-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0001119774-04-000012.txt : 20040504
<SEC-HEADER>0001119774-04-000012.hdr.sgml : 20040504
<ACCEPTANCE-DATETIME>20040504061619
ACCESSION NUMBER:		0001119774-04-000012
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20040504
FILED AS OF DATE:		20040504

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COMPUGEN LTD
		CENTRAL INDEX KEY:			0001119774
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-30902
		FILM NUMBER:		04775178

	BUSINESS ADDRESS:	
		STREET 1:		72 PINCHAS ROSEN ST
		STREET 2:		TEL AVIV
		CITY:			TEL AVIV
		STATE:			L3
		ZIP:			69512
		BUSINESS PHONE:		011-972-3-765-8585
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>proxystatement.htm
<DESCRIPTION>PROXY STATEMENT
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<div class=Section1>
<p align=center  Style="text-align:center;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman""><b>FORM 6-K</b></p>
<p align=center  Style="text-align:center;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman""><b>SECURITIES AND
EXCHANGE COMMISSION</b></p>
<p align=center  Style="text-align:center;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman""><b><i
style='font-size:11.0pt'>&nbsp;</i></b></p>
<p align=center  Style="text-align:center;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman""><b style='font-size:11.0pt'>Washington</b><b style='font-size:11.0pt'>,
 </b><b style='font-size:11.0pt'>D.C.</b><b style='font-size:11.0pt'> </b><b style='font-size:11.0pt'>20549</b></p>
<p align=center  Style="text-align:center;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman""><b style='font-size:11.0pt'>Report of Foreign Private Issuer</b></p>
<p Style="margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman""><i style='font-size:11.0pt'>&nbsp;</i></p>
<p align=center  Style="text-align:center;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:11.0pt;font-family:"Times New Roman"">Pursuant to rule 13a-16 or 15d-16 of the Securities
Exchange Act of 1934</p>
<p align=center  Style="text-align:center;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:11.0pt;font-family:"Times New Roman"">for the month of February 2004</p>
<p Style="margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman""><i style='font-size:11.0pt'>&nbsp;</i></p>
<p align=center  Style="text-align:center;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman""><u style='font-size:11.0pt'>Compugen Ltd.</u></p>
<p align=center  Style="text-align:center;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:11.0pt;font-family:"Times New Roman"">(Translation of registrant's name in English)</p>
<p align=center  Style="text-align:center;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman""><i
style='font-size:11.0pt'>&nbsp;</i></p>
<p align=center  Style="text-align:center;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman""><u style='font-size:11.0pt'>72 Pinchas Rosen Street, </u><u style='font-size:11.0pt'>Tel-Aviv</u><u style='font-size:11.0pt'>
 </u><u style='font-size:11.0pt'>69512</u><u style='font-size:11.0pt'>, </u><u style='font-size:11.0pt'>Israel</u></p>
<p align=center  Style="text-align:center;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:11.0pt;font-family:"Times New Roman"">(Address of principal executive offices)</p>
<p Style="margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman""><i style='font-size:11.0pt'>&nbsp;</i></p>
<p  Style="text-align:justify;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:11.0pt;font-family:"Times New Roman"">Indicate
by check mark whether the registrant files or will file annual reports under
cover Form 20-F or Form 40-F.</p>
<p align=center  Style="text-align:center;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:11.0pt;font-family:"Times New Roman"">Form 20-F&nbsp;&nbsp;<u> X&nbsp;&nbsp;</u>      Form
40-F&nbsp;___</p>
<p Style="margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman""><i style='font-size:11.0pt'>&nbsp;</i></p>
<p  Style="text-align:justify;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:11.0pt;font-family:"Times New Roman"">Compugen
Ltd.`s (the &quot;Registrant&quot;) Proxy Notice and Statement for the
Registrant`s Annual General Meeting, scheduled for June 1<sup>st</sup>, 2004,
is filed as <u>Exhibit 1</u> to this Report on Form 6-K, and is hereby
incorporated herein by reference.</p>
<p align=center  Style="text-align:center;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman""><b>&nbsp;</b></p>
<p align=center  Style="text-align:center;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman""><b><u style='font-size:11.0pt'>SIGNATURE</u></b></p>
<p  Style="text-align:justify;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:11.0pt;font-family:"Times New Roman"">Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has
duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.</p>
<p align=center  Style="text-align:center;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:288.0pt;font-size:11.0pt;font-family:"Times New Roman"">             </p>
<p  Style="text-indent:225.0pt;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:11.0pt;font-family:"Times New Roman"">Compugen
Ltd.</p>
<p  Style="text-indent:225.0pt;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:11.0pt;font-family:"Times New Roman"">By: <u>/s/
Mor Amitai</u></p>
<p  Style="text-indent:225.0pt;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:11.0pt;font-family:"Times New Roman"">Title:   President
&amp; CEO</p>
<p  Style="text-indent:225.0pt;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:11.0pt;font-family:"Times New Roman"">Date:   May 2<sup>nd</sup>, 2004</p>
<p  Style="margin-top:6.0pt;margin-bottom:6.0pt;margin-left:252.0pt;font-size:12.0pt;font-family:"Times New Roman""><i style='font-size:11.0pt'>&nbsp;</i></p>
<P Style="font-size:10.0pt;font-family:"Times New Roman"" align=center><B>1</B>&nbsp;</P><br clear=all
style='page-break-before:always'>

<p Style="margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman""><b>Exhibit 1</b></p>
<p align=center  Style="text-align:center;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman""><i
style='font-size:10.0pt'>&nbsp;</i></p>
<p align=center  Style="text-align:center;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman""><img width=257 height=136
src="image001.jpg"></p>
<p align=center  Style="text-align:center;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman""><b style='font-size:14.0pt'>Compugen Ltd.</b></p>
<h1 Style="margin-top:6.0pt;

	margin-bottom:6.0pt;
	margin-left:0cm;
	text-align:center;
	page-break-after:avoid;
	font-size:12.0pt;
	font-family:"Times New Roman""> NOTICE OF ANNUAL GENERAL MEETING OF SHAREHOLDERS</h1>
<p align=center  Style="text-align:center;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman""><b>To be held on
Tuesday, June 1<sup>st</sup>, 2004</b></p>
<p  Style="text-indent:18.0pt;text-align:justify;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">Notice is hereby given that an Annual General Meeting
(the "Meeting") of the Shareholders of Compugen Ltd. (the &quot;Company&quot;)
will be held at the Company`s offices at 72
  Pinchas Rosen Street, Tel Aviv, Israel, on Tuesday, June 1<sup>st</sup>, 2004, at 10:00 a.m. (Israel time) for the following purposes:</p>
<p  Style="text-indent:-14.2pt;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:14.2pt;font-size:10.0pt;font-family:"Times New Roman"">1.   To elect six directors for the upcoming year
(including two outside directors, as required under the Israeli Companies Law,
5759-1999 (the "Law")).</p>
<p  Style="text-indent:-14.2pt;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:14.2pt;font-size:10.0pt;font-family:"Times New Roman"">2.   To ratify the appointment of Kost Forer Gabbay
&amp; Kasierer, a member of Ernst &amp; Young Global, as the independent
external auditors of the Company for the year ending December 31, 2004.</p>
<p  Style="text-indent:-14.2pt;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:14.2pt;font-size:10.0pt;font-family:"Times New Roman"">3.   To ratify the terms of compensation of certain
directors of the Company, as required by the Law.</p>
<p  Style="text-indent:-14.2pt;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:14.2pt;font-size:10.0pt;font-family:"Times New Roman"">4.   To amend the Company`s Articles of Association,
by deleting Article 46, as required by the Law.</p>
<p  Style="text-indent:-14.2pt;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:14.2pt;font-size:10.0pt;font-family:"Times New Roman"">5.   To discuss the Company`s audited financial
statements for the year ended December 31,
 2003. </p>
<p  Style="text-indent:-14.2pt;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:14.2pt;font-size:12.0pt;font-family:"Times New Roman""><!-- Created Using Viltech Software -->6.   To
transact such other business as may properly come before the meeting or any
adjournment thereof.<!-- Created Using Viltech Software --></p>
<p  Style="text-indent:18.0pt;text-align:justify;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">Shareholders of record at the close of business on April 23, 2004, will
be entitled to notice of, and to vote at, the Meeting. All shareholders are
cordially invited to attend the meeting in person.</p>
<p  Style="text-indent:18.0pt;text-align:justify;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">Shareholders who do not expect to attend the meeting
in person are requested to mark, date, sign and mail the enclosed proxy as
promptly as possible in the enclosed stamped envelope. Beneficial
owners who hold their shares through members of the Tel Aviv Stock Exchange
("TASE") may either vote their shares in person at the Meeting by presenting a
certificate signed by a member of the TASE which complies with the Israeli
Companies Regulations (Proof of Ownership for Voting in General Meetings) -
2000 as proof of ownership of the shares, or send such certificate along with a
duly executed proxy to the Company at 72 Pinchas Rosen Street, Tel Aviv
69512, Israel, Attention: General Counsel.<!-- Created Using Viltech Software --><!-- Created Using Viltech Software --></p>
<p  Style="margin:0cm;margin-left:0cm;margin-right:0cm;margin-top:6.0pt;margin-bottom: 6.0pt;font-size:10.0pt;font-family:"Times New Roman"">                                            </p>
<p  Style="margin:0cm;text-indent:14.2pt;margin-left:85.2pt;margin-right:0cm;margin-top:6.0pt;margin-bottom: 6.0pt;font-size:10.0pt;font-family:"Times New Roman"">By Order of the Board of
Directors,<br>
<img width=132 height=26 src="image002.gif">       </p>
<p Style="margin:0cm;margin-bottom:.0001pt;font-size:10.0pt;font-family:"Times New Roman"">                                            Compugen Ltd.<br>
                                            Martin S. Gerstel</p>
<p  Style="margin:0cm;margin-top:6.0pt;margin-bottom:.0001pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">                                            Chairman </p>
<p  Style="text-align:justify;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">Date:&nbsp;&nbsp;April
29, 2004&nbsp;&nbsp;</p>
<P Style="font-size:10.0pt;font-family:"Times New Roman"" align=center><B>2</B>&nbsp;</P><br clear=all
style='page-break-before:always'>

<p align=center  Style="text-align:center;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman""><b style='font-size:14.0pt'>PROXY STATEMENT</b><b style='font-size:
10.0pt'><br>
________________</b></p>
<p align=center  Style="text-align:center;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman""><b>COMPUGEN LTD.<br>
72 Pinchas Rosen St.<br>
Tel Aviv, 69512 <!-- Created Using Viltech Software --></b><b>Israel<!-- Created Using Viltech Software --></b><b><br>
Tel. 972-3-765-8585<!-- Created Using Viltech Software --></b><b style='font-size:10.0pt;letter-spacing:
- -.1pt'><br>
</b><b style='font-size:10.0pt'>________________</b></p>
<p align=center  Style="text-align:center;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman""><b style='font-size:10.0pt'>ANNUAL GENERAL MEETING OF SHAREHOLDERS<br>
To be held on </b><b style='font-size:10.0pt'>Tuesday, June 1<sup>st</sup>,
 2004</b></p>
<p  Style=" text-autospace:none;text-indent:28.05pt;text-align:justify;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">The enclosed proxy is being
solicited by the board of directors (the &quot;Board of Directors&quot;) of
Compugen Ltd. (the &quot;Company&quot;) for use at the Company's Annual General
Meeting of Shareholders (the &quot;Meeting&quot;) to be held at the Company`s
corporate offices, located at the address set forth above, on June 1st, 2004,
or on any adjournment thereof. Upon the receipt of a properly executed proxy in
the form enclosed, the person named as proxy therein will vote the ordinary
shares, par value New Israeli Shekel (&quot;NIS&quot;) 0.01 each, of the
Company (the &quot;Ordinary Shares&quot;) covered thereby in accordance with
the directions of the shareholder executing the proxy; in the absence of such
instructions, the Ordinary Shares represented thereby will be voted in
accordance with the recommendations of the Board of Directors.</p>
<p  Style=" text-autospace:none;text-indent:28.05pt;text-align:justify;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">With respect to the
proposals set forth in the accompanying Notice of Meeting, a shareholder may
vote in favor of any of the proposals or against any of the proposals or may
abstain from voting on any of the proposals. Shareholders should specify their
choices on the accompanying proxy card. If no specific instructions are given
with respect to the matters to be acted upon, the shares represented by a
signed proxy will be voted FOR the proposals set forth in the accompanying
Notice of Meeting.&nbsp;&nbsp;</p>
<p  Style=" text-autospace:none;text-indent:28.05pt;text-align:justify;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">The Proxy solicited hereby
may be revoked at any time prior to its exercise, by means of a written notice
delivered to the Company, by substitution of a new proxy bearing a later date
or by a request for the return of the proxy at the Meeting. The Company expects
to solicit proxies by mail and to mail this proxy statement and the enclosed
form of proxy to shareholders on or about April 29, 2004.
Directors, officers and employees of the Company may also solicit proxies by
telephone, facsimile and personal interview.</p>
<p  Style=" text-autospace:none;text-indent:28.05pt;text-align:justify;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">The Company will bear the
cost of the preparation and mailing of its proxy materials and the solicitation
of proxies. Copies of solicitation materials will be furnished to brokerage
firms, nominees, fiduciaries and other custodians for forwarding to their
principals, and the reasonable fees and expenses of such forwarding agents will
be borne by the Company. Only holders of record of Ordinary Shares at the close
of business on April 23, 2004 are entitled to notice of, and to vote at, the
Meeting. </p>
<p  Style=" text-autospace:none;text-indent:28.05pt;text-align:justify;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">On April 23, 2004,
27,424,158 Ordinary Shares were outstanding and entitled to vote (the
"Outstanding Ordinary Shares"). Each Ordinary Share is entitled to one vote on
each matter to be voted at the Meeting. Two or more shareholders, present in
person or by proxy, who hold or represent at least 331/3% of the Outstanding
Ordinary Shares constitutes a quorum for the Meeting. If within an hour from
the time appointed for the Meeting a quorum is not present, the Meeting will
stand adjourned for one week, to June 8,
 2004, at the same time and place,
without it being necessary to notify the shareholders thereof. At such
adjourned meeting, any two shareholders present in person or by proxy shall
constitute a quorum.</p>
<p  Style=" text-autospace:none;text-indent:28.05pt;text-align:justify;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">Proposal 1 with respect to
the election of four directors and each of proposals 2, 3 and 4 to be presented
at the Meeting requires the affirmative vote of the shareholders present in
person or by proxy and holding Ordinary Shares amounting in the aggregate to at
least a majority of the votes cast with respect to such proposal. Proposal 1
with respect to the election of two outside directors to be presented at the
Meeting requires the affirmative vote of the shareholders present in person or
by proxy and holding Ordinary Shares amounting in the aggregate to either: (i)
the majority of the shares cast at the meeting, including at least one third of
the shares held by non-controlling shareholders who are present in person or by
proxy and vote on such proposal voting at the Meeting; or (ii) the majority of
the shares cast on such proposal at the Meeting, provided that the total number
of shares held by non-controlling shareholders voting in opposition to such
proposal does not exceed 1% of the aggregate voting rights in the Company.</p>
<b style='font-size:10.0pt;font-family:"Times New Roman"'><P Style="font-size:10.0pt;font-family:"Times New Roman"" align=center><B>3</B>&nbsp;</P><br clear=all
style='page-break-before:always'>
</b>
<p  Style=" margin-left:0cm;margin-right:0cm;font-weight:bold;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;text-align:center;line-height:normal;font-size:10.0pt;font-family:"Times New Roman"">PRINCIPAL SHAREHOLDERS</p>
<p  Style=" text-autospace:none;text-indent:28.1pt;text-align:justify;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">The following table sets
forth certain information regarding beneficial ownership of the Ordinary Shares
as of April 23, 2004, by each person who is known by the Company to own
beneficially more than 5% of the Outstanding Ordinary Shares. The voting rights
of the Company's major shareholders do not differ from the voting rights of
other holders of the Ordinary Shares. </p>
<p  Style="margin:0cm;page-break-after:avoid; text-indent:13.5pt;text-align:justify;margin-top:6.0pt;margin-bottom:.0001pt;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman""><i
style='font-size:10.0pt'>&nbsp;<!-- Created Using Viltech Software --></i></p>
<table able border=0 cellspacing=0 cellpadding=0 width=546
  Style="border-collapse:collapse;width:409.5pt;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:9.0pt;font-size:12.0pt;font-family:"Times New Roman"">
 <tr>
  <td width=270 valign=top style='width:202.5pt;padding:0cm 4.5pt 0cm 4.5pt'>
  <p Style="margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman""><b><u style='font-size:10.0pt'>Beneficial Owner</u></b></p>
  </td>
  <td width=156 valign=top style='width:117.0pt;padding:0cm 4.5pt 0cm 4.5pt'>
  <p align=center  Style="margin:0cm;text-autospace:none;  text-align:center;margin-top:6.0pt;margin-bottom:.0001pt;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman""><b><u style='font-size:10.0pt'>Number
  of Shares </u></b></p>
  <p align=center  Style="margin:0cm;text-autospace:none;  text-align:center;margin-top:6.0pt;margin-bottom:.0001pt;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman""><b><u style='font-size:10.0pt'>Beneficially
  Owned</u></b></p>
  </td>
  <td width=120 valign=top style='width:90.0pt;padding:0cm 4.5pt 0cm 4.5pt'>
  <p align=center  Style="margin:0cm;text-autospace:none;  text-align:center;margin-top:6.0pt;margin-bottom:.0001pt;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman""><b><u style='font-size:10.0pt'>Percent
  of Ownership</u></b></p>
  </td>
 </tr>
 <tr>
  <td width=270 valign=top style='width:202.5pt;padding:0cm 4.5pt 0cm 4.5pt'>
  <p  Style="margin:0cm;text-autospace: none;margin-top:6.0pt;margin-bottom:.0001pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">AXA Assurances I.A.R.D. Mutuelle <sup>(1)</sup></p>
  </td>
  <td width=156 valign=top style='width:117.0pt;padding:0cm 4.5pt 0cm 4.5pt'>
  <p align=center  Style="margin:0cm;text-autospace:none; text-align:center;margin-top:6.0pt;margin-bottom:.0001pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">3,236,760</p>
  </td>
  <td width=120 valign=top style='width:90.0pt;padding:0cm 4.5pt 0cm 4.5pt'>
  <p align=center  Style="margin:0cm;text-autospace:none; text-align:center;margin-top:6.0pt;margin-bottom:.0001pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">11.8%</p>
  </td>
 </tr>
 <tr>
  <td width=270 valign=top style='width:202.5pt;padding:0cm 4.5pt 0cm 4.5pt'>
  <p  Style="margin:0cm;text-autospace: none;margin-top:6.0pt;margin-bottom:.0001pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">Clal Industries and Investments Ltd. <sup>(2)</sup></p>
  </td>
  <td width=156 valign=top style='width:117.0pt;padding:0cm 4.5pt 0cm 4.5pt'>
  <p align=center  Style="margin:0cm;text-autospace:none; text-align:center;margin-top:6.0pt;margin-bottom:.0001pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">3,056,274</p>
  </td>
  <td width=120 valign=top style='width:90.0pt;padding:0cm 4.5pt 0cm 4.5pt'>
  <p align=center  Style="margin:0cm;text-autospace:none; text-align:center;margin-top:6.0pt;margin-bottom:.0001pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">11.1%</p>
  </td>
 </tr>
 <tr>
  <td width=270 valign=top style='width:202.5pt;padding:0cm 4.5pt 0cm 4.5pt'>
  <p  Style="margin:0cm;text-autospace: none;margin-top:6.0pt;margin-bottom:.0001pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">Martin S. Gerstel <sup>(3)</sup></p>
  </td>
  <td width=156 valign=top style='width:117.0pt;padding:0cm 4.5pt 0cm 4.5pt'>
  <p align=center  Style="margin:0cm;text-autospace:none; text-align:center;margin-top:6.0pt;margin-bottom:.0001pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">1,748,008</p>
  </td>
  <td width=120 valign=top style='width:90.0pt;padding:0cm 4.5pt 0cm 4.5pt'>
  <p align=center  Style="margin:0cm;text-autospace:none; text-align:center;margin-top:6.0pt;margin-bottom:.0001pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">6.4%</p>
  </td>
 </tr>
</table>
<div style='border:none;border-bottom:solid windowtext 1.5pt;padding:0cm 0cm 1.0pt 0cm'>
<p  Style="margin:0cm;padding:0cm; border:none;text-autospace:none;margin-top:6.0pt;margin-bottom:.0001pt;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman""><i style='font-size:10.0pt'>&nbsp;</i></p>
</div>
<p  Style="text-autospace:none;text-align:justify; margin-left:9.0pt;margin-right:0cm;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">(1)    Information is based on information disclosed
by AXA Assurances I.A.R.D. Mutuelle on its Schedule 13G, filed with the
Securities and Exchange Commission (&quot;SEC&quot;) on February 10, 2004.</p>
<p  Style="text-autospace:none;text-align:justify; margin-left:9.0pt;margin-right:0cm;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">(2)    Ownership consists of 10,526 shares held by
Clal Industries &amp; Investments Ltd. and 3,045,748 shares held by Clal Biotechnology
Industries Ltd. The address of Clal Biotechnology Industries Ltd. is 3 Azrieli
Center, Tel Aviv 67023, Israel. This information is based on information disclosed
by Clal Industries &amp; Investments Ltd. on its Schedule 13D, field with the
SEC on July 7, 2003.</p>
<p  Style="text-autospace:none;text-align:justify; margin-left:9.0pt;margin-right:0cm;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">(3)    Ownership consists of 550,000 shares held by
Shomar Corporation, an affiliate of Mr. Gerstel, and 1,119,888 shares held by
Merrill Lynch IRA for Martin Gerstel, of which Mr. Gerstel is the beneficiary.
This information is based on information disclosed by Mr. Gerstel on his
Schedule 13G, filed with the SEC on February 17, 2004.</p>
<p  Style=" margin-left:27.0pt;margin-right:0cm;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman""><b style='font-size:10.0pt'>1.    ELECTION OF
DIRECTORS</b></p>
<h3 Style="text-indent:14.2pt;margin-right:0cm;margin-top:0cm;  margin-bottom:6.0pt; margin-left: 12.8pt; page-break-after:avoid; text-autospace:ideograph-numeric ideograph-other; font-size:10.0pt; font-family:BFHCEZ+TimesNewRomanPS" >Election of Outside Directors -
Background </h3>
<p  Style=" text-autospace:none;text-indent:28.1pt;text-align:justify;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">The Law requires Israeli
companies with shares that have been offered to the public to appoint at least
two outside directors. No person may be appointed as an outside director if
that person or that person`s relative, partner, employer or any entity under
that person`s control, has or had, on or within the past two years preceding
the date of that person`s appointment to serve as outside director, any
affiliation with the Company or any entity controlling, controlled by or under
common control with the Company. </p>
<p  Style=" text-autospace:none;text-indent:28.1pt;text-align:justify;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">The term "affiliation"
includes an employment relationship, business or professional relationship
maintained on a regular basis, control&nbsp;&nbsp;and service as an office
holder.</p>
<p  Style=" text-autospace:none;text-indent:28.1pt;text-align:justify;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">No person may serve as an
outside director if the person`s position or other business activities create
or may create a conflict of interests with that person`s responsibilities as an
outside director or may otherwise interfere with the person`s ability to serve
as an outside director.</p>
<p  Style=" text-autospace:none;text-indent:28.1pt;text-align:justify;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">If, at the time outside
directors are to be appointed, all current members of the board are of the same
gender, then at least one outside director must be of the other gender.</p>
<p  Style=" text-autospace:none;text-indent:28.1pt;text-align:justify;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">Outside directors are to be
elected by a majority vote at the shareholders` meeting, provided that either:
(i) the majority of the shares voted at the meeting, including at least one
third of the shares held by non-controlling shareholders voted at the meeting,
vote in favor of election of the outside director; or (ii) the total number of
shares held by non-controlling shareholders voted against the election of the
outside director does not exceed 1% of the aggregate voting rights in the
Company.</p>
<p  Style=" text-autospace:none;text-indent:28.1pt;text-align:justify;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">The initial term of an
outside director is three years, and the outside director may be re-elected for
an additional term of three years. </p>
<P Style="font-size:10.0pt;font-family:"Times New Roman"" align=center><B>4</B>&nbsp;</P><br clear=all
style='page-break-before:always'>

<p  Style=" text-autospace:none;text-indent:28.1pt;text-align:justify;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">Outside directors may be
removed from office only by a vote of the same percentage of shareholders as is
required for their election, or by court, and then only if the outside director
ceased to meet the statutory qualifications for his or her appointment, or if
the outside director violates his or her duty of loyalty to the Company. Each
committee of the Board of Directors must include at least one outside director,
and the audit committee (the &quot;Audit Committee&quot;) must include all of
the outside directors.</p>
<p  Style="text-indent:14.2pt; margin-left:13.9pt;margin-right:0cm;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman""><b style='font-size:10.0pt'>Election
of Directors:</b></p>
<p  Style=" text-autospace:none;text-indent:28.1pt;text-align:justify;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">The Board of Directors has
nominated Mr. Martin S. Gerstel, Dr. Mor Amitai, Dr. David Haselkorn, and Mr.
Ruben Krupik for election as directors, to serve until the next annual general
meeting of shareholders, and until their respective successors are duly elected
and shall qualify. </p>
<p  Style=" text-autospace:none;text-indent:28.1pt;text-align:justify;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">In addition, the Board of
Directors has nominated Dr. Orna Berry and Mr. David Schlachet for election as outside
directors, each to serve for a second term of three years. Both nominees
qualify as outside directors under the Law. </p>
<p  Style=" text-autospace:none;text-indent:28.1pt;text-align:justify;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">In the absence of
instructions to the contrary, the persons named in the enclosed proxy will vote
the Ordinary Shares represented thereby FOR the election of the nominees listed
below. If any of such nominees is unable to serve, the persons named in the
proxy shall vote the Ordinary Shares for the election of such other nominees as
the Board of Directors may propose. The following nominees, all of whom are
currently directors of the Company, have advised the Company that they will
serve as directors if elected.</p>
<p  Style=" text-autospace:none;text-indent:28.1pt;text-align:justify;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">The following table
provides certain relevant information concerning the nominees, including their
principal occupation during at least the past five years.</p>
<table able border=0 cellspacing=0 cellpadding=0
  Style="border-collapse:collapse;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman"">
 <tr>
  <td width=121 valign=top style='width:90.9pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <h4 Style="margin-top:6.0pt;

	margin-bottom:6.0pt;
	margin-left:0cm;
	page-break-after:avoid;
	font-size:10.0pt;
	font-family:"Times New Roman";
	text-decoration:underline"> Nominee</h4>
  </td>
  <td width=42 valign=top style='width:31.5pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="text-align:center;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman""><b><u style='font-size:10.0pt'>Age</u></b></p>
  </td>
  <td width=402 valign=top style='width:301.2pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="font-weight:bold;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;text-align:center;page-break-after:avoid;font-size:10.0pt;;text-decoration:underline;font-family:"Times New Roman"">Principal Occupation</p>
  </td>
 </tr>
 <tr>
  <td width=121 valign=top style='width:90.9pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="letter-spacing:-.1pt;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">Martin
  S. Gerstel</p>
  </td>
  <td width=42 valign=top style='width:31.5pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="text-align:center;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">62</p>
  </td>
  <td width=402 valign=top style='width:301.2pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p  Style="text-align:justify;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">Martin
  Gerstel has served as the Company's Chairman since August 1997. Prior to
  relocating to Israel in 1994, Mr. Gerstel was
  co-chairman and CEO of ALZA Corporation, which he helped found in 1968. Mr.
  Gerstel is also the co-founder and co-chairman of Itamar Medical, a medical
  device company headquartered in <!-- Created Using Viltech Software -->Israel, and
  serves as a director of Evogene, Symyx Technologies, and the Foundation for
  the National Medals of Science and Technology. Mr. Gerstel holds a B.S. from Yale University and an MBA from Stanford University.</p>
  </td>
 </tr>
 <tr>
  <td width=121 valign=top style='width:90.9pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">Mor Amitai</p>
  </td>
  <td width=42 valign=top style='width:31.5pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="text-align:center;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">38</p>
  </td>
  <td width=402 valign=top style='width:301.2pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p  Style="text-align:justify;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">Mor
  Amitai, Ph.D. joined the Company in 1994. He held
  several positions, including Chief Scientist and Head of Research before
  becoming Chief Executive Officer, President and a director of the Company in
  1997. Between 1991 and 1994, Dr. Amitai worked as a digital signal processing
  engineer, developing speech recognition technologies, at Comverse
  Technologies. Previously, Dr. Amitai carried out algorithm and communications
  system development for five years in the Israeli Defense Forces, which he
  left with the rank of captain. Dr. Amitai holds a B.S. in Mathematics and
  Physics, and an M.S. and a Ph.D. in Mathematics, all from The Hebrew
  University of Jerusalem.<!-- Created Using Viltech Software --></p>
  </td>
 </tr>
 <tr>
  <td width=121 valign=top style='font-size:12.0pt;width:90.9pt;padding:0cm 5.4pt 0cm 5.4pt;font-family:"Times New Roman"'><br clear=all
  style='page-break-before:always'>

  <p Style="margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">David Haselkorn</p>
  </td>
  <td width=42 valign=top style='width:31.5pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="text-align:center;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">59</p>
  </td>
  <td width=402 valign=top style='width:301.2pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p  Style="text-autospace:none;text-align:justify;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">David Haselkorn, Ph.D. joined our Board of Directors
  in December 1998. From 1998 to 2003, Dr. Haselkorn served as the Chief
  Executive Officer of Clal Biotechnology Industries Ltd. From 1987 to 1998,
  Dr. Haselkorn served as a Managing Director and Chief Operating Officer of
  Bio-Technology General Corp. Dr. Haselkorn is also on the board of directors
  of several privately-held companies. Dr. Haselkorn holds a B.Sc. in Chemistry
  and an M.Sc. in Biochemistry from Hebrew University, and a Ph.D. in Chemical Immunology from the
  Weizmann Institute of Science.</p>
  </td>
 </tr>
</table>
<P Style="font-size:10.0pt;font-family:"Times New Roman"" align=center><B>5</B>&nbsp;</P><br clear=all
style='page-break-before:always'>

<p Style="margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman"">&nbsp;</p>
<table able border=0 cellspacing=0 cellpadding=0
  Style="border-collapse:collapse;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman"">
 <tr>
  <td width=121 valign=top style='width:90.9pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">Ruben Krupik</p>
  </td>
  <td width=42 valign=top style='width:31.5pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="text-align:center;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">52</p>
  </td>
  <td width=402 valign=top style='width:301.2pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p  Style="text-autospace:none;text-align:justify;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">Ruben Krupik joined the Board of Directors in 2003.
  Mr. Krupik serves as the President and CEO of ARTE - Arison Technologies Ltd.
  Mr. Krupik also serves as the active chairman of Steps Ventures, the general
  manager of Biomedical Investments, and a manager of the Arison Group's
  technology division. He is a director in a number of leading Israeli hi-tech
  companies. From 1991 to 2000, Mr. Krupik held a number of positions,
  including the President and CEO of RDC Rafael Development Corporation Ltd.
  Mr. Krupik holds an LL.B. in law from the Tel Aviv University and BA in Economics and Political Sciences from the
  Hebrew University.</p>
  </td>
 </tr>
 <tr>
  <td width=121 valign=top style='width:90.9pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">Orna Berry</p>
  </td>
  <td width=42 valign=top style='width:31.5pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="text-align:center;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">54</p>
  </td>
  <td width=402 valign=top style='width:301.2pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p  Style="text-autospace:none;text-align:justify;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">Orna Berry, Ph.D. joined the Board of Directors as an outside
  director in June 2001. She is a Venture Partner at Gemini Israel Funds, and
  the Chairperson of Lambda Crossing, Ltd., and at Riverhead Inc. From 1997 to
  2000, she was the Chief Scientist of the Ministry of Industry and Trade of
  the Government of Israel. Dr. Berry was the co-founder of ORNET Data Communication
  Technologies Ltd. She served as the Chief Scientist of Fibronics and as a
  senior research engineer in several companies, including IBM and UNISYS.&nbsp;&nbsp;Dr.
  Berry received her Ph.D. in computer science from the University
   of Southern California and her M.A. and B.A. degrees in statistics and
  mathematics from Tel Aviv and Haifa Universities, respectively.</p>
  </td>
 </tr>
 <tr>
  <td width=121 valign=top style='width:90.9pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">David Schlachet</p>
  </td>
  <td width=42 valign=top style='width:31.5pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="text-align:center;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">58</p>
  </td>
  <td width=402 valign=top style='width:301.2pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p  Style="text-autospace:none;text-align:justify;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">David Schlachet joined the Board of Directors as an
  outside director in June 2001.&nbsp;&nbsp;He is a managing partner of BioCom
  Management and Investment (2002) Ltd.&nbsp;&nbsp;He also serves on the Boards
  of Directors of Poalim Capital Markets &amp; Investments Ltd., Harel Capital
  Markets Ltd., Taya Investment Company Ltd., United Studios Ltd., Pharmos
  Ltd., Taldor Ltd., ProSeed Venture Capital Fund Ltd and Israel Discount Bank
  Limited. From 1997 to July 2000, Mr. Schlachet was Chairman of the Board of Directors
  of Elite Industries Ltd. and prior to that he served as Vice President of the
  Strauss Group of companies. Mr. Schlachet holds a B.Sc. degree in chemical
  engineering from the Technion, Israel Institute of Technology and an MBA
  degree from Tel Aviv University.</p>
  </td>
 </tr>
</table>
<p  Style="margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;text-align:justify;text-indent:1.0cm;line-height:normal;font-size:10.0pt;font-family:"Times New Roman"">&nbsp;</p>
<p  Style=" text-autospace:none;text-indent:28.1pt;text-align:justify;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">The Company's Articles of
Association specify that the number of directors will be at least five but not
more than fourteen.</p>
<p  Style="text-indent:14.2pt; margin-left:13.9pt;margin-right:0cm;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman""><b style='font-size:10.0pt'>Remuneration
of Directors</b></p>
<p  Style=" text-autospace:none;text-indent:28.1pt;text-align:justify;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">The aggregate compensation
paid by the Company and the Company`s subsidiaries to all persons who served in
the capacity of director for the year ended December 31, 2003, (seven
persons) was approximately US$340,939. This amount includes approximately
US$59,681 set aside or accrued to provide pension, severance, retirement or
similar benefits. This amount does not include expenses, including business
travel, relocation, professional and business association dues and expenses,
reimbursed to directors and other benefits commonly reimbursed or paid by
companies in Israel.</p>
<p  Style="margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;text-align:justify;text-indent:1.0cm;line-height:normal;font-size:10.0pt;font-family:"Times New Roman"">During 2003, the
Company granted options to purchase a total of 500,000 Ordinary Shares to
members of the Board of Directors as a group, including employee directors.
These options are exercisable at a range of between US$2.38 per share and
US$5.91 per share, and expire ten years after the date of grant.</p>
<p  Style="margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;text-align:justify;text-indent:1.0cm;line-height:normal;font-size:10.0pt;font-family:"Times New Roman"">The shareholders of the
Company are requested to adopt the following resolution:</p>
<p  Style="text-indent:1.0cm;text-align:justify;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman""><b style='font-size:10.0pt'>RESOLVED, to appoint the directors as nominated above</b><b style='font-size:10.0pt'>.</b></p>
<b style='font-size:10.0pt;font-family:"Times New Roman"'><P Style="font-size:10.0pt;font-family:"Times New Roman"" align=center><B>6</B>&nbsp;</P><br clear=all
style='page-break-before:always'>
</b>
<p  Style="text-indent:-14.2pt;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:42.55pt;font-size:12.0pt;font-family:"Times New Roman""><b style='font-size:10.0pt'>2.   PROPOSAL TO RATIFY THE APPOINTMENT OF INDEPENDENT
PUBLIC ACCOUNTS</b></p>
<p  Style="margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;text-align:justify;text-indent:1.0cm;line-height:normal;font-size:10.0pt;font-family:"Times New Roman"">The Board of Directors,
in accordance with the recommendation of the Audit Committee, has appointed the
accounting firm of Kost Forer Gabbay &amp; Kasierer, a member of Ernst &amp;
Young Global, as the external auditors of the Company for the year ending December 31, 2004. Kost Forer Gabbay &amp; Kasierer, a member of Ernst &amp; Young Global,
has audited the Company`s books and accounts and performed other accounting
services for the Company since 2002. Kost Forer Gabbay &amp; Kasierer, a member
of Ernst &amp; Young Global, performed the Company`s yearly audit for the
fiscal year ended December 31, 2003.</p>
<p  Style="margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;text-align:justify;text-indent:1.0cm;line-height:normal;font-size:10.0pt;font-family:"Times New Roman"">The fees for audit
services for the year 2004, which will be paid to Kost Forer Gabbay &amp;
Kasierer, a member of Ernst &amp; Young Global, as the external auditors of the
Company, are US$60,000.</p>
<p  Style="margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;text-align:justify;text-indent:1.0cm;line-height:normal;font-size:10.0pt;font-family:"Times New Roman"">The fees paid to Kost
Forer Gabbay &amp; Kasierer, a member of Ernst &amp; Young Global, for services
other than audit services, for the year 2003, were US$31,250.</p>
<p  Style="margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;text-align:justify;text-indent:1.0cm;line-height:normal;font-size:10.0pt;font-family:"Times New Roman"">The shareholders of the
Company are requested to adopt the following resolution:</p>
<p  Style="text-indent:1.0cm;text-align:justify;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman""><b style='font-size:10.0pt'>RESOLVED, that the appointment of Kost Forer Gabbay
&amp; Kasierer, a member of Ernst &amp; Young Global, as the external auditors
of the Company for the year ending December 31, 2004, in accordance with the
recommendation of the Audit Committee and the Board of Directors is hereby
ratified.</b></p>
<p  Style="text-indent:1.0cm;text-align:justify;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman""><b style='font-size:10.0pt'>The Board of Directors recommends that the
shareholders vote FOR the ratification of the appointment of Kost Forer Gabbay
&amp; Kasierer, a member of Ernst &amp; Young Global, as the external auditors
of the Company.</b></p>
<p  Style="text-indent:-14.2pt;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:42.55pt;font-size:12.0pt;font-family:"Times New Roman""><b style='font-size:10.0pt'>3.   PROPOSALS TO RATIFY THE TERMS OF COMPENSATION OF
CERTAIN DIRECTORS OF THE COMPANY</b></p>
<p  Style="margin:0cm;text-autospace:none;text-indent: 27.0pt;text-align:justify;margin-bottom:6.0pt;font-size:10.0pt;font-family:"Times New Roman"">Pursuant to the Law, the terms of compensation of
members of the Board of Directors require approval of the Audit Committee, the
Board of Directors and the shareholders of the Company. In compliance with the
Law, at the Meeting, the shareholders will be requested to adopt the
resolutions set forth below. </p>
<p  Style="text-indent:1.0cm;text-align:justify;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman""><b style='font-size:10.0pt'>The Board of Directors expresses no recommendation as
to the vote on any of the resolutions below regarding compensation to the
members of the Board of Directors.</b></p>
<p  Style="margin-top:6.0pt;margin-bottom:6.0pt;margin-left:1.0cm;font-size:12.0pt;font-family:"Times New Roman""><b style='font-size:10.0pt'>(A)
PROPOSAL TO RATIFY GRANT OF OPTIONS TO DR. DAVID HASELKORN</b></p>
<p  Style=" page-break-after:avoid;text-indent:1.0cm;text-align:justify;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">On March 23, 2004, the
Audit Committee and Board of Directors approved, subject to the approval of the
shareholders of the Company, the grant of options to purchase 26,500 ordinary
shares of the Company ("Options"), to Dr. David Haselkorn, Chairman of the
Executive Committee, in consideration of his continuous and valuable
contribution to the Company. The Options will be granted under the Company`s
Share Option Plan (2000) at an exercise price per share of US$5.99, the closing
price of the Company`s shares on March
 23, 2004. The Options will vest over a
period of forty eight months, starting on January 1, 2004,
such that 1/48 of the Options will vest at the end of each of the said forty
eight months, respectively. </p>
<p  Style=" page-break-after:avoid;text-indent:1.0cm;text-align:justify;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">In compliance with the
Law, the shareholders will be requested to adopt the following resolution:</p>
<p  Style="text-indent:1.0cm;text-align:justify;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman""><b style='font-size:10.0pt'>RESOLVED, that the options grant to Dr. David
Haselkorn, described in the Proxy Statement for the 2004 Annual General Meeting
of Shareholders be, and it is hereby, approved and ratified.</b></p>
<p  Style="margin-top:6.0pt;margin-bottom:6.0pt;margin-left:1.0cm;font-size:12.0pt;font-family:"Times New Roman""><b style='font-size:10.0pt'>(B)
PROPOSAL TO RATIFY THE GRANT OF A CASH BONUS TO DR. MOR AMITAI, PRESIDENT AND
CEO OF THE COMPANY</b></p>
<p  Style=" page-break-after:avoid;text-indent:1.0cm;text-align:justify;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">On April 20, 2004, the
Audit Committee and Board of Directors approved, subject to the approval of the
shareholders of the Company, the grant of a one-time cash bonus in the amount
of US$40,000 to Dr. Mor Amitai, President, Chief Executive Officer and Director
of the Company, in consideration of his performance during the year 2003.</p>
<P Style="font-size:10.0pt;font-family:"Times New Roman"" align=center><B>7</B>&nbsp;</P><br clear=all
style='page-break-before:always'>

<p  Style=" page-break-after:avoid;text-indent:1.0cm;text-align:justify;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">In compliance with the
Law, the shareholders will be requested to adopt the following resolution:</p>
<p  Style="text-indent:1.0cm;text-align:justify;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman""><b style='font-size:10.0pt'>RESOLVED, that the grant to Dr. Mor Amitai of a
one-time cash bonus in the amount of US$40,000, for his performance during the
year 2003 be, and it is hereby, approved and ratified.</b></p>
<p  Style="margin-top:6.0pt;margin-bottom:6.0pt;margin-left:1.0cm;font-size:12.0pt;font-family:"Times New Roman""><b style='font-size:10.0pt'>(C)
PROPOSAL TO RATIFY THE RAISE IN SALARY TO DR. MOR AMITAI, PRESIDENT AND CEO OF
THE COMPANY</b></p>
<p  Style=" page-break-after:avoid;text-indent:1.0cm;text-align:justify;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">On April 20, 2004, the
Audit Committee and Board of Directors resolved, subject to the approval of the
shareholders of the Company, to raise the annual salary of Dr. Mor Amitai,
President, Chief Executive Officer and Director of the Company, to US$240,000
effective as of January 1, 2004.</p>
<p  Style=" page-break-after:avoid;text-indent:1.0cm;text-align:justify;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">In compliance with the
Law, the shareholders will be requested to adopt the following resolution:</p>
<p  Style="text-indent:1.0cm;text-align:justify;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman""><b style='font-size:10.0pt'>RESOLVED, that the raise in Dr. Mor Amitai`s annual
salary to US$240,000, effective as of </b><b style='font-size:10.0pt'>January 1, 2004</b><b style='font-size:
10.0pt'> be, and it is hereby, approved and ratified.</b></p>
<p  Style="text-indent:-14.2pt;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:42.55pt;font-size:12.0pt;font-family:"Times New Roman""><b style='font-size:10.0pt'>4.   AMENDMENT OF ARTICLES OF ASSOCIATION   </b></p>
<p  Style=" page-break-after:avoid;text-indent:1.0cm;text-align:justify;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">Pursuant to the Law, the
amendment of the Company`s Articles of Association requires the approval of the
shareholders of the Company. In compliance with the Law, at the Meeting, the
shareholders will be requested to adopt the resolution set forth below. </p>
<p  Style=" page-break-after:avoid;text-indent:1.0cm;text-align:justify;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">The Board of Directors
voted in favor of deleting Article 46, entitled "Alternate Director", from the
Company`s Articles of Association. The impact of this proposal is that, upon
deletion of Article 46, a director of the Company shall not be entitled to
unilaterally nominate an alternate director to replace him or her as an acting
director of the Company. </p>
<p  Style=" page-break-after:avoid;text-indent:1.0cm;text-align:justify;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">In compliance with the
Law, the shareholders will be requested to adopt the following resolution:</p>
<p  Style="text-indent:1.0cm;text-align:justify;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman""><b style='font-size:10.0pt'>RESOLVED, that the amendment to the Company`s Articles
of Association by deleting Article 46, entitled "Alternate Director" be, and it
is hereby, approved and ratified.</b></p>
<p  Style="text-indent:-14.2pt;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:42.55pt;font-size:12.0pt;font-family:"Times New Roman""><b style='font-size:10.0pt'>5.   DISCUSSION OF FINANCIAL STATEMENTS</b></p>
<p  Style=" page-break-after:avoid;text-indent:1.0cm;text-align:justify;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">At the Meeting, there
will be a discussion of the Company`s audited financial statements for the year
ended December 31, 2003.</p>
<p align=center  Style="margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;text-align:center;text-indent:1.0cm;line-height: normal;font-size:10.0pt;font-family:"Times New Roman"">_____________________________________</p>
<p  Style=" page-break-after:avoid;text-indent:1.0cm;text-align:justify;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">Management is not aware
of any other matters to be presented at the Meeting.&nbsp;&nbsp;If, however,
any other matters should properly come before the Meeting or any adjournment
thereof, the proxy confers discretionary authority with respect to acting
thereon, and the person named in the enclosed proxy will vote on such matters
in accordance with his or her best judgment.</p>
<p  Style=" page-break-after:avoid;text-indent:1.0cm;text-align:justify;margin-top:0cm;margin-bottom:6.0pt;margin-left:0cm;font-size:10.0pt;font-family:"Times New Roman"">Shareholders are urged
to complete and return their proxies promptly in order to, among other things,
insure action by a quorum and to avoid the expense of additional solicitation.
If the accompanying proxy is properly executed and returned in time for voting,
and a choice is specified, the shares represented thereby will be voted as
indicated thereon. If no specification is made, proxies received by the Company
will be voted in favor of each of the proposals described in this Proxy
Statement.</p>
<p  Style="margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;text-align:justify;text-indent:1.0cm;line-height:normal;font-size:10.0pt;font-family:"Times New Roman"">&nbsp;</p>
<table able border=0 cellspacing=0 cellpadding=0
  Style="border-collapse:collapse;margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman"">
 <tr>
  <td width=307 valign=top style='width:230.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p  Style="  margin-left:0cm;margin-right:0cm;margin-top:3.0pt;margin-bottom:3.0pt;margin-left:0cm;text-align:justify;text-indent:1.0cm;line-height:normal;font-size:10.0pt;font-family:"Times New Roman"">&nbsp;</p>
  </td>
  <td width=276 valign=top style='width:207.0pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=left  Style="margin-right:0cm;margin-top:3.0pt;margin-bottom:  3.0pt;margin-left:0cm;text-align:left;text-indent:0cm;line-height:normal;font-size:10.0pt;font-family:"Times New Roman"">By
  Order of the Board of Directors</p>
  <p align=left  Style="margin-right:0cm;margin-top:3.0pt;margin-bottom:  3.0pt;margin-left:0cm;text-align:left;text-indent:0cm;line-height:normal;font-size:10.0pt;font-family:"Times New Roman""><u><img
  width=132 height=26 src="image002.gif"></u><br>
  Martin S. Gerstel</p>
  <p align=left  Style="margin-right:0cm;margin-top:3.0pt;margin-bottom:  3.0pt;margin-left:0cm;text-align:left;text-indent:0cm;line-height:normal;font-size:10.0pt;font-family:"Times New Roman"">Chairman
  </p>
  </td>
 </tr>
 <tr>
  <td width=307 valign=top style='width:230.4pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=left  Style="margin-right:0cm;margin-top:3.0pt;margin-bottom:  3.0pt;margin-left:1.0cm;text-align:left;text-indent:0cm;line-height:normal;font-size:10.0pt;font-family:"Times New Roman"">Date:&nbsp;&nbsp;April 29, 2004</p>
  </td>
  <td width=276 valign=top style='width:207.0pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=left  Style="margin-right:0cm;margin-top:3.0pt;margin-bottom:  3.0pt;margin-left:0cm;text-align:left;text-indent:0cm;line-height:normal;font-size:10.0pt;font-family:"Times New Roman"">&nbsp;</p>
  </td>
 </tr>
</table>
<p  Style="margin:0cm;margin-top:6.0pt;margin-bottom:.0001pt;margin-left:0cm;font-size:12.0pt;font-family:"Times New Roman"">&nbsp;</p>
<P Style="font-size:10.0pt;font-family:"Times New Roman"" align=center><B>8</B>&nbsp;</P></div>
</body>
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-----END PRIVACY-ENHANCED MESSAGE-----
