approximately $80.7
million in aggregate principal amount of its Series A Unsecured Notes due 2026 (the &#8220;Notes&#8221;). </span>The Notes offering in
Israel closed on <span style="background-color: white">February 28, 2023 and the Notes listed and commenced trading on the Tel Aviv Stock
Exchange Ltd. (the &#8220;TASE&#8221;) on February 28, 2023</span>. <span style="background-color: white">After the deduction of fees
and other offering expenses, CION received net proceeds of approximately $77.9 million, which CION intends to use to make investments
in portfolio companies in accordance with its investment objectives and for working capital and general corporate purposes</span>. <span style="background-color: white">The
Notes are rated&#160;A1.il by Midroog Ltd., an affiliate of Moody&#8217;s.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Notes will mature on August 31, 2026 a<span style="background-color: white">nd may be redeemed in whole or in part at CION&#8217;s option
at par plus a &#8220;make-whole&#8221; premium, if applicable,</span> as set forth in the <span style="background-color: white">Deed of
Trust</span>. The Notes bear interest at a rate <span style="background-color: white">equal to the Secured Overnight Financing Rate (&#8220;SOFR&#8221;)
plus a credit spread of 3.82% per year, which will be paid quarterly</span> on February 28, May 31, August 31, and November 30 of each
year, commencing on May 31, 2023. The Notes are CION&#8217;s general unsecured obligations that rank senior in right of payment to all
of CION&#8217;s existing and future indebtedness that is expressly subordinated in right of payment to the Notes, rank&#160;<i>pari passu</i>&#160;with
all existing and future unsecured unsubordinated indebtedness issued by CION, rank effectively junior to any of CION&#8217;s secured indebtedness
(including unsecured indebtedness that CION later secures) to the extent of the value of the assets securing such indebtedness, and rank
structurally junior to all existing and future indebtedness (including trade payables) incurred by CION&#8217;s subsidiaries, financing
vehicles or similar facilities<span style="background-color: white">.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Deed of Trust contains
other terms and conditions, including, without limitation, affirmative and negative covenants such as (i)&#160;information reporting,
(ii)&#160;maintenance of&#160;<span style="background-color: white">CION</span>&#8217;s status as a business development company within
the meaning of the Investment Company Act of 1940, as amended, (iii)&#160;minimum shareholders&#8217; equity of $525 million, (iv)&#160;a
minimum asset coverage ratio of not less than 150%, and (v)&#160;an unencumbered asset coverage ratio of 1.25 to 1.00. In addition, the
Deed of Trust contains customary events of default with customary cure and notice periods, including, without limitation, nonpayment,
incorrect representation in any material respect, breach of covenant, cross-default under other indebtedness of&#160;<span style="background-color: white">CION</span>&#160;in
an outstanding aggregate principal amount of at least $50,000,000, certain judgments and orders, and certain events of bankruptcy.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><span style="background-color: white">The
Notes were sold in an offshore transaction to certain non-U.S. persons outside the United States pursuant to Regulation S under the Securities
Act of 1933, as amended (the &#8220;Securities Act&#8221;). The Notes have not been registered under the Securities Act or any state securities
laws and may not be offered or sold in the United States absent registration or an applicable exemption from such registration </span>requirements.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing description
of the <span style="background-color: white">Deed of Trust </span>as set forth in this Item&#160;1.01 is a summary only and is qualified
in all respects by the provisions of such agreement, a copy of which is attached hereto as Exhibit 10.1 and is incorporated by reference
herein<span style="background-color: white">.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Item 2.03. Creation of a Direct Financial Obligation
or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The information in Item 1.01
of this Current Report on Form&#160;8-K is incorporated by reference into this Item 2.03.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Item 8.01. Other Events.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On February 26, 2023, CION&#8217;s
shares of common stock listed and commenced trading on the TASE under the ticker symbol &#8220;CION&#8221;.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify"><b>Item 9.01.
Financial Statements and Exhibits.</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <td style="width: 3%; padding-right: 0.8pt">&#160;</td>
    <td style="width: 3%; padding-right: 0.8pt"><span style="font: 10pt Times New Roman, Times, Serif">(d)</span></td>
    <td style="width: 94%; padding-right: 0.8pt; text-align: justify"><span style="font: 10pt Times New Roman, Times, Serif">Exhibits.</span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 9pt">&#160;&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt"><tr style="vertical-align: top">
<td style="width: 0.5in"></td><td style="width: 0.5in"><a href="tm237948d1_ex10-1.htm" style="-sec-extract: exhibit">10.1</a></td><td style="text-align: justify"><a href="tm237948d1_ex10-1.htm" style="-sec-extract: exhibit">Deed of Trust, dated as of February 20, 2023, by and between C&#298;ON Investment Corporation and&#160;Mishmeret
Trust Company <span style="background-color: white">Ltd</span>.</a></td></tr></table>

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

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<td style="width: 0.5in"></td><td style="width: 0.5in; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</span></td><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover
Page Interactive Data File (embedded within the Inline XBRL document).</span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<tr style="background-color: white">
    <td style="width: 34%; padding-right: 0.8pt">&#160;</td>
    <td style="width: 33%; padding-right: 0.8pt; text-align: center"><span style="font: 10pt Times New Roman, Times, Serif"><b><span style="text-decoration: underline">SIGNATURES</span></b></span></td>
    <td style="width: 33%; padding-right: 0.8pt">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0"><b>C&#298;ON Investment Corporation</b></p>
                                                                           <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0"><b>&#160;</b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0.8pt 0pt 0"></p></td></tr>
<tr style="vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%">Date:</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 45%">  February 28, 2023</td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%; text-align: left"><span style="font: 10pt Times New Roman, Times, Serif">By: <span style="text-decoration: underline">/s/ Michael A. Reisner</span></span></td></tr>
<tr style="vertical-align: bottom">
    <td style="font-size: 10pt">&#160;</td>
    <td style="font-size: 10pt">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Co-Chief Executive Officer</td></tr>
</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>EXHIBIT LIST</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
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NUMBER</b></span></td>
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    <td style="border-bottom: black 1pt solid; width: 88%; padding-right: 0.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>DESCRIPTION</b></span></td></tr>
  <tr>
    <td style="vertical-align: top; padding-right: 0.8pt"><a href="tm237948d1_ex10-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</span></a></td>
    <td style="vertical-align: bottom; padding-right: 0.8pt">&#160;</td>
    <td style="vertical-align: top; padding-right: 0.8pt"><a href="tm237948d1_ex10-1.htm" style="-sec-extract: exhibit"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deed of Trust, dated as of February 20, 2023, by and between C&#298;ON Investment Corporation and&#160;Mishmeret Trust Company <span style="background-color: white">Ltd</span>.</span></a></td></tr>
  <tr>
    <td style="vertical-align: top; padding-right: 0.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">104</span></td>
    <td style="vertical-align: bottom; padding-right: 0.8pt">&#160;</td>
    <td style="vertical-align: top; padding-right: 0.8pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cover Page Interactive Data File (embedded within the Inline XBRL document).</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;&#160;</p>


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<DESCRIPTION>EXHIBIT 10.1
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 10.1</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CION Investment Corporation</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Deed of Trust</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For Bonds Offered to the Public</B></P>

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Prepared on the 20 day of February 2023</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Between CION Investment Corporation and Mishmeret
Trust Company Ltd.</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Table of Contents</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
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    <TD STYLE="padding-left: 2pt; border-top: Black 1.5pt double; border-right: Black 1pt solid; border-bottom: Black 1.5pt double; width: 9%; border-left: Black 1.5pt double"><FONT STYLE="font-size: 10pt"><B>Section</B></FONT></TD>
    <TD STYLE="padding-left: 2pt; border-top: Black 1.5pt double; border-right: Black 1pt solid; border-bottom: Black 1.5pt double; width: 85%"><FONT STYLE="font-size: 10pt"><B>Subject</B></FONT></TD>
    <TD STYLE="padding-left: 2pt; border-top: Black 1.5pt double; border-right: Black 1.5pt double; border-bottom: Black 1.5pt double; width: 6%"><FONT STYLE="font-size: 10pt"><B>Page</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #F2F2F2">
    <TD COLSPAN="3" STYLE="padding-left: 2pt; border-right: Black 1.5pt double; border-bottom: Black 1pt solid; border-left: Black 1.5pt double"><FONT STYLE="font-size: 10pt"><B>Deed of Trust</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt double"><FONT STYLE="font-size: 10pt"><B>1</B></FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Preamble, Interpretation and Definitions</FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1.5pt double; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">2</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt double"><FONT STYLE="font-size: 10pt"><B>2</B></FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Issuance of the Bonds</FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1.5pt double; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">9</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt double"><FONT STYLE="font-size: 10pt"><B>3</B></FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Appointment and Duties of the Trustee</FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1.5pt double; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt double"><FONT STYLE="font-size: 10pt"><B>4</B></FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Powers of the Trustee</FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1.5pt double; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">16</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt double"><FONT STYLE="font-size: 10pt"><B>5</B></FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Repurchase of Bonds by the Company</FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1.5pt double; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">18</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt double"><FONT STYLE="font-size: 10pt"><B>6</B></FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">Covenants of the Company</FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1.5pt double; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">19</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt double"><FONT STYLE="font-size: 10pt"><B>7</B></FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Margin Rate Adjustments</FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1.5pt double; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">25</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt double"><FONT STYLE="font-size: 10pt"><B>8</B></FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Security and Seniority of the Bonds</FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1.5pt double; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt double"><FONT STYLE="font-size: 10pt"><B>9</B></FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Early Redemption</FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1.5pt double; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">30</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt double"><FONT STYLE="font-size: 10pt"><B>10</B></FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Call for Immediate Repayment</FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1.5pt double; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">34</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt double"><FONT STYLE="font-size: 10pt"><B>11</B></FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Claims and Proceedings by the Trustee</FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1.5pt double; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">40</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt double"><FONT STYLE="font-size: 10pt"><B>12</B></FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Authority to Demand Payment to Holders Through the Trustee</FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1.5pt double; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">41</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt double"><FONT STYLE="font-size: 10pt"><B>13</B></FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Trust over Receipts</FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1.5pt double; border-bottom: Black 1pt solid">42</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt double"><FONT STYLE="font-size: 10pt"><B>14</B></FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Power to Withhold Distribution of Funds </FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1.5pt double; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">43</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt double"><FONT STYLE="font-size: 10pt"><B>15</B></FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Failure to Make Payment for Reason Beyond the Company's Control</FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1.5pt double; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">43</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt double"><FONT STYLE="font-size: 10pt"><B>16</B></FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Receipts as Proof</FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1.5pt double; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">44</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt double"><FONT STYLE="font-size: 10pt"><B>17</B></FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Undertakings of the Company Toward the Trustee </FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1.5pt double; border-bottom: Black 1pt solid">45</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt double"><FONT STYLE="font-size: 10pt"><B>18</B></FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">The Trustee as Representative</FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1.5pt double; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">47</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt double"><FONT STYLE="font-size: 10pt"><B>19</B></FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Other Agreements between the Trustee and the Company</FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1.5pt double; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">48</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt double"><FONT STYLE="font-size: 10pt"><B>20</B></FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Reporting by the Trustee</FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1.5pt double; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">48</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt double"><FONT STYLE="font-size: 10pt"><B>21</B></FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Trustee&rsquo;s Fees</FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1.5pt double; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">49</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt double"><FONT STYLE="font-size: 10pt"><B>22</B></FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Special Powers of the Trustee</FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1.5pt double; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">51</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt double"><FONT STYLE="font-size: 10pt"><B>23</B></FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Trustee&rsquo;s Authority to Engage Agents</FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1.5pt double; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">52</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt double"><FONT STYLE="font-size: 10pt"><B>24</B></FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Indemnification of the Trustee</FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1.5pt double; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">52</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt double"><FONT STYLE="font-size: 10pt"><B>25</B></FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Notices </FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1.5pt double; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">56</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt double"><FONT STYLE="font-size: 10pt"><B>26</B></FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Waiver and Compromise</FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1.5pt double; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">57</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt double"><FONT STYLE="font-size: 10pt"><B>27</B></FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Bondholders Register</FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1.5pt double; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">58</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt double"><FONT STYLE="font-size: 10pt"><B>28</B></FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Replacement of the Trustee </FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1.5pt double; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">59</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt double"><FONT STYLE="font-size: 10pt"><B>29</B></FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Reporting to the Trustee and to the Bondholders</FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1.5pt double; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">59</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt double"><FONT STYLE="font-size: 10pt"><B>30</B></FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Bondholders&rsquo; Meetings</FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1.5pt double; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">60</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt double"><FONT STYLE="font-size: 10pt"><B>31</B></FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Governing Law</FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1.5pt double; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">61</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt double"><FONT STYLE="font-size: 10pt"><B>32</B></FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Trustee&rsquo;s Responsibility</FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1.5pt double; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">61</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt double"><FONT STYLE="font-size: 10pt"><B>33</B></FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt">Addresses</FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1.5pt double; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt">61</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #F2F2F2">
    <TD COLSPAN="2" STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt double; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Schedule I &ndash; &nbsp;&nbsp;Form of Bond Certificate</B></FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1.5pt double; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"><B>63</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #F2F2F2">
    <TD COLSPAN="2" STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt double; text-align: justify"><FONT STYLE="font-size: 10pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Terms and Conditions Overleaf</B></FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1.5pt double; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"><B>64</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #F2F2F2">
    <TD COLSPAN="2" STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1.5pt double; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Schedule II &ndash; &nbsp;General Meetings of Bondholders</B></FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1.5pt double; border-bottom: Black 1pt solid; text-align: justify"><FONT STYLE="font-size: 10pt"><B>69</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #F2F2F2">
    <TD COLSPAN="2" STYLE="padding-left: 2pt; border-right: Black 1pt solid; border-bottom: Black 1.5pt double; border-left: Black 1.5pt double; text-align: justify"><FONT STYLE="font-size: 10pt"><B>Schedule III &ndash; Urgent Representation of Bondholders</B></FONT></TD>
    <TD STYLE="padding-left: 2pt; border-right: Black 1.5pt double; border-bottom: Black 1.5pt double; text-align: justify"><FONT STYLE="font-size: 10pt"><B>76</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>DEED OF TRUST</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Made and entered into on February 20, 2023</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 56.7pt"><B>Between:</B></TD><TD STYLE="text-align: justify"><B>CION Investment Corporation</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">File Number (Maryland) - <FONT STYLE="color: #333333; background-color: white">D14242259</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">100 Park Avenue, 25th Floor</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">New York, New York 10017</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">Telephone: +<FONT STYLE="font-size: 10pt">1
(212) 418-4700</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">Fax: + <FONT STYLE="font-size: 10pt">(212)
418-4769</FONT> (the &ldquo;<B>Company</B>&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">The Company&rsquo;s address in Israel
for purposes of service of process:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -15.3pt">98 Yigal Alon Street,
Tel Aviv 6789141</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -15.3pt">c/o Goldfarb Seligman
 &amp; Co. Law Offices</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -15.3pt">Telephone: 03-608-9999</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">Facsimile: 03-608-9909</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: right"><U>on one side</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><B>and:&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"><B>Mishmeret Trust Company Ltd.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">46-48 Menachem Begin Road, Tel Aviv,
Israel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">Tel: 03-6374352</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">Fax: 03-6374344</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">(hereinafter: the &ldquo;<B>Trustee</B>&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: right"><U>on the other</U>;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">WHEREAS:</TD><TD STYLE="text-align: justify">the Company was incorporated under the laws of the State of Maryland, USA, its Common Shares are listed
on the New York Stock Exchange (&ldquo;<B>NYSE</B>&rdquo;), the Company is conducting the Offering of the Bonds that are the subject matter
of this Deed of Trust, and its Common Shares will be listed on the Tel Aviv Stock Exchange Ltd., which listing is not subject to the closing
of the Offering of the Bonds; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">WHEREAS:</TD><TD STYLE="text-align: justify">the Company&rsquo;s Board of Directors resolved on February 20, 2023 to approve an offering to the public
in Israel of Bonds (the &ldquo;<B>Offering</B>&rdquo;) under the terms and conditions set forth in this Deed of Trust, and no additional
action or resolution is required by the Company in order to pursue the Offering and to assume the undertaking set forth in this Deed of
Trust; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">WHEREAS:</TD><TD STYLE="text-align: justify">the Company represents that it has obtained all approvals required under applicable law (Israeli and US
(federal) laws and any other applicable law, including the law of one or more U.S. states) and/or contract for issuing the Bonds, and
there is no impediment under such laws and/or contract to effectuating the Offering; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">WHEREAS:</TD><TD STYLE="text-align: justify">the Company intends to issue the Bonds in the manner and in accordance with the provisions set forth in
this Deed of Trust; and</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">WHEREAS:</TD><TD STYLE="text-align: justify">on February 21, 2023, Midroog Ltd., an affiliate of Moody&rsquo;s Corporation issued with respect to the
Bonds an A1.il rating (such rating, or any corresponding rating issued by a successor Rating Agency, the &ldquo;<B>Base Credit Rating</B>&rdquo;)
for a bond issuance by the Company; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">WHEREAS:</TD><TD STYLE="text-align: justify">the Trustee is a company limited by shares and is incorporated in Israel under the Companies Law, 5759-1999
(the &ldquo;<B>Companies Law</B>&rdquo;), whose main purpose is to engage in trusteeships; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">WHEREAS:</TD><TD STYLE="text-align: justify">the Trustee represents that there is no prevention under the Securities Law (as defined below) and/or
any other law for its appointment as the Trustee for the Bonds, nor to its entering into this Deed of Trust with the Company, and that
it complies with the requirements and the competency qualification, if any, to serve as Trustee for the Bondholders; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">WHEREAS:</TD><TD STYLE="text-align: justify">the Company has requested the Trustee to serve as Trustee to the Bondholders, and the Trustee has agreed
to serve under Chapter E' of the Securities Law, all subject to and in accordance with the terms of this Deed of Trust; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1in">WHEREAS:</TD><TD STYLE="text-align: justify">the Trustee has no interest in the Company, and the Company has no interest in the Trustee.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Now, therefore, it is agreed, declared, and stipulated by the parties
as follows: </B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt">1.</TD><TD STYLE="text-align: justify"><B><U>Preamble, Interpretation and Definitions</U></B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 35.4pt">1.1</TD><TD STYLE="text-align: justify">The preamble to this Deed of Trust and the schedules attached hereto constitute a material and integral
part hereof.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 35.4pt">1.2</TD><TD STYLE="text-align: justify">The division of this Deed of Trust into sections and the provision of headings for such Sections are for
the sake of convenience and reference only and shall not be used for purposes of interpretation.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 35.4pt">1.3</TD><TD STYLE="text-align: justify">All references in this Deed of Trust in the plural shall also include the singular and <I>vice versa</I>,
anything appearing in the masculine gender shall also include the feminine and <I>vice versa</I>, and any reference to a person shall
also include a corporation, unless otherwise explicitly provided.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 35.4pt">1.4</TD><TD STYLE="text-align: justify">In this Deed of Trust, its schedules and the Bonds, the following capitalized terms will have the meanings
prescribed opposite them, unless explicitly stated otherwise:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 15%">&ldquo;<B>Affiliate</B>&rdquo; -</TD>
    <TD STYLE="width: 80%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.65pt; text-align: justify">An entity in which another person (which
    is not its parent corporation) holds 25% or more of its voting power or in which it may appoint 25% or more of its directors;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.65pt; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&ldquo;<B>Base Rate</B>&rdquo; -</TD>
    <TD STYLE="text-align: justify">The average dollar exchange rate, on the Clearing Day of the Offering, as determined in the Bloomberg system in &quot;ILS CMPL Currency&quot;, based on the average closing rates in 7 samples to be performed at 15-minute intervals between 12:00 and 13:30. The Company will announce the Base Rate by way of an Immediate Report at the end of the Clearing Date and prior to the listing;</TD></TR>
</TABLE>

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

<P STYLE="margin: 0"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 15%">&ldquo;<B>Bond Certificate</B>&rdquo; -</TD>
    <TD STYLE="text-align: justify; width: 80%">A certificate in the form set forth in the <U>First Schedule</U> to this Deed;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&ldquo;<B>Bondholder</B>&rdquo; or &ldquo;<B>Holder</B>&rdquo; -</TD>
    <TD STYLE="text-align: justify">As the term &ldquo;Holder&rdquo; or &ldquo;Bondholder&rdquo; is defined in Section 35A of the Securities Law;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&ldquo;<B>Bondholders&rsquo; Meeting</B>&rdquo; -</TD>
    <TD STYLE="text-align: justify">A general meeting of the Bondholders convened in accordance with the terms of this Deed of Trust;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&ldquo;<B>Bonds</B>&rdquo; or &ldquo;<B>Bonds (Series A)</B>&rdquo; -</TD>
    <TD STYLE="text-align: justify">The Bonds (Series A) issued by the Company pursuant to this Deed, the terms of which are set forth in the Bond Certificate;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&ldquo;<B>Business Day</B>&rdquo; -</TD>
    <TD STYLE="text-align: justify">Any day on which the Stock Exchange Clearing House and most of the banks in Israel are open for carrying out transactions;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&ldquo;<B>Change of Control</B>&rdquo; - </TD>
    <TD STYLE="text-align: justify">If any person is or becomes the holder, directly or indirectly, of more than 50% of the total voting rights of the Voting Stock of the Company, including through the holding of securities that are convertible into such Voting Stock (computed by treating the Voting Stock underlying such person&rsquo;s convertible securities as outstanding);</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&ldquo;<B>Clearing House</B>&rdquo; -</TD>
    <TD STYLE="text-align: justify">The Tel Aviv Stock Exchange Clearing House Ltd.;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.7pt 0pt 0">&ldquo;<B>Regulation Codex&rdquo; - </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.7pt 0pt 0">&nbsp;</P></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.65pt; text-align: justify">The Regulation Codex &ndash; Title
5 &ndash; principles for conducting businesses, Part 2 &ndash; equity, measurement and risk management, Chapter 4 &ndash; managing investment
properties, as published by the Capital Market, Insurance and Savings Authority of the Ministry of Finance, as updated from time to time;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>1</SUP></FONT>&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&ldquo;<B>CFO Certificate</B>&rdquo; -</TD>
    <TD STYLE="text-align: justify">A certificate executed by the Chief Financial Officer of the Company with respect to the Company's compliance with specific provisions of this Deed of Trust, which in any event in which it is required under this Deed of Trust, will be in form and content reasonably satisfactory to the Trustee;</TD></TR>
  </TABLE> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> https://www.gov.il/he/Departments/Guides/information-entities-codex</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.7pt; width: 5%">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; width: 17%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.7pt 0pt 0">&ldquo;<B>Consumer Price Index</B>&rdquo; -&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 28.35pt">&nbsp;</P></TD>
    <TD STYLE="text-align: justify; width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Israeli Consumer Price Index, which includes vegetables and fruit and is published by the Israeli Central Bureau of Statistics, and any similar index published by any successor institute or body, whether or not such index will be based on the same data on which the existing index is based as of the date of this Deed, provided that if such similar index shall be published by a successor institute or body which has not determined the ratio between the existing index as of the date of this Deed and the similar index, such ratio shall be determined by the Israeli Central Bureau of Statistics, and in the event that such ratio shall not have been determined, then the ratio shall be determined by the Trustee following its consultation with an economic expert chosen by the Trustee for such purpose;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Credit Facility</B>&rdquo; -</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">With respect to the Company or any of its Subsidiaries: any obligation or debt (including a guarantee), or commercial paper facilities with banks or other lenders providing credit, including revolving credit or term loans or any agreement treated as a financial or capital lease in accordance with U.S. GAAP. For the purpose of this definition, the definition of &ldquo;Subsidiary&rdquo; shall include the holding of securities that are convertible into voting securities (computing the 50% threshold by treating the voting securities underlying such holder&rsquo;s convertible securities as outstanding).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Cross Default</B>&rdquo; -</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.65pt; text-align: justify">Calling for the immediate repayment
    of a Credit Facility, if said calling for an immediate repayment:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.65pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.65pt; text-align: justify">(a) was caused by a failure to pay
    principal of, or interest or premium, if any, on outstanding indebtedness under such Credit Facility (other than non-recourse indebtedness
    of any of the Company&rsquo;s Subsidiaries) After to the expiration of the grace period for the repayment payment of such indebtedness
    set forth in such Credit Facility (&ldquo;<B>Payment Default</B>&rdquo;); or</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.65pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.65pt; text-align: justify">(b) results in the acceleration of
    such indebtedness prior to its maturity; or</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.65pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.65pt; text-align: justify">(c) any violation of a Credit Facility
    that leads to a default under such Credit Facility.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.65pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.65pt; text-align: justify">and, in any event, the principal amount
    of any such indebtedness, together with the principal amount of any other such indebtedness under which there has been a call for an Immediate
    repayment as aforesaid, if any, exceeds $50,000 thousands.</P></TD></TR>
</TABLE>

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

<P STYLE="margin: 0"></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; width: 17%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Issuance Date</B>&rdquo; <B>-</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Business Day on which the Offering proceeds are deposited in the Offering coordinator&rsquo;s account; </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Deed</B>&rdquo; or the &ldquo;<B>Deed of Trust</B>&rdquo; or &ldquo;<B>This Deed of Trust</B>&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">This Deed of Trust including the schedules attached hereto, which form an integral part thereof;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Dollar</B>&rdquo; or &ldquo;<B>$</B>&rdquo; -</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">United States dollar;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.7pt 0pt 0">&ldquo;<B>Financial </B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.7pt 0pt 0"><B>Statements</B>&rdquo; <B>- </B></P></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company&rsquo;s consolidated balance sheets, consolidated statements of operations, consolidated statements of changes in net assets, consolidated statements of cash flows and consolidated schedules of investments for a given fiscal period prepared in accordance with U.S. GAAP and, to the extent required, according to any other accounting standard to which the Company may be subject, as shall be in effect from time to time (including additional statements), with a copy or reference to the filing Published on the MAGNA website;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Group</B>&rdquo; -</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company and its Subsidiaries; </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Listing</B>&rdquo; or &ldquo;<B>Listed</B>&rdquo;-</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Listing or listed for trade on the Stock Exchange;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>NIS</B>&rdquo; -</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New Israeli Shekel;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Nominee Company</B>&rdquo; -</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Tel Aviv Stock Exchange Nominee Company Ltd. or any other substitute nominee company and provided that all the securities which the Company is required to register in a nominee company in Israel, will be registered in its name;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.7pt 0pt 0">&ldquo;<B>Ordinary Resolution&rdquo; -</B></P></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A resolution, obtained by way of a simple majority, adopted at a Bondholders' Meeting, in which there were present (in person or by proxy), at least two Bondholders that together hold at least twenty-five percent (25%) of the outstanding balance of the par value of the Bonds or at an adjourned meeting in which there were present any number of holders (in person or by proxy);</FONT></TD></TR>
</TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; width: 17%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Payment Rate</B>&rdquo; -</FONT></TD>
    <TD STYLE="text-align: justify; width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In respect of any payment of Principal or interest under this Deed of Trust (including, without limitation, upon early redemption or acceleration of the Bonds), the Representative Rate published on the third Business Day before the applicable payment date, or if the Representative Rate was not published on such date, then the rate on the first subsequent Business Day, or if not published, the last known Representative Rate at that time;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Person</B>&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">any individual, corporation, partnership, joint venture, joint-stock company, trust, unincorporated organization or government or any agency or political subdivision thereof or any other entity not expressly mentioned in this definition that is not a member of the Group;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Clearing Day</B>&rdquo; -</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Business Day on which the Offering proceeds are deposited in the Offering coordinator&rsquo;s account;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Principal</B>&rdquo; -</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The aggregate outstanding balance of the face value amount of the Bonds in circulation;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;Prospectus</B>&rdquo; -</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company's prospectus, dated February 21, 2023, under which the Company offered the Bonds to the public in Israel;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&quot;Public Tender&quot; -</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The public tender to be held in connection with the initial public offering of the Bonds;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Publication</B>&rdquo; or &ldquo;<B>Publish</B>&rdquo; -</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Publication on the Israel Security Authority&rsquo;s MAGNA website, or, if the Company is no longer a Reporting Corporation, reporting to the Trustee in accordance with Subsection 29.4 hereunder;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Rating Agency</B>&rdquo; -</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">An Israeli company engaged in credit ratings that is registered under the Regulation of Activities of Credit Rating Companies Law, 5774-2014;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Register</B>&rdquo; -</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The register of Bondholders as referred to in Section 27 of this Deed;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Reporting Corporation</B>&rdquo; -</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As defined in the Securities Law or any corporation listed for trading on a stock exchange outside of Israel set forth in the Second Schedule or in the Third Schedule of the Securities Law;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Representative Rate</B>&rdquo; -</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The representative exchange rate of the Dollar to the NIS as published by the Bank of Israel, or any other official exchange rate of the Dollar to the NIS that may replace it, if applicable, provided that during any period in which the Bank of Israel does not publish exchange rates of the Dollar to the NIS, and there is no official exchange rate that replaces it, the Representative Rate shall be the exchange rate of the Dollar to the NIS determined by the Minister of Finance together with the Governor of the Bank of Israel for purposes of Dollar-linked government bonds or, in the absence of such determination, then the Representative Rate shall be the exchange rate of the Dollar to the NIS determined by an economic expert as reasonably selected by the Trustee;</FONT></TD></TR>
</TABLE>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; width: 17%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Securities Law</B>&rdquo; -</FONT></TD>
    <TD STYLE="text-align: justify; width: 78%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Securities Law, 5728-1968, and the regulations enacted/ will be enacted thereunder, from time to time;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Insolvency Law</B>&rdquo; -</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Insolvency and Economic Rehabilitation Law, 5778-2018, and regulations enacted /will be enacted pursuant thereto, from time to time;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Special Resolution</B>&rdquo; -</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">A resolution adopted at a Bondholders&rsquo; Meeting, there were present (in person or by proxy) Bondholders who together hold at least fifty percent (50%) of the outstanding balance of the par value of the Bonds or at an adjourned meeting attended by (in person or by proxy) Bondholders who together hold at least twenty percent (20%) of the outstanding par value of the Bonds, by a 2/3 (two thirds) majority of Bondholders participating in the vote, excluding abstentions;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 1.7pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.7pt 0pt 0">&ldquo;<B>Stock Exchange</B>&rdquo; or &quot;<B>TASE</B>&quot;
    -</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1.7pt 0pt 0">&nbsp;</P></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Tel Aviv Stock Exchange Ltd.;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Subsidiary</B>&rdquo;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">In respect of any entity: any corporation, limited or general partnership or other business entity that (a) on the record date more than 50% of the voting rights of the Voting Stock or other interests (including partnership interests) entitled (irrespective of the occurrence of any contingency) to vote in the appointment of directors, managers or trustees thereof is owned or controlled, directly or indirectly, by (i) such entity, (ii) such entity and one or more Subsidiaries of such entity or (iii) one or more Subsidiaries of such entity or (b) on the record date holds control, directly or indirectly, including joint control.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Trading Day</B>&rdquo; -</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any day on which trading takes place on the Stock Exchange;</FONT></TD></TR>
</TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; width: 17%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Trustee</B>&rdquo; -</FONT></TD>
    <TD STYLE="width: 78%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.65pt; text-align: justify">Mishmeret Trust Company Ltd. or any
    other Person which will act from time to time as trustee for the Bondholders under this Deed pursuant to Chapter E' of the Securities
    Law;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.65pt; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Trust Account</B>&rdquo;</FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.65pt; text-align: justify">Shall mean an account the Trustee will
    open in his name in trust for the Bondholders (series A), in one of the five largest banks in Israel or at another stock exchange member.
    The signing rights in the Trust Account shall belong to the Trustee only. All costs of opening, managing, and closing the Trust Account
    will be applied to the Company;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.65pt; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&ldquo;U.S. GAAP&rdquo; - </B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">United States Generally Accepted Accounting Principles as accepted on signing day of this deed;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Voting Stock</B>&rdquo; <B>-</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The capital stock of any corporation or other legal entity as of any date that has a right to vote on the appointing of directors and in general meetings.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>SOFR&rdquo; or &ldquo;SOFR rate&rdquo;</B></FONT></TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.65pt; text-align: justify">With respect to any day, the secured
    overnight financing rate published for such day by the SOFR Administrator, as published by it at:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.65pt; text-align: justify">https://www.cmegroup.com/market-data/cme-group-benchmark-administration/term-sofr.html.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>SOFR Administrator</B>&rdquo; -</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CME Group Benchmark Administration Limited or a successor administrator of SOFR designated by the Federal Reserve Bank of New York.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Balance Sheet</B>&rdquo; <B>- </B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The total assets in the balance sheet included in the Financial Statements at the applicable measurement date.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Equity</B>&rdquo; <B>- </B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As defined in the Financial Statements.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&ldquo;<B>Financial Debt</B>&rdquo; <B>-</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Short-term and long-term debt from banks and other financial creditors bearing interest according to its terms, including the outstanding principal amount of the Bonds, less cash and cash equivalents, short-term investments, marketable securities that are characterized in the Financial Statements as current assets and deposits that are not limited, all based on the Company's most recent Financial Statements prior to the applicable measurement date. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">Other terms not defined above shall
bear the meaning prescribed thereto in the Securities Law, unless otherwise explicitly stated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.7pt"></TD><TD STYLE="width: 36pt">1.5</TD><TD STYLE="text-align: justify">In any event of a contradiction between this Deed of Trust and its Schedules, the provisions of this Deed
of Trust shall prevail. The Company hereby confirms and clarifies, that as of the date of this Deed, there exists no contradiction between
this Deed of Trust and the documents ancillary thereto and the provisions described in the Prospectus relating to this Deed and/or the
Bonds.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.7pt"></TD><TD STYLE="width: 36pt">1.6</TD><TD STYLE="text-align: justify">For as long as the Bonds are listed, this Deed of Trust, including its Schedules, shall be subject to
the applicable provisions of the bylaws and guidelines of the Stock Exchange, as in effect from time to time, and anywhere the rules of
the Stock Exchange apply or shall apply to any action under this Deed of Trust, the rules of the Stock Exchange shall prevail.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.7pt"></TD><TD STYLE="width: 36pt">1.7</TD><TD STYLE="text-align: justify">Wherever the phrase &quot;including&quot; is used, it shall be interpreted as an example that neither
reduces nor limits the generality of that certain term.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.7pt"></TD><TD STYLE="width: 36pt">1.8</TD><TD STYLE="text-align: justify">Wherever &quot;subject to the provisions of applicable law&quot; or a similar term is used, it shall be
interpreted as subject to the provisions of the cogent law.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><B>2.</B></TD><TD STYLE="text-align: justify"><B><U>Issuance of the Bonds</U></B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 35.4pt">2.1</TD><TD STYLE="text-align: justify">The Company shall carry out an initial issuance of the Bonds, which shall be registered by name, in a
total amount that shall not exceed the amount to be set forth in the Supplementary Notice to be Published by virtue of the Prospectus.
The Principal and interest of the Bonds shall be linked to the Dollar.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 35.4pt">2.2</TD><TD STYLE="text-align: justify">The Principal of the Bonds shall be repaid in one installment on August 31, 2026.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 35.4pt">2.3</TD><TD STYLE="text-align: justify">Principal on the Bonds shall bear variable annual interest at a rate of SOFR plus a fixed margin rate
to be initially determined in the Public Tender (the &ldquo;<B>Margin Rate</B>&rdquo; or the &ldquo;<B>Base Margin Rate</B>&rdquo;) (SOFR
plus the Margin Rate or the Base Margin Rate shall be hereafter referred to as the &ldquo;<B>Annual Interest Rate</B>&rdquo;), subject
to adjustments to the Margin Rate as set forth in Section 7 hereunder. Interest shall be payable in quarterly installments, on May 31
and August 31, and November 2023, February 28, May 31, August 31 and November 30 of the years 2024 to 2025 and on February 28, May 31,
August 31, 2026 (inclusive) (each, an &ldquo;<B>Interest Payment Date</B>&rdquo;), for the three (3) month-period commencing on the previous
Interest Payment Date and ending on the day immediately preceding the applicable Interest Payment Date (the &ldquo;<B>Interest Period</B>&rdquo;),
except for the first Interest Payment Date, which shall be May 31, 2023, with respect to the period commencing on the Clearing Day and
ending on the day immediately preceding the first Interest Payment Date (the &ldquo;<B>First Interest Period</B>&rdquo;) and which shall
be calculated on the basis of 365 days in a year and the actual number of days in such period. The final interest payment shall be paid
on August 31, 2026 together with final Principal payment and against the delivery of the Bond Certificates to the Company.</TD></TR></TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 35.4pt">2.4</TD><TD STYLE="text-align: justify">Four (4) Trading Days prior to the record date for determining the eligibility to receive each interest
payment on the Principal (as detailed in section 2.7.3), the Company will Publish in an Immediate Report the Interest Rate for the applicable
Interest Period, as well as the Margin Rate for said Interest Period. The calculation of the interest rate will be performed by way of
weighted average (according to the number of days) of the SOFR rates that were in effect each day, starting from the first day to the
said Interest Period and up to four (4) days before the Interest Payment Date, plus the Margin Rate. together with the Immediate Report
Company will deliver to the Trustee a CFO Certificate, together with an electronic data sheet showing the calculation thereof.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">By way of example:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">If there were 90 days in the measurement
period, during 60 days of which the SOFR rate was 4% and during 30 days of which the SOFR rate was 5%, then the weighted average of the
SOFR rate for the measurement period shall be presented with an accuracy of three digits after the decimal point, based on the following
methodology:&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 27%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 21%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">4%
    * 60 + 5% * 30</TD>
    <TD ROWSPAN="2" STYLE="text-align: left; width: 6%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; vertical-align: middle">= 4.333%</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">90</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">If the Margin Rate is 3.6%, then the
Margin Rate for such Interest Period will be as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 30%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center; width: 23%">(4.333%
    + 3.6%) * 90</TD>
    <TD ROWSPAN="2" STYLE="text-align: left; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; vertical-align: middle; width: 7%">= 1.956%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">365</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 32.55pt 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">The interest rate for such Interest
Period will as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 10pt Times New Roman, Times, Serif; width: 20%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="2" STYLE="vertical-align: middle; width: 7%; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.6% *</FONT></TD>
    <TD STYLE="vertical-align: top; width: 5%; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">90</FONT></TD>
    <TD ROWSPAN="2" STYLE="text-align: center; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; width: 8%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">= 0.887%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">365</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 46.35pt"></TD><TD STYLE="width: 36pt">2.5</TD><TD STYLE="text-align: justify">It is hereby clarified that should there be a change in the Margin Rate (as a result of any <U>adjustment</U>
pursuant to section 7 below) following the Publication of the Immediate Report about the interest rate with respect to an Interest Period,
and until the end of the Interest Period, the interest for the days from the Publication of the Immediate Report (inclusive) until the
end of the Interest Period shall be calculated based on the SOFR rate for the Business Day immediately preceding the Publication of the
Immediate Report.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 46.35pt"></TD><TD STYLE="width: 36pt">2.6</TD><TD STYLE="text-align: justify"><B>Record Date </B>&ndash; Payments on account of the Principal and/or any Interest thereon shall be paid
to the relevant Bondholder on the following dates:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 46.35pt"></TD><TD STYLE="width: 36pt">2.6.1</TD><TD STYLE="text-align: justify">Payments due on February 28 &ndash; shall be paid to those holding the Bonds at the end of the Trading
Day on February 16.</TD></TR></TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 46.35pt"></TD><TD STYLE="width: 36pt">2.6.2</TD><TD STYLE="text-align: justify">Payments due on May 31 &ndash; shall be paid to those holding the Bonds at the end of the Trading Day
on May 19.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 46.35pt"></TD><TD STYLE="width: 36pt">2.6.3</TD><TD STYLE="text-align: justify">Payments due August 31(excluding the final payment of Principal and Interest) &ndash; shall be paid to
those holding the Bonds at the end of the Trading Day on August 19.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 46.35pt"></TD><TD STYLE="width: 36pt">2.6.4</TD><TD STYLE="text-align: justify">Payments due on November 30 &ndash; shall be paid to those holding the Bonds at the end of the Trading
Day on November 18.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 46.35pt"></TD><TD STYLE="width: 36pt">2.6.5</TD><TD STYLE="text-align: justify">The final payment of Principal and Interest shall be made against the delivery of the Bond Certificates
to the Company, on the Payment Date, at a location in Israel as the Company shall instruct the Trustee, no later than five (5) Business
Days prior to the final Payment Date.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">In the event a certain Payment Date
on account of Principal and/or a specific payment date on an account Interest is not a Business Day, the date of such payment shall be
postponed to the following Business Day and no interest or other payment shall be due on account of such delay, and the record date for
determining the eligibility for redemption or interest shall not be changed as a result of such postponement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 46.35pt"></TD><TD STYLE="width: 36pt">2.7</TD><TD STYLE="text-align: justify"><B>Currency Repayment and Linkage </B>&ndash; Other than payments for the fees and expenses as set forth
in this Deed (including those of the Trustee), all payments which the Company is required to make under this Deed, including but not limited
to, repayment of the Principal (whether scheduled, accelerated or upon an early redemption) and Interest payments on the outstanding balance
of the Principal, shall be made to the Bondholders in NIS, linked to Dollar, as follows: (i) if the Payment Rate is higher than the Base
Rate, then such payment in NIS shall be increased proportionately to the rate of increase of the Payment Rate compared to the Base Rate;
(ii) if the Payment Rate is lower than the Base Rate, then such payment in NIS shall be reduced proportionately to the rate of decrease
of the Payment Rate compared to the Base Rate; and (iii) if the Payment Rate is equal to the Base Rate, then such payment shall be made
in the NIS amount originally determined. It is clarified that the linkage method will not be changed during the period of the bonds (series
A).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 46.35pt"></TD><TD STYLE="width: 36pt; text-align: left">2.8</TD><TD STYLE="text-align: justify"><B>Initial Issuance</B> &ndash; The Bonds are being offered
initially within the framework of a public offering in Israel only.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 64.35pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 46.35pt"></TD><TD STYLE="width: 36pt">2.9</TD><TD STYLE="text-align: justify"><B>Default Interest</B> &ndash; See Section 3.8 of the Terms and Conditions Overleaf.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 46.35pt"></TD><TD STYLE="width: 36pt; text-align: left">2.10</TD><TD STYLE="text-align: justify"><B>Stock Exchange Listing</B> &ndash; The Company shall List
the Bonds on the Stock Exchange.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 64.35pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 46.35pt"></TD><TD STYLE="width: 36pt">2.11</TD><TD STYLE="text-align: justify"><B>Series Expansion and Issuance of Additional Securities</B>:</TD></TR></TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 134.7pt; text-align: justify; text-indent: -49.65pt"><U>Series Expansion
</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 134.7pt; text-align: justify; text-indent: -49.65pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.05pt"></TD><TD STYLE="width: 42.55pt">2.11.1</TD><TD STYLE="text-align: justify">The Company shall be entitled, from time to time, at its sole discretion, without being required to obtain
approval from the Trustee or the Bondholders, to expand the Bond series and issue additional Bonds (whether by means of a public offering,
private placement or otherwise), the terms and conditions of which will be the same as the terms and conditions of these Bonds initially
issued, at any price and in any manner as the Company deems fit, including at such discount or premium (including without discount or
without premium); this, provided all the following conditions are met: (1) the series expansion of will not lead to the downgrading of
the Bonds&rsquo; rating, as shall be in effect immediately prior to the expansion date, and prior written confirmation thereof has been
obtained from the Rating Agency, prior to the institutional tender for Classified Investors being held, to if held, including by way of
granting a rating approval for the Bonds to be issued within the framework of the series expansion (in the event more than one Rating
Agency is rating the Bonds, the higher rating shall apply); and (2) a CFO Certificate will be delivered by the Company pursuant to Section
6.1 prior to the expansion date, and no later than the date on which the institutional tender for Classified Investors will be held, if
held, stating that (a) the Company is in compliance with all the Financial Covenants (pursuant to Section 6.1) prior to the expansion
and will be in compliance with all said Financial Covenants on a pro forma basis following the expansion, according to the most recent
Financial Statements Published prior to the series expansion and without accounting for any cure or grace period with respect to said
covenants; (b) prior to the expansion, there shall exist no grounds for calling for the immediate repayment of the Bonds, nor shall there
exist any such grounds as a result of the series expansion, without accounting for any cure or grace period with respect to such grounds;
(c) the expansion will not affect the Company's ability to meet its obligations as they come due; and (d) the Company meets all its undertakings
towards the Bondholders.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.05pt"></TD><TD STYLE="width: 42.55pt">2.11.2</TD><TD STYLE="text-align: justify">The series expansion shall be subject to obtaining the Stock Exchange&rsquo;s approval to list the additional
Bonds.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.05pt"></TD><TD STYLE="width: 42.55pt">2.11.3</TD><TD STYLE="text-align: justify">The Trustee shall serve, subject to the provisions of this Deed of Trust, as Trustee for the Bonds in
circulation from time to time, including those issued within the framework of a series expansion, and the Trustee&rsquo;s consent for
serving as Trustee to the expanded series shall not be required. Bonds in circulation and any additional Bonds that shall be issued in
accordance with this Section 2.11 shall constitute (as of their issuance date) a single series for all intents and purposes, and this
Deed of Trust in respect of the Bonds shall apply also to all additional Bonds of the same series. The Bonds issued within the framework
of a series expansion shall not confer any right to payment of Principal or Interest if the record date for said payment occurred prior
to the issuance date of the additional Bonds. The Trustee shall be entitled to demand an increase in the fees payable thereto, pro rata
to the increase in the amount of Bonds issued (compared to the original issuance), and the Company hereby grants its consent to the increase
in the Trustee&rsquo;s fees as set forth above.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.05pt"></TD><TD STYLE="width: 42.55pt">2.11.4</TD><TD STYLE="text-align: justify">In the event the discount rate applicable to the Bonds issued within the framework of the series expansion
is different than the discount rate (if any) of the existing Bonds in circulation at such time, the Company shall submit a request to
the Israeli Tax Authority, if necessary, prior to expanding the Bond series, in order to obtain its approval of a uniform discount rate
regarding withholding tax on the discount amount, according to a formula weighting the different discount rates (if any). Should such
approval be obtained, the Company shall calculate, upon the series expansion, the weighted discount rate for all the Bonds, and the Company
shall Publish in an Immediate Report together with the results of the Offering prior to the listing of the additional Bonds, the uniform
weighted discount rate and the Stock Exchange Members shall withhold tax at the Payment Dates of said Bonds, according to said discount
rate and the provisions of applicable law. In the event the Company shall fail to obtain the approval, the Company shall Publish, prior
to the listing of the additional Bonds, the uniform discount rate, which shall be the highest discount rate determined for the Bonds.
In any event, all the provisions of applicable law pertaining to taxation of discount fees shall apply.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.05pt"></TD><TD STYLE="width: 42.55pt">2.11.5</TD><TD STYLE="text-align: justify">The applicable Stock Exchange Members shall withhold tax, pursuant to the applicable Israeli taxation
laws upon payment on account of the Bonds, according to the discount rate the Company has Published as aforesaid. Furthermore, the Company
shall withhold tax pursuant to any other tax laws that may apply at said time. Consequently, there may be instances in which tax shall
be withheld for the discount higher than the discount amount determined for the Bonds prior to the series expansion. In such event, a
Bondholder that held Bonds at the eve of the series expansion shall be entitled to submit a request to the Israel Tax Authority in order
to obtain a refund for tax withheld from the discount fees, pursuant to applicable law.</TD></TR></TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.05pt"></TD><TD STYLE="width: 42.55pt">2.11.6</TD><TD STYLE="text-align: justify">The Company shall notify the Trustee immediately after the Company&rsquo;s Board of Directors resolves
to expand the Bond series and shall deliver to the Trustee immediately thereafter (on the aforesaid dates), and in any event prior to
the date of the Public Tender for Classified Investors, if the expansion is by way of a public offering that includes a Public Tender
for Classified Investors, and if there is no Public Tender for Classified Investors then prior to the Public Tender: (i) a CFO Certificate
as set forth in Subsection 2.11.1(2) above. A calculation in an active Excel file will be attached to the CFO certificate regarding the
Company's compliance with the financial standards before and after the series' expansion; and (ii) the written approval of the Rating
Agency as set forth in Subsection 2.11.1(1) above. The Publication of the Rating Agency&rsquo;s aforementioned approval or a rating report
confirming that the rating of the Bonds shall not be impacted due to the expansion (including by way of approving a rating for the Bonds
to be issued within the framework of the expansion) shall satisfy the requirement of delivering an approval from the Rating Agency to
the Trustee as set forth in this Subsection 2.11.6.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.05pt"></TD><TD STYLE="width: 42.55pt">2.11.7</TD><TD STYLE="text-align: justify">For the avoidance of doubt, the Company&rsquo;s undertakings set forth in these Subsections 2.11.1 -2.11.6
shall apply only with respect to additional issuances of Bonds by way of expanding the Bonds series issued hereunder, and such undertakings
shall not apply with respect to issuances of Bonds by way of expansion of other series in circulation at such time, or with respect to
new Bond series, or any other debt incurred by the Company, whether said other or new series or said other debt is rated or not, irrespective
of the issuance dates or the dates in which said debt was incurred or to the proximity of such dates to the series expansion date or to
the rating change date.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 134.7pt; text-align: justify; text-indent: -49.65pt"><U>Issuance
of Additional Securities </U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 134.7pt; text-align: justify; text-indent: -49.65pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.05pt"></TD><TD STYLE="width: 42.55pt">2.11.8</TD><TD STYLE="text-align: justify">Notwithstanding the foregoing and subject to the provisions of applicable law, the Company reserves the
right to issue, at any time, and from time to time (by means of a private placement or prospectus or shelf offering report or otherwise),
additional series of bonds or other securities of any kind or type, without being required to obtain the approval of the Trustee and/or
the Bondholders existing at such time, and on such terms and conditions as shall deem fit, including with respect to payment terms, interest
and collaterals; all without derogating from the repayment undertakings imposed on the Company by virtue of this Deed, provided only that
any new bond series or any other securities that constitute debt which are issued without collateral shall not have any priority over
the Bonds (Series A upon liquidation; and that the bonds or other securities that constitute debt and are secured by any collateral will
be have priority only in respect to the collateral by which said bonds or securities have been secured. The Company will provide the Trustee
with a CFO certificate confirming that said condition is met prior to the issuance of the other bond series or other securities as aforesaid.</TD></TR></TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.05pt"></TD><TD STYLE="width: 42.55pt">2.11.9</TD><TD STYLE="text-align: justify">Notwithstanding the foregoing, the issuance of publicly traded debentures in Israel only, will be subject
to TASE's approval and to the fulfillment of all the conditions listed below: (a) at the date of the additional issuance, the Company
complies with all of the financial conditions specified in Section 6.1 of this Deed. (b) on the date of the additional issuance, in accordance
with its most recent Financial Statements published before the date of the additional issuance, and after it is taken into account retroactively
the execution of the additional issuance the Company will meet all of the financial conditions stated in Section 6.1 of this Deed. (c)
The Company does not violate any of its undertakings towards the Series A bondholders and none of the events of default listed in Section
10.1 have occurred. And (d) if the additional issuance is not secured, the said additional issuance's avarage duration is not be shorter
than Bonds (Series A)'s average duration.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 127.6pt; text-align: justify">Prior to the Additional Issuance,
the Company will submit to the Trustee a CFO Certificate stating that the Company is complies with sections (b) and (c) above, no later
than 4 days prior to the execution of the additional issuance and that the additional issuance does not have any priority over the Series
A Bonds, as stated in Section 2.11.8 above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 127.6pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.05pt"></TD><TD STYLE="width: 42.55pt">2.11.10</TD><TD STYLE="text-align: justify">Without derogating from the foregoing, the Company&rsquo;s rights set forth above do not prejudice the
Trustee&rsquo;s right to review the implications of such issuance, nor the rights of the Trustee and/or the Holders of the debentures
hereunder, including their right to call for immediate repayment of the Bonds (Series A), as provided for in Section 10 hereof.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 85.05pt"></TD><TD STYLE="width: 42.55pt">2.11.11</TD><TD STYLE="text-align: justify">The foregoing shall by no means derogate from any of the Trustee&rsquo;s rights and the Bondholders&rsquo;
rights under this Deed of Trust, including from their right to call for an immediate repayment of the Bonds pursuant to the provisions
of this Deed of Trust.</TD></TR></TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 46.35pt"></TD><TD STYLE="width: 36pt">2.12</TD><TD STYLE="text-align: justify">The provisions of this Deed of Trust shall apply to the Bonds issued under this Deed and which shall be
held from time to time by any purchaser of the Bonds, unless otherwise explicitly provided herein. Each Bond, whether issued on the Issuance
Date or as a result of a Bond series expansion of, will have equal rights compared to any other Bond in the series (<I>pari passu) </I>without
any such Bond having priority Notwithstanding the aforesaid, Section 52N1 of the Securities Law will apply.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 46.35pt"></TD><TD STYLE="width: 36pt">2.13</TD><TD STYLE="text-align: justify">This Deed of Trust shall enter into effect upon the initial issuance of the Bonds and shall apply as of
the Issuance Date. It is hereby agreed that in the event the Offering is cancelled for any reason whatsoever, this Deed of Trust shall
be null void <I>ab initio</I>.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">3.</TD><TD STYLE="text-align: justify"><B><U>Appointing the Trustee and the Duties Thereof </U></B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 35.4pt">3.1</TD><TD STYLE="text-align: justify">The Company hereby appoints the Trustee to serve solely as Trustee to the Bondholders by virtue of the
provisions of Section 35B of the Securities Law.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 35.4pt">3.2</TD><TD STYLE="text-align: justify">The Trustee shall be a trustee to the Bondholders by virtue of the provisions of Chapter E1 of the Securities
Law, including for those entitled to payments by virtue of the Bonds that were not paid when due.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 35.4pt">3.3</TD><TD STYLE="text-align: justify">Upon the Deed of Trust entering into effect, as is set forth in Section 2.13 of this Deed, the duties
of the Trustee shall be in accordance with applicable law and the provisions of this Deed.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 35.4pt">3.4</TD><TD STYLE="text-align: justify">In the event the Trustee is replaced by another Trustee, such other Trustee shall act as trustee for the
Bondholders, including for those persons entitled to payments by virtue of the Bonds that were not paid when due.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 35.4pt">3.5</TD><TD STYLE="text-align: justify">The Trustee is not required to act in any manner not explicitly set forth in this Deed of Trust in order
to obtain any information, including information regarding the Company or its business or its ability to meet its obligations towards
the Bondholders and such action is not included among its duties.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">4.</TD><TD STYLE="text-align: justify"><B><U>Powers of the Trustee</U></B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 35.4pt">4.1</TD><TD STYLE="text-align: justify">The Trustee shall use the powers, permissions and authorities conferred thereupon under law and under
this Deed of Trust, at its sole discretion, or in accordance with a resolution passed at a Bondholders&rsquo; Meeting; all, subject to
the provisions of applicable law which are non-contingent. The Trustee shall not be liable for any damage that may be caused as a result
of an error in such discretion, unless the Trustee acted in bad faith or malicious intent.</TD></TR></TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 35.4pt">4.2</TD><TD STYLE="text-align: justify">The Trustee shall be entitled to deposit any deeds and other documents which evidence, represent and/or
stipulate its rights with respect to the trusteeship subject matter of this Deed of Trust, including with respect to any asset that is
in its possession at such time, in a safe deposit box and/or at another place it may select, including at any bank, with an attorney and/or
with an accountant. The Trustee shall not be liable for any loss that may be incurred in connection with a deposit made in accordance
with this Section 4.2, unless the Trustee acted in bad faith or in gross negligence or with malicious intent.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 35.4pt">4.3</TD><TD STYLE="text-align: justify">The Trustee shall represent the Bondholders with respect to any matter deriving from the Company&rsquo;s
undertakings towards them, and for such purpose it shall be entitled to take action in order to exercise the rights conferred to the Bondholders
by Securities Law or according to this Deed of Trust.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 35.4pt">4.4</TD><TD STYLE="text-align: justify">The Trustee may initiate any proceeding to protect the Bondholders&rsquo; rights according to applicable
law and the provisions set forth in this Deed of Trust.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 35.4pt">4.5</TD><TD STYLE="text-align: justify">The Trustee shall be entitled to appoint experts as specified in section 22 of this Deed of Trust as well
as to appoint agents as set forth in Section 23 to this Deed.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 35.4pt">4.6</TD><TD STYLE="text-align: justify">The Trustee&rsquo;s actions shall be valid even if a defect is discovered in its appointment or qualifications.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 35.4pt">4.7</TD><TD STYLE="text-align: justify">The Trustee&rsquo;s execution of this Deed of Trust does not constitute an opinion on its part with respect
to the quality of the Bonds or with respect to the advisability of investing therein.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 35.4pt">4.8</TD><TD STYLE="text-align: justify">The Trustee shall not be obliged to notify any party with respect to the execution of this Deed of Trust.
The Trustee shall not interfere and shall not be entitled to interfere in any way in the management of the Company&rsquo;s business or
its affairs, and no action or inaction by the Company shall require its approval, and these matters shall not form part of its duties.
This Section shall not prevent the Trustee from taking any action which it is required to take under the provisions of this Deed or applicable
law.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 35.4pt">4.9</TD><TD STYLE="text-align: justify">Within the framework of its trusteeship, the Trustee may rely on any written document including letter
of instructions, notice, request, consent or approval, appearing to be executed or prepared by any Person or entity, which the Trustee
believes in good faith that it had been executed or prepared thereby.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 35.4pt">4.10</TD><TD STYLE="text-align: justify">It is clarified that termination of the Trustee&rsquo;s term of office shall not derogate from the Company&rsquo;s
and/or the Bondholders&rsquo; rights, claims or demands towards the Trustee, if any, insofar as their grounds precede the termination
of the Trustee&rsquo;s term in office, and the Trustee shall not be released from any liability in accordance with applicable law. It
is clarified that the Trustee will have all the protections granted to him in the Deed of Trust or by law, as well as his full rights
to indemnification in respect of, as well as his right to remuneration in respect of the causes mentioned above, and this the claims were
raised after the end of the trust period In addition, the termination of the Trustee&rsquo;s term in office shall not derogate from the
Trustee&rsquo;s rights, claims or demands of towards the Company and/or the Bondholders, if any, in so far as their grounds precede the
termination of the Trustee&rsquo;s term in office, and the Company and/or Bondholders shall not be released from any liability in accordance
with applicable law.</TD></TR></TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><FONT STYLE="font-size: 10pt">5.</FONT></TD><TD STYLE="text-align: justify"><B><U>Repurchase of Bonds by the Company</U></B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 35.45pt">5.1</TD><TD STYLE="text-align: justify">The Company reserves, subject to any law, the right to repurchase all the Bonds, or a portion thereof,
at any time and from time to time, without derogating from the repayment undertakings of the Bonds in circulation. The Company will file
an Immediate Report regarding the repurchase if and to the extent it is required to do so by applicable law. If no Immediate Report is
filed, the in the event of such repurchase, the Company shall inform the Trustee thereof in writing.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">In the event of a repurchase as aforesaid,
the purchased Bonds shall automatically expire and be cancelled and delisted from trade, and the Company shall not be entitled to reissue
them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">In the event that the Bonds are repurchased
by the Company in the framework of trading on the Stock Exchange, the Company will apply to the Clearing House to withdraw the certificates
so purchased. If according to the legal provisions at such time, the Bonds are neither cancelled nor delisted from trade on the Stock
Exchange, the Company will be entitled to sell the Bonds, all or part thereof, at its sole discretion, in accordance with the provisions
of the law as these will be at such time, without obtaining the consent of the Trustee and/or the Bondholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 35.45pt">5.2</TD><TD STYLE="text-align: justify">The foregoing shall not derogate from the Company&rsquo;s right to repay the Bonds by way of an early
redemption as is set forth in Section 9 below.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">Any Subsidiary of the Company and/or
a corporation controlled thereby and/or its Associate (<I>i.e</I>., as defined in the Securities Regulations (Periodic and Immediate Reports),
5730-1970) and/or an Affiliate of the Company and/or a Controlling Shareholder of the Company (directly and/or indirectly) and/or any
family member thereof (namely, spouse, sibling, parent, parent's parent, descendant or descendant of the spouse, or spouse of any of the
above), and/or any corporation controlled thereby (directly or indirectly) and/or any corporation in the Group (other than the Company
itself (to which the provisions of Section 5.1 above shall apply)) (each, an &ldquo;<B>Related Holder</B>&rdquo;), may purchase and/or
sell at any time and from time to time on or off the Stock Exchange, including by way of the Company&rsquo;s issuance of Bonds to be issued
pursuant to the Deed of Trust. In the event of a purchase or sale as aforesaid by a Subsidiary of the Company and/or any corporation controlled
thereby, or in the event the Company becomes aware of a purchase or sale by any other Related Holder, the Company shall notify the Trustee
thereof. The Bonds held as aforesaid by a Related Holder shall be deemed an asset of the applicable Related Holder and, if listed, shall
not be delisted from the Stock Exchange and shall be transferable as the other Bonds. Bonds owned by a Related Holder shall not confer
to the Related Holder voting rights at any Bondholders&rsquo; Meeting and shall not be counted for purposes of determining whether a legal
quorum is present as required for convening such a meeting. Bondholders&rsquo; Meetings shall be held in accordance with the provisions
of the Second Schedule to the Deed of Trust. A Related Holder shall report to the Company, to the extent that it is required by law to
do so, regarding the purchase of Bonds thereby and the Company shall provide the Trustee, upon its demand, the list of Related Holders
and the amounts held thereby on the date requested by the Trustee and this according to said reports received from Related Holders. For
the purpose of this Section, an Immediate Report Published on the MAGNA filing system or the Maya website, to the extent the Company ceases
to be a reporting corporation, shall constitute a report to the Trustee for the purposes of this Section.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 35.45pt">5.3</TD><TD STYLE="text-align: justify">Nothing in this Section above shall in itself obligate the Company or any Related Holder or the Bondholders
to purchase and/or sell any Bonds held thereby.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">6.</TD><TD STYLE="text-align: justify"><B><U>Covenants of the Company</U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">The Company undertakes towards the
Bondholders to pay all Principal and interest, including any Default Interest in accordance with Section 2.9 above, and interest applicable
in the event of a decrease in rating and/or breach of a Financial Covenant (as defined below) (all as applicable and pursuant to the provisions
of this Deed), as well as any linkage differentials, payable to the Bondholders in accordance with the terms of the Bonds and to meet
all other terms and obligations imposed on it under the Bonds and this Deed of Trust.<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>2</SUP></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">In addition, during the term of the
Bonds, the Company shall (unless the Bondholders by way of a Special Resolution according to the provisions of this Deed have agreed otherwise)
comply with the following covenants:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 35.4pt">6.1</TD><TD STYLE="text-align: justify"><B><U>Financial Covenants</U></B>:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">6.1.1</TD><TD STYLE="text-align: justify">The ratio of Financial Debt to total Balance Sheet shall not exceed 67%.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">6.1.2</TD><TD STYLE="text-align: justify">Total Equity (&lsquo;NAV&rsquo;) shall not decrease below $525,000 thousands.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">6.1.3</TD><TD STYLE="text-align: justify">Unencumbered Asset Coverage Ratio shall not decrease below 125%.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.25pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.25pt; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> The Company confirms that it is not subject to restrictions
on dividend distributions, except for restrictions under applicable law.</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&ldquo;<B>Unencumbered Asset Coverage
Ratio</B>&rdquo; means the ratio of (a) Unencumbered Assets to (b) Unsecured Liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&ldquo;<B>Unencumbered Assets</B>&rdquo;
means (a) the value of total assets of the Company that are not encumbered by any lien, including, without duplication, the value of any
Equity Interests owned by the Company, directly or indirectly, in a consolidated Subsidiary, less (b) all unsecured liabilities and unsecured
indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&ldquo;<B>Unsecured Liability</B>&rdquo;
means the aggregate amount of senior securities representing unsecured indebtedness of the Company (all as determined pursuant to the
Investment Company Act and any orders of the SEC issued to the Company thereunder) and the portion of any secured indebtedness of the
Company for which the value of the collateral securing such indebtedness is not sufficient to pay the principal amount of such indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">The Company's compliance with each
of the financial covenants set forth in Subsections 6.1.1 - 6.1.3 (hereinafter: the &ldquo;<B>Financial Covenants</B>&rdquo;) shall be
measured upon the Publication of the Financial Statements for each of the Company&rsquo;s fiscal quarters. The Company will state in the
notes to its Financial Statements whether it is in compliance with the Financial Covenants. Within fifteen (15) calendar Days from the
date of Publication of each Financial Statement of the Company, the Company will deliver to the Trustee a CFO Certificate regarding the
Company's compliance with each of the Financial Covenants, together with an electronic data sheet showing the calculation thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">The terms employed with respect to
the Financial Covenants shall be calculated and determined in accordance with U.S. GAAP as in effect as of the date hereof. In the event
of a change in U.S. GAAP subsequent to the date hereof that affects the calculation's result of any of the Financial Covenants, the Financial
Covenants will continue to be calculated in accordance with U.S. GAAP rules existing on the date in which this Deed was executed and the
Company shall include a brief description of such change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 35.4pt">6.2</TD><TD STYLE="text-align: justify"><B><U>Negative pledge</U></B>:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">The Company shall not create a general
floating charge (or similar in its characteristics thereof under the law applicable to the Company) on all its direct assets in favor
of any third party whatsoever in order to secure its undertakings towards said third party, unless it obtained the prior consent of the
Bondholders by way of a Special Resolution, or unless it grants, concurrently with granting said general floating charge on all the Company&rsquo;s
direct assets as aforesaid in favor of a third party, a floating charge in favor of the Bondholders, and these charges shall be <I>pari
passu </I>according to the ratio of the Company&rsquo;s debts to each of the parties. If any such charge is created, it shall be created
while coordinating with the Trustee and in a form satisfactory thereto, alongside the provision of Officer Certificates and an Opinion
from a local lawyer with respect to the creation of said charge and it being valid and enforceable, all pursuant to applicable law. It
is clarified that the Trustee will be entitled to appoint an attorney versed in the law applicable to said charge, and the Company will
bear all of its costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">For the avoidance of doubt, the foregoing
shall not restrict (1) the Company from creating fixed charges on all or any of its assets, (2) the Company from creating floating charges
on one or more specific assets or (3) the ability of corporations controlled by the Company to create any type of charge (whether fixed
or floating) on any (including all or most) of their assets, with or without any restriction or to guarantee in any way the Company&rsquo;s
undertakings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">For the avoidance of doubt, the Trustee
is not required to examining the possibility and/or the need for registering the Company's commitment to refrain from creating pledges
or any registration corresponding thereto in its nature and essence outside of Israel and the Company's obligation will be a contractual
obligation toward the Trustee and Bondholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">The Company hereby represents and warrants
that as at the date of this Deed of Trust it has neither created nor registered floating charges on all its direct assets in respect of
which the aforementioned undertaking has been granted, and will present to the Trustee an opinion from a local lawyer that under the law
applicable to the Company, there is no need to register an undertaking for a negative charge as aforesaid in any registry (external or
internal).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 35.4pt">6.3</TD><TD STYLE="text-align: justify"><B><U>The Rating of the Bonds</U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">The Company undertakes to act, insofar
that it falls under its control, and as long as the Bond Principal has yet to be repaid in full, to ensure that the Bonds will be rated
by a Rating Agency, and accordingly the Company undertakes, <I>inter alia</I>, to pay the Rating Agency and provide it with all the information
it shall require, including the reports required thereby within the framework of the Company&rsquo;s engagement with the Rating Agency.
In this regard, failing to make payments or in providing the information required by the Rating Agency within the framework of the Company&rsquo;s
engagement with the Rating Agency shall be deemed, <I>inter alia</I>, as reasons and circumstances that are under the Company&rsquo;s
control. For the avoidance of doubt, it is clarified that the placing the of the Bonds under a watch list or any similar action taken
by the Rating Agency will not be considered as a rating termination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">The Company does not undertake not
to replace the Rating Agency nor that it shall not terminate its engagement therewith throughout the term of the Bonds. In the event that
the Company replaces the Rating Agency and/or terminates engagement therewith, including in the event that the Bonds are rated by more
than one Rating Agency, the Company undertakes to Publish an Immediate Report regarding the termination and/or substitution of the Rating
Agency, as well as to notify the Trustee of the circumstances that led to the replacement of the Rating Agency or the termination of the
engagement, as the case may be, within two (2) Business Days of the earlier of (a) the replacement (b) the date in which the decision
to terminate the engagement with the Rating Agency was made. The Company will also provide the Trustee a document comparing the rating
scale of the exiting Rating Agency to those of the new Rating Agency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">It is hereby clarified that the aforementioned
provisions shall not derogate from the Company&rsquo;s right to replace a Rating Agency at any time or terminate the engagement with a
Rating Agency (in the event it is not the only Rating Agency) at its sole discretion and for any reason it deems fit and without the Trustee
and/or the Bondholders having any claim in such respect (without derogating from the provisions of Section 10.1.13 below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 35.4pt">6.4</TD><TD STYLE="text-align: justify"><B><U>Cross Default</U></B>:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">Throughout the period in which there
exists any cross default, at the request of any Bondholder, the Company, to the extent that there is no prevention or restriction under
law or under the provisions of any relevant credit facility, shall provide to said Bondholder any report or other information that is
provided to any lender or other financing source under the credit facility causing the cross default. The receipt of such report or other
information shall be contingent upon said Bondholder consenting not to divulge the report or information to any third party nor to purchase
nor sell any of the Company&rsquo;s securities based on any material, nonpublic information included in such report or other information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">It should be emphasized that without
derogating from the aforesaid in this Section, to the extent a cross default exists, the Company will notify by way of an Immediate Report
the occurrence of a cross default and the reasons therefor, and will provide the Trustee with all documents and information described
in the beginning of this Section, and the Trustee shall be entitled to provide said information to the Bondholders in a Bondholders&rsquo;
Meeting or by way of a report, without the Trustee having any duty of confidentiality. The Company will detail the prevention to the Trustee
if it exists, along with relevant references.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 35.4pt">6.5</TD><TD STYLE="text-align: justify"><B><U>Appointing a Representative in Israel for the Company </U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">Until after the full, final and accurate
repayment of the Bonds under the terms of the Deed of Trust to the Bondholders, the Company undertakes that it will have a representative
on its behalf in Israel, to whom it will be possible to serve court documents concerning the Company and its Officers with respect to
all matters pertaining to this Deed of Trust, <I>in lieu</I> of them being served at the Company's address abroad as set forth in the
preamble to this Deed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.9pt; text-align: justify">As of the execution date of the Deed,
the Company's representative in Israel is Goldfarb Seligman &amp; Co. Law Office (the address of which is specified in the preamble to
this Deed) (the &quot;<B>Company&rsquo;s Representative in Israel</B>&quot;). Service upon the Company's Representative in Israel shall
be considered valid and binding with respect to any claim and/or demand made by the Trustee and/or the Bondholders pursuant to this Deed
of Trust. The Company may change the identity of the Company&rsquo;s Representative in Israel from time to time, provided that upon its
replacement, the Company shall file an Immediate Report containing the details of the Company&rsquo;s new Representative in Israel no
later than one Trading Day following the date on which the Company resolved to appoint another representative and deliver a notice thereof
to the Trustee. If a new representative is appointed, the Immediate Report and the notice to the Trustee shall include also the date on
which the appointment of the new representative entered into effect. For so long as the appointment of the new representative has not
taken effect, the address of the substituted representative shall be the address for service. For the avoidance of doubt, it should be
emphasized that if the Company Representative in Israel resigns from its position or is dismissed (the &quot;<B>Former Representative</B>&quot;),
for so long as there is no replacement who actually serves in that position, the Former Representative's address will be the address for
service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.9pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.6pt"></TD><TD STYLE="width: 35.3pt">6.6</TD><TD STYLE="text-align: justify"><B><U>Controlling Shareholder Transactions</U></B>:</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">The Company shall comply with the requirements
of Section 3-602 of the Maryland General Corporation Law, which generally restrict transactions with (1) any person who beneficially owns,
directly or indirectly, 10% or more of the voting power of the Company&rsquo;s common stock or (2) an affiliate or associate (each as
defined in the Maryland General Corporation Law) of the Company who, at any time within the five-year period prior to the date in question,
was the beneficial owner, directly or indirectly, of 10% or more of the voting power of the then outstanding Voting Stock of the Company.
In addition, the Company shall comply with the requirements of Section 57 of the Investment Company Act of 1940, as amended (the <B>&ldquo;Investment
Company Act</B>&rdquo;), which places restrictions on transactions between business development companies, such as the Company, and certain
of their affiliates and affiliated persons (each as defined in the Investment Company Act) of such persons, including, for the avoidance
of doubt, the Company&rsquo;s investment adviser and holders of greater than 5% of the Company&rsquo;s outstanding Voting Stock. The Company
will confirm to the Trustee, in the framework of the CFO certificate, that will be delivered according to the section below, its compliance
with the above limitations. The Trustee will be entitled to rely on the confirmation mentioned above and will not be required to perform
an additional inspection or investigation on his behalf.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.6pt"></TD><TD STYLE="width: 35.3pt">6.7</TD><TD STYLE="text-align: justify"><B><U>Expense Cushion</U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">Without derogating from the provisions
of Section 24 to the Deed of Trust, out of the net Offering proceeds, the Company shall instruct the Offering coordinator to deposit to
with the Trust Account, simultaneously with the transfer of the Offering proceeds balance to the Company, an amount equal to $250 thousands
(or, if deposited in NIS, then the amount in NIS will be determined according to the Representative Rate known on the first Trading Day
after the date of the Public Tender) to be used for the payment of ongoing expenses and administrative expenses reasonably incurred by
the Trustee with respect to the calling for the immediate repayment of the Bonds pursuant to the provisions of Section 10 or with the
Company breaching or alleged breaching the provisions set forth herein, (the &quot;<B>Prepaid Expenses</B>&quot;). It is clarified that
the actual expenses will be borne by the Company whilst the Trustee will deposit said funds in the Trust Account which shall serve to
secure these payments. The Trustee shall be entitled to make use of said funds for the purposes set forth above, at its discretion, if
the Company has failed to pay said expenses. Should the Trustee use the said funds as set aforesaid, the Company shall deposit the in
the Trust Account, within 14 Business Days from the date on which the Company received from the Trustee a written demand for such payment,
additional amounts so that the Trustee will have in such account Prepaid Expenses in the amount of $250 thousands. The Prepaid Expenses
shall be held by the Trustee as aforesaid until the full and final repayment of the Bonds (insofar as they are not used as specified above).
Following the full and final repayment of the Bonds, the balance, if any, of the Prepaid Expenses will be transferred (together with all
proceeds accrued thereon), inasmuch as it has not been used, to the Company in accordance with details to be provided by the Company to
the Trustee in writing and in advance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">In the event that the aforesaid funds
are not sufficient to cover the Trustee&rsquo;s expenses with respect to the calling for the immediate repayment of the Bonds and/or to
the Company breaching the provisions of the Deed of Trust as aforesaid, the Trustee shall act pursuant to the provisions of Section 23
below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">For the avoidance of doubt, it is hereby
clarified that the Trust Account will be managed solely by the Trustee, which will have sole signatory rights therein and the Company
will pledge for the benefit of the Trustee all its rights towards and from the Trust Account. It will also provide the Trustee with opinions,
statements, and confirmations as he requires in connection with the lien mentioned above. The Prepaid Expenses will be invested in Permitted
Investments (as defined in Section 13 below). The Trustee will not be liable towards the Bondholders and/or the Company for any loss that
will be incurred due to these investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">The Trustee will provide the Company,
upon its written request, information on the manner in which the Prepaid Expenses are invested as well as of their balance; however, the
Company will not have any influence on the determination of the types of investment of the Prepaid Expenses. The Company shall bear all
costs associated with the opening, management and closing of said account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">In case the Bonds (Series A) will be
over 700 million par value, the Company shall instruct the Offering Coordinator to deposit to with the Trust Account, simultaneously with
the transfer of the Offering proceeds balance to the Company, an additional amount of $100 thousands as part of the Expense Cushion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.6pt"></TD><TD STYLE="width: 35.3pt">6.8</TD><TD STYLE="text-align: justify"><B><U>Restrictions on Distributions </U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">For so long as the Company does not
breach any of the Financial Covenants set forth in section 6.1 above, no distribution restriction will apply to the Company. If the Company
is in breach of one or more of the Financial Covenants set forth in section 6.1 above, the Company shall be allowed to make distributions
in amounts that do not exceed the amounts required to meet the requirements of U.S. law applicable to Regulated Investment Companies (RICs).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">In the event of a distribution while
the Company is in breach of one or more of the Financial Covenants set forth in Section 6.1 above, the Company shall provide the Trustee,
in advance, notice of its intent to make a distribution, together with a confirmation from the Company&rsquo;s Chief Financial Officer
that the amount to be distributed does not exceed the amount required to meet the requirements of U.S. law applicable to RICs. The Trustee
shall rely on said confirmation and shall not be required to conduct any examination in this regard.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">7.</TD><TD STYLE="text-align: justify"><B><U>Margin Rate Adjustments</U></B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 35.45pt">7.1</TD><TD STYLE="text-align: justify"><B>Mechanism for Margin Rate Adjustment due to a Change in Rating </B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">7.1.1</TD><TD STYLE="text-align: justify">In the event the Base Rating of the Bonds is downgraded during any Interest Period (in this section 7.1:
the &ldquo;<B>Downgraded Rating</B>&rdquo;), the Margin Rate on the outstanding Principal balance shall be increased by 0.25% per annum
with respect to a downgrade of one &quot;notche&quot; from the Base Rating and by an additional 0.25% for each further downgrade, up to
a maximum increase of (1%) per annum (in this section 7.1: the &ldquo;<B>Additional Margin Rate</B>&rdquo;) for the period commencing
on the date on which the applicable Downgraded Rating was Published by the relevant Rating Agency and until the earlier of (i) the full
repayment of the Principal and the interest accrued thereon and (ii) the date on which the applicable Rating Agency subsequently upgrades
the Bond rating to a rating higher than the Downgraded Rating (in this section 7.1: the &ldquo;<B>Updated Rating</B>&rdquo;).</TD></TR></TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">7.1.2</TD><TD STYLE="text-align: justify">It is hereby clarified that the maximum increase of the Margin Rate pursuant to this Section 7.1 shall
not exceed 1% per annum.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">7.1.3</TD><TD STYLE="text-align: justify">No later than two (2) Business Days following the receipt of the Rating Agency&rsquo;s notice regarding
the downgrading of the Bonds to the Downgraded Rating, the Company shall Publish in an Immediate Report the following: (A) the fact that
the rating was downgraded, the Downgraded Rating and the date in which the Downgraded Rating entered into effect (in this section 7.1:
the &ldquo;<B>Rating Downgrade Date</B>&rdquo;); (B) the Margin Rate that shall apply for the period commencing on the first day of the
then-current Interest Period and until the Rating Downgrade Date (calculated on the basis of 365 days in a year and the actual number
of days in such period); (C) the Margin Rate that shall apply commencing on the Rating Downgrade Date until the following Interest Payment
Date (assuming no other events affecting the Margin Rate shall occur and calculated on the basis of 365 days in a year and the actual
number of days in such period) (in this Section 7.1, the &ldquo;<B>Updated Interest Rate</B>&rdquo;); (D) the weighted interest rate to
be paid by the Company to the Bondholders on the next Interest Payment Date, deriving from the interest payments described in clauses
(B) and (C) above; (E) the annual interest rate reflected from the weighted interest rate; and (F) the updated annual interest rate and
the semi-annual interest rate for the period commencing on the next Interest Payment Date (<I>i.e</I>., the period commencing immediately
following the period during which the Rating Downgrade Date occurred).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">7.1.4</TD><TD STYLE="text-align: justify">If the Rating Downgrade Date occurs during the period commencing within the four (4) days preceding the
record date for a given interest payment and ending on the Interest Payment Date applicable to such record date (in this Subsection 7.1.4,
the &ldquo;<B>Deferral Period</B>&rdquo;), the Company shall pay interest to the Bondholders on such Interest Payment Date based on, the
Margin Rate plus the SOFR rate (prior to such downgrade) and the amount of interest based on the increased Margin Rate for the Deferral
Period (calculated on the basis of 365 days in a year and the actual number of days in such period) shall be paid on the following Interest
Payment Date. The Company shall Publish an Immediate Report detailing the additional interest amount to be paid on the following Interest
Payment Date.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">7.1.5</TD><TD STYLE="text-align: justify">It is hereby clarified that if following a downgrade which has affected the Margin Rate, the Rating Agency
shall issue an Upgraded Rating whereby the rating of the Bonds has increased, the Margin Rate will be reduced in accordance with the Margin
Rate increase steps applicable to downgrading as specified in Section 7.1.1 above, until a total maximum decrease in the Margin Rate of
(1%) per annum (<I>i.e.</I>, whereby the increase in rating to the Base Margin Rating, subject to changes pursuant to Section 7.2), and
until the full repayment of the unpaid Principal balance or until a change in the rating of the Bonds in accordance with and subject to
the provisions of this Section 7.1. In such case, the Company shall act pursuant to the provisions of Sections 7.1.3 and 7.1.4 above,
with requisite changes deriving from the fact that the Deviation no longer exists.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">7.1.6</TD><TD STYLE="text-align: justify">In the event the Bonds cease to be rated for reasons attributable to the Company (<I>e.g</I>., due to
the Company&rsquo;s failure to meet its obligations towards the Rating Agency, including its failure to comply with its payment and/or
reporting obligations to the Rating Agency) for a period exceeding twenty-one (21) consecutive days, commencing on the date of such rating
cessation and until the earlier of: (1) full and final repayment of the Bonds in accordance with the provisions of this Deed; or (2) the
date on which the Bonds are once more rated, the Margin Rate shall increase by a rate of 1% per annum (calculated on the basis 365 days
in a year and the actual number of days in such period), including upon the Bondholders&rsquo; calling for the immediate repayment of
the Bonds pursuant to the provisions of Section 10.1. For the avoidance of doubt, it is hereby clarified that (1) in the event the Bonds
cease to be rated for reasons not attributable to the Company, the Margin Rate shall not be changed and the provisions of this Section
7.1.6 shall not apply; and (2) in the event the Bonds are rated by more than one Rating Agency, the Margin Rate adjustment pursuant to
this Section 7.1.6 shall not apply for as long as the Bonds are rated by at least one Rating Agency.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">7.1.7</TD><TD STYLE="text-align: justify">In the event the Bonds cease to be rated by a Rating Agency, the Company shall Publish an Immediate Report
as to the circumstances associated with such cessation.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">7.1.8</TD><TD STYLE="text-align: justify">In the event the Bonds are rated by more than one Rating Agency, the lower rating shall be deemed to be
the applicable rating for the Bonds, as updated from time to time.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">7.1.9</TD><TD STYLE="text-align: justify">Any change in the rating outlook of the Bonds and/or any rating downgrade or upgrade due only to a change
in the methodology or rating scales of the applicable Rating Agency, shall not be deemed a change in the rating and shall not have any
impact on (including by way of increase and/or decrease) the Margin Rate.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">7.1.10</TD><TD STYLE="text-align: justify">Notwithstanding the foregoing, in the event of a downgrade or cessation of rating which entitled the Bondholders
to additional interest under Section 7.1 above and a deviation entitling the Bondholders to additional interest under Section 7.2 below,
the maximum increase above the initial Margin Rate shall not exceed the rate of 1.75% per annum.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.6pt"></TD><TD STYLE="width: 35.3pt">7.2</TD><TD STYLE="text-align: justify"><B>Mechanism for Interest Rate Adjustments Resulting from the Company failing to comply with Financial
Covenants</B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">7.2.1</TD><TD STYLE="text-align: justify">In the event the Company fails to comply with whichever of the Financial Covenants (each non-compliance
event shall be referred to in this section 7.2 as a &ldquo;<B>Deviation</B>&rdquo;), as described below:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 106.35pt"></TD><TD STYLE="width: 28.35pt">(A)</TD><TD STYLE="text-align: justify">The ratio of Financial Debt to Total Balance Sheet shall not exceed 65%.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 106.35pt"></TD><TD STYLE="width: 28.35pt">(B)</TD><TD STYLE="text-align: justify">Total Equity )<FONT STYLE="font-family: Times New Roman, Times, Serif">'NAV')</FONT> shall not decrease
below $600,000 thousands.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.25pt; text-align: justify">The Margin Rate shall be increased
by the rate of 0.5% per annum (in this section 7.2: &ldquo;<B>The Additional Margin Rate</B>&rdquo;) for each of the foregoing Financial
Covenants with respect to which there exists a Deviation, for the period commencing on the date of the Publication of the Financial Statements
according to which a Deviation has occurred (in this section 7.2: the &ldquo;<B>Deviation Date</B>&rdquo;), and until the earlier of:
(1) repayment of all of the Company's liabilities in accordance with the provisions of this Deed; or (2) the Publication of Financial
Statements in which such Deviation is shown to have been cured. The maximum increase in Margin Rate pursuant to this Section 7.2.1 shall
not exceed (1%) per annum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">7.2.2</TD><TD STYLE="text-align: justify">The Company shall provide the Trustee, no later than one (1) Business Day of the Deviation Date, a notice
containing information with respect thereto and shall Publish in an Immediate Report the following information: (A) details regarding
the non-compliance with the Financial Covenants; (B) the precise margin rate to be borne on the Principal for the period commencing on
the first day of the then-current Interest Period and until the Deviation Date (calculated on the basis of 365 days in a year and the
actual number of days in such period); (C) the margin rate to be borne on the Principal commencing on the Deviation Date and until the
following Interest Payment Date (assuming no other events affecting such interest shall occur and calculated on the basis of 365 days
in a year and the actual number of days in such period); (D) the weighted interest rate to be paid by the Company to the Bondholders on
the next Interest Payment Date, deriving from the interest payments described in clauses (B) and (C) above; (E) the annual interest rate
reflected from the weighted interest rate; and (F) the updated Annual Interest Rate and the quarterly interest rate for the period commencing
on the next Interest Payment Date (<I>i.e.</I>, the period commencing immediately following the period during which the Deviation occurred).</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">7.2.3</TD><TD STYLE="text-align: justify">In the event a Deviation occurs commencing within the four (4) days preceding the record date for a given
Interest Payment and ending on the applicable Interest Payment Date (in this Subsection 7.2.3, the &ldquo;<B>Deferral Period</B>&rdquo;),
the Company shall pay interest to the Bondholders, on such Interest Payment Date, based on the Margin Rate, plus the SOFR rate (prior
to such deviation) and the amount of interest deriving from the additional interest at a rate equal to the additional margin rate per
annum for the Deferral Period (calculated toon the basis of 365 days in a year and the actual number of days in such period) shall be
paid on the following Interest Payment Date. The Company shall announce by way of Immediate Report the additional margin amount that shall
be paid on said following Interest Payment Date.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">7.2.4</TD><TD STYLE="text-align: justify">In the event that after the occurrence of a Deviation in a manner affecting the Margin Rate, the Company
shall Publish its Financial Statements, whereby the Deviation is shown to have been cured; then the Margin Rate shall be decreased by
0.5% per annum for each Financial Covenant cured up to a total maximum decrease of 1% per annum, provided that at that time there is no
Deviation from at least two additional Financial Covenants (namely, if all Deviations have been cured, the initial Margin Rate (as determined
in the Public Tender) on the outstanding Principal balance of the on the Bonds will be reinstated, without any additional interest, subject
to changes deriving from the provisions set forth in Section 7.1 above); this, for a period commencing on the date of Publication the
Financial Statements which evidence the termination of the Deviation as aforesaid and until the earlier of the full repayment of the outstanding
Principal balance or until the creation of an additional Deviation (the margin rate shall be calculated for any partial interest period
on the basis of 365 days in a year and the actual number of days in such period). In such instance, the Company shall act pursuant to
the provisions of Sections 7.2.2 and 7.2.3 above, with requisite changes deriving from the fact that the Deviation no longer exists.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 35.45pt">7.3</TD><TD STYLE="text-align: justify">Notwithstanding the foregoing, in the event of a downgrade or the cessation of rating entitling the Bondholders
to Additional Margin Rate pursuant to Section 7.1 above and a Deviation entitling the Bondholders to Additional Margin Rate pursuant to
Section 7.2 above, the maximum aggregate Additional Margin Rate which will be received by the Bondholders shall not exceed a rate of 1.5%
per annum.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.3pt">8.</TD><TD STYLE="text-align: justify"><B><U>Security and Seniority of the Bonds </U></B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 35.45pt">8.1</TD><TD STYLE="text-align: justify">The Bonds are not secured by any collateral and are classified by the Company as unsecured bonds.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 35.45pt">8.2</TD><TD STYLE="text-align: justify">The Trustee has not examined, nor shall it be under any obligation to examine, the need to grant collateral
in order to secure the payments to the Bondholders. The Trustee was neither asked to conduct nor did it <I>de facto</I> conduct nor will
it conduct, due diligence (economic, accounting or legal) regarding the state of the Company's business or that of its Subsidiaries. By
entering into this Deed of Trust, including by its consenting to serve as Trustee to the Bondholders, the Trustee is not expressing any
opinion whatsoever, whether explicitly or implicitly, with respect to the Company&rsquo;s ability to meet its obligations towards the
Bondholders. The foregoing shall by no means derogate from the Trustee&rsquo;s duties of the under applicable law and/or this under Deed
of Trust.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 35.45pt">8.3</TD><TD STYLE="text-align: justify">All of the Bonds shall be ranked <I>pari passu</I> with amongst themselves with respect of the Company&rsquo;s
obligations under the Bonds, without any Bond having a preferred rights or priority over the other, and together they shall rank <I>pari
passu </I>with the Company&rsquo;s other unsecured obligations, except for obligations assigned priority by virtue of applicable law.
The Bonds shall be senior to any of the Company&rsquo;s subordinated obligations.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.25pt"></TD><TD STYLE="width: 35.45pt">8.4</TD><TD STYLE="text-align: justify">Subject to the provisions of Section 6.2 above and without derogating from the provisions of Section 10
hereunder, the Company shall be entitled, from time to time, at its sole and absolute discretion, to sell, pledge, lease, assign, deliver
or otherwise transfer, all, most or some of its assets, in any way whatsoever, without obtaining the consent of the Trustee and/or that
of the Bondholders. It is hereby clarified that no restriction shall apply to the Company with respect to it providing guarantees in favor
of another (or others), including to corporations held thereby, directly or indirectly, the Company shall not be prevented from receiving
any new credit.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 21.25pt">9.</TD><TD STYLE="text-align: justify"><B><U>Early Redemption</U></B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 35.4pt">9.1</TD><TD STYLE="text-align: justify"><U>Early Redemption Initiated by the Company</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">The Company may, at any time but not before
60 days have elapsed from the listing of the Bonds (Series A), at its sole discretion, effect a full or partial early redemption, in the
manner set forth below, subject to the directives of the Israel Securities Authority and to the Stock Exchange Guidelines, as shall be
in effect at the relevant date only if it is applicable to the Bonds (Series A):</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">9.1.1</TD><TD STYLE="text-align: justify">The frequency of the early redemptions shall not exceed one early redemption per quarter. In the event
that a partial early redemption is scheduled for a quarter in which an interest payment date, a partial redemption date or a final redemption
date is also due, the partial early redemption shall be effected on the date prescribed for said payment. For purposes hereof, a &ldquo;<B>Quarter</B>&rdquo;
shall mean any of the following periods: January through March, April through June, July through September, or October through December.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">9.1.2</TD><TD STYLE="text-align: justify">The minimum amount of any early redemption shall not be less than NIS 1 million. Notwithstanding the aforementioned,
the Company may effect an early redemption in an amount lower than NIS 1 million, provided that the frequency of the redemptions shall
not exceed one early redemption per year. If a partial early redemption is effected, the final redemption amount shall not be less than
three million two hundred thousand NIS (NIS 3,200,000). Any amount paid by the Company by way of an early redemption shall be paid with
respect to all Bondholders, <I>pro rata</I> to the par value of the Bonds held thereby.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">9.1.3</TD><TD STYLE="text-align: justify">Upon the Company&rsquo;s resolution to carry out an early redemption, and in any event no less than seventeen
(17) days and not more than forty five (45) days prior to the record date of the early redemption (the &ldquo;<B>Early Redemption Date</B>&rdquo;),
the Company shall Publish an Immediate Report about the execution of the early redemption.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">9.1.4</TD><TD STYLE="text-align: justify">The Early Redemption Date shall not occur during the period between the record date for the payment of
interest and the <I>de facto </I>interest payment date. In the aforesaid Immediate Report, the Company shall set forth the amount of Bonds
(expressed as the Principal amount) to be paid by way of early redemption as well as the interest accrued on said Principal amount until
the Early Redemption Date.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">9.1.5</TD><TD STYLE="text-align: justify">Upon a partial Early Redemption Date, if any, the Company shall Publish an Immediate Report which shall
contain the following information: (1) the partial redemption percentage in terms of the outstanding balance of the Bonds, prior to the
redemption; (2) the partial redemption expressed as a percentage of the par value of the Bonds at the original Issuance Date; (3) the
interest rate on the Principal portion to be redeemed; (4) the interest to be paid, calculated with respect to the outstanding balance;
(5) an update regarding the remaining partial redemption rates in terms of the original series (<I>i.e</I>., applying the original amortization
schedule to the remaining outstanding balance of the Bonds, following the partial early redemption entering into effect); (6) the record
date for the right to receive the early redemption of the Principal, which shall be twelve (12) days prior to the Early Redemption Date.
A partial early redemption will be effected <I>pari passu</I> with respect to each of the Bondholders.</TD></TR></TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">9.1.6</TD><TD STYLE="text-align: justify">In the event of a partial early redemption, if any, the Company shall pay the Bondholders the interest
accrued until the Early Redemption Date only with respect to the portion of the Principal being redeemed by way of the early redemption
rather than with respect to the total outstanding balance of the Bonds, all, as part of the early partial redemption amount to be determined
in accordance with Section 9.1.7 below.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">9.1.7</TD><TD STYLE="text-align: justify">The amount that shall be paid to the Bondholders in the case of an early redemption shall be the higher
of the following: (1) the liability value of the Bonds in circulation to be redeemed, <I>i.e.</I>, the Principal plus accrued interest
and any linkage differentials payable (if they will be) on the Early Redemption Date; (2) the market value of the Bonds that are to be
redeemed in the early redemption (based on the average closing price of the Bonds over the thirty (30) Trading Days preceding the Board
of Directors&rsquo; resolution approving said redemption); however if the Early Redemption Date falls on an Interest Payment Date, only
the interest amount, which will be paid separately, will be deducted from the aforementioned average closing price; and (3) the balance
of the Bonds cash flow subject to early redemption, according to the original amortization table (<I>i.e.</I>, Principal plus interest
(SOFR + the margin rate, as adjusted pursuant to this Deed, including Default Interest, as applicable), while accounting for the Early
Redemption Date, discounted at the average SOFR over the thirty (30) Trading Days preceding the Publication of the immediate report, plus
margin interest at a 1.35% rate. The discount of the Bonds to be paid by way of an early redemption shall be calculated from the Early
Redemption Date until the final payment date that applied to the Bonds to be paid by way of an early redemption. If additional interest
shall be paid due to the early redemption, the additional interest shall be paid with respect to the par value being redeemed by way of
an early redemption.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">9.1.8</TD><TD STYLE="text-align: justify">The Company shall provide the Trustee with a CFO Certificate detailing the manner of calculation for the
early redemption amount, including an active Excel spreadsheet which demonstrates the calculation performed by the Company, all in a form
satisfactory of the Trustee, no later than two (2) Business Days following the date the decision of the Company&rsquo;s relevant organs
to effect an early redemption of the Bonds.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">9.1.9</TD><TD STYLE="text-align: justify">Amounts paid withing the framework of a partial early redemption shall be deemed to have been made on
account of the most recent Principal payments closest to the Early Redemption Date.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">9.1.10</TD><TD STYLE="text-align: justify">Following the Early Redemption Date, the outstanding par value of the Bonds series shall decrease, and
future payments of the Principal shall be decreased pursuant to the provisions of Subsection 9.1.9 above, and in the event of a full early
redemption of the Bonds, the Bonds shall be cancelled and no interest shall accrued with respect thereof following the redemption date.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.6pt"></TD><TD STYLE="width: 35.3pt">9.2</TD><TD STYLE="text-align: justify"><U>Early Redemption Initiated by the Stock Exchange</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">In the event that the Stock Exchange
resolves to delist the Bonds in circulation because the value of the Bonds has fallen below the minimum amount prescribed in the Stock
Exchange rules regarding the delisting of bonds, the Company shall carry out an early redemption of the Bonds, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">9.2.1</TD><TD STYLE="text-align: justify">Within forty five (45) days from the date on which the Stock Exchange&rsquo;s Board of Directors resolved
to delist the Bonds as aforesaid, the Company shall announce by way of an Immediate Report an early redemption date on which a Bondholder
shall be entitled to redeem said Bonds.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">9.2.2</TD><TD STYLE="text-align: justify">The early redemption date shall occur no earlier than seventeen (17) days from the date in which the notice
was Published and no later than forty-five (45) days after such date, but not during the period between the record date for an interest
payment and its <I>de facto</I> payment date.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">9.2.3</TD><TD STYLE="text-align: justify">Upon the Early Redemption Date, the Company shall redeem the Bonds the holders thereof requested to redeem,
according to section 9.1.7 above.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">9.2.4</TD><TD STYLE="text-align: justify">The determination of an Early Redemption Date as set forth above shall not prejudice the redemption rights
set forth in the Bonds of any of the Bondholders who shall not redeem them on the Early Redemption Date, but said Bonds shall be delisted
from the Stock Exchange and shall be subject, <I>inter alia</I>, to the tax implications deriving therefrom.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">9.2.5</TD><TD STYLE="text-align: justify">Bonds that have been redeemed as set forth above shall be cancelled and no interest shall accrue with
respect thereof after the redemption date. The early redemption of the Bonds as aforementioned shall deny the Bondholders of Bonds to
be redeemed of the right to payment on account of Principal and/or of interest for the period following the redemption date. The notice
of the Early Redemption Date will be Published by way of an Immediate Report delivered to the ISA and the Stock Exchange. This notice
shall specify the early redemption amount.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 28.5pt">9.3</TD><TD STYLE="text-align: justify">For the avoidance of doubt, the provisions of this Deed concerning withholding tax shall apply in full
also to the events described in this Section 9.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">10.</TD><TD STYLE="text-align: justify"><B>Call for Immediate Repayment </B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 35.4pt">10.1.</TD><TD STYLE="text-align: justify">Upon the occurrence of one or more of the events set forth below, the Trustee and the Bondholders shall
be entitled to call for the immediate repayment of the outstanding balance due to the Bondholders under the Bonds and this Deed:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">10.1.1.</TD><TD STYLE="text-align: justify">If the Company fails to pay the Bondholders any amount it is obligated to pay under the Bonds and/or this
Deed of Trust, within five (5) Business Days of the relevant payment date.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">10.1.2.</TD><TD STYLE="text-align: justify">If the Company materially beaches the terms of the Bonds or this Deed of Trust and/or does not fulfill
any of its material undertakings with respect thereof, and the Company fails to cure such breach within fourteen (14) days.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">10.1.3.</TD><TD STYLE="text-align: justify">If it becomes evident that a representation made by the Company under the Bonds or this Deed of Trust
is incorrect or incomplete, and the Trustee has provided notice thereof to the Company, and the Company proved to the Trustee the adequacy
of the presentation mentioned above within fourteen (14) days from the date said notice was received.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">10.1.4.</TD><TD STYLE="text-align: justify">If the Company adopts a liquidation resolution of (other than a liquidation resulting from a merger with
another company) or if a permanent and final liquidation order is granted by the court with respect to the Company or if a permanent receiver
is appointed with respect to the Company, or if a similar resolution is adopted or if a similar official is appointed by the Company and/or
with respect thereto under the Insolvency Law or any other law, or if a Trustee was appointed pursuant the provisions set forth in the
Insolvency Law. It should be clarified that for the purposes of this Subsection, liquidation proceedings or other similar proceedings
with respect to the Company shall be proceedings under Israeli law or parallel proceedings under foreign law, similar to the Israeli proceeding.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">10.1.5.</TD><TD STYLE="text-align: justify">If a temporary liquidation order or an order with similar characteristics according to the provisions
of the Insolvency Law, or a similar order under the relevant law, is granted, or if a temporary liquidator or another official of similar
characteristics is appointed according to the provisions of the Insolvency Law, or if a temporary trustee, as said term is defined under
the Insolvency Law is appointed or if any other similar official is appointed under applicable law or if any judicial resolution is issued
by the court, and such order or decision are neither rejected nor cancelled within forty five (45) days from the date that said order
or decision was issued, as applicable. Notwithstanding the foregoing, the Company will not be granted any grace period with respect to
motions or orders filed or granted, as applicable, by the Company or with its consent. It should be clarified that for the purposes of
this Subsection, liquidation proceedings in respect of the Company shall be proceedings under Israeli law or parallel proceedings under
foreign law, similar to the Israeli proceeding.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">10.1.6.</TD><TD STYLE="text-align: justify">If a foreclosure is imposed, execution actions taken or a pledge exercised on a Majority of the Company's
Assets (as defined below), and the foreclosure was not removed or the action was not revoked, as applicable, within forty five (45) days
of them being imposed or executed, as applicable. Notwithstanding the foregoing, the Company will not be granted any grace period in respect
of requests or orders submitted or granted, as applicable, by the Company or with its consent. It is clarified that for the purposes of
this Subsection, foreclosure proceedings or execution proceedings or pledge exercise proceedings will be proceedings under Israeli law
or similar proceedings under foreign law.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">10.1.7.</TD><TD STYLE="text-align: justify">If a motion was filed for receivership or for appointing a receiver (temporary or permanent) or any similar
official to be appointed by virtue of the law or which was not revoked within forty five (45) days of the date in which they were filed
granted, as applicable; or if an order for appointing a permanent receiver for a Majority of the Company&rsquo;s Assets (as defined below)
or a similar order was granted under the law applicable to the Company. Notwithstanding the aforesaid, the Company shall not be granted
any cure period with respect to motions or orders submitted or granted, as applicable, by the Company or with its consent. It is clarified
that for the purposes of this Subsection, receivership proceedings as mentioned in this section shall be proceedings under Israeli law
or a corresponding proceeding under foreign law</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">10.1.8.</TD><TD STYLE="text-align: justify">(A) if the company files a motion for a stay of proceedings under Section 350 of the Companies Law or
the Insolvency Law, or a similar proceeding under the provisions of applicable law, or if such a stay of proceedings is granted; or if
the Company files a motion for a settlement or arrangement with the Company's creditors under Section 350 to the Companies Law or under
the Insolvency Law, or a similar proceeding under applicable law (except for purposes of effecting (1) a merger with another company,
including changes in the Company's capital structure that are not prohibited under this Deed and/or (2) an arrangement between the Company
and its shareholders which does not impact the Company's ability to repay the Bonds and which is not prohibited under this Deed of Trust);
or if the Company offers its creditors in any other manner a settlement or arrangement as a result of the Company's inability to meet
its obligations when they come due or if said motions are filed at the Company's request or with its consent; or (B) if a motion is filed
under Section 350 of the Companies Law or the Insolvency Law (or a similar proceeding under applicable law) against the Company and without
its consent, which has neither been rejected nor revoked within forty five (45) days. from the date on which it was filed. It will be
clarified that for the purposes of this Subsection 10.1.8, proceedings and actions, such as an arrangement, with respect to the Company
shall be proceedings as well as actions under Israeli law or similar proceedings under foreign law.</TD></TR></TABLE>

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

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

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    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">10.1.9.</TD><TD STYLE="text-align: justify">If the Company ceased or gave notice of its intention to cease its payments or if it ceased or gave notice
of its intention to cease operating its businesses, as these may be from time to time.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">10.1.10.</TD><TD STYLE="text-align: justify">If the Company&rsquo;s ceases to be regulated as a business development company within the meaning of
the Investment Company Act, as it may be in effect from time to time.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">10.1.11.</TD><TD STYLE="text-align: justify">If there occurs a material worsening in the Company&rsquo;s business as compared to its status on the
Issuance Date, and there is an actual concern that the Company will not be able to repay the Bonds when due; or if there exists an actual
concern that the Company will fail to meet its material undertakings towards the Bondholders.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">10.1.12.</TD><TD STYLE="text-align: justify">If the Company fails to Publish any Financial Statements under applicable law or under this Deed of Trust
which it is required to Publish within 30 days from the last date on which it was required to Publish them.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">10.1.13.</TD><TD STYLE="text-align: justify">If the Bonds cease to be rated by a Rating Agency for a period exceeding sixty (60) consecutive days,
for reasons and/or circumstances under the Company&rsquo;s control. The occurrence of the aforementioned event shall not constitute grounds
for calling for the immediate repayment of the Bonds so long as the Bonds are rated by one Rating Agency.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">10.1.14.</TD><TD STYLE="text-align: justify">If (A) one of the Company&rsquo;s other publicly traded bond series (on a standalone basis) on any trading
platform was called for immediate repayment, or (B) a Cross Default occurs, unless such Cross Default, as aforesaid, is rejected or revoked
(including by way of settling said debt) within 30 days from the date on which of notice of the Cross Default event was given.</TD></TR></TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">10.1.15.</TD><TD STYLE="text-align: justify">If a merger was carried out, whether under Israeli law or under the law applicable to the Company, with
another entity (except for a company that was merged into the Company, when prior to such a merger it was fully consolidated in the Company's
Financial Statements), without obtaining the prior consent of the Bondholders, by way of an Ordinary Resolution, unless the Company or
the surviving entity represented to the Bondholders and the Trustee, at least ten (10) Business Days prior to the effective date of the
aforesaid merger that there exists no reasonable concern that the surviving entity will not be able to meet its obligations towards the
Bondholders as a result of said merger.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">10.1.16.</TD><TD STYLE="text-align: justify">If the Company sells all or a Majority of the Company&rsquo;s Assets (as defined below), in a transaction
or in a series of related transactions (unless during the sixty (60) days period following said sale the Group acquires other assets within
its field of activity for an amount not less than 50% of the consideration received for the assets sold) without the prior consent of
the Bondholders in a Special Meeting and by a Special Resolution.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">10.1.17.</TD><TD STYLE="text-align: justify">If the Company breaches its undertaking with respect to a negative pledge set forth in Section 6.2.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">10.1.18.</TD><TD STYLE="text-align: justify">If the Company fails to comply with one or more of the Financial Covenants set forth in Section 6.1 above
for two consecutive quarters.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">10.1.19.</TD><TD STYLE="text-align: justify">If the Company breaches a term under Section 2.11with respect to the expansion of the Bond series or with
respect to the issuance of a bond series or of other securities that constitute debt.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">10.1.20.</TD><TD STYLE="text-align: justify">If the Stock Exchange has suspended the trading of the Bond, except for a suspension caused by the creation
of uncertainty, as specified in Part IV of the Stock Exchange Bylaws, and such suspension has not been revoked within sixty (60) days.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">10.1.21.</TD><TD STYLE="text-align: justify">If the Bonds are delisted from the Stock Exchange.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">10.1.22.</TD><TD STYLE="text-align: justify">If the rating of the Bonds falls below the rating of Baa3.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">10.1.23.</TD><TD STYLE="text-align: justify">If a Change of Control occurs, and the Company does not Publish a tender offer for the purchase of all
the Bonds, at a price not lower than their par value, within 45 days from the occurrence of said event.</TD></TR></TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">10.1.24.</TD><TD STYLE="text-align: justify">If the Company ceases to be a Reporting Corporation.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">10.1.25.</TD><TD STYLE="text-align: justify">If the Company does not nominate a Company&rsquo;s Representative in Israel as set forth in Section 6.5
above, or is it breaches any of the provisions set forth in Section 6.6 above.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">10.1.26.</TD><TD STYLE="text-align: justify">If the company breaches whichever of its undertakings set forth in Section 6.7 above, with respect to
the expense cushion.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">10.1.27.</TD><TD STYLE="text-align: justify">If a &quot;Going Concern&rdquo; note has been recorded in the Company's Financial Statements for two consecutive
quarters.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">10.1.28.</TD><TD STYLE="text-align: justify">If the Company breaches whichever of its undertakings set forth in Section 6.8 above, with respect to
the restrictions on distributions.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">For the purpose of Subsections 10.1.6
and 10.1.7, &quot;<B>Majority of the Company&rsquo;s Assets</B>&quot; shall mean an asset or a number of assets, in the aggregate, whose
value, according to the Company&rsquo;s Financial Statements Published prior to the occurrence of the relevant event, constitutes at least
30% (thirty percent) of the total assets according to the Company&rsquo;s most recent consolidated Financial Statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">For the purpose of Subsection 10.1.16,
 &quot;<B>Majority of the Company&rsquo;s Assets</B>&quot; shall mean an asset or a number of assets, in the aggregate, whose value, according
to the Company&rsquo;s Financial Statements Published prior to the occurrence of the relevant event, constitutes at least 50% (fifty percent)
of the total assets according to the Company&rsquo;s most recent consolidated Financial Statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 35.4pt">10.2.</TD><TD STYLE="text-align: justify">Upon the occurrence of any of the events set forth in the foregoing Section 10.1:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">10.2.1</TD><TD STYLE="text-align: justify">The Trustee shall be required to convene a Bondholders&rsquo; Meeting the debt as stated in section 35l1(a1)
of the Securities Law, the agenda of which shall include, among other things a resolution to call for the immediate repayment of the outstanding
balance of the Bonds due to the occurrence of any of the events stipulated in Section 10.1 above, as applicable.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">10.2.2</TD><TD STYLE="text-align: justify">The notice of the aforesaid meeting shall state that if the Company shall cause the revocation, cure or
removal of the event specified in Section 10.1 above for which the meeting has been called to the satisfaction of the Trustee, prior to
the date on which the meeting is to be held, the Bondholders&rsquo; Meeting shall be cancelled.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">10.2.3</TD><TD STYLE="text-align: justify">The Bondholders&rsquo; resolution to call for the immediate repayment of the Bonds shall be adopted at
a Bondholders&rsquo; Meeting at which Holders of at least fifty percent (50%) of the outstanding Principal balance of the Bonds are present,
by a majority vote of the Bondholders participating, or by majority the votes of the participants at an adjourned Bondholders&rsquo; Meeting
in which Bondholders of at least twenty percent (20%) of the outstanding Principal balance of the Bonds are present.</TD></TR></TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">10.2.4</TD><TD STYLE="text-align: justify">If until the date on which said meeting is to be held, the events specified in Section 10.1 above for
which the meeting has been called are not revoked, cured or removed, and the Bondholders&rsquo; Meeting resolution, as set forth in Subsection
10.2.1 above to call for the immediate repayment of the outstanding balance of the Bonds, was adopted pursuant to the provisions of Subsection
10.2.4 above, the Trustee shall be required to promptly call for the immediate repayment of the outstanding balance of the Bonds, provided
the Trustee has provided the Company seven (7) days' written notice of its intention to do so and the event with respect to which the
resolution was adopted was not revoked, cured or removed within such period.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">10.2.5</TD><TD STYLE="text-align: justify">The Publication of the notice of the meeting as set forth in Subsection 10.2.1 above shall be deemed as
written notice to the Company with respect to the Trustee&rsquo;s intention to pursue the calling for the immediate repayment of the outstanding
balance of the Bonds, including according to Section 10.2.4 above.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">10.2.6</TD><TD STYLE="text-align: justify">The Trustee may, at its sole discretion, shorten and even cancel the seven (7) days&rsquo; notice period
(as set forth in Subsection 10.2.5 above), if the Trustee is of the opinion that there is a concern that delivering such notice or the
immediate repayment date will prejudice the possibility of calling for the immediate repayment of the Bonds.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">10.2.7</TD><TD STYLE="text-align: justify">If any of the Subsections to Section 10.1 above sets forth a &ldquo;cure period&rdquo; during which the
Company may act or adopt resolutions resulting in the removal of the grounds for calling for an immediate repayment, the Trustee or the
Bondholders shall be entitled to call for the immediate repayment of the Bonds as set forth in this Section 10 only upon the lapse of
such period and if the grounds stated therein were not removed within such period; nevertheless, the Trustee may shorten the period prescribed
in the Deed of Trust if it is of the opinion that a delay may prejudice the Bondholders&rsquo; rights.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">10.2.8</TD><TD STYLE="text-align: justify">If the Company is provided notice whereby the Bonds have been called for an immediate repayment pursuant
to the provisions of this Section 10, the Company undertakes to take, from time to time, and at any time requested to do so by the Trustee,
all reasonable actions necessary to enable the Trustee to exercise all the powers vested therein; particularly, the Company shall take
all the following actions, no later than ten (10) Business Days of the date of the Trustee&rsquo;s request:</TD></TR></TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 99.25pt"></TD><TD STYLE="width: 56.7pt">10.2.9.1.</TD><TD STYLE="text-align: justify">transfer and deliver to the Trustee the Principal and accrued interest (if any) on the Bonds due for immediate
repayment, including Default Interest if applicable, and linkage, if any, irrespective of their maturity dates;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 99.25pt"></TD><TD STYLE="width: 56.7pt">10.2.9.2.</TD><TD STYLE="text-align: justify">provide all the declarations and/or execute all the documents and/or take and/or cause the taking of all
actions necessary and/or required under law to validate the exercise of authorities, powers and rights of the Trustee and/or its representative
in with respect to the immediate repayment;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 99.25pt"></TD><TD STYLE="width: 56.7pt">10.2.9.3.</TD><TD STYLE="text-align: justify">provide all notices, orders and instructions as the Trustee deems fit with respect to the immediate repayment.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.25pt; text-align: justify">For purpose of this Section 10 &ndash;
written notice executed by the Trustee confirming that an action requested thereby, within the scope of its authority, is reasonable,
shall constitute <I>prima facie </I>evidence thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 99.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">10.2.9</TD><TD STYLE="text-align: justify">Subject to the provisions of applicable law, the duties of the Trustee under this Section 10 are subject
to it being <I>de facto</I> knowledgeable of the facts, events, circumstances, and occurrences specified therein.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">10.2.10</TD><TD STYLE="text-align: justify">For the avoidance of doubt, it is clarified that the right to call for an immediate repayment as aforesaid
or the calling for an immediate repayment shall neither derogate nor prejudice any other or additional remedy available to the Bondholders
or to the Trustee under the terms of the Bonds and the provisions of this Deed or under the law, and the non-calling for an immediate
repayment or the non-exercise of collateral (if granted) upon the occurrence of any of the events set forth in Section 10.1 above, shall
by no means constitute any waiver of the Bondholders&rsquo; or the Trustee&rsquo;s rights, unless expressly stated otherwise.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in">11.</TD><TD STYLE="text-align: justify"><B><U>Claims and Proceedings by the Trustee </U></B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 35.4pt">11.1.</TD><TD STYLE="text-align: justify">Without derogating from any provision of this Deed of Trust, the Trustee shall be entitled, at its sole
discretion, with a seven (7) days&rsquo; written notice to the Company, insofar as such notice would not prejudice the Bondholders&rsquo;
rights, and subject to and without detracting from the Trustee's rights according to section 24 (Indemnification of the Trustee), and
shall be obliged, if required by an Ordinary Resolution adopted by the Bondholders pursuant to the following provisions, to initiate all
legal proceedings as it deems fit, subject to the provisions of any law, in order to the exercise and/or protect the Bondholders&rsquo;
rights and/or enforce the Company&rsquo;s performance of any of its undertakings under this Deed of Trust. Notwithstanding the foregoing,
the right to call for an immediate repayment shall be governed by the provisions of Section 10 above and not by this Section 11.</TD></TR></TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 35.4pt">11.2.</TD><TD STYLE="text-align: justify">The Trustee may, at its sole discretion, file a motion to the court to receive instructions on any matter
connected with and/or pertaining to this Deed of Trust.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 35.4pt">11.3.</TD><TD STYLE="text-align: justify">Subject to the provisions of this Deed of Trust, the Trustee may, but shall not be required to, convene
a Bondholders&rsquo; Meeting in order to discuss and/or obtain instructions by way of an Ordinary Resolution on any matter pertaining
to this Deed of Trust, provided that the meeting is convened without delay.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 35.4pt">11.4.</TD><TD STYLE="text-align: justify">The Trustee may, at its sole discretion, delay the performance of any of its actions pursuant to this
Deed of Trust until instructions are provided by the Bondholders&rsquo; Meeting by way of an Ordinary Resolution, and/or until court instructions
are received regarding the course of action, provided that the Trustee is not entitled to delay such proceedings once it has obtained
the Bondholder&rsquo;s approval in the Bondholders&rsquo; Meeting to call for an immediate repayment or initiate any proceedings, as well
as in a case in which a delay may prejudice the Bondholders&rsquo; rights.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 35.4pt">11.5.</TD><TD STYLE="text-align: justify">For the avoidance of doubt, the foregoing provisions shall by no means prejudice and/or derogate from
the right vested to Trustee to apply to the court, at its sole discretion, even before the Bonds are payable, in order to obtain an order
concerning its position as Trustee. The expenses accrued under this Section will be covered according to provisions set forth in Section
23 (Indemnification of the Trustee).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><B>12.</B></TD><TD STYLE="text-align: justify"><B><U>Authority to Demand Payment to Holders Through the Trustee</U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">The Trustee may instruct the Company
in writing to transfer to the Trustee's account (for the Bondholders) any payment (principal only) that the Company must pay to the Holders
so that the stated amount designated for repayment will be transferred to the Trustee's account (for the Bondholders) no later than one
business day before the Bondholders' due date to of that payment, and this is to finance the proceedings and/or the expenses and/or the
Trustee's compensation according to this Deed. The Company is not entitled to refuse to act in accordance with the notification mentioned
above, and it will be considered to have fulfilled its obligations towards the holders if it proves that it has transferred the full amount
required to the credit of the Trustee's account, the details of which were specified in the Trustee's notice.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">The amount of financing that the Trustee
may ask the Company to transfer as stated in this section above, as long as no Bondholders&rsquo; resolution was not previously made (including
a decision in connection with taking the procedures and/or carrying out the operations for which the financing amount is required), will
be limited to a total of NIS 500,000 (VAT not included).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">The amounts due to the Holders, which
were used to finance the proceedings and/or the expenses and/or the Trustee's salary according to the Deed of Trust, from the Company.
The Trustee may offset, subject to the provisions of any law, any amount owed by the Company to the Trustee by this trust deed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.3in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><B>13.</B></TD><TD STYLE="text-align: justify"><B><U>Trust over Receipts</U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">All amounts received by the Trustee
from the Company under this Deed, other than the Trustee&rsquo;s fees and expenses, shall be held in trust by the Trustee. Amounts received
by the Trustee from the Company under this Deed shall first be used to repay the Trustee&rsquo;s fees, reasonable expenses, payments,
levies and liabilities incurred by the Trustee or imposed thereon or those caused during or as a result of actions pertaining to the execution
of its role as Trustee under this Deed or those otherwise associated with the terms of the Deed of Trust (provided that the Trustee shall
not be paid twice, namely by both the Company and the Bondholders). The balance shall be used, unless otherwise resolved by way of a Bondholders
Special Resolution, in advance, for the following purposes and according to the following order of priorities: <B><U>first</U></B> &ndash;
to repay the Bondholders, if any, for liabilities incurred and payments expensed thereby exceeding their Pro Rata Portion (as defined
in Section 23 below) concerning an indemnity undertaking pursuant to Section 23 below; <B><U>second</U></B> &ndash; to repay the Bondholders
for liabilities incurred and payments expensed thereby pursuant to their Pro Rata Portion concerning an indemnity undertaking pursuant
to Section 23 below; <B><U>third</U> - </B>to repay the Bondholders, if applicable, any Default Interest due thereto under the terms of
the Bonds, <I>pari passu</I> and <I>pro rata</I>, without any individual Bondholder having any preference or priority over another; <B><U>fourth</U></B>
 &ndash; to repay the Bondholders overdue Principal amounts payable thereto under the terms of the Bonds, <I>pari passu</I> and <I>pro
rata</I>, without any individual Bondholder having any preference or priority over another; <B><U>fifth</U></B> &ndash; to repay the Bondholders
interest payments payable thereto under the terms of the Bonds, <I>pari passu</I> and <I>pro rata</I>, without any individual Bondholder
being having any preference or priority over another; <B><U>sixth</U></B> &ndash; to repay the Bondholders Principal amounts, irrespective
of their maturity date, <I>pari passu</I> and <I>pro rata</I>, without any individual Bondholder having to any preference or priority
over another. Any excess amounts, if any remain after completing all the above-mentioned distributions, shall be paid by the Trustee to
the Company or to any successor entity. Tax shall be withheld from all payments to the Bondholders pursuant to applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">For the avoidance of doubt, to the
extent the Company has to bear any of the expenses but has not borne them, the Trustee will act to obtain said amounts from the Company,
and in the event it succeeds in obtaining them, these amounts will be held by the Trustee in trust and will be used for the purposes and
according to the order of priority set forth in this Section above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><B>14.</B></TD><TD STYLE="text-align: justify"><B><U>Power to Withhold Distribution of Funds</U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">Notwithstanding the provisions of Section
12 above, should the amount received as a result of proceedings pursuant to the provisions of Section 11 above, which shall be available
at a given time for distribution to the Bondholders, as set forth in Section 12 above, be equal to or lower than NIS one million (1,000,000)
(the &ldquo;<B>Minimum Amount</B>&rdquo;), the Trustee shall not be required to distribute said amount and shall be entitled to invest
it, fully or part thereof, in Permitted Investments, as it deems fit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&ldquo;<B>Permitted Investments</B>&rdquo;
 &ndash; Investments in bank deposits with one or more of the five largest banks in Israel whose credit rating is not below ilAA or in
Dollar-linked bonds issued by the Government of Israel or by the Government of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">At the earlier of (i) the time when
the aforementioned investments, including any profits resulting therefrom, is equal to or higher than the Minimum Amount and (ii) the
next payment date of Principal and/or interest thereon to the Bondholders (even if the amount accrued by such date is lower than the Minimum
Amount), the Trustee shall distribute said accrued amounts to the Bondholders as set forth in Section 12 above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">Notwithstanding the aforesaid in this
Section 13, following an Ordinary Resolution of the Bondholders, the Trustee shall distribute the amounts received thereby as a result
of proceedings initiated pursuant to the provisions Section 11 above, even if said amounts fall below the Minimum Amount.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><B>15.</B></TD><TD STYLE="text-align: justify"><B><U>Failure to Make Payment for Reason Beyond the Company's Control</U></B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 56.7pt">15.1</TD><TD STYLE="text-align: justify">Any amount payable to a Bondholder which was not actually paid to such Bondholder on the date on which
it was due for a reason beyond the Company&rsquo;s control, despite the Company&rsquo;s ability and willingness to make such payment,
in full and in a timely fashion, shall cease to bear interest as of the payment date, and such Bondholder shall be entitled only to those
amounts to which it was entitled on the date on which the payment was due, provided that said amount has been deposited with the Trustee
as set forth in Section 14.2 below. Notwithstanding the foregoing, to the extent said amounts, under the circumstances, remain in the
Company's account, the Company shall transfer them to the Bondholder (or the Trustee as set forth in Section 14.2 below) together with
all profits accrued thereon, after the deduction of applicable tax, if any.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 56.7pt">15.2</TD><TD STYLE="text-align: justify">The Company shall deposit with the Trustee, within fourteen (14) days following the payment date, the
amount payable which was not paid for a reason beyond the Company&rsquo;s control, as set forth in Subsection 14.1 above, and shall provide
written notice thereof to the relevant Bondholders with, and said deposit shall be deemed as the settling of said payment, and in the
event of settling all amounts due in respect of the Bonds, it shall also be deemed to be a final redemption of the Bonds.</TD></TR></TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 56.7pt">15.3</TD><TD STYLE="text-align: justify">The Trustee shall invest any amount that has been deposited in its name pursuant to this Deed of Trust
in Permitted Investments (as defined in Section 13 above), as the Trustee shall see fit and subject to the provisions of applicable law.
If the Trustee has acted in such manner, it will not be liable to those entitled to said amounts, except for proceeds to be received from
the realization of such investments, less the expenses associated therewith, including trust account administration costs and net of any
mandatory payments. The payment to the Bondholders shall be made against the presentation of evidence acceptable to the Trustee in its
absolute discretion.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">The Trustee shall hold said funds and
shall invest them in Permitted Investments as described above, until the earlier of (i) the end of one (1) year from the final repayment
date of the Bonds and (ii) their date of payment to the Bondholders. After said date, the Trustee shall transfer the remaining amounts
to the Company, including any profits earned from the investment thereof, less the Trustee&rsquo;s fees and expenses incurred according
to the provisions of this Deed of Trust. The Company shall hold the aforementioned amounts in trust for an additional six (6) year period
of from the date on which these were transferred to the Company by the Trustee, in favor of the Bondholders who are entitled to these
amounts, and the provisions of the Deed of Trust concerning the investment of the funds as set forth above shall apply, <I>mutatis mutandis</I>.
Following the transfer of said amounts to the Company, the Trustee will be released from any payment obligation with respect to said amounts
due to the entitled Bondholders. The Company shall confirm to the Trustee in writing that these funds were transferred to the Company
and the fact that said funds were received in trust for the entitled Bondholders, and the Company shall indemnify the Trustee in respect
of any claim, expense and/or damage whatsoever that may be incurred by the Trustee as a result of and in respect to the transfer of said
funds, unless the Trustee acted in bad faith or with gross negligence, willful misconduct, or with malicious intent. Funds which a Bondholder
has not claimed from the Company at the end of seven (7) years from the of final repayment date of the Bonds shall be converted in favor
of the Company, and it shall be entitled to use the remaining funds for any purpose whatsoever. For the avoidance of doubt, the foregoing
shall not derogate from the Company&rsquo;s undertaking to repay the Bondholders the amounts to which they are entitled under applicable
law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><B>16.</B></TD><TD STYLE="text-align: justify"><B><U>Receipts as Proof</U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Without derogating from any other
provisions of the Bonds, a receipt signed by any Bondholder or any written evidence from the transferring Stock Exchange member shall
constitute proof of the full settlement of any payment that was made by the Company as set forth in such receipt or evidence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">A receipt from a Bondholder regarding
the amounts of Principal and interest that were paid to thereto by the Trustee in respect of a Bond or any evidence from a transferring
Stock Exchange Member shall release the Trustee from making the payment of the amounts set forth in the receipt or evidence.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Subject to the provisions of Section
15 above, a receipt from the Trustee regarding the deposit of Principal and interest amounts therewith in favor of the Bondholders shall
be deemed a receipt from the Bondholders and shall release the Company in connection therewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><B>17.</B></TD><TD STYLE="text-align: justify"><B><U>Undertakings of the Company to the Trustee</U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">The Company hereby undertakes to the
Trustee that for as long as the Bonds (including any interest thereon) have yet to be fully repaid, it shall:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 70.9pt">17.1</TD><TD STYLE="text-align: justify">Pursue and manage the Company&rsquo;s business and those of the entities controlled thereby in an orderly
and proper manner.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 70.9pt">17.2</TD><TD STYLE="text-align: justify">Notify the Trustee of and allow it to participate in all General Meetings (whether annual general meetings
or special general meetings) of the Company&rsquo;s Shareholders, even by using means of communication, at the Company&rsquo;s expense,
without granting the Trustee voting rights at such meetings. Notices through the MAGNA or Maya systems will be deemed sufficient notice
of the General Meetings.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 70.9pt">17.3</TD><TD STYLE="text-align: justify">Deliver to the Trustee or to its authorized representative (the Trustee shall notify the Company or the
subsidiaries of the appointment thereof, when appointed) any information about the Company (including explanations, calculations and documents
relating to the Company, its business and financial condition and information which at the reasonable discretion of the Trustee is required
for protecting the Bondholders&rsquo; rights) no later than ten (10) Business Days of the Trustee&rsquo;s request, and instruct its accountants
and legal advisors to do so no later than ten (10) Business Days of the Trustee&rsquo;s request, provided that in the Trustee&rsquo;s
reasonable opinion, the information is required by the Trustee and those empowered thereby for exercising and implementing the Trustee&rsquo;s
authorities, powers and rights under this Deed of Trust. It should be noted that the documents can be delivered by electronic means and/or
by courier.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 70.9pt">17.4</TD><TD STYLE="text-align: justify">Maintain and keep books and records in accordance with the provisions of any law applicable to the Company
and enable the Trustee and/or anyone the Trustee may appoint in writing for such purpose, to inspect, at a date scheduled in advanced
and at any reasonable time, no later than ten (10) Business Days of the Trustee&rsquo;s request, any such books and/or records. It should
be noted that the documents can be transferred by electronic means and/or by courier..</TD></TR></TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 70.9pt">17.5</TD><TD STYLE="text-align: justify">Notify the Trustee in writing, immediately upon becoming aware of any case in a foreclosure was imposed
and/or execution action was initiated with respect to a Majority of the Company's Assets (as this term is defined in Section 10.1 above),
if a receiver or permanent liquidator or a Trustee is appointed for a Majority of the Company's Assets (as this term is defined in Section
10.1 above), within the framework of a motion for stay of proceedings pursuant to Section 350 of the Companies Law or to the Insolvency
Law, or under any law applicable to the Company or if any other official was appointed with respect to a Majority of the Company's Assets
(as this term is defined in Section 10.1 above), and to use, at its expense and as soon as possible, all the reasonable means required
to remove such foreclosure or revoke such execution action or remove the receiver, the liquidation or trusteeship, as applicable.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 70.9pt">17.6</TD><TD STYLE="text-align: justify">Notify the Trustee immediately and in writing (without accounting for cure and waiting periods set forth
in the same sections, if applicable), after the Company becoming aware, or upon developing a concrete concern, as applicable, of the occurrence
of any of the events specified in Section 10.1 above, including in all the subsections.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 70.9pt">17.7</TD><TD STYLE="text-align: justify">No later than ten business days from the date of publication of the Company's Annual Financial Statements,
the Company shall deliver to the Trustee a certificate signed by the Company&rsquo;s CEO or by its Chief Financial Officer whereby, following
the examinations he or she has conducted, during the period commencing at the later of the date this Deed and the date of the previous
certificate delivered to the Trustee, and until the date of the present certificate, the Company has not breached the provisions set forth
in this Deed, and did not breach any of the terms of the Bonds, unless explicitly stated otherwise in such certificate.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 70.9pt">17.8</TD><TD STYLE="text-align: justify">Provide the Trustee upon its request, with any declarations, representations, documents, details and/or
additional information that shall be reasonably required by the Trustee in order to protect the Bondholders&rsquo; rights no later than
15 Business Days of the date of the Trustee's request.</TD></TR></TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 70.9pt">17.9</TD><TD STYLE="text-align: justify">Provide the Trustee with a copy of any document or information that the Company has delivered to the Bondholders.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 70.9pt">17.10</TD><TD STYLE="text-align: justify">Notify the Trustee in writing with respect to any change in the Company&rsquo;s name or address no later
than 10 Business Days of the date of such change.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 70.9pt">17.11</TD><TD STYLE="text-align: justify">Deliver to the Trustee no later than the end of thirty (30) days of the Issuance Date of the Bonds under
a Shelf Offering Report and/or as of the series expansion date a true copy of the Bond Certificate.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 70.9pt">17.12</TD><TD STYLE="text-align: justify">Notify the Trustee by way of a written notice signed by the Company's Chief Financial Officer within five
(5) Business Days of the Trustee&rsquo;s demand, of the execution of any payment to the Bondholders and the outstanding balance due to
the Bondholders at said date (and following the payment).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 70.9pt">17.13</TD><TD STYLE="text-align: justify">Provide the Trustee with copies of the notices and invitations that the Company shall provide to the Bondholders
as specified in Section 24 of this Deed.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 70.9pt">17.14</TD><TD STYLE="text-align: justify">Provide the Trustee, upon its first written request, a written confirmation signed by an accountant that
all the payments to the Bondholders were paid when due, showing the par value balance of the of the Bonds in circulation.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">The Trustee hereby undertakes to maintain
the confidentiality of all information concerning the Company provided thereto under this Deed of Trust and shall neither disclose it
to another nor will it make any other use therewith, unless the disclosure or use thereof is required pursuant to a written opinion of
counsel in order for the Trustee to fulfill its role under Israeli law, the Deed of Trust, or under a court order in order to protect
the Bondholders&rsquo; rights, and the Company shall receive advanced written notice of such disclosure or use if permitted by Israeli
law, Unless such notice will materially violate bondholders' rights. For the avoidance of doubt, the transfer of information to the Bondholders
(including by way of Publishing the information) in order to make a decision concerning their rights under this Deed of Trust, or to provide
a report on the Company&rsquo;s status and/or as required under applicable law, shall not constitute a breach of the aforesaid confidentiality
undertaking.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><B>18.</B></TD><TD STYLE="text-align: justify"><B><U>The Trustee as Representative </U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">The Company hereby irrevocably appoints
the Trustee as its representative to execute and perform in its name and in its stead all the actions it is obliged to perform according
to the terms and conditions of this Deed, and to appoint any other Person the Trustee may deem fit for performing its duties pursuant
to this Deed of Trust (subject to appropriate confidentiality undertakings), in each case, if the Company has not performed the actions
which it is obliged to perform under the provisions of this Deed within a reasonable period of time, as determined by the Trustee, as
of the date of the Trustee&rsquo;s written demand.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">The appointment pursuant to this Section
17 does not oblige the Trustee to perform any action, and the Company hereby releases the Trustee in advance in the event that the Trustee
does not perform any action when due and and/or performs it inappropriately. In addition, the Company hereby waives in advance any claim
against the Trustee and/or its agents with respect to any damage incurred and/or which might to be incurred thereby, whether directly
and/or indirectly, due to any action and/or omission of the Trustee pursuant to the provisions of this Section 17, unless the Trustee
acted in bad faith or with gross negligence, willful misconduct or malicious intent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><B>19.</B></TD><TD STYLE="text-align: justify"><B><U>Other Agreements between the Trustee and the Company</U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">Subject to applicable law, neither
the fulfillment of the Trustee&rsquo;s duties hereunder nor its mere status as a Trustee under this Deed of Trust, shall prevent the Trustee
from entering into transactions with the Company in the Company&rsquo;s ordinary course of business, provided that such transactions do
not place the Trustee in a conflict of interest toward the Bondholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><B>20.</B></TD><TD STYLE="text-align: justify"><B><U>Reporting by the Trustee </U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">As of Issuance Date, the Trustee shall
prepare, no later than June 30 of each calendar year, an annual report regarding the affairs of the trusteeship with respect to the Bonds
(the &ldquo;<B>Annual Report</B>&rdquo;), which shall contain reports on extraordinary events associated with the trusteeship that occurred
during the preceding year and other information as required under the Securities Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">The Trustee shall notify the Bondholders
of any material breach of this Deed of Trust by the Company of which it becomes aware, including the actions it has taken to prevent such
breach or secure the fulfillment of the Company&rsquo;s obligations, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">The Trustee shall notify the Bondholders
of any extraordinary event that is likely to have a material impact on the Bondholders&rsquo; rights, immediately upon becoming aware
thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">The Trustee shall provide a report
regarding actions performed under the provisions of Chapter E1 to the Securities Law, pursuant to a reasonable demand of Bondholders holding
of at least 10% (ten percent) of the par value of the Bonds, within a reasonable time from the date of demand, all subject to the confidentiality
duty towards the Company set forth in Section 35J(d) of the Securities Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">Upon the request of Bondholders holding
more than five percent (5%) of the outstanding Principal balance of the Bonds, the Trustee shall furnish to the Bondholders information
regarding its expenses associated with the trusteeship under this Deed of Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify"></P>

<!-- Field: Page; Sequence: 50 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">As at the execution date of this Deed,
the Trustee declares that it is insured under professional liability insurance in an amount of $10,000,000<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>[3]</SUP></FONT>
for the period (the &ldquo;<B>Coverage Amount</B>&rdquo;). To the extent that before the full repayment of the Bonds, the Coverage Amount
will fall below $8,000,000<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><SUP>[4]</SUP></FONT> for any reason
whatsoever, the Trustee will update the Company no later than seven (7) Business Days from the date on which it was notified by the insurer
of the abovementioned decrease in order to Publish an Immediate Report on said matter. The provisions of this Section shall apply until
the effective date of regulations under the Securities Law which shall regulate the requirement of the insurance coverage of the Trustee
enter into effect. Once the said regulations enter into effect, the Trustee shall be required to update the Company only if it fails to
comply with the requirements set forth in the regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><B>21.</B></TD><TD STYLE="text-align: justify"><B><U>Trustee&rsquo;s Fees </U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">The Company shall pay the Trustee fees
for the services rendered thereby with respect to this Deed of Trust, as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">21.1</TD><TD STYLE="text-align: justify">In respect of its services as Trustee during the first twelve (12) months after the Issuance Date, a fee
of NIS27,000, which shall be paid immediately following the closing of the Offering (the &ldquo;<B>First Term</B>&rdquo;).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">21.2</TD><TD STYLE="text-align: justify">After the original issuance of the series, whenever additional Bonds of the same series are issued, or
if the scope of the series is expanded in any other way, the Trustee&rsquo;s annual fee shall be increased by an amount reflecting the
full increase rate of the series&rsquo; volume, in a fixed manner until the end of the trust period.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 28.35pt">21.3</TD><TD STYLE="text-align: justify">For each hour of work required for the purpose of special actions taken by the Trustee in connection with
its service as Trustee to the Bondholders &ndash; a fee of NIS 600 per hour shall be paid. Special actions will include any action which
is not in the ordinary course of business, including the following:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 49.6pt">21.3.1</TD><TD STYLE="text-align: justify">Actions which the Trustee may take following the Company breaching or allegedly breaching its obligations
under this Deed of Trust.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 49.6pt">21.3.2</TD><TD STYLE="text-align: justify">Special actions that may be required or should be performed for the purpose of fulfilling its functions
under this Deed with respect to the Bondholders&rsquo; rights or the protection thereof, including due to the Company's non-compliance
with its obligations under this Deed, including convening and attending the Bondholders' Meeting.</TD></TR></TABLE>

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

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 3pt; margin-bottom: 3pt; width: 20%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>3</SUP> At the time of renewal of the policy.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> See fn. 5.</P>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 49.6pt">21.3.3</TD><TD STYLE="text-align: justify">Involvement in any judicial or quasi-judicial proceedings concerning the fulfillment of its obligations
under this Deed of Trust, including according to any order or instruction issued by a competent authority.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 49.6pt">21.3.4</TD><TD STYLE="text-align: justify">Any action or duty which will be added or modified by law (including any regulation, order, judicial directives,
ISA opinion letters, etc.).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 49.6pt">21.3.5</TD><TD STYLE="text-align: justify">Actions concerning the registration or cancellation of registration of collateral in a register maintained
under any law (including abroad), as well as inspection, control supervision, enforcement, and so forth of liabilities (such as restrictions
on the Company's ability to act freely, pledges imposed on assets, and the like), undertaken or to be undertaken by the Company or by
whomever on its behalf or for it, in order to secure the Company&rsquo;s other undertakings or those of whomever on its behalf (such as
making payments under the terms of the Bonds) toward the Bondholders, including with respect to the essence of the terms of said collateral
and undertakings and the fulfillment thereof.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 49.65pt"></TD><TD STYLE="width: 49.6pt">21.3.6</TD><TD STYLE="text-align: justify">One-time payment, including the event that the Issuance is canceled or deferred in the amount of NIS 5000
for actions that has already carried out with respect to the drafting of trust documents, 5000.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 42.55pt">21.4</TD><TD STYLE="text-align: justify">The payments set forth in Sections 20.1&ndash; 20.2 above shall be linked to the Consumer Price Index,
whereby the base index shall be the index for the month of October 2022,; nevertheless, in any event, an amount lower than the amount
specified in this Deed will not be paid.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 42.55pt">21.5</TD><TD STYLE="text-align: justify">Subject to the provisions of the Deed of Trust, the Trustee will be entitled to the reimbursement of expenses
(with a positive link to the consumer price index from the date of issuance) that he will spend in the performance of his duties and/or
by the powers granted to him under the Deed of Trust, including (but not limited to) advertisements in newspapers and expert opinions,
provided that they are for expenses for expert opinion, the Trustee will notify the Company in advance of his intention to receive an
expert opinion.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 42.55pt">21.6</TD><TD STYLE="text-align: justify">Should there be any change to the provisions of applicable law pursuant to which the Trustee shall be
required to perform additional actions, examinations and/or prepare additional reports, the Company undertakes to bear all reasonable
and documented expenses incurred by the Trustee in connection therewith.</TD></TR></TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 42.55pt">21.7</TD><TD STYLE="text-align: justify">Value Added Tax shall be added to all payments specified above in this Section 20 in accordance with applicable
law on the payment date.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 42.55pt">21.8</TD><TD STYLE="text-align: justify">If the Trustee&rsquo;s term of office is terminated in accordance with Section 27 below, the Trustee shall
not be entitled to an additional payment or fees following the termination date. For the avoidance of doubt, the Trustee shall be entitled
to receive fees even if, during its term office, a receiver is appointed in respect of the Company or if the Company enters into liquidation
proceedings.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 42.55pt">21.9</TD><TD STYLE="text-align: justify">All the amounts stated in this Section shall have priority over the funds due to the Bondholders.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><B>22.</B></TD><TD STYLE="text-align: justify"><B><U>Special Powers of the Trustee</U></B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 42.55pt">22.1</TD><TD STYLE="text-align: justify">Within the framework of performing its duties associated with the trusteeship created under this Deed
of Trust, the Trustee shall be entitled to commission the opinion and/or advice of any attorney, accountant, appraiser, assessor, broker
or other expert. The Trustee is entitled to rely upon the opinion and/or advice of such Person whether said opinion and/or advice was
prepared at the request of the Trustee or by the Company or whomever on its behalf, and the Trustee shall not be required to pay (and
no amount shall be offset from the payments due to the Trustee hereunder) any amount associated with any loss or damage that may be caused
as a result of any action and/or omission performed thereby while relying on said opinion and/or advice, unless the Trustee acted in bad
faith or with gross negligence, willful misconduct or malicious intent. The Company will bear reasonable fees pertaining to engaging the
advisors appointed as aforesaid, provided that the Trustee will provide the Company advance notice of its intention to obtain an expert
opinion or advice as aforesaid, to the extent it will not prejudice the Bondholders&rsquo; rights, and in such case the notice shall be
provided retrospectively, together with details of the fees required for executing the consultation and the purpose of the opinion or
the advice, and that the said fees do not exceed what is customary and acceptable. Nevertheless, the Publication of the Bondholders' Meeting&rsquo;s
results concerning a resolution for the appointing of advisors as aforesaid shall be deemed sufficient notice to the Company thereof.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 42.55pt">22.2</TD><TD STYLE="text-align: justify">Any advice and/or opinion may be provided, sent or received by way of letter, telegram, facsimile, e-mail
and/or any other electronic means for the transmission of information in writing, and the Trustee will not be responsible in respect of
actions it took while relying on advice and/or an opinion or on information transferred in one of the aforementioned manners, even if
it contains errors and/or these were inauthentic, unless the Trustee was aware that the opinion or information transferred in one of the
aforementioned manners contained errors or was inauthentic, or otherwise acted in bad faith or with gross negligence, willful misconduct,
or malicious intent.</TD></TR></TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><B>23.</B></TD><TD STYLE="text-align: justify"><B><U>Trustee&rsquo;s Authority to Engage Agents</U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">The Trustee shall be entitled to appoint
an agent, or agents, to act in its stead, whether an attorney or other Person, in order to execute, or to participate in the execution
of, special actions that are required to be performed with respect to the trusteeship created under this Deed, and without derogating
from the generality of the foregoing, to initiate legal proceedings, provided that the Trustee provided the Company with advance written
notice with respect to the appointment of such agent(s) (unless such advance notice shall prejudice the Bondholders&rsquo; rights, in
which case the notice shall be provided retrospectively, as soon as possible thereafter in order not to impact the Bondholders&rsquo;
rights). The Trustee shall further be entitled to settle, at the Company&rsquo;s expense, the reasonable, documented expenses of any such
agent and the such agent fee, and the Company shall, upon the Trustee&rsquo;s first demand, immediately reimburse any such expense to
the Trustee, provided that the Trustee provided the Company prior notice regarding the appointing of such agent, provided it does not
prejudice the Bondholders&rsquo; rights, and in such a case the notice will be provided retrospectively. The Company may object in writing,
within seven (7) Business Days of the date on which it received said notice, to the appointment of a particular agent on any reasonable
grounds, if the agent is a competitor or if there exists a conflict of interests, whether directly or indirectly, with respect to the
Company. Nevertheless, the Company&rsquo;s objection to the appointment of a certain agent appointed by the Bondholders&rsquo; Meeting
shall not delay the commencement of engagement of said agent if the delay will prejudice the Bondholders&rsquo; rights.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><B>24.</B></TD><TD STYLE="text-align: justify"><B><U>Indemnification of the Trustee</U></B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 42.55pt">24.1</TD><TD STYLE="text-align: justify">The Company and the Bondholders (as of a given record date, as provided in Section 23.5 below), each in
respect of its undertakings as is set forth in this Section 23, hereby undertake to indemnify the Trustee and each of its officers, employees,
agents or advisors appointed on its behalf according to the provisions of this Deed and/or a resolution duly adopted by the Bondholders
at a Bondholders&rsquo; Meeting pursuant to the provisions of this Deed (hereinafter, all or any part thereof, jointly or severally, the
 &quot;<B>Indemnitees</B>&quot;), with respect to the following:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 49.6pt">24.1.1</TD><TD STYLE="text-align: justify">Any loss or liability in tort and/or any financial liability pursuant to a final ruling (regarding which
no stay of execution has been issued), arbitration award or settlement that has concluded (and so far as the settlement concerns the Company,
the Company's consent to the settlement has been granted) deriving from actions performed by any of the Indemnitees, or actions they must
perform by virtue of this Deed and/or their capacity by virtue of this Deed and/or by applicable law and/or by an order of a competent
authority with respect to the Bonds and/or at the request of the Bondholders and/or that of the Company;</TD></TR></TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 49.6pt">24.1.2</TD><TD STYLE="text-align: justify">The fees of the Indemnitees and reimbursement for reasonable and documented expenses incurred thereby
and/or those which shall be incurred thereby, including within the framework of the trusteeship or in respect thereof, which in their
opinion were necessary for the performance of the aforementioned actions and/or for the exercise of authorizations and permissions granted
under this Deed and/or for their roles under this Deed, as well as with respect to any legal proceeding, obtaining legal or other expert
opinions, negotiations, disagreements, insolvency proceedings, collection proceedings, debt arrangements, debt assessments, valuations,
claims and demands associated with any matter and/or actions taken and/or omitted in any manner with respect to the foregoing.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">The indemnity undertaking provided
under this Section 23 shall be subject to the following conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 49.6pt">24.1.3</TD><TD STYLE="text-align: justify">The Indemnitees shall not demand advance indemnification in respect of an urgent matter (without derogating
from their right to retrospective indemnification for such matter to the extent they are entitled thereto);</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 49.6pt">24.1.4</TD><TD STYLE="text-align: justify">A final judicial ruling did not resolve that the Indemnitees have acted in bad faith, and/or that the
action with respect to which the indemnification is required, falls beyond the scope of their duties, and/or was not performed pursuant
to applicable law and/or this Deed of Trust;</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 49.6pt">24.1.5</TD><TD STYLE="text-align: justify">A final judicial ruling did not resolve that the Indemnitees have acted with gross negligence; and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 49.6pt">24.1.6</TD><TD STYLE="text-align: justify">A final judicial ruling did not resolve that the Indemnitees have acted with willful misconduct or malicious
intent. The indemnity undertakings under this Section 23.1 shall be referred to as the &quot;<B>Indemnity Undertaking</B>&quot;.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">It is hereby agreed that the indemnification
amounts will be completed within 15 business days from the date of the first demand of the person entitled to indemnification and it is
hereby agreed, that in any event in which a final judicial ruling resolves that the Indemnitees are not entitled to indemnification, the
Indemnitees with respect to which such resolution was made shall reimburse the indemnity amounts, to the extent these were paid thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 42.55pt">24.2</TD><TD STYLE="text-align: justify">Without derogating from the rights of the Indemnitees pursuant to the Indemnity Undertaking, whenever
the Trustee is obligated to take any action under the this Deed of Trust, under applicable law, under an order issued by a competent authority
or at the Bondholders&rsquo; or the Company&rsquo;s, including without limitation, the initiation of proceedings or the filing of claims
at the Bondholders&rsquo; request, the Trustee shall be entitled to refrain from taking any action as aforesaid until it receives a monetary
deposit satisfactory thereto, in order to cover the Indemnity Undertaking (the &ldquo;<B>Financing Cushion</B>&rdquo;) in the amount required
at first priority from the Company, and in the event that the Company does not deposit the entire Financing Cushion amount at the date
required by the Trustee, the Trustee shall contact the Bondholders holding Bonds as of the record date (as provided in Section 23.5 below)
and request each Bondholder to deposit its Pro Rata Portion (as defined below) of the Financing Cushion amount with the Trustee.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 42.55pt">24.3</TD><TD STYLE="text-align: justify">The Indemnity Undertaking:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 49.6pt">24.3.1</TD><TD STYLE="text-align: justify"><B><U>Shall apply to the Company</U></B> in any event of (1) actions taken at the discretion of the Trustee
and/or under applicable law and/or required under the Deed of Trust or required in order to protect the Bondholders&rsquo; rights (including
at a Bondholder&rsquo;s request for such protection) and/or a case in which the Indemnity Undertaking arises under this Deed (except as
specified in Section 24.3.2(1) below); and (2) actions taken and/or required by the Company&rsquo;s request.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 49.6pt">24.3.2</TD><TD STYLE="text-align: justify"><B><U>Shall apply to Bondholders</U></B> who held Bonds on the applicable record date (as provided in
Section 24.5 below) in any event of (1) actions that were taken and/or those required at the Bondholders&rsquo; request (excluding actions
taken at the Bondholders&rsquo; request in order to protect the Bondholders&rsquo; rights), and (2) the Company&rsquo;s failure to pay
the Indemnity Undertaking it was required to pay under Subsection 24.3.1 above (subject to the provisions of Section 24.7 below). For
the avoidance of doubt, it shall be clarified that non-payment under this Subsection 24.3.2 shall not derogate from the Company&rsquo;s
duty to bear the Indemnity Undertaking in accordance with Section 24.3.1 above.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 42.55pt">24.4</TD><TD STYLE="text-align: justify">In any event in which (a) the Company fails to pay the amounts required to cover the Indemnity Undertaking
and/or fails to deposit the Financing Cushion amount, as applicable, following a request made in accordance with Section 24.3 above, (b)
the Indemnity Undertaking applies to the Bondholders pursuant to Subsection 24.3.2 above or (c) the Bondholders were asked to deposit
the amount of Financing Cushion amount pursuant to the provisions of Section 24.3 above, the following provisions shall apply to the payment
of the applicable amount:</TD></TR></TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 49.6pt">24.4.1</TD><TD STYLE="text-align: justify"><B><U>First</U></B> &ndash; this amount shall be financed out of the interest and/or the Principal payments
that the Company shall pay the Bondholders after the date of the required action, and the provisions of Section 12 above shall apply;
and</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 49.6pt">24.4.2</TD><TD STYLE="text-align: justify"><B><U>Second</U></B> &ndash; if the Trustee is of the opinion that the amounts deposited in the Financing
Cushion will not satisfy the Indemnity Undertaking, each Bondholder (as of the record date, as provided in Section 23.5 below) shall deposit
its <I>pro rata </I>portion of the shortfall with the Trustee. The amount deposited by each Bondholder shall bear an annual interest at
a rate equal to the annual interest rate of the Bonds (as is set forth in the First Schedule to the Deed of Trust), and shall be paid
according to the priorities set forth in Section 13 above.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&ldquo;<B>Pro Rata Portion</B>&rdquo;
means the relative portion of the Bonds held by a Bondholder on a given record date (as provided in Section 24.6 below), out of the total
number of Bonds in circulation on such date. For the avoidance of doubt, the calculation of the Pro Rata Portion of any Bondholder shall
remain unchanged even if, after such record date, a change shall occur to the number of Bonds held by such Bondholder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 42.55pt">24.5</TD><TD STYLE="text-align: justify">For the avoidance of doubt it is hereby clarified that Bondholders that shall bear responsibility to cover
expenses as aforesaid in this Section may bear expenses as aforesaid in this Section beyond their Pro Rata Portion, in which case the
reimbursement of such funds shall be in accordance with the order of priority set forth in Section 13 above. The record date for determining
the Bondholders&rsquo; Indemnity Undertaking and/or for the Bondholders&rsquo; liability of payment of the Financing Cushion shall be
as follows:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 49.6pt">24.5.1</TD><TD STYLE="text-align: justify">In any event where the Indemnity Undertaking on or payment of the Financing Cushion is required due to
an urgent action necessary in order to prevent a materially adverse impact to the Bondholders&rsquo; rights, without a prior resolution
adopted at a Bondholders&rsquo; Meeting &ndash; the record date shall be the end of the Trading Day on which the action has been taken
(and if such day is not a Trading Day, the preceding Trading Day).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 49.6pt">24.5.2</TD><TD STYLE="text-align: justify">In any event where the Indemnity Undertaking or payment of the Financing Cushion is required pursuant
to a resolution adopted at a Bondholders&rsquo; Meeting &ndash; the record date for the Indemnity Undertaking shall be the record date
for participation at such Bondholders&rsquo; Meeting (as such date shall be set forth in the notice convening the Bondholders&rsquo; Meeting)
and such date shall apply to all the Bondholders, including those who were not present or did not attend the Bondholders&rsquo; Meeting.</TD></TR></TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 49.6pt">24.5.3</TD><TD STYLE="text-align: justify">In any other event or in the event of any disagreement with respect to the record date &ndash; the record
date shall be determined by the Trustee at its sole discretion.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 42.55pt">24.6</TD><TD STYLE="text-align: justify">For the avoidance of doubt, the Trustee&rsquo;s receipt from Bondholders of payments paid in respect of
the Indemnity Undertaking pursuant to the provisions of Subsection 24.3.2(2) above shall not derogate from the Company&rsquo;s undertaking
to make such payments, and the Trustee will use its best efforts to obtain said amounts from the Company according to the provisions of
this Section 24.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 42.55pt">24.7</TD><TD STYLE="text-align: justify">With respect to priority in reimbursement to Bondholders who bore the payments under this Section out
of the proceeds held by the Trustee, see Section 12 of the Deed.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><B>25.</B></TD><TD STYLE="text-align: justify"><B><U>Notices</U></B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 42.55pt">25.1</TD><TD STYLE="text-align: justify">Any notice on behalf of the Company and/or the Trustee to the Bondholders shall be provided by way of
a report on the MAGNA System on the Israel Securities Authority website. The Trustee may instruct the Company, and the Company will be
required to Publish on the MAGNA System on behalf of the Trustee as soon as possible, any report in the form as shall be provided in writing
by the Trustee.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 42.55pt">25.2</TD><TD STYLE="text-align: justify">Any notice or demand on behalf of the Trustee to the Company or on behalf of the Company to the Trustee
may be provided by way of registered mail to the address set forth in this Deed of Trust, or to other address of which one party has notified
the other in writing, or by way of email, facsimile, or courier, and any such notice or demand will be deemed to have been received by
the addressee as follows:</TD></TR></TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 49.6pt">25.2.1</TD><TD STYLE="text-align: justify">If by registered mail &ndash; upon the lapse of three (3) Business Days of the date on which the addressee
was invited to collect the mail according to the post office registries.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 49.6pt">25.2.2</TD><TD STYLE="text-align: justify">If by facsimile transmission (followed by telephone receipt confirmation) &ndash; upon the lapse of one
(1) Business Day of said transmission.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 49.6pt">25.2.3</TD><TD STYLE="text-align: justify">If by courier &ndash; upon delivery by the courier to the addressee or upon it being presented to the
addressee for receipt.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 49.6pt">25.2.4</TD><TD STYLE="text-align: justify">If by email &ndash; upon receipt of telephone or written confirmation whereby the message was received
by the recipient.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 42.55pt">25.3</TD><TD STYLE="text-align: justify">Copies of notices and invitations provided on behalf of the Company and/or the Trustee to the Bondholders
shall be sent by the Company to the Trustee, and by the Trustee to the Company, as applicable.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><B>26.</B></TD><TD STYLE="text-align: justify"><B><U>Waiver and Settlement </U></B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 42.55pt">26.1</TD><TD STYLE="text-align: justify">The Trustee may from time to time, if convinced that such action does not prejudice the Bondholders, waive
any breach or non-fulfillment by the Company of any of the terms under this Deed of Trust, provided that such action does not pertain
to changes concerning: payment terms of the Bonds (including payment dates, interest rates and linkage terms), the expense cushions, the
appointment of a representative in Israel, grounds for calling for an immediate repayment, a negative pledge, restrictions on series expansion,
the Financial Covenants, interest adjustment mechanisms, dividend restrictions, a change in the identity of the Trustee or to its remuneration,
the appointment of a Trustee in lieu of a Trustee whose term has ended, as well as with respect to reports that the Company is required
to provide the Trustee.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 42.55pt">26.2</TD><TD STYLE="text-align: justify">The Trustee and the Company shall be entitled to, either before or after the outstanding Principal balance
has been called for immediate repayment, amend this Deed of Trust, reach a settlement with respect to any of the Bondholders&rsquo; rights
or claims, and agree to any arrangement with respect to the Bondholders&rsquo; rights, including the waiver of any of the Bondholders&rsquo;
rights or claims against the Company pursuant to this Deed of Trust, if one of the following conditions is met:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 49.6pt">26.2.1</TD><TD STYLE="text-align: justify">The Trustee is of the opinion that the proposed change does not prejudice the Bondholders, provided that
such amendment does not pertain to the payment terms under the Bonds (including payment dates, interest rates and linkage terms), expense
cushions, the appointment of a representative in Israel, grounds for calling for an immediate repayment, a negative pledge, restrictions
on series expansion, the Financial Covenants, interest adjustment mechanisms, dividend restrictions, a change in the identity of the Trustee
or to its remuneration, the appointment of a Trustee in lieu of a Trustee whose term has ended, as well as with respect to reports that
the Company is required to furnish the Trustee; or</TD></TR></TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 70.9pt"></TD><TD STYLE="width: 49.6pt">26.2.2</TD><TD STYLE="text-align: justify">The Bondholders have agreed to the proposed change by way of a Special Resolution.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 42.55pt">26.3</TD><TD STYLE="text-align: justify">If the Trustee has reached a settlement with the Company after having obtained the Bondholders&rsquo;
approval in advance, by way of a Special Resolution obtained at a Bondholders&rsquo; Meeting, the Trustee shall be released from any liability
in respect thereto.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 42.55pt">26.4</TD><TD STYLE="text-align: justify">The Trustee shall be entitled to demand that the Bondholders deliver the Bond Certificates to it or to
the Company in any instance in which the Trustee&rsquo;s rights pursuant to this Section 25 are exercised, in order to register a note
therein with respect to any compromise, waiver, or amendment as aforesaid, and at the Trustee&rsquo;s request, the Company shall record
such note.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 42.55pt">26.5</TD><TD STYLE="text-align: justify">The Trustee shall notify the Bondholders of each instance in which it exercised the Trustee&rsquo;s rights
pursuant to this Section 25, within a reasonable period of time thereafter, except if the Trustee exercised its right pursuant to Subsection
25.2.1, in which case the Trustee shall notify the Bondholders within a reasonable period of time prior thereof.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 42.55pt">26.6</TD><TD STYLE="text-align: justify">Without detracting from the above, the terms of the bonds can also be changed within the framework of
an arrangement or compromise, which the court approved, according to the Insolvency Law or within the framework of liquidation procedures
according to the eighth chapter of the Companies Law or within the framework of insolvency procedures to the extent that they are taken
according to the law applicable to the company</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><B>27.</B></TD><TD STYLE="text-align: justify"><B><U>Bondholders Register </U></B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 42.55pt">27.1</TD><TD STYLE="text-align: justify">The Company shall keep and maintain a Bondholders Register at its registered office, pursuant to the provisions
of the Securities Law.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify">The Register shall also record all
transfers of registered ownership of Bonds pursuant to the provisions of this Deed of Trust. The Trustee and all Bondholder may, at any
reasonable time, review the Register.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 70.9pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 42.55pt">27.2</TD><TD STYLE="text-align: justify">The Company shall not be required to record in the Register any notice concerning a trust, pledge or charge
of any kind whatsoever or any equitable right, claim, or offset, or any other right with respect the Bonds. The Company shall only recognize
the ownership of the Person under whose name the Bonds have been registered, provided that the Bondholder&rsquo;s lawful heirs, executors
or administrators of the registered Bondholder and any Person who may be entitled to the Bonds as a consequence of the liquidation of
any registered Bondholder, shall be entitled to be registered as Bondholders after providing evidence which the Company shall deem sufficient
for proving their right to be registered as the Bondholders of the relevant Bonds.</TD></TR></TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 42.55pt">27.3</TD><TD STYLE="text-align: justify">The Company undertakes to provide a copy of the Register to the Trustee immediately after the Bond Issuance.
The Company undertakes to notify the Trustee of any change or update made to the Register.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><B>28.</B></TD><TD STYLE="text-align: justify"><B><U>Replacement of the Trustee </U></B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 42.55pt">28.1</TD><TD STYLE="text-align: justify">The Trustee&rsquo;s term of office, including the termination thereof and the appointment and the termination
of any new Trustee and the termination thereof, shall be governed by the provisions of the Securities Law, pursuant to which the Trustee
and any successor thereof shall be entitled to resign from its position as Trustee, subject to the approval of the court, and said resignation
shall enter into effect on the effective date to be set forth in said approval.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 42.55pt">28.2</TD><TD STYLE="text-align: justify">A court may dismiss the Trustee if the Trustee has not performed its duties properly or if a court finds
another reason for its dismissal.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 42.55pt">28.3</TD><TD STYLE="text-align: justify">A resolution to terminate the term of a Trustee and its replacement with another shall be obtained by
way of a resolution approved by 75% of the Bondholders participating in the vote (except abstentions) held at a Bondholders&rsquo; Meeting
attended by Bondholders representing at least fifty percent (50%) of the Bonds in circulation or, in an adjourned meeting, attended by
Bondholders representing at least ten percent (10%) of the Bonds in circulation.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 42.55pt">28.4</TD><TD STYLE="text-align: justify">A trustee whose term has expired shall continue to serve in said capacity until its successor has been
appointed. The successor Trustee shall be appointed at a Bondholders' Meeting convened by the outgoing Trustee or by the Bondholders,
pursuant to the provisions of the foregoing Subsection 27.3.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 42.55pt">28.5</TD><TD STYLE="text-align: justify">Any successor Trustee shall have the same powers, authorities and other permissions as the outgoing Trustee
and may act as though it were appointed as Trustee from the outset.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><B>29.</B></TD><TD STYLE="text-align: justify"><B><U>Reports to the Trustee and to the Bondholders</U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">For as long as there remain Bonds in
circulation, the Company shall prepare and deliver to the Trustee the following reports and notices:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 42.55pt">29.1</TD><TD STYLE="text-align: justify">Audited annual Financial Statements, immediately upon their publication, according to the dates in which
the Company is required to publish them as a public company, under any law, even if the Company is not a Reporting Corporation.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 42.55pt">29.2</TD><TD STYLE="text-align: justify">Reviewed quarterly Financial Statements, immediately upon their publication, according to the in which
the Company is required to publish them as a public company, under any law, even if the Company is not a Reporting Corporation.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 42.55pt">29.3</TD><TD STYLE="text-align: justify">Notices regarding the buyback of Bonds by the Company or by a company controlled thereby, or in the event
the Company becomes aware of the purchase thereof by any other Related Holder, as set forth in Section 5 above, as well as copies of notices
to the public which the Company is required to provide pursuant to applicable law, and of any other notices and/or invitations to Bondholders'
Meetings the Company may provide to the Bondholders in its name or on behalf of the Trustee.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 42.55pt">29.4</TD><TD STYLE="text-align: justify">In the event the Company ceases to be a Reporting Corporation, any report required from a company that
is not a Reporting Corporation pursuant to the Regulation Codex, including the provisions concerning investments made by institutional
investors in non-government bonds. Any such report will be executed by the CEO (or such person fulfilling this position even if his or
her title is different) and the Company&rsquo;s Chief Financial Officer. In the case of delivering a report in accordance with those mentioned
above, the Company will provide a notification to the stock exchange for publication in the Maya system, according to which the Company
has delivered a report to the trustee in accordance with this section and that the Bondholder may receive a copy of it upon presentation
of a certificate of ownership.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 42.55pt">29.5</TD><TD STYLE="text-align: justify">The Company agrees that certificates and signed notifications produced by the Company or someone on its
behalf to the Trustee in connection with the bonds and which will be sent to the Trustee as scanned documents by e-mail, the Trustee may
present them as originals.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">The Company&rsquo;s submission of the
documents as required under this Section 28 on the MAGNA website of the Israel Securities Authority shall be deemed a delivery of said
documents to the Trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">The Trustee shall be entitled, at its
sole discretion, to forward to the Bondholders documents it shall receive as set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><B>30.</B></TD><TD STYLE="text-align: justify"><B><U>Bondholders&rsquo; Meetings</U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify">Bondholders&rsquo; Meetings shall
be convened and held in accordance with the provisions set forth in the <U>Second Schedule</U> to this Deed of Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><B>31.</B></TD><TD STYLE="text-align: justify"><B><U>Governing Law</U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">All matters deriving from this Deed
or associated therewith shall be interpreted solely pursuant and subject to the laws of the State of Israel, and for as long as the Bonds
are Listed, the provisions set forth in the Stock Exchange&rsquo;s Bylaws and Guidelines. Without derogating from the provisions of Section
1.7 above, with respect to any matter which is not addressed in this Deed and in any event of a contradiction between the cogent provisions
of the applicable laws of the State of Israel and the provisions of this Deed, the parties shall act pursuant to the provisions set forth
in the of the laws of the State of Israel. The competent courts of Tel Aviv - Jaffa shall have sole jurisdiction to settle any matter
arising from or associated with this Deed and/or the Bonds.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">The Company, as well as the Group,
shall not object to any motion filed on behalf of the Trustee and/or a Bondholder which was submitted to a court in Israel in order to
apply Israeli law with respect to a settlement, debt arrangement and/or insolvency concerning the Company. The Company shall not object
should the Israeli court seek to apply Israeli Law with respect a settlement, debt arrangement and/or insolvency concerning the Company,
and the Company shall not raise arguments against Israeli jurisdiction with respect to proceedings initiated by the Trustee and/or the
Bondholders as set forth above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><B>32.</B></TD><TD STYLE="text-align: justify"><B><U>Trustee&rsquo;s Responsibility </U></B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 42.55pt">32.1</TD><TD STYLE="text-align: justify">Notwithstanding what is stated in any law and anywhere in the Deed of Trust, insofar as the Trustee acted
to fulfill its duty in good faith and within a reasonable time and also examined the facts that a reasonable Trustee would have examined
under the circumstances, it shall not be liable for damages caused, unless a final ruling resolved that the Trustee acted with gross negligence,
willful misconduct or malicious intent. It is clarified that to the extent that a contradiction arises between the provision of this Section
and another provision of the Deed of Trust, the provision of this Section shall prevail.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 42.55pt">32.2</TD><TD STYLE="text-align: justify">If the Trustee acted in good faith and without negligence in accordance with the provisions of Section
35H(d2) or 35H(d3) of the Law, it shall not be liable for performing said action.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.3in"><B>33.</B></TD><TD STYLE="text-align: justify"><B><U>Addresses</U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">The addresses of the parties are as
set forth in the preamble to this Deed, or any other address in respect of which appropriate written notice is provided to the other party.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 21.3pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>In witness whereof the parties have hereunto
signed:</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 46%; border: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><B>CION INVESTMENT CORPORATION</B></TD>
    <TD STYLE="width: 4%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><B>MISHMERET TRUST COMPANY LTD.</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">I the undersigned, Eric A. Pinero, Esq., hereby confirm that this Deed of Trust was signed on behalf of <B>CION Investment Corporation </B>(&ldquo;<B>CION</B>&rdquo;), by Michael A. Reisner, and his signature binds CION in all respects.</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt">I the undersigned, Adv. Shlomy Ilany hereby confirm that this Deed of Trust was signed on behalf of <B>Mishmeret Trust Company Ltd. </B>(the &ldquo;<B>Trustee</B>&rdquo;) by Ram Sebti and Rami Katzav, and that their signatures bind the Trustee, in all respects.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><B><I>/s/ Eric A. Pinero, Esq. </I></B></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center"><B><I>/s/ Shlomy Ilany</I>, Adv. </B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</P>

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;<B><U>CION INVESTMENT CORPORATION</U></B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>The First Schedule </U></B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Bond Certificate </U></B></P>

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

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NIS _________, Bonds (Series A)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Principal of the Bonds shall be repaid in
one installment, on August 31, 2026.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Principal on the Bonds shall bear variable
interest at a rate of SOFR plus a fixed margin rate (the &ldquo;<B>Margin Rate</B>&rdquo;) to be initially determined in the Public Tender
to be held with respect to the Offering (the SOFR rate plus the Margin Rate shall be hereafter referred to as the &ldquo;<B>Annual Interest
Rate</B>&rdquo;), subject to adjustments as set forth in Section 7 to the Deed of Trust. The interest shall be payable in quarterly installments
at the end of each period, on May 31, August 31 and November 30 2023, February 28, May 31, August 31 and November 30 of the years 2024
to 2025 and on February 28, May 31 and August 31, 2026 (inclusive) (each, an &ldquo;<B>Interest Payment Date</B>&rdquo;), for the three
(3) month-period commencing on the previous Interest Payment Date and ending on the day immediately preceding the applicable Interest
Payment Date (the &ldquo;<B>Interest Period</B>&rdquo;), except for the First Interest Payment Date, which shall be May 31, 2023, for
the period commencing on the Clearing Day and ending on the day immediately preceding the First Interest Payment Date (the &ldquo;<B>First
Interest Period</B>&rdquo;) and which shall be calculated on the basis of 365 days in a year and the actual number of days in such period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Registered Holder of this Bond: ______________
(the &ldquo;<B>Bondholder</B>&rdquo; or &ldquo;<B>Holder</B>&rdquo;)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Certificate Number: 1</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Par value of Bonds subject to this Certificate:
____________</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This certificate witnesses that <B>CION Investment
Corporation </B>(the &ldquo;<B>Company</B>&rdquo;) shall pay to the Holder or to whomever is the registered as the Holder of this Bond
the amount it has undertaken, all subject to the remaining provisions set forth in the Terms and Conditions Overleaf.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The final interest payment shall be paid together
with the final Principal repayment and against the delivery of the Bond Certificates to the Company and/or to any third party as instructed
by the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">All the Bonds in this series are not secured by
any collateral and will rank <I>pari passu</I> among themselves, without any single Bond having preference or priority over the other.
This Bond is being issued subject to the conditions set forth in the Terms and Conditions Overleaf and the conditions set forth in the
Deed of Trust between the Company and Mishmeret Trust Company Ltd. (the &ldquo;<B>Trustee</B>&rdquo;), dated ___, 2023 (the &ldquo;<B>Deed
of Trust</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Signed by the Company on _____, 2023</P>

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

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

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

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

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

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

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

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


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>TERMS AND CONDITIONS OVERLEAF</U></B></P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">1.</TD><TD STYLE="text-align: justify"><B><U>General</U></B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">1.1</TD><TD STYLE="text-align: justify">In this Bond, terms and expressions shall have the meanings prescribed thereto in the Deed of Trust, unless
otherwise explicitly stated</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">1.2</TD><TD STYLE="text-align: justify">The provisions of the Deed of Trust with respect to the Bond Certificate (including the Terms and Conditions
Overleaf) shall be deemed explicitly incorporated in the conditions of these Bonds.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">1.3</TD><TD STYLE="text-align: justify">The Bonds shall rank <I>pari passu</I> to the other Bonds in the same series, without any Bond having
priority over another.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">1.4</TD><TD STYLE="text-align: justify">In case of a contradiction between the provisions set forth in the Deed of Trust and those of the Terms
and Conditions Overleaf, the Deed of Trust shall prevail. As of the date of publication of the Deed OF Trust, there is no contradiction
between the Deed of Trust and the Terms and Conditions Overleaf.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">2.</TD><TD STYLE="text-align: justify"><B><U>Repayment of the Bonds; Interest</U></B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">2.1</TD><TD STYLE="text-align: justify"><U>Repayment of the Bonds</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">The Principal on the Bonds shall be
repaid in one installment, on August 31, 2026.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">2.2</TD><TD STYLE="text-align: justify"><U>Interest</U></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">The Principal on the Bonds shall bear
variable annual interest at a rate of SOFR plus a fixed margin rate (the &ldquo;<B>Margin Rate</B>&rdquo;) to be initially determined
in the Public Tender to be held with respect to the Offering (SOFR plus the Margin Rate shall be hereafter referred to as the &ldquo;<B>Annual
Interest Rate</B>&rdquo;), subject to the adjustments to the Margin Rate as set forth in Section 7 hereunder. Interest shall be payable
in semi-annually installments May 31 and August 31, 2023, February 28, May 31, August 31 and November 30 of the years 2024 to 2025 and
on February 28, May 31, August 31, 2026 (inclusive) (each, an &ldquo;<B>Interest Payment Date</B>&rdquo;), for the six (6)-month period
commencing on the previous Interest Payment Date and ending on the day immediately preceding the applicable Interest Payment Date (the
 &ldquo;<B>Interest Period</B>&rdquo;), except for the first Interest Payment Date, which shall be May 31,2023, for the period commencing
on the first trading date after the Public Tender and ending on the day immediately preceding the first Interest Payment Date (the &ldquo;<B>First
Interest Period</B>&rdquo;) and which shall be calculated on the basis of 365 days in a year and the actual number of days in such period.
The final interest payment shall be paid on August 31, 2026, together with final Principal payment and against the delivery of the Bond
Certificates to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">3.</TD><TD STYLE="text-align: justify"><B><U>Payments of Principal and Interest on the Bonds</U></B></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">3.1.</TD><TD><B>Record Date </B>&ndash; Payments on account of the Principal and/or any interest thereon shall be paid to the relevant Bondholder
on the following dates:</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">3.1.1.</TD><TD STYLE="text-align: justify">Payments due on February 28 shall be made to those holding Bonds as at the end of the Trading Day on February
16.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">3.1.2.</TD><TD STYLE="text-align: justify">Payments due on May 31 shall be made to those holding Bonds as at the end of the Trading Day on May 19.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">3.1.3.</TD><TD STYLE="text-align: justify">Payments due on August 31 (excluding the final payment of Principal and interest) shall be made those
holding Bonds as at the end of the Trading Day on August 19.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">3.1.4.</TD><TD STYLE="text-align: justify">Payments due on November 30 shall be made to those holding Bonds as at the end of the Trading Day on November
19.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 56.7pt"></TD><TD STYLE="width: 42.55pt">3.1.5.</TD><TD STYLE="text-align: justify">The final payment of Principal and interest shall be made against the delivery of the Bond Certificates
to the Company, on the payment date, at a location in Israel as the Company shall instruct the Trustee, no later than five (5) Business
Days prior to the last payment date.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">In the event any payment date on account
of Principal and/or interest is not a Business Day, the payment date shall be postponed to the following Business Day and no interest
or other payment shall be due on account of such delay, and the record date for determining the eligibility for redemption or interest
shall not be changed as a result of such postponement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">3.2</TD><TD STYLE="text-align: justify">The repayment of the Principal (whether scheduled, upon calling for an immediate repayment or upon an
early redemption) and interest payments on the outstanding Principal balance, shall be made to the Bondholders in NIS, linked to the Dollar,
as follows: (i) if the Payment Rate is higher than the Base Rate, then such payment in NIS shall be increased proportionately to the rate
of increase of the Payment Rate compared to the Base Rate; (ii) if the Payment Rate is lower than the Base Rate, then such payment in
NIS shall be reduced proportionately to the rate of decrease of the Payment Rate compared to the Base Rate; and (iii) if the Payment Rate
is equal to the Base Rate, then such payment shall be made in the NIS amount originally determined. Pursuant to the Stock Exchange Guidelines,
the linkage method cannot be modified. Payment to a Registered Bondholder will be made by check or wire transfer in favor of said persons
whose names are registered in the Register or those who delivered the Bond Certificates in accordance with Subsection 2.3 above.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">3.3</TD><TD STYLE="text-align: justify">The Bondholder will inform the Company of its bank account information for crediting the payments to which
said Bondholder is entitled under the Bonds, or of any change in said information or in the Bondholder&rsquo;s address, as applicable,
by way of a written notice sent to the Company via registered mail. The Company will be obligated to act according to the Bondholder&rsquo;s
notice with respect to such change, provided said notice was received after thirty (30) Business Days have elapsed as of the date in which
the Bondholders&rsquo; notice reached the Company. If a Bondholder who is entitled to payment as aforesaid fails to duly provide the Company
with information pertaining to its bank account, then each payment on account of the Principal and/or interest shall be made by way of
a check sent via registered mail to its last known address as recorded in the Register. The sending of a check to a registered Holder
via registered mail in accordance with the foregoing shall be deemed, for all intents and purposes, as payment of the amount stated therein
on the date in which it was sent via post, unless it was not cleared when duly presented for at the time of its lawful presentation for
collection.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">3.4</TD><TD STYLE="text-align: justify">A Bondholder wishing to alter the payment instruction it has provided may do so by providing notice sent
by registered mail to the Company&rsquo;s registered office, and the Company shall comply with such instructions only if they have been
received at the Company&rsquo;s registered office at least 30 days prior to the record date for an applicable payment. In the event such
instructions are received after such day, the Company shall act according to said instructions with respect to subsequent payments.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">3.5</TD><TD STYLE="text-align: justify">Tax shall be withheld from each payment made by the Company to the Bondholders as required under applicable
law, unless the Bondholders have provided the Company with a valid withholding tax exemption from the applicable tax authority, in a form
satisfactory to the Company. The Company shall be entitled to rely on the information provided to it by the Nominee Company and which
appears in the register maintained by the Stock Exchange Clearing House with respect to Bondholders entitled to payment, including information
pertaining to the scope of their holdings in the Bonds and the interest to which they are entitled on any applicable Interest Payment
Date.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">3.6</TD><TD STYLE="text-align: justify">Payment to an unregistered Bondholder will be made through the Tel Aviv Stock Exchange Clearing House.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 28.35pt">3.7</TD><TD STYLE="text-align: justify">Any payment on account of Principal and/or interest thereon that is paid at a date exceeding seven (7)
days after the date scheduled for its repayment under the Bonds, for reasons within the Company&rsquo;s control, shall bear an additional
default interest for the delay period at an annual interest rate of four percent (4%) (&ldquo;<B>Default Interest</B>&rdquo;), which shall
be added to the interest borne by the Bonds at said time. The Company shall issue an Immediate Report, of the interest rate that the bonds
will bear stating the exact rate including any Default Interest, no later than two (2) Business before the actual payment date.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">4.</TD><TD STYLE="text-align: justify"><B><U>Failure to Make a Payment for Reason Beyond the Company&rsquo;s Control </U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">See Section 14 to the Deed of Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">5.</TD><TD STYLE="text-align: justify"><B><U>Bondholders Register </U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">See Section 26 to the Deed of Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">6.</TD><TD STYLE="text-align: justify"><B><U>Transfer and Split of Bond Certificates</U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The Bonds are transferrable with respect
to any par value amount, provided that it will be in whole New Israeli Shekels. Any transfer of Bonds (excluding a transfer executed by
way of trading on the Stock Exchange or a transfer between Bondholders held by a Stock Exchange member) will be carried by way of a deed
of transfer in a standard form for transferring securities, duly signed by the registered Bondholder (or its lawful representative) and
by the transferee (or its lawful representative), which shall be delivered to the Company at its registered office, together with the
Bond Certificate(s) transferred thereby and any other reasonable poof required by the Company in order to evidence the transferor&rsquo;s
right to carry out said transference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">The transferring party shall provide
the Company with reasonable evidence concerning the settlement of any payment required under applicable law in order to carry out the
transference.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">In the event whereby only part of
the Principal amount set forth in the Bond Certificate is transferred, the Bond Certificate should first be split into several certificates,
in the manner specified below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">After the fulfillment of all such
conditions, the transfer will be registered in the Register and the transferee shall be bound by the terms specified in the Deed of Trust
and in the Bond certificate and will be deemed a &ldquo;Bondholder&rdquo; for purposes of the Bond.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Each Bond certificate may be split
into several new certificates and the total Principal amounts stated thereon shall be equal to the par value Principal amount of the Bond
certificate subject to such split, provided that the new certificates shall each have par value amounts in whole NIS. The split will be
carried out against the delivery of said Bond certificate to the Company at its registered office in order to carry out the split. All
expenses associated with splitting of Bonds, including any stamp duty and other fees, if any, shall apply to the person requesting the
split.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">7.</TD><TD><B><U>Early Redemption </U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">See Section 9 to the Deed of Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">8.</TD><TD><B><U>Bond Buyback</U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">See Section 5 to the Deed of Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">9.</TD><TD><B><U>Additional Issuances</U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">See Section 2.9 to the Deed of Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">10.</TD><TD><B><U>Waiver and Settlement</U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">See Section 25 to the Deed of Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">11.</TD><TD STYLE="text-align: justify"><B><U>Bondholders&rsquo; Meetings</U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">Bondholders&rsquo; Meetings shall
be convened and conducted in accordance with the provisions of <U>Second Schedule</U> to the Deed of Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">12.</TD><TD><B><U>Receipts as Proof</U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">See Section 15 to the Deed of Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">13.</TD><TD><B><U>Replacing Bond Certificates </U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">If a Bond certificate become worn,
is lost, or destroyed, the Company may issue a new certificate <I>in lieu</I> thereof, under the same terms and conditions, provided that
in the event the Bond certificate becomes worn, the worn Bond certificate shall be returned to the Company before the new certificate
is issued. Any levies, taxes and other expenses associated with the issuance of the new certificate shall be borne by the person requesting
said certificate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">14.</TD><TD><B><U>Calling for an Immediate Repayment </U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">See Section 10 to the Deed of Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">15.</TD><TD><B><U>Notices </U></B></TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">See Section 24 to the Deed of Trust.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>


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<P STYLE="text-align: center; font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;<U>CION Investment Corporation</U></B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Second Schedule </U></B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>General Meetings of Bondholders</U></B></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In any event that a different and/or supplementary
mechanism for convening and/or holding of a Bondholders&rsquo; Meeting shall be prescribed under any applicable law, including pursuant
to the Stock Exchange&rsquo;s bylaws and guidelines, the provisions of this Schedule shall be automatically adjusted to the provisions
of the law, to the extent the provisions of such law so mandate.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Without derogating from any other provision under
applicable law or under the Deed of Trust, the following provisions shall apply to Bondholders&rsquo; Meetings:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Convening Bondholders&rsquo; Meetings</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">1.</TD><TD STYLE="text-align: justify">The Trustee, if it reasonably deems it necessary, if required by law or if requested by the Company, will
convene a Bondholders&rsquo; Meeting at the Company expense.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">2.</TD><TD STYLE="text-align: justify">The Trustee shall convene a Bondholders&rsquo; Meeting at the request of one or more Bondholders, holding
at least five percent (5%) of the outstanding balance of the par value of the Bonds. The agenda of such meeting will include the subject
which was requested by said Bondholder and may include additional items at the discretion of the Trustee. The Trustee may demand the Bondholders
requesting the meeting to reimburse it for the reasonable expenses in connection therewith. For the avoidance of doubt, the Trustee&rsquo;s
demand for reimbursement shall not prejudice the convening of a meeting called in order to take action aimed at preventing of a breach
of the Bondholders&rsquo; rights. It is noted that the Trustee's demand for reimbursement will not constitute a condition for convening
a Bondholders' Meeting required in order to protect the Bondholders' rights and will not derogate from the Company's obligation the bear
the costs of such meeting.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">3.</TD><TD STYLE="text-align: justify">If the Trustee convenes a Bondholders&rsquo; Meeting, it will convene it by Publishing an invitation in
an Immediate Report on the MAGNA and/or Maya System. This invitation will include notice of the place, date, and time for the meeting,
as well as the agenda and the matters to be discussed therein.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">4.</TD><TD STYLE="text-align: justify">The Trustee shall convene a Bondholders' Meeting pursuant to Section 2 above on a date not earlier than
seven (7) days and not later than twenty-one (21) days from the date on which the Bondholders&rsquo; request was submitted thereto; nevertheless,
the Trustee may convene a Bondholders&rsquo; Meeting on an earlier date if it believes that it is required in order to protect the Bondholders&rsquo;
rights and subject to the provisions of Section 7 below. In such case, the Trustee shall specify in the convening notice for such meeting
the reasons for convening the Bondholders' Meeting at an earlier date.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">5.</TD><TD STYLE="text-align: justify">If the Trustee failed to convene a Bondholders' Meeting upon the request of a Bondholder entitled thereto
within the aforementioned period, the Bondholder may convene a Bondholders&rsquo; Meeting, provided that the meeting shall take place
on a date that is within fourteen (14) days from the end of the period in which the Trustee was required to convene such meeting, and
the Trustee shall bear the expenses incurred by the Bondholder with respect to the convening thereof.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">6.</TD><TD STYLE="text-align: justify">Notwithstanding the foregoing, it is possible to convene a Bondholders' Meeting only for the purpose of
consultation and/or reporting, with a one-day prior notice (or more). No Bondholders' resolutions will be adopted in such meeting (&quot;<B>Consultation
Meeting</B>&quot;).</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">7.</TD><TD STYLE="text-align: justify">The Trustee is authorized to reschedule any Bondholders' Meeting. If a Bondholders&rsquo; Meeting was
not convened as set forth in Section 2 above or as set forth in Section 35B(a1) of the Securities Law, the court shall be entitled, at
the request of a Bondholder, to order the convening thereof. In the event the aforesaid court order is granted, the Trustee shall bear
the reasonable expenses incurred by the requesting Bondholder associated with obtaining said court order, in the amount determined by
the court.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">8.</TD><TD STYLE="text-align: justify">The court may, at the request of a Bondholder, order the revocation of a resolution adopted at a Bondholders&rsquo;
Meeting that was convened or conducted without complying with the terms prescribed therefor under applicable law or under the Deed of
Trust. In case the fault pertains to the place or the time in which the Bondholders&rsquo; Meeting is convened, as set forth in the convening
notice, a Bondholder who attended said meeting, notwithstanding the fault, may not demand the revocation of the resolution.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">9.</TD><TD STYLE="text-align: justify">Each Bondholders&rsquo; Meeting shall take place at the Company&rsquo;s registered office in Israel, or
at another address to be determined by the Company, provided that said address is in Israel. Notwithstanding the foregoing, the Trustee
may determine that the meeting will be held electronically.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Record Date; Proof of Ownership</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">10.</TD><TD STYLE="text-align: justify">The record date with respect to ownership of Bonds in order to establish the Bondholders&rsquo; entitlement
to participate and vote at the Bondholders&rsquo; Meeting shall be the date set forth in the notice of the Bondholders&rsquo; Meeting.
The record date shall be determined by the Trustee subject to the law, which currently provides that such date shall be no less than three
(3) Trading Days prior to the date on which Bondholders&rsquo; Meeting is held, and no more than fourteen (14) days prior to the date
of said meeting.</TD></TR></TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">11.</TD><TD STYLE="text-align: justify">A Bondholder wishing to vote at a Bondholders&rsquo; Meeting is entitled to receive from the Stock Exchange
member by which the Bonds are held, a confirmation of its ownership of the Bonds. The Bondholder shall deliver to the Trustee at its registered
office in Israel or through the ISA's electronic voting system (or in any other way which will be specified in the invitation), no later
than the date as determined by the Person calling the Bondholder Meeting in the meeting invitation, said confirmation specifying the number
of Bonds held by the Bondholder as of the date specified in said certificate, together with a power of attorney if such ownership confirmation
does not indicate the name of the person participating at the meeting.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">12.</TD><TD STYLE="text-align: justify">The Trustee or a person appointed thereby shall serve as the Chairman of the Bondholders&rsquo; Meeting.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Legal Quorum; Adjourned Meeting</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">13.</TD><TD STYLE="text-align: justify">The Bondholders&rsquo; Meeting will commence after it has been confirmed that the legal quorum required
for holding a discussion in respect of any of the items on the meeting&rsquo;s agenda is present. In the Bondholders&rsquo; Meeting, only
resolutions which were included in the meeting's agenda will be put to a vote, provided that the legal quorum required for adoption thereof
is present as further provided below.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">14.</TD><TD STYLE="text-align: justify">The presence of Bondholders (one or more) irrespective of the amount of voting rights held thereby will
constitute a legal quorum in a Consultation Meeting. The legal quorum required in order to adopt an Ordinary Resolution shall be the presence
of two or more Bondholders, present in person or by proxy within half an hour as of the time prescribed for the beginning of the Bondholders&rsquo;
Meeting, jointly holding or representing at least twenty five percent (25%) of the voting rights assigned to the Bonds except with respect
to resolutions for which a different quorum is required under applicable law or under the Deed of Trust.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">15.</TD><TD STYLE="text-align: justify">If a legal quorum shall not be present within half an hour from the time prescribed for the beginning
of a Bondholders&rsquo; Meeting, such meeting shall be adjourned to another date which shall be no earlier than two (2) Business Days
after the date prescribed for the convening of the original meeting or, if the Trustee believes that the Bondholders&rsquo; Meeting is
required in order to protect the Bondholders&rsquo; rights, not earlier than one (1) Business Day after the date prescribed for the convening
of the original meeting. In the event the Bondholders&rsquo; Meeting was adjourned, the Trustee shall specify the reasons therefor in
the notice announcing the new time and place of the adjourned Bondholders&rsquo; Meeting.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">16.</TD><TD STYLE="text-align: justify">If a legal quorum shall not be present at an adjourned Bondholders&rsquo; Meeting within half an hour
from the time prescribed for the beginning thereof, such meeting shall be held with any number of participants, unless otherwise provided
by applicable law or the Deed of Trust. Notwithstanding the foregoing, if the Bondholders&rsquo; Meeting was convened at the request of
Bondholders as set forth in Section 2 above, the adjourned Bondholders&rsquo; Meeting may be held only if the number of Bondholders required
thereunder for convening a Bondholders&rsquo; Meeting is present.</TD></TR></TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">17.</TD><TD STYLE="text-align: justify">The presence of Bondholders, in person or by proxy, within half an hour from the time prescribed for the
beginning of the Bondholders&rsquo; Meeting, and jointly holding or representing at least fifty percent (50%) of the outstanding balance
of the par value of the Bonds in circulation, shall constitute a legal quorum at any Bondholders' Meeting on the agenda of which there
exists a proposal to approve a Special Resolution. If, within half an hour of the time from the time prescribed for the beginning of such
meeting, a legal quorum shall not be present, such meeting shall be adjourned and the provisions of Section 12 above shall apply, <I>mutatis
mutandis</I>. At a Bondholders&rsquo; Meeting on the agenda of which there exists a proposal to approve a Special Resolution which was
adjourned, the presence of at least two or more Bondholders, present in person or by proxy, jointly holding or representing at least twenty
percent (20%) of the outstanding balance of the par value of the Bonds in circulation, shall constitute a legal quorum.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">18.</TD><TD STYLE="text-align: justify">A Related Holder shall not be counted for purposes of determining the presence of a legal quorum required
to open a Bondholders&rsquo; Meeting (including any adjourned meeting) and will not be entitled to exercise the voting rights inherent
in the Bonds held by it.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">19.</TD><TD STYLE="text-align: justify">The majority of Bondholders at a Bondholders&rsquo; Meeting in which a legal quorum is present, or the
Trustee, may resolve to postpone the continuation of the Bondholders&rsquo; Meeting, including any discussion or adoption of a resolution
with respect to a matter specified in the agenda of such meeting, to another date and place to be determined (a &ldquo;<B>Continued Meeting</B>&rdquo;).
At a Continued Meeting, only such matter which was on the agenda of the original Bondholders&rsquo; Meeting and with respect thereof a
resolution was not previously adopted shall be addressed. In the event that the Bondholders&rsquo; Meeting was adjourned without amending
its agenda, notification regarding the date of the new meeting shall be provided as soon as possible, but in any event no later than twelve
(12) hours prior to convening the new Bondholders&rsquo; Meeting. Notice of such a meeting shall be issued in accordance with the provisions
of Section 31 below.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Vote; Required Majority</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">20.</TD><TD STYLE="text-align: justify">Any Bondholder which is present, in person or by proxy, at a Bondholders&rsquo; Meeting, is entitled to
one vote for every NIS 1 par value of the Principal of the Bonds held thereby, subject to the provisions of the Deed of Trust. The Trustee
shall participate at Bondholders&rsquo; Meetings, without any voting rights.</TD></TR></TABLE>

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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">21.</TD><TD STYLE="text-align: justify">In the event that Bonds are jointly held by two or more Bondholders, only the vote of the Bondholder listed
first in the Register of the same Bond series and wishing to vote either in person or by proxy, will be counted.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">22.</TD><TD STYLE="text-align: justify">A resolution at a Bondholders&rsquo; Meeting will be decided based on a tally of votes.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">23.</TD><TD STYLE="text-align: justify">Resolutions shall be adopted at Bondholders&rsquo; Meetings by a simple majority out of all participating
votes, excluding abstentions, unless a different majority is prescribed under applicable law or under the Deed of Trust, or if the Trustee
resolved, pursuant to the authority granted to it under the Deed of Trust, that a resolution shall be adopted by a majority which is not
a simple majority. The adoption of a Special Resolution at a Bondholders&rsquo; Meeting shall require a majority of at least two thirds
(2/3) of all of the participating votes, excluding abstentions.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">24.</TD><TD STYLE="text-align: justify">The Chairman&rsquo;s announcement regarding the adoption or rejection of a resolution and the recording
thereof in the meeting&rsquo;s minutes, will serve as <I>prima facie</I> evidence of its adoption or rejection as aforesaid.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">25.</TD><TD STYLE="text-align: justify">A Bondholder may vote in Bondholders&rsquo; Meetings by itself or via proxy and also by way of a written
ballot in which he shall state the manner of its vote, as specified in Section 28 below. A proxy appointing letter shall be made in writing
and signed by the appointer or by its representative, who has been authorized in writing to do so. If the appointer is a corporation,
the appointing shall be made in writing, the corporate stamp shall be placed thereupon alongside the signature of an Officer or an attorney
representing the corporation who is authorized to do so. The proxy appointing letter may be drawn-up in any standard form. A proxy does
not have to be a Bondholder.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">26.</TD><TD STYLE="text-align: justify">A proxy appointing letter and a power of attorney pursuant to which the appointing form was signed, or
a certified copy thereof, shall be delivered to the Trustee&rsquo;s registered office in Israel (or as will be instructed in the invitation)
no later than the date as shall be determined by the Person convening the Bondholders&rsquo; Meeting and as set forth in the meeting&rsquo;s
convening notice, unless otherwise determined by the Trustee. The proxy appointing letter will be valid for any adjourned meeting of the
meeting referred to in the proxy appointing letter, unless otherwise provided therein.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">27.</TD><TD STYLE="text-align: justify">A vote cast in accordance with the provisions set forth in the proxy appointing letter shall be valid
even if prior thereto, the appointer has passed away or was declared legally incompetent, or if the proxy appointing letter was revoked
or the Bonds with respect to which the vote was granted were transferred.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">28.</TD><TD STYLE="text-align: justify">A Bondholder or its proxy may cast a portion of its votes in favor of a certain proposal, and a portion
against, and abstain in respect of others, all as he deems fit.</TD></TR></TABLE>

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


<!-- Field: Page; Sequence: 75 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->


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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">29.</TD><TD STYLE="text-align: justify">The Trustee will record minutes of the Bondholders&rsquo; Meetings and shall keep a copy of such at its
registered office for a period of seven (7) years following the date of such meeting. Minutes executed by the Chairman of the meeting
shall serve as <I>prima facie</I> evidence of the contents recorded therein. The Trustee shall maintain at its registered office a register
containing the minutes recorded at Bondholders&rsquo; Meetings ,which shall be open for the Bondholders&rsquo; and the Company&rsquo;s
review (with respect to the part of the meeting in which only the Company's representatives were present) and a copy thereof shall be
sent to any Bondholder at its request.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">30.</TD><TD STYLE="text-align: justify">Bondholders may vote at Bondholders&rsquo; Meetings by way of a written ballot. A written ballot shall
be Published by the Trustee in the MAGNA or Maya system and will specify the deadline for voting. A Bondholder may state the manner of
its vote in the written ballot and send it to the Trustee. Subject to applicable law, each Bondholder is entitled to receive a written
ballot from the Stock Exchange member by which its Bonds are held. Voting by way of a written ballot, shall be subject to the following
conditions: (i) the written ballot shall be delivered to the place, at the dates and to the persons as shall be set forth in the notice
of the Bondholders&rsquo; Meetings and/or in the written ballot, and (ii) the written ballot shall be completed, duly signed and accompanied
by all of the required documents attached thereto. A written ballot in which the Bondholder has set forth the manner in which he wishes
to vote and was received by the Trustee prior to the last day scheduled therefor, shall be counted for determining a legal quorum. A written
ballot received by the Trustee in respect of a certain matter which was not voted on at a Bondholders&rsquo; Meeting shall be considered
as abstaining from the vote at such meeting in respect of a resolution to hold a Continued Meeting according to the provisions of Section
16 above, and shall be counted at the adjourned Bondholders&rsquo; Meeting to be held pursuant to the provisions of Sections 13 or 16
above. A written ballot which was submitted without the relevant documents or which was not duly completed or signed, will be disqualified
from the voting.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">31.</TD><TD STYLE="text-align: justify">The Trustee shall be entitled, at its discretion and subject to any law, to hold voting meetings at which
votes shall be held by way of written ballots and without convening the holders, and to hold votes by written ballot at a voting meeting
(including at its adjourned meeting) at the opening of which the legal quorum required to adopt the resolution on the agenda was not prsent,
provided that the Trustee obtained, by the closing of the voting meeting, as set forth in the notice for convening the meeting or holding
a vote, as applicable, written ballots from Bondholders constituting a legal quorum required to adopt a resolution in the original or
adjourned meeting, as applicable.</TD></TR></TABLE>

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


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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">32.</TD><TD STYLE="text-align: justify">A person or persons appointed by the Trustee may be present but shall not be entitled to vote at Bondholders&rsquo;
Meetings. The Company's representatives and any other person or persons permitted by the Trustee may be present, with no voting rights.
In the event that, at the Trustee&rsquo;s discretion, part of a Bondholders&rsquo; Meeting calls for a discussion in the absence of a
certain person, including the Company&rsquo;s representatives, such person shall not participate in said part of the discussion.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Meeting Notice; Agenda</U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">33.</TD><TD STYLE="text-align: justify">The Trustee shall determine the agenda for a Bondholders&rsquo; Meeting and shall include therein the
matters in respect of which the convening of the Bondholders&rsquo; Meeting was required pursuant to Section 2 above and any issue requested
by a Bondholder as specified in Section 33 below. The Bondholders at a Bondholders&rsquo; Meeting shall only adopt resolutions in respect
of matters specified on the agenda. Notwithstanding the foregoing, the Bondholders at a Bondholders&rsquo; Meeting may adopt resolutions
that differ in wording from the resolutions on the agenda, according to the provisions of applicable law.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">34.</TD><TD STYLE="text-align: justify">One Bondholder or more, holding at least five percent (5%) of the outstanding balance of the par value
of the Bonds, may request that the Trustee include a certain matter on the agenda of a Bondholders&rsquo; Meeting that shall be convened
in the future, provided that such matter is appropriate for discussion at said meeting, subject to applicable law.</TD></TR></TABLE>

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 32.2pt">35.</TD><TD STYLE="text-align: justify">Nothing stated in Sections 2, 32 and 33 above shall derogate from the Trustee&rsquo;s authority to convene
a Bondholders&rsquo; Meeting if it deems it necessary in order to consult with the Bondholders. Notice of such a Bondholders&rsquo; Meeting
need not specify the matters on its agenda, and the date of such meeting shall be at least one day after the date on which notice thereof
was given. No vote shall be held, and no resolutions shall be adopted, at such meeting and the provisions of the Securities Law shall
apply thereto, other than the provisions specified in Section 35(12)26 of the Securities Law.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 32.2pt">36.</TD><TD STYLE="text-align: justify">If it is not possible to convene a Bondholders&rsquo; Meeting or to hold such meeting in the manner prescribed
by the Deed of Trust or by the Securities Law, a court may, at the request of the Company, a Bondholder entitled to vote at a Bondholders&rsquo;
Meeting or the Trustee, order that a Bondholders&rsquo; Meeting be convened and held in a manner determined by the court, and the court
shall be entitled to set forth additional instructions for such purpose to the extent deemed fit thereby.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">No resolution duly adopted at a Bondholders&rsquo;
Meeting convened in accordance with this Schedule shall be revoked, even if due to an error, notice thereof was not provided to all Bondholders,
or if such notice was not received by all of the Bondholders, provided that notice of such meeting (or the adjourned meeting, as applicable)
was Published on the MAGNA website of the Israel Securities Authority.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Announcing the of Decision </U></B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 32.2pt">37.</TD><TD STYLE="text-align: justify">The Chairman&rsquo;s announcement that a resolution at a Bondholders&rsquo; Meeting has been adopted or
rejected, either unanimously or by a certain majority, shall be <I>prima facie</I> evidence of what is stated therein.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 32.2pt">38.</TD><TD STYLE="text-align: justify">This Schedule will be subject to the Securities Regulations (Voting in Writing, Position Statements and
Proof of Ownership in Bonds for the Purpose of Voting at a Bondholders Meeting), 5775-2015.</TD></TR></TABLE>

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


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    <!-- Field: /Page -->


<P STYLE="text-align: center; font: 14pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;<U>CION Investment Corporation</U></B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Third Schedule </U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Urgent Representation of the Bondholders</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0.25in; text-indent: 0in; text-align: justify">With
respect to the Bonds, inasmuch as an Urgent Representation of the Bondholders is appointed, the Company undertakes that the Urgent Representation
shall be appointed to act in accordance with the relevant provisions set forth in the Regulation Codex, as amended and updated from time
to time, and the Company further undertakes to fully cooperate with the Urgent Representation and with the Trustee as necessary for them
to conduct the investigations required by them and to formulate the Urgent Representation&rsquo;s decisions and to provide the Urgent
Representation with any information and documents required by them with respect to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>1.</B></TD><TD STYLE="text-align: justify"><B><U>Appointment; term of tenure</U></B></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">1.1</TD><TD STYLE="text-align: justify">The Trustee shall appoint and convene an Urgent Representation
from amongst the Bondholders, as specified below (the &ldquo;<B>Urgent Representation</B>&rdquo;), at its own initiative or upon receiving
the Company&rsquo;s written request to do so.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">1.2</TD><TD STYLE="text-align: justify">The Trustee shall appoint to the Urgent Representation the three
(3) Bondholders which, based on information provided by the Company, hold the highest par value of outstanding Bonds amongst the Bondholders
and which declare that the following conditions are true in respect of them (the &ldquo;<B>Members of the Urgent Representation</B>&rdquo;).
In the event any of the aforementioned Bondholders are not able to serve as Members of the Urgent Representation, the Trustee shall appoint
in lieu thereof the Bondholder holding the next highest par value of outstanding Bonds and for which all of the conditions specified
hereunder hold true:</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">1.2.1</TD><TD STYLE="text-align: justify">The Bondholder is not in a material conflict of interest due
to the existence of any additional material matter conflicting with the matter deriving from his service on the Urgent Representation
and his holding the Bonds. For avoidance of doubt, a Holder who is a Related Holder (as defined in Section 5.2 to the Deed of Trust)
shall be deemed to be in a material conflict of interest as aforementioned and shall not serve as a Member of the Urgent Representation;
and</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">1.2.2</TD><TD STYLE="text-align: justify">In the course of the same calendar year, the Bondholder does
not serve on similar representations in respect of other bonds with an aggregate value exceeding the percentage out of the asset portfolio
managed thereby that was determined as the maximum percentage permitting service on an urgent representation under the directives of
the Commissioner of the Anti-Trust Authority (the &quot;<B>Commissioner</B>&quot;) which apply to the establishment of urgent representations.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 85.05pt; text-align: justify; text-indent: -28.35pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">1.3</TD><TD STYLE="text-align: justify">If during the service of the Urgent Representation, one of the
conditions set forth in Subsection 1.2.1 to 1.2.2 above shall have ceased to hold true with respect to any of its members, the term of
such member shall expire and the Trustee shall appoint another member in lieu thereof from amongst the Bondholders as set forth in Section
1.2 above.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -29.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">1.4</TD><TD STYLE="text-align: justify">Prior to appointing the Members of the Urgent Representation,
the Trustee shall receive from the candidates for service as Members of the Urgent Representation, a declaration regarding the existence
or absence of material conflicts of interest as set forth in Subsection 1.2.1 above, and regarding service on additional urgent representation
as set forth in Subsection 1.2.2 above. In addition, the Trustee shall be entitled to demand such declaration from Members of the Urgent
Representation at any time during the term of the Urgent Representation. A Holder who fails to provide such declaration shall be deemed
to have a material conflict of interest or to be prohibited from serving by virtue of the Commissioner&rsquo;s directives, as applicable.
With respect to the declarations regarding conflict of interests, the Trustee shall examine the existence of the conflicted interests,
and if necessary, decide whether the conflict of interests disqualifies such Holder from serving on the Urgent Representation. It is
hereby clarified that the Trustee shall rely on such declarations and shall not conduct examinations or other independent investigations.
Subject to applicable law, the Trustee&rsquo;s determination in these matters shall be final.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -29.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">1.5</TD><TD STYLE="text-align: justify">Immediately after the appointment of the Urgent Representation,
the Trustee shall notify the Company thereof and shall set forth the names of the members serving thereon.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -29.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">1.6</TD><TD STYLE="text-align: justify">The term of the Urgent Representation shall end on the date
on which the Company shall Publish the decisions made by the Urgent Representation with respect to granting an extension to the Company
for the purpose of its compliance with the terms under the Deed of Trust as detailed in Section 1.7 below. The Company shall make public
all of the information provided to the Urgent Representation upon the termination of the Urgent Representation&rsquo;s term.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -29.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">1.7</TD><TD STYLE="text-align: justify">The Company shall Publish an Immediate Report immediately after
the appointment of the Urgent Representation, stating the appointment of the Urgent Representation, the identity of its members and the
powers vested therein. In addition, the Company shall Publish an Immediate report regarding the decisions made by the Urgent Representation.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -29.45pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -29.45pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.7pt; text-align: justify; text-indent: -29.45pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>2.</B></TD><TD STYLE="text-align: justify"><B><U>Authority</U></B></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">2.1</TD><TD STYLE="text-align: justify">The Urgent Representation shall have authority to grant a one-time
extension to the Company with respect to the dates by which the Company must comply with any of the Financial Covenants set forth in
Sections 6.1 and 6.2 of the Deed of Trust, until the earlier of (i) a period of additional ninety (90) days; or (ii) the date of publication
of the Company&rsquo;s next consolidated, audited or reviewed (as the case may be) Financial Statements which the Company must publish
by such date. It is clarified that the period until the appointment of the Urgent Representation shall be taken into account within the
framework of such extension and shall not constitute grounds for the granting any additional extension to the Company beyond the aforementioned
period. It is further clarified that the operation of the Urgent Representation and cooperation among its members shall be limited to
the discussion of granting such extension, and no other information which does not concern the granting of such extension shall be transferred
among the members of the Urgent Representation.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 57pt; text-align: justify; text-indent: -28.65pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">2.2</TD><TD STYLE="text-align: justify">If an Urgent Representation is not appointed according to the
provisions of this Schedule, or if the Urgent Representation resolved not to grant the Company an extension as set forth in Section 2.1
above, the Trustee shall act pursuant to the provisions set forth in Section 10.2 to the Deed of Trust.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 57pt; text-align: justify; text-indent: -28.65pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>3.</B></TD><TD STYLE="text-align: justify"><B><U>Company Undertakings</U></B></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">3.1</TD><TD STYLE="text-align: justify">The Company undertakes to provide the Trustee with all of the
information in its possession or which it can obtain regarding the identity of the Bondholders and the scope of their holdings. In addition,
the Trustee shall act to receive such information in accordance with powers granted hereto by law.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.85pt; text-align: justify; text-indent: -28.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">3.2</TD><TD STYLE="text-align: justify">Furthermore, the Company undertakes to fully cooperate with
the Urgent Representation and with the Trustee as shall be necessary to allow them to conduct the investigations required thereby and
formulate the Urgent Representation&rsquo;s resolution, as well as to provide the Urgent Representation with any information and documents
required thereby with respect to the Company, subject to the restrictions of the law. Without derogating from the generality of the foregoing,
the Company shall provide the Urgent Representation with information relevant for it to arrive at a conclusion and shall not include
any misleading or incomplete information.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.85pt; text-align: justify; text-indent: -28.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.85pt; text-align: justify; text-indent: -28.5pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.85pt; text-align: justify; text-indent: -28.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">3.3</TD><TD STYLE="text-align: justify">The Company shall bear all of the reasonable and documented
expenses of the Urgent Representation, including expenses with respect to the engagement of advisors and experts by, or on behalf of,
the Urgent Representation, such expenses exceeding NIS __ will require the prior written consent of the Company.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.85pt; text-align: justify; text-indent: -28.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">3.4</TD><TD STYLE="text-align: justify">The appointment of the Urgent Representation or its operation
shall by no means prejudice the powers granted to the Trustee according to the law and to the Deed of Trust and they will not limit the
Trustee in its actions under the law and under the Deed of Trust.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.85pt; text-align: justify; text-indent: -28.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.25in; text-align: left"><B>4.</B></TD><TD STYLE="text-align: justify"><B><U>Liability</U></B></TD>
</TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">4.1</TD><TD STYLE="text-align: justify">The Urgent Representation shall act on and resolve on the matters
at hand, at its sole and absolute discretion, and shall not be liable, nor shall any of its members or their officers, employees or advisors
be liable, and the Company and the Bondholders hereby exempt them, with respect to any lawsuit, demand or claim raised against them due
to their using, or failing to use, the powers, authorities or discretion conferred thereupon pursuant to the Deed of Trust and this Schedule
and in connection therewith or for any other action carried out thereunder, unless they acted maliciously and/or in bad faith.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.85pt; text-align: justify; text-indent: -28.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">4.2</TD><TD STYLE="text-align: justify">The indemnity provisions set forth in Section 23 of the Deed
of Trust shall apply to actions of the Members of the Urgent Representation and any person acting on their behalf as if they were the
Trustee.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.85pt; text-align: justify; text-indent: -28.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left">4.3</TD><TD STYLE="text-align: justify">Nothing stated shall derogate from the powers of the Trustee
to convene a General Meeting of the Bondholders and to set forth on its agenda any matter it deems fit under the circumstances, including
the calling for immediate repayment. If such General Meeting was convened and any resolutions were adopted thereby, the resolutions of
the General Meeting shall override the resolutions adopted by the Urgent Representation.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 56.85pt; text-align: justify; text-indent: -28.5pt">&nbsp;</P>

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

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

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

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

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

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

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<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>3
<FILENAME>cion-20230226.xsd
<DESCRIPTION>XBRL TAXONOMY EXTENSION SCHEMA
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" ?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.17a -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
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<schema xmlns="http://www.w3.org/2001/XMLSchema" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:dei="http://xbrl.sec.gov/dei/2021q4" xmlns:us-gaap="http://fasb.org/us-gaap/2021-01-31" xmlns:srt="http://fasb.org/srt/2021-01-31" xmlns:srt-types="http://fasb.org/srt-types/2021-01-31" xmlns:cion="http://cionbdc.com/20230226" elementFormDefault="qualified" targetNamespace="http://cionbdc.com/20230226">
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      <appinfo>
	<link:roleType roleURI="http://cionbdc.com/role/Cover" id="Cover">
	  <link:definition>00000001 - Document - Cover</link:definition>
	  <link:usedOn>link:presentationLink</link:usedOn>
	  <link:usedOn>link:calculationLink</link:usedOn>
	  <link:usedOn>link:definitionLink</link:usedOn>
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	<link:linkbaseRef xlink:type="simple" xlink:href="cion-20230226_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Label Links" />
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    </annotation>
    <import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd" />
    <import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" />
    <import namespace="http://xbrl.sec.gov/dei/2021q4" schemaLocation="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd" />
    <import namespace="http://fasb.org/us-gaap/2021-01-31" schemaLocation="https://xbrl.fasb.org/us-gaap/2021/elts/us-gaap-2021-01-31.xsd" />
    <import namespace="http://fasb.org/us-types/2021-01-31" schemaLocation="https://xbrl.fasb.org/us-gaap/2021/elts/us-types-2021-01-31.xsd" />
    <import namespace="http://www.xbrl.org/dtr/type/2020-01-21" schemaLocation="https://www.xbrl.org/dtr/type/2020-01-21/types.xsd" />
    <import namespace="http://xbrl.sec.gov/country/2021" schemaLocation="https://xbrl.sec.gov/country/2021/country-2021.xsd" />
    <import namespace="http://fasb.org/srt/2021-01-31" schemaLocation="https://xbrl.fasb.org/srt/2021/elts/srt-2021-01-31.xsd" />
    <import namespace="http://fasb.org/srt-types/2021-01-31" schemaLocation="https://xbrl.fasb.org/srt/2021/elts/srt-types-2021-01-31.xsd" />
</schema>
</XBRL>
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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>4
<FILENAME>cion-20230226_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.17a -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" roleURI="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" roleURI="http://www.xbrl.org/2009/role/netLabel" />
    <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_CoverAbstract" xlink:label="dei_CoverAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CoverAbstract" xlink:to="dei_CoverAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CoverAbstract_lbl" xml:lang="en-US">Cover [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentType" xlink:label="dei_DocumentType" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentType_lbl" xml:lang="en-US">Document Type</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US">Amendment Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AmendmentDescription" xlink:label="dei_AmendmentDescription" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentDescription" xlink:to="dei_AmendmentDescription_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentDescription_lbl" xml:lang="en-US">Amendment Description</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentRegistrationStatement" xlink:label="dei_DocumentRegistrationStatement" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentRegistrationStatement" xlink:to="dei_DocumentRegistrationStatement_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentRegistrationStatement_lbl" xml:lang="en-US">Document Registration Statement</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentAnnualReport" xlink:label="dei_DocumentAnnualReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAnnualReport" xlink:to="dei_DocumentAnnualReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAnnualReport_lbl" xml:lang="en-US">Document Annual Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentQuarterlyReport" xlink:label="dei_DocumentQuarterlyReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentQuarterlyReport" xlink:to="dei_DocumentQuarterlyReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentQuarterlyReport_lbl" xml:lang="en-US">Document Quarterly Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentTransitionReport" xlink:label="dei_DocumentTransitionReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentTransitionReport" xlink:to="dei_DocumentTransitionReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentTransitionReport_lbl" xml:lang="en-US">Document Transition Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentShellCompanyReport" xlink:label="dei_DocumentShellCompanyReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyReport" xlink:to="dei_DocumentShellCompanyReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyReport_lbl" xml:lang="en-US">Document Shell Company Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentShellCompanyEventDate" xlink:label="dei_DocumentShellCompanyEventDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentShellCompanyEventDate" xlink:to="dei_DocumentShellCompanyEventDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyEventDate_lbl" xml:lang="en-US">Document Shell Company Event Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentPeriodStartDate" xlink:label="dei_DocumentPeriodStartDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodStartDate" xlink:to="dei_DocumentPeriodStartDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodStartDate_lbl" xml:lang="en-US">Document Period Start Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressAddressLine2" xlink:label="dei_EntityAddressAddressLine2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressAddressLine3" xlink:label="dei_EntityAddressAddressLine3" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_Extension" xlink:label="dei_Extension" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Extension" xlink:to="dei_Extension_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_NoTradingSymbolFlag" xlink:to="dei_NoTradingSymbolFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xml:lang="en-US">Entity Interactive Data Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntitySmallBusiness" xlink:label="dei_EntitySmallBusiness" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntitySmallBusiness" xlink:to="dei_EntitySmallBusiness_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntitySmallBusiness_lbl" xml:lang="en-US">Entity Small Business</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US">Entity Emerging Growth Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_EntityExTransitionPeriod" xlink:label="dei_EntityExTransitionPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityExTransitionPeriod" xlink:to="dei_EntityExTransitionPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityExTransitionPeriod_lbl" xml:lang="en-US">Elected Not To Use the Extended Transition Period</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2021q4/dei-2021q4.xsd#dei_DocumentAccountingStandard" xlink:label="dei_DocumentAccountingStandard" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAccountingStandard" xlink:to="dei_DocumentAccountingStandard_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAccountingStandard_lbl" xml:lang="en-US">Document Accounting Standard</link:label>
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>5
<FILENAME>cion-20230226_pre.xml
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<TYPE>XML
<SEQUENCE>6
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.22.4</span><table class="report" border="0" cellspacing="2" id="idm140478769947920">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Feb. 26, 2023</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Feb. 26,  2023<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">000-54755<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">C&#298;ON
Investment Corporation<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001534254<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">45-3058280<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">MD<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">100 Park Avenue<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">25th Floor<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">New York<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">NY<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">10017<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">212<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">418-4700<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
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</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common stock, par value $0.001 per share<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">CION<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NYSE<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
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<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
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<td>dei_</td>
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<td>xbrli:dateItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>xbrli:normalizedStringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
