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<SEC-DOCUMENT>0001119774-06-000028.txt : 20061016
<SEC-HEADER>0001119774-06-000028.hdr.sgml : 20061016
<ACCEPTANCE-DATETIME>20061016103523
ACCESSION NUMBER:		0001119774-06-000028
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20061016
FILED AS OF DATE:		20061016
DATE AS OF CHANGE:		20061016

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:		061145392

	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>sixkoctober162006.htm
<DESCRIPTION>6-K - OCTOBER 16, 2006
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<div class=Section1>
<p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman""><b style='font-size:11.0pt'>FORM 6-K</b></p>
<p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman""><b style='font-size:11.0pt'>SECURITIES AND EXCHANGE COMMISSION</b></p>
<p align=center  Style="margin:0cm;text-align:center;margin-right:1.0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman""><b style='font-size:11.0pt'>&nbsp;</b></p>
<h3 Style="margin-top:0cm;

	margin-bottom:0cm;
	margin-left:0cm;
	margin-bottom:.0001pt;
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	page-break-after:avoid;
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	font-weight:bold;font-family:"Times New Roman""> Washington, D.C. 20549 </h3>
<p align=center  Style="margin:0cm;text-align:center;margin-right:1.0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman""><b style='font-size:11.0pt'>&nbsp;</b></p>
<p align=center  Style="margin:0cm;text-align:center;margin-right:1.0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman""><b style='font-size:11.0pt'>Report of Foreign Private Issuer</b></p>
<p align=center  Style="margin:0cm;text-align:center;margin-right:1.0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman""><b style='font-size:11.0pt'>&nbsp;</b></p>
<p  Style="margin:0cm;margin-right:1.0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">&nbsp;</p>
<p  Style="margin:0cm;margin-right:1.0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">&nbsp;</p>
<p align=center  Style="margin:0cm;text-align:center;margin-right:1.0cm;margin-bottom:.0001pt;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="margin:0cm;text-align:center;margin-right:1.0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">for the month of October 2006</p>
<p  Style="margin:0cm;margin-right:1.0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">&nbsp;</p>
<p  Style="margin:0cm;margin-right:1.0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">&nbsp;</p>
<p align=center  Style="margin:0cm;text-align:center;margin-right:1.0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman""><u style='font-size:11.0pt'>Compugen Ltd.</u></p>
<p align=center  Style="margin:0cm;text-align:center;margin-right:1.0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">(Translation of registrant's name in English)</p>
<p align=center  Style="margin:0cm;text-align:center;margin-right:1.0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">&nbsp;</p>
<p align=center  Style="margin:0cm;text-align:center;margin-right:1.0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">&nbsp;</p>
<p align=center  Style="margin:0cm;text-align:center;margin-right:1.0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman""><u style='font-size:11.0pt'>72 Pinchas Rosen Street, Tel-Aviv 69512, Israel</u></p>
<p align=center  Style="margin:0cm;text-align:center;margin-right:1.0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">(Address of principal executive offices)</p>
<p align=center  Style="margin:0cm;text-align:center;margin-right:1.0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">&nbsp;</p>
<p  Style="margin:0cm;margin-right:1.0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">&nbsp;</p>
<p  Style="margin:0cm;text-align:justify;margin-right:1.0cm;margin-bottom:.0001pt;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="margin:0cm;text-align:center;margin-right:1.0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">&nbsp;</p>
<p align=center  Style="margin:0cm;text-align:center;margin-right:1.0cm;margin-bottom:.0001pt;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:0cm;margin-right:1.0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</p>
<p  Style="margin:0cm;margin-right:1.0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">&nbsp;</p>
<p  Style="margin:0cm;margin-right:1.0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">&nbsp;</p>
<p  Style="margin:0cm;text-align:justify;margin-right:1.0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">On October 16, 2006 Compugen Ltd. (the
&quot;Registrant&quot;) issued a Press Release, filed as Exhibit 1 to this
Report on Form 6-K, which is hereby incorporated by reference herein.</p>
<p  Style="margin:0cm;margin-right:1.0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">&nbsp;</p>
<p align=center  Style="margin:0cm;text-align:center;margin-right:1.0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman""><b>&nbsp;</b></p>
<p align=center  Style="margin:0cm;text-align:center;margin-right:1.0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman""><b><u style='font-size:11.0pt'>SIGNATURE</u></b></p>
<p  Style="margin:0cm;margin-right:1.0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">&nbsp;</p>
<p  Style="margin:0cm;text-align:justify;margin-right:1.0cm;margin-bottom:.0001pt;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  Style="margin:0cm;margin-left:1.0cm;margin-right:1.0cm;margin-top:0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">&nbsp;</p>
<p align=center  Style="margin:0cm;text-align:center;margin-left:288.0pt;margin-right:1.0cm;margin-top:0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">                                    </p>
<p  Style="margin:0cm;text-indent:225.0pt;margin-right:1.0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">Compugen Ltd.</p>
<p  Style="margin:0cm;text-indent:225.0pt;margin-right:1.0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">(Registrant)</p>
<p  Style="margin:0cm;text-indent:225.0pt;margin-right:1.0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">By:    <u>/s/ Nurit Benjamini</u></p>
<p  Style="margin:0cm;text-indent:225.0pt;margin-right:1.0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">Title:  Chief Financial Officer</p>
<p  Style="margin:0cm;text-indent:225.0pt;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">Date: October
16, 2006</p>
<p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">&nbsp;</p>
<p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">&nbsp;</p>
<p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">&nbsp;</p>
<p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">&nbsp;</p>
<p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">&nbsp;</p>
<p Style="margin:0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">&nbsp;</p>
<p Style="margin:0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">&nbsp;</p>
<p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman""><b style='font-size:11.0pt'>&nbsp;</b></p>
<p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman""><b style='font-size:11.0pt'>&nbsp;</b></p>
<p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman""><b style='font-size:11.0pt'>&nbsp;</b></p>
<p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman""><b style='font-size:11.0pt'>&nbsp;</b></p>
<p Style="margin:0cm;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman""><b style='font-size:11.0pt'>Exhibit 1</b></p>
<p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman""><img width=257 height=136
src="image001.jpg"></p>
<p Style="margin:0cm;layout-grid-mode:line;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">&nbsp;</p>
<p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman""><b style='font-size:11.0pt'>Compugen Ltd.</b></p>
<p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman""><b style='font-size:11.0pt'>&nbsp;</b></p>
<h1 Style="text-align:center;margin-top:0cm; margin-bottom:6.0pt; margin-left:0cm; page-break-after:avoid; font-size:11.0pt; font-weight:bold;font-family:"Times New Roman"" >NOTICE
OF ANNUAL GENERAL MEETING OF SHAREHOLDERS</h1>
<p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman""><b>To be held on
Wednesday, September 27, 2006</b></p>
<p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman""><b style='font-size:11.0pt'>&nbsp;</b></p>
<p  Style="margin:0cm;text-indent:1.0cm;text-align:justify;margin-bottom:.0001pt;font-size:11.0pt;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 Wednesday, September 27, 2006, at 10:00 a.m. (Israel time) for the
following purposes:</p>
<p  Style="margin:0cm;text-indent: -27.0pt;text-align:justify;margin-left:27.0pt;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">1.      To elect three directors to
serve during the upcoming year.</p>
<p  Style="margin:0cm;text-indent: -27.0pt;text-align:justify;margin-left:27.0pt;margin-bottom:.0001pt;font-size:11.0pt;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,
2006, and to approve the terms of their compensation.</p>
<p  Style="margin:0cm;text-indent: -27.0pt;text-align:justify;margin-left:27.0pt;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">3.      To discuss the Company`s
audited financial statements for the year ended December 31, 2005.<b> </b></p>
<p  Style="margin:0cm;text-indent:1.0cm;text-align:justify;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">Shareholders of record at the close of business on
August 22, 2006, 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="margin:0cm;text-indent:1.0cm;text-align:justify;margin-bottom:.0001pt;font-size:11.0pt;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:99.4pt;margin-right:0cm;margin-top:6.0pt;font-weight:bold;margin-bottom: 6.0pt;font-size:11.0pt;font-family:"Times New Roman"">By Order of the Board
of Directors,<br>
<img width=269 height=55 src="image002.gif">        </p>
<p Style="margin:0cm;font-weight:bold;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">                                                                                    Compugen
Ltd.<br>
                                                                                    Martin
S. Gerstel</p>
<p Style="margin:0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">                                                                                    <b>Chairman
</b></p>
<p Style="margin:0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">Date:&nbsp;&nbsp;August 23,
2006&nbsp;&nbsp; </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 align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman""><b style='font-size:11.0pt'>PROXY STATEMENT<br>
________________</b></p>
<p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman""><b style='font-size:11.0pt'>COMPUGEN LTD.<br>
72 Pinchas Rosen St.<br>
Tel Aviv, 69512 Israel<br>
Tel. 972-3-765-8585<br>
________________<!-- Created Using Viltech Software --></b></p>
<p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman""><b style='font-size:11.0pt'>ANNUAL GENERAL MEETING OF SHAREHOLDERS<br>
To be held on Wednesday, September 27, 2006</b></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:11.0pt;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 September 27, 2006, at 10:00 a.m. (Israel time), 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="margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;text-align:justify;text-indent:1.0cm;line-height:normal;font-size:11.0pt;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="margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;text-align:justify;text-indent:1.0cm;line-height:normal;font-size:11.0pt;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 August 25,
2006. Directors, officers and employees of the Company may also solicit proxies
by telephone, facsimile and personal interview.</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:11.0pt;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 August 22, 2006 are
entitled to notice of, and to vote at, the Meeting. </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:11.0pt;font-family:"Times New Roman"">On
August 22, 2006, 27,955,178 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 33<sup>1</sup>/<sub>3</sub>%
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 Wednesday, October 4, 2006,
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="margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;text-align:justify;text-indent:1.0cm;line-height:normal;font-size:11.0pt;font-family:"Times New Roman"">Proposal
1 with respect to the election of three directors and proposal 2 relating to
the appointment and remuneration of independent public accountants, 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. </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="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman""><b>PRINCIPAL
SHAREHOLDERS</b></p>
<p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman""><b>&nbsp;</b></p>
<p  Style="margin:0cm;page-break-after: avoid;text-indent:13.5pt;text-align:justify;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">The following table sets forth certain information
regarding beneficial ownership of the Ordinary Shares as of December 31, 2005,
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-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">&nbsp;</p>
<table able border=0 cellspacing=0 cellpadding=0 width=546
  Style="margin:0cm;border-collapse:collapse;margin-left:9.0pt;width:409.5pt;margin-bottom:.0001pt;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:0cm;text-autospace:none;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman""><b><u style='font-size:
  11.0pt'>&nbsp;<!-- Created Using Viltech Software --></u></b></p>
  <h5 Style="
	margin-left:0cm;
	font-size:10.0pt;

	font-weight:bold;font-family:"Times New Roman""> Beneficial Owner</h5>
  </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-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman""><b><u style='font-size:11.0pt'>Number of Shares </u></b></p>
  <p align=center  Style="margin:0cm;text-autospace:none;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman""><b><u style='font-size:11.0pt'>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-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman""><b><u style='font-size:11.0pt'>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-bottom:.0001pt;font-size:11.0pt;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;punctuation-wrap: simple;text-align:center;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">4,718,037</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;punctuation-wrap: simple;text-align:center;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">16.9</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-bottom:.0001pt;font-size:11.0pt;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;punctuation-wrap: simple;text-align:center;margin-bottom:.0001pt;font-size:11.0pt;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;punctuation-wrap: simple;text-align:center;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">11</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-bottom:.0001pt;font-size:11.0pt;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;punctuation-wrap: simple;text-align:center;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">1,692,568</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;punctuation-wrap: simple;text-align:center;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">6.1</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-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">&nbsp;</p>
</div>
<p  Style="margin:0cm;text-autospace:none;punctuation-wrap: simple;text-indent:13.6pt;text-align:justify;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">&nbsp;</p>
<p  Style="margin:0cm;text-autospace:none;punctuation-wrap: simple;text-indent:13.6pt;text-align:justify;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">(1)   This
disclosure is based on information disclosed by AXA Assurances I.A.R.D.
Mutuelle on Form 13G, field with the SEC on February 14, 2006. </p>
<p  Style="margin:0cm;text-autospace:none;punctuation-wrap: simple;text-indent:13.6pt;text-align:justify;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">(2)   Includes
10,526 shares held by Clal Industries &amp; Investments Ltd. and 3,045,748
shares held by Clal Biotechnology Industries Ltd. Clal Industries &amp;
Investments Ltd.`s address is 3 Azrieli Center, Tel Aviv 67023, Israel. This
disclosure is based on information disclosed by Clal Industries &amp;
Investments Ltd. on Form 13D, filed with the SEC on May 19, 2003.</p>
<p  Style="margin:0cm;text-autospace:none;punctuation-wrap:simple;page-break-after: avoid;text-indent:13.6pt;text-align:justify;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman""> (3)  Includes
550,000 shares held by Shomar Corporation, an affiliate of Mr. Gerstel,
1,142,568 shares held by Merrill Lynch IRA for Martin Gerstel, of which Martin
Gerstel is the beneficiary. Based on information disclosed by Mr. Martin
Gerstel on Form 13G, filed with the SEC on February 6, 2006. </p>
<p  Style="margin:0cm;text-autospace:none;punctuation-wrap: simple;text-indent:13.6pt;text-align:justify;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">&nbsp;</p>
<p  Style="margin:0cm;text-autospace:none;text-indent: -22.5pt;text-align:justify;margin-left:22.5pt;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman""><b style='font-size:11.0pt'>1.         ELECTION
OF DIRECTORS</b></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:11.0pt;font-family:"Times New Roman"">The
Board of Directors has nominated Mr. Martin S. Gerstel, Mr. Ruben Krupik and
Mr. Alex Kotzer 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="margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;text-align:justify;text-indent:1.0cm;line-height:normal;font-size:11.0pt;font-family:"Times New Roman"">In
addition, the Board of Directors consists of Dr. Orna Berry and Mr. David
Schlachet, both of whom were elected at the 2004 Shareholders` General Meeting
to serve as the Company`s outside directors for a term of three years. </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:11.0pt;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
have advised the Company that they will serve as directors if elected.</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:11.0pt;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="margin:0cm;border-collapse:collapse;margin-bottom:.0001pt;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:0cm;
	margin-bottom:.0001pt;
	text-align:center;
	line-height:150%;
	page-break-after:avoid;
	font-size:10.0pt;

	font-weight:bold;
	text-decoration:underline;font-family:"Times New Roman""> Nominee</h4>
  </td>
  <td width=42 valign=top style='width:31.5pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman""><b><u style='font-size:11.0pt'>Age</u></b></p>
  </td>
  <td width=420 valign=top style='width:315.35pt;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:11.0pt;;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="margin:0cm;letter-spacing:-.1pt;margin-bottom:.0001pt;font-size:11.0pt;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="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">65</p>
  </td>
  <td width=420 valign=top style='width:315.35pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p  Style="margin:0cm;text-align:justify;margin-bottom:.0001pt;font-size:11.0pt;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 Chairman
  of Evogene Ltd. and Keddem Bioscience Ltd., co-founder and co-chairman of
  Itamar Medical, and serves as a director of Symyx Technologies, Yissum Ltd.,
  Yeda Ltd. and the Foundation for the National Medals of Science and
  Technology. He is a member of the Board of Governors and the Executive
  Committee of The Weizmann Institute of Science and The Board of Governors of
  The Hebrew University of Jerusalem, and is an advisor to the Burrill Life
  Science Funds and the board of the Israel-US Bi-national Industrial Research
  and Development (BIRD) Foundation. 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:0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">Alex Kotzer</p>
  </td>
  <td width=42 valign=top style='width:31.5pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">60</p>
  <p align=center  Style="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman""><b><i style='font-size:11.0pt'>&nbsp;</i></b></p>
  </td>
  <td width=420 valign=top style='width:315.35pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p  Style="margin:0cm;text-autospace:none;text-align:justify;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">Alex Kotzer joined Compugen in September 2005 as
  President and Chief Executive Officer and a director. Mr. Kotzer brings with
  him over thirty years of senior managerial experience in various industries.
  Prior to joining Compugen, he served for twelve years at Serono (NYSE: SRA),
  a global biotechnology leader, headquartered in Switzerland. During his
  tenure at Serono, Mr. Kotzer held several senior positions, most recently as
  Vice President of Biotechnology Manufacturing. Previously, Mr. Kotzer was
  President and Chief Executive Officer of InterPharm, Serono's Israeli
  affiliate. Before joining Serono, he held a variety of managerial positions
  in the food and chemical industries. Mr. Kotzer received his B.Sc. in
  Chemical Engineering from the Technion, Israel Institute of Technology.&nbsp;&nbsp;</p>
  </td>
 </tr>
 <tr>
  <td width=121 valign=top style='width:90.9pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p Style="margin:0cm;margin-bottom:.0001pt;font-size:11.0pt;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="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">55</p>
  </td>
  <td width=420 valign=top style='width:315.35pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p  Style="margin:0cm;text-autospace:none;text-align:justify;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">Ruben Krupik joined Compugen in 2003. Mr. Krupik
  serves as the President and CEO of Arte Venture Group Ltd., which provides a
  framework of business development, investments and management for various
  large investment entities in Israel. Mr. Krupik serves as the Executive
  Director of Clal Biotechnology Industries, the general manager of Biomedical
  Investments, the active chairman of Steps Ventures, and the manager of the
  Arison Group's technology division. From 1991 to 2000 Mr. Krupik held a
  number of positions, including the President and CEO of RDC (Rafael
  Development Corporation Ltd.). Prior to that, Mr. Krupik held a number of
  senior management positions at Tadiran Communications Group. Mr. Krupik holds
  an LL.B. in law from the Tel Aviv University and a BA in Economics and
  Political Science from the Hebrew University, Israel.</p>
  </td>
 </tr>
</table>
<p Style="margin:0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">In addition to the
above-mentioned nominees, each of Dr. Berry and Mr. Schlachet serves as an
outside director on our board of directors for a fixed term, which expires in
June 2007.</p>
<table able border=0 cellspacing=0 cellpadding=0
  Style="margin:0cm;border-collapse:collapse;margin-bottom:.0001pt;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:0cm;margin-bottom:.0001pt;font-size:11.0pt;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="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">56</p>
  </td>
  <td width=420 valign=top style='width:315.35pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p  Style="margin:0cm;text-autospace:none;text-align:justify;margin-bottom:.0001pt;font-size:11.0pt;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 at Lambda Crossing, Ltd. and at Adamind Ltd. 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:0cm;margin-bottom:.0001pt;font-size:11.0pt;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="margin:0cm;text-align:center;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">61</p>
  </td>
  <td width=420 valign=top style='width:315.35pt;padding:0cm 5.4pt 0cm 5.4pt'>
  <p  Style="margin:0cm;text-autospace:none;text-align:justify;margin-bottom:.0001pt;font-size:11.0pt;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, which serves as the managing company of
  BioCom venture capital fund, focused on life sciences and since July 2004 has
  been the CFO of Syneron Medical 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., Edgar Development and Investment Ltd., ProSeed Venture Capital Fund
  Ltd., and Israel Discount Bank Limited. From 1997 to July 2000, he was
  Chairman of the Board of Directors of Elite Industries Ltd. From 1996 to
  January 2000, Mr. Schlachet served as Vice President of the Strauss Group of
  companies. From 1990 to 1996, he was Vice President, Finance and
  Administration at the Weizmann Institute of Science. Mr. Schlachet holds a
  B.Sc. in chemical engineering from the Technion, Israel Institute of
  Technology and an MBA 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: 11.0pt;font-family:"Times New Roman"">&nbsp;</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: 11.0pt;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="margin:0cm;page-break-after:avoid;margin-top:6.0pt;margin-bottom:.0001pt;margin-left:0cm;text-align:justify;text-indent:1.0cm;line-height:normal;font-size:10.0pt;font-family:"Times New Roman""><b style='font-size:11.0pt'>Remuneration of
Directors and Senior Management</b></p>
<p  Style="margin:0cm;text-autospace:none;punctuation-wrap:simple;page-break-after: avoid;text-indent:28.6pt;text-align:justify;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">&nbsp;</p>
<p  Style="margin:0cm;text-autospace:none;punctuation-wrap: simple;text-indent:28.6pt;text-align:justify;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">The aggregate
compensation paid by us and by our wholly-owned subsidiaries to all persons who
served as directors or senior management for the year 2005 (12 persons) was
approximately $1,461,000. This amount includes approximately $36,000 paid to
all of our non-employee directors (such fees are adjusted semi-annually to
reflect changes prescribed by regulations under Israel`s Companies Law,
5759-1999, for payment to outside directors) and approximately $86,000 set
aside or accrued to provide pension, severance, retirement or similar benefits.<!-- Created Using Viltech Software --><!-- Created Using Viltech Software --><!-- Created Using Viltech Software --> <!-- Created Using Viltech Software -->All
non-employee members of our board of directors are reimbursed for their
expenses for each meeting attended and are eligible to receive share options
under our share option plans.</p>
<p  Style="margin:0cm;text-autospace:none;punctuation-wrap: simple;text-indent:28.6pt;text-align:justify;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">&nbsp;</p>
<p  Style="margin:0cm;text-autospace:none;punctuation-wrap: simple;text-indent:28.6pt;text-align:justify;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">During 2005, we
granted a total of 944,000 options to purchase ordinary shares to our directors
and senior management, as a group. These options are exercisable at a range of
between between $3.20 and $6.10<b> </b>per share, and expire from six to ten
years after their respective date of grant. As of December 31, 2005, there were
a total of 2,533,420<b> </b>outstanding options to purchase ordinary shares
that were granted to our directors and senior management.</p>
<p  Style="margin:0cm;text-autospace:none;punctuation-wrap: simple;text-indent:28.6pt;text-align:justify;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">&nbsp;</p>
<p  Style="margin:0cm;margin-top:6.0pt;margin-bottom:.0001pt;margin-left:0cm;text-align:justify;text-indent:1.0cm;line-height:normal;font-size:11.0pt;font-family:"Times New Roman"">The shareholders of the Company are requested to adopt
the following resolution:</p>
<p  Style="margin:0cm;text-indent:1.0cm;text-align:justify;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman""><b style='font-size:11.0pt'>&nbsp;</b></p>
<p  Style="margin:0cm;text-indent:1.0cm;text-align:justify;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman""><b style='font-size:11.0pt'>RESOLVED, to appoint the directors as nominated above.</b></p>
<p  Style="margin:0cm;text-indent:1.0cm;text-align:justify;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman""><b style='font-size:11.0pt'>&nbsp;</b></p>
<p  Style="margin:0cm;text-indent:1.0cm;text-align:justify;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman""><b style='font-size:11.0pt'>&nbsp;</b></p>
<p  Style="margin:0cm;text-indent:-27.2pt;margin-left:27.2pt;margin-bottom:.0001pt;font-size:12.0pt;font-family:"Times New Roman""><b style='font-size:11.0pt'>2.      PROPOSAL TO RATIFY THE APPOINTMENT OF INDEPENDENT
PUBLIC ACCOUNTANTS</b></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:11.0pt;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, 2006. Kost Forer Gabbay &amp;
Kasierer, has audited the Company`s books and accounts and performed other
accounting services for the Company since 2002.</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:11.0pt;font-family:"Times New Roman"">The
fees for audit services for the year 2006, 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 $70,000.</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:11.0pt;font-family:"Times New Roman"">The
fees paid to Kost Forer Gabbay &amp; Kasierer, for services other than audit
services for 2005 were $12,120.</p>
<p  Style="margin:0cm;margin-top:6.0pt;margin-bottom:.0001pt;margin-left:0cm;text-align:justify;text-indent:1.0cm;line-height:normal;font-size:11.0pt;font-family:"Times New Roman"">The shareholders of the Company are requested to adopt
the following resolution:</p>
<p  Style="margin:0cm;text-autospace: none;text-indent:27.0pt;text-align:justify;font-weight:normal;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">&nbsp;</p>
<p  Style="margin:0cm;text-autospace: none;text-indent:27.0pt;text-align:justify;font-weight:normal;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">RESOLVED, to approve
and ratify 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, 2006 and the payment to them both of fees in the amount of US $70,000       for audit services in 2006 and fees in the amount of $12,120 for
services other than audit services provided during 2005.</p>
<p  Style="margin:0cm;text-autospace:none;text-indent: 26.95pt;text-align:justify;margin-top:6.0pt;font-weight:normal;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">The
Board of Directors recommends that the shareholders vote FOR the approval and ratification of the appointment of
Kost Forer Gabbay &amp; Kasierer, a member of Ernst &amp; Young Global, as the external auditors of the Company and of their fees.</p>
<p  Style="margin:0cm;text-autospace: none;text-align:justify;margin-top:6.0pt;font-weight:bold;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">&nbsp;</p>
<p  Style="margin-right:0cm;margin-top:0cm;margin-bottom: 6.0pt;margin-left:26.95pt;text-indent:-26.95pt;font-size:10.0pt;font-family:"Times New Roman""><b style='font-size:11.0pt'>3.      DISCUSSION
OF FINANCIAL STATEMENTS</b></p>
<p Style="margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;text-indent:27.0pt;font-size:11.0pt;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, 2005.</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:11.0pt;font-family:"Times New Roman"">_____________________________________</p>
<p  Style="margin-top:12.0pt;margin-bottom:6.0pt;margin-left:0cm;text-align:justify;text-indent:1.0cm;line-height:normal;font-size:11.0pt;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="margin-top:6.0pt;margin-bottom:6.0pt;margin-left:0cm;text-align:justify;text-indent:1.0cm;line-height:normal;font-size:11.0pt;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:11.0pt;font-family:"Times New Roman"">&nbsp;</p>
<table able border=0 cellspacing=0 cellpadding=0
  Style="margin:0cm;border-collapse:collapse;margin-bottom:.0001pt;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-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:11.0pt;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:11.0pt;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 style='font-size:11.0pt'><img width=132 height=26
  src="image003.gif"></u><Font
  style='font-size:11.0pt'><br>
  Martin S. Gerstel</FONT></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:11.0pt;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:11.0pt;font-family:"Times New Roman"">Date:&nbsp;&nbsp;August&nbsp;&nbsp;23, 2006</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:11.0pt;font-family:"Times New Roman"">&nbsp;</p>
  </td>
 </tr>
</table>
<p Style="margin:0cm;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">&nbsp;</p>
<p Style="margin:0cm;layout-grid-mode: line;margin-bottom:.0001pt;font-size:11.0pt;font-family:"Times New Roman"">&nbsp;</p>
<P Style="font-size:10.0pt;font-family:"Times New Roman"" align=center><B>__3__</B>&nbsp;</P></div>
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end
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-----END PRIVACY-ENHANCED MESSAGE-----
