<SEC-DOCUMENT>0001213900-18-015428.txt : 20181113
<SEC-HEADER>0001213900-18-015428.hdr.sgml : 20181113
<ACCEPTANCE-DATETIME>20181113115134
ACCESSION NUMBER:		0001213900-18-015428
CONFORMED SUBMISSION TYPE:	S-8
PUBLIC DOCUMENT COUNT:		7
FILED AS OF DATE:		20181113
DATE AS OF CHANGE:		20181113
EFFECTIVENESS DATE:		20181113

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			BOS BETTER ONLINE SOLUTIONS LTD
		CENTRAL INDEX KEY:			0001005516
		STANDARD INDUSTRIAL CLASSIFICATION:	COMPUTER COMMUNICATIONS EQUIPMENT [3576]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-8
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-228344
		FILM NUMBER:		181176463

	BUSINESS ADDRESS:	
		STREET 1:		20 FREIMAN STREET
		CITY:			RISHON LEZION
		STATE:			L3
		ZIP:			75100
		BUSINESS PHONE:		011-972-3-954-1000

	MAIL ADDRESS:	
		STREET 1:		20 FREIMAN STREET
		CITY:			RISHON LEZION
		STATE:			L3
		ZIP:			75100
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-8
<SEQUENCE>1
<FILENAME>fs82018_bosbetter.htm
<DESCRIPTION>REGISTRATION STATEMENT
<TEXT>
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<P STYLE="margin-top: 0; margin-bottom: 0; text-align: center">As filed with the Securities and Exchange Commission on November 13, 2018</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Registration No. 333-_____________</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>UNITED STATES</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>SECURITIES
AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Washington,
D.C. 20549</B></P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>FORM S-8</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">REGISTRATION STATEMENT
UNDER THE SECURITIES ACT OF 1933</P>

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 2.1pt 0pt 0; text-align: center"><B>B.O.S. BETTER ONLINE SOLUTIONS
LTD.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of the Registrant as specified
in its charter)</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; font-size: 10pt; text-align: center; unicode-bidi: embed; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt"><B>Israel</B></FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 49%; font-size: 10pt; text-align: center; unicode-bidi: embed; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt"><B>Not
    Applicable</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(State or other jurisdiction of</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">incorporation or organization)</P></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center;  unicode-bidi: embed"><FONT STYLE="font-size: 10pt">(I.R.S.
    Employer </FONT><BR>
    <FONT STYLE="font-size: 10pt">Identification No.)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center;  unicode-bidi: embed">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center;  unicode-bidi: embed">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center;  unicode-bidi: embed">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center; unicode-bidi: embed; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt"><B>20 Freiman
    St., Rishon LeZion, Israel</B></FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; unicode-bidi: embed; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt"><B>7535825</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center;  unicode-bidi: embed"><FONT STYLE="font-size: 10pt">(Address
    of Principal Executive Offices)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center;  unicode-bidi: embed"><FONT STYLE="font-size: 10pt">(Zip Code)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>2003 ISRAELI
SHARE OPTION PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">(Full title of
the plan)</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>B.O.S. Better Online Solutions Ltd.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>c/o Ruby-tech, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>147-20 184<SUP>th</SUP> St.,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Jamaica NY 11413, USA.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>508-655-2312</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><I>&nbsp;(Name
and address agent for service)</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>(+972) 3-954-1000</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><I>(Telephone
number, including area code, of agent for service)</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">Copies to:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Brian Brodrick,
                           Esq.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Phillips Nizer LLP</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>485 Lexington Avenue, 14<SUP>th
        </SUP>Floor</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>New York, New York 10017 </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(212) 841-0700</B></P></TD>
    <TD STYLE="width: 50%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Shlomo Landress,
                           Adv.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Gornitzky &amp; Co.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>45 Rothschild Boulevard</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Tel Aviv 6578403, Israel </B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>972-3-710-9191</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">Indicate by check
mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company,
or an emerging growth company.&nbsp;&nbsp;See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo;,
&ldquo;smaller reporting company&rdquo; and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 45%; text-align: left;  unicode-bidi: embed"><FONT STYLE="font-size: 10pt">Large accelerated
    filer</FONT></TD>
    <TD STYLE="width: 5%; text-align: left;  unicode-bidi: embed">&#9744;</TD>
    <TD STYLE="width: 35%; text-align: left;  unicode-bidi: embed"><FONT STYLE="font-size: 10pt">Accelerated filer</FONT></TD>
    <TD STYLE="width: 15%; text-align: left;  unicode-bidi: embed">&#9744;<FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left;  unicode-bidi: embed"><FONT STYLE="font-size: 10pt">Non-accelerated filer</FONT></TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed">&#9746;</TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed"><FONT STYLE="font-size: 10pt">Smaller reporting company</FONT></TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed">&#9744;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left;  unicode-bidi: embed"><FONT STYLE="font-size: 10pt">(Do not check if a smaller
    reporting company)</FONT></TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed"><FONT STYLE="font-size: 10pt">Emerging growth company</FONT></TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed">&#9744;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>CALCULATION
OF REGISTRATION FEE</B></P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><B>Title
of Securities To Be Registered</B></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amount
                                         To Be</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Registered</B></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proposed
                                         Maximum</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Offering
                                         Per Share*</B></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Proposed
                                         Maximum</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Price
                                         Aggregate</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Offering
                                         Price*</B></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1.5pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Amount
                                         of</B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Registration
                                         Fee</B></P></TD><TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 52%; text-align: left">Ordinary Shares, nominal value NIS 80.00 per share</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">200,000</TD><TD STYLE="width: 1%; text-align: left">**</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">2.11</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">422,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 9%; text-align: right">51.15</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">* Estimated solely
for the purpose of calculating the registration fee pursuant to Securities Act Rule 457(c) and (h)(1) on the basis of the average
of the high and low sale prices of the Registrant&rsquo;s Ordinary Shares on the NASDAQ Capital Market on November 12, 2018 (a
specified date within 5 business days prior to the date of filing the registration statement.).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">** Represents an
increase in amount of shares underlying options that may be issued pursuant to Registrant&rsquo;s 2003 Israeli Share Option Plan
(from 500,000 to 700,000).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">This Registration
Statement shall also cover any additional Ordinary Shares as may be issuable pursuant to the anti-dilution provisions of the Plan
or particular share option agreement, such as a share dividend, stock split, recapitalization or other similar transactions.</P>

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

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white"></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>EXPLANATORY
NOTE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">This Registration
Statement on Form S-8 is filed with the Securities Exchange Commission for the purpose of registering an additional 200,000 Ordinary
Shares, nominal value NIS 80.00 each, of B.O.S. Better Online Solutions Ltd. (the &ldquo;<B>Registrant</B>&rdquo;), issuable pursuant
to the 2003 Israeli Share Option Plan (the &ldquo;<B>Plan</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In accordance with
General Instruction E of Form S-8, the contents of the following Company&rsquo;s Registration Statement on Form&nbsp;S-8 in respect
of the Ordinary Shares underlying the Plan are hereby incorporated by reference:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; text-align: justify; unicode-bidi: embed">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify; unicode-bidi: embed">&#9679;</TD>
    <TD STYLE="text-align: justify; unicode-bidi: embed"><FONT STYLE="font-size: 10pt">November 24, 2003, file number
    333-110696, relating to 625,000 Ordinary Shares, nominal value NIS 4.00 each (which after the consolidation of the share capital
    of the Registrant amounts to 125,000 Ordinary Shares, nominal value NIS 20.00 each).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; text-align: justify; unicode-bidi: embed">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify; unicode-bidi: embed">&#9679;</TD>
    <TD STYLE="text-align: justify; unicode-bidi: embed"><FONT STYLE="font-size: 10pt">August 29, 2006, file number
    333-136957, relating to 875,000 Ordinary Shares, nominal value NIS 4.00 each (which after the consolidation of the share capital
    of the Registrant amounts to 175,000 Ordinary Shares, nominal value NIS 20.00 each).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; text-align: justify; unicode-bidi: embed">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify; unicode-bidi: embed">&#9679;</TD>
    <TD STYLE="text-align: justify; unicode-bidi: embed"><FONT STYLE="font-size: 10pt">December 26, 2007,&nbsp;file
    number 333-148318, relating to&nbsp;1,100,000&nbsp;Ordinary Shares, nominal value NIS 4.00 each (which after the consolidation
    of the share capital of the Registrant amounts to 220,000 Ordinary Shares, nominal value NIS 20.00 each).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; text-align: justify; unicode-bidi: embed">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify; unicode-bidi: embed">&#9679;</TD>
    <TD STYLE="text-align: justify; unicode-bidi: embed"><FONT STYLE="font-size: 10pt">July 2, 2009, file number
    333-160414, relating to&nbsp;1,550,000&nbsp;Ordinary Shares, nominal value NIS 4.00 each (which after the consolidation of
    the share capital of the Registrant constitutes 310,000 Ordinary Shares, nominal value NIS 20.00 each).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; text-align: justify; unicode-bidi: embed">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify; unicode-bidi: embed">&#9679;</TD>
    <TD STYLE="text-align: justify; unicode-bidi: embed"><FONT STYLE="font-size: 10pt">January 31, 2012, file number
    333-179253, relating to 270,000 Ordinary Shares, nominal value NIS 20.00 each (which after the consolidation of the share
    capital of the Registrant constitutes 67,500 Ordinary Shares, nominal value NIS 80.00 each).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white"></P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="font-size: 10pt"><B>PART II</B></FONT> <FONT STYLE="font-size: 10pt"><B>INFORMATION REQUIRED IN THE REGISTRATION STATEMENT</B></FONT></P>


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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <B>Item 3.</B> <B>INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</B></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Pursuant to General
Instruction E to Form S-8 the following documents filed by the Registrant are incorporated by reference in this registration statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Registrant&rsquo;s
Annual Report on Form 20-F for the year ended December 31, 2017,&nbsp;filed on March 29, 2018, including any amendment or report
subsequently filed by the Registrant for the purpose of updating the information contained therein.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">In addition, all
subsequent annual reports filed on Form 20-F prior to the termination of this offering are incorporated by reference into this
Registration Statement. Also, we may incorporate by reference our future reports on Form 6-K by stating in those Forms that they
are being incorporated by reference into this prospectus.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">All documents subsequently
filed by the registrant pursuant to Sections 13(a), 13(c), 14 or 15(d) of the Exchange Act after the date of this Registration
Statement and prior to the filing of a post-effective amendment which indicates that all securities offered have been sold or
which deregisters all securities then remaining unsold, are deemed to be incorporated by reference into this Registration Statement
and to be part hereof from the respective dates of filing of such documents. Any statement contained in this Registration Statement
or in a document incorporated by reference shall be deemed modified or superseded to the extent that a statement contained in
any subsequently filed document which also is or is deemed to be incorporated by&nbsp;reference herein or therein modifies or
supersedes such statement. Any statement so modified or superseded shall not be deemed to constitute a part hereof, except as
so modified or superseded.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <B>Item 6.</B> <B>INDEMNIFICATION OF DIRECTORS AND OFFICERS</B></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Consistent with
the provisions of the Israeli Companies Law, 5759-1999, as amended (the &ldquo;<B>Companies Law</B>&rdquo;), the Articles of Association
of the Registrant (recently amended on July 18, 2018, the &ldquo;<B>Articles</B>&rdquo;) include provisions permitting the Registrant
to procure insurance coverage for its &ldquo;office holders&rdquo;, exempt them from certain liabilities and indemnify them, to
the maximum extent permitted by the Companies Law. An &ldquo;office holder&rdquo; is defined in the Companies Law and the Articles
as a director, general manager (CEO), chief business manager, deputy general manager, vice president, other manager reporting
directly to the general manager and any other person assuming the responsibilities of any of the foregoing positions without regard
to such person&rsquo;s title.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: left; background-color: white">INSURANCE</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Under the Companies
Law, a company may obtain insurance for any of its office holders, acting in such capacity, in any of the following cases: (i)
a breach of the duty of care towards the company or towards another person; (ii) a breach of the duty of loyalty towards the company,
provided that the office holder acted in good faith and had reasonable cause to assume that his act would not prejudice the company&rsquo;s
interests; (iii) a monetary obligation imposed upon the office holder in favor of another person; (iv) (a) expenses, including
reasonable litigation expenses and legal fees, incurred by the office holder as a result of a proceeding instituted against such
office holder in relation to (A)&nbsp;infringements that may result in imposition of financial sanction pursuant to the provisions
of Chapter H&rsquo;3 under the Israeli Securities Law, 1968 (the &ldquo;<B>Securities Law</B>&rdquo;) or (B)&nbsp;administrative
infringements pursuant to the provisions of Chapter&nbsp;H&rsquo;4 under the Securities Law or (C)&nbsp;infringements pursuant
to the provisions of Chapter&nbsp;I&rsquo;1 under the Securities Law; and (b)&nbsp;payments made to the injured parties of such
infringement under Section&nbsp;52ND(a)(1)(a) of the Securities Law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Registrant has
obtained directors&rsquo; and office holders&rsquo; liability insurance covering its office holders and directors and those of
its subsidiaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; background-color: white">INDEMNIFICATION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Companies Law
provides that a company may indemnify office holders for an obligation or expense as specified below, imposed on them in consequence
of an act or omission done in their capacity as an officer in the Company:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; text-align: justify; unicode-bidi: embed">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify; unicode-bidi: embed"><FONT STYLE="font-size: 10pt">i.</FONT></TD>
    <TD STYLE="text-align: justify; unicode-bidi: embed"><FONT STYLE="font-size: 10pt">a monetary obligation imposed
    in favor of another person pursuant to a judgment, including a judgment given in a settlement or an arbitrator&rsquo;s award that
    has been approved by a court;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; text-align: justify; unicode-bidi: embed">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify; unicode-bidi: embed"><FONT STYLE="font-size: 10pt">ii.</FONT></TD>
    <TD STYLE="text-align: justify; unicode-bidi: embed"><FONT STYLE="font-size: 10pt">reasonable litigation expenses,
    including advocates&rsquo; professional fees, incurred by the office holder pursuant to an investigation or a proceeding commenced
    against him by a competent authority and that was terminated without an indictment and without having a monetary charge imposed
    on him in lieu of a criminal procedure (as such terms are defined in the Companies Law), or that was terminated without an
    indictment but with a monetary charge imposed on him in lieu of a criminal procedure in a crime that does not require proof
    of criminal intent or in connection with a financial sanction;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; text-align: justify; unicode-bidi: embed">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify; unicode-bidi: embed"><FONT STYLE="font-size: 10pt">iii.</FONT></TD>
    <TD STYLE="text-align: justify; unicode-bidi: embed"><FONT STYLE="font-size: 10pt">reasonable litigation expenses,
    including advocates&rsquo; professional fees, incurred by the office holder or which he is ordered to pay by a court, in proceedings
    filed against him by the company or on its behalf or by another person, or in a criminal indictment in which he is acquitted,
    or in a criminal indictment in which he is convicted of an offence that does not require proof of criminal intent;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; text-align: justify; unicode-bidi: embed">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify; unicode-bidi: embed"><FONT STYLE="font-size: 10pt">iv.</FONT></TD>
    <TD STYLE="text-align: justify; unicode-bidi: embed"><FONT STYLE="font-size: 10pt">expenses, including reasonable
    litigation expenses and legal fees, incurred by an office holder as a result of a proceeding instituted against such office
    holder in relation to (A)&nbsp;infringements that may result in imposition of financial sanction pursuant to the provisions
    of Chapter H&rsquo;3 under the Securities Law or (B)&nbsp;administrative infringements pursuant to the provisions of Chapter H&rsquo;4
    under the Securities Law or (C)&nbsp;infringements pursuant to the provisions of Chapter I&rsquo;1 under the Securities Law;&nbsp;and</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24px; text-align: justify; unicode-bidi: embed">&nbsp;</TD>
    <TD STYLE="width: 24px; text-align: justify; unicode-bidi: embed"><FONT STYLE="font-size: 10pt">v.</FONT></TD>
    <TD STYLE="text-align: justify; unicode-bidi: embed"><FONT STYLE="font-size: 10pt">payments to an injured party
    of infringement under Section&nbsp;52ND(a)(1)(a) of the Securities Law.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Articles of
the Registrant authorize the Registrant to indemnify its office holders to the fullest extent permitted under the Companies Law.
The Companies Law also authorizes a company to undertake in advance to indemnify an office holder with respect to events specified
above, provided that, with respect to indemnification under sub-section (i) above, the undertaking: (a) is limited to events which
the board of directors determines can be anticipated, based on the activity of the company at the time the undertaking is given;
(b) is limited in amount or criteria determined by the board of directors to be reasonable under the circumstances; and (c) specifies
the said events and the amounts or criteria.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Registrant has
entered into indemnification agreements with its directors and some of its office holders providing for indemnification under
certain circumstances for acts and omissions which may not be covered (or not be covered in full) by any directors&rsquo; and
office holders&rsquo; liability insurance. Such form of indemnification agreement (which also provides for exemption to the extent
permitted by law, and explained further below) is included as Exhibit 4.3 to this Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify; background-color: white">EXEMPTION</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Under the Companies
Law, an Israeli company may not exempt an office holder from liability for a breach of his duty of loyalty, but may exempt in
advance an office holder from liability to the company, in whole or in part, for a breach of the duty of care, provided that in
no event shall the office holder be exempt from any liability for damages caused as a result of a breach of his duty of care to
the company in the event of a &ldquo;distribution&rdquo; (as defined in the Companies Law). The Articles of the Registrant authorize
the Registrant to exempt any office holder from liability to the Registrant to the extent permitted by the Companies Law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Both the Companies
Law and the Articles provide that the Registrant may not exempt or indemnify an office holder nor enter into an insurance contract
which would provide coverage for liability incurred as a result of any of the following: (a) a breach by the office holder of
the duty of loyalty (however, the Registrant may insure and indemnify against such breach if the office holder acted in good faith
and had a reasonable basis to assume that the act would not harm the Registrant); (b) a breach by the office holder of the duty
of care if the breach was made intentionally or recklessly, unless made in negligence only; (c) any act done with the intent to
derive an illegal personal benefit; or (d) any fine or monetary penalty levied against the office holder.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <FONT STYLE="font-size: 10pt"><B>Item 7.</B></FONT> <FONT STYLE="font-size: 10pt"><B>EXEMPTION FROM REGISTRATION CLAIMED.</B></FONT></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Not applicable.</P>

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

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <B>Item 8.</B> <B>EXHIBITS</B></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">The Exhibit Index
preceding the exhibits is incorporated herein by reference.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white"></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Pursuant to the
requirements of the Securities Act of 1933, as amended, the Registrant certifies that it has reasonable grounds to believe that
it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf
by the undersigned, thereunto duly authorized, in Rishon LeZion, in the State of Israel, on November 13, 2018.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="text-align: center; unicode-bidi: embed"><FONT STYLE="font-size: 10pt"><B><U>B.O.S.
    Better Online Solutions Ltd.</U></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: left; unicode-bidi: embed">&nbsp;</TD>
    <TD STYLE="text-align: left; unicode-bidi: embed">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; unicode-bidi: embed">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; unicode-bidi: embed; width: 4%"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; unicode-bidi: embed; width: 40%"><FONT STYLE="font-size: 10pt">/s/ Yuval Viner</FONT></TD>
    <TD STYLE="text-align: left; unicode-bidi: embed; padding-bottom: 1.5pt; width: 12%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left; unicode-bidi: embed; width: 4%"><FONT STYLE="font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left; unicode-bidi: embed; width: 40%"><FONT STYLE="font-size: 10pt">/s/ Eyal Cohen</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; unicode-bidi: embed">&nbsp;</TD>
    <TD STYLE="text-align: left; unicode-bidi: embed"><FONT STYLE="font-size: 10pt">Yuval Viner</FONT></TD>
    <TD STYLE="text-align: left; unicode-bidi: embed">&nbsp;</TD>
    <TD STYLE="text-align: left; unicode-bidi: embed">&nbsp;</TD>
    <TD STYLE="text-align: left; unicode-bidi: embed"><FONT STYLE="font-size: 10pt">Eyal Cohen</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; unicode-bidi: embed">&nbsp;</TD>
    <TD STYLE="text-align: left; unicode-bidi: embed"><FONT STYLE="font-size: 10pt">Co-Chief Executive Officer</FONT></TD>
    <TD STYLE="text-align: left; unicode-bidi: embed">&nbsp;</TD>
    <TD STYLE="text-align: left; unicode-bidi: embed">&nbsp;</TD>
    <TD STYLE="text-align: left; unicode-bidi: embed"><FONT STYLE="font-size: 10pt">Co-Chief Executive Officer and <BR>
Chief Financial Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><A NAME="power_001"></A><B>POWER
OF ATTORNEY</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">KNOW ALL PERSONS
BY THESE PRESENTS, that each individual whose signature appears below constitutes and appoints Yuval Viner and Eyal Cohen, and
each of them, his or her true and lawful attorneys-in-fact and agents with full power of substitution and re-substitution, for
him or her and in his or her name, place and stead, in any and all capacities, to (i) act on, sign and file with the Securities
and Exchange Commission any and all amendments (including post-effective amendments) to this Registration Statement, together
with all schedules and exhibits thereto, and any subsequent registration statement filed pursuant to Rule 462(b) under the Securities
Act of 1933, as amended, together with all schedules and exhibits thereto, (ii) act on, sign and file such certificates, instruments,
agreements and other documents as may be necessary or appropriate in connection therewith, (iii) act on, sign and file any supplement
to any prospectus filed pursuant to Rule 462(b) under the Securities Act of 1933, as amended, and (iv) take any and all actions
which may be necessary or appropriate to be done, as fully to all intents and purposes as he or she might or could do in person,
hereby ratifying and confirming all that said attorneys-in-fact and agents or any of them, or their or his or her substitutes,
may lawfully do or cause to be done by virtue hereof.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Pursuant to the
requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in
the capacities and on the dates indicated:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; text-align: center;  unicode-bidi: embed; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt"><B>Signature</B></FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 32%; text-align: center;  unicode-bidi: embed; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt"><B>Title</B></FONT></TD>
    <TD STYLE="width: 2%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="width: 32%; text-align: center;  unicode-bidi: embed; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt"><B>Date</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center;  unicode-bidi: embed"><FONT STYLE="font-size: 10pt">/s/
    Yosi Lahad</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center;  unicode-bidi: embed; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">Chairman
    of the Board of Directors</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center;  unicode-bidi: embed; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">November
    13, 2018</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center;  unicode-bidi: embed"><FONT STYLE="font-size: 10pt">Mr.
    Yosi Lahad</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left;  unicode-bidi: embed">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left;  unicode-bidi: embed">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center;  unicode-bidi: embed"><FONT STYLE="font-size: 10pt">/s/
    Avidan Zelicovsky</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center;  unicode-bidi: embed; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">President,
    Director</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center;  unicode-bidi: embed; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">November
    13, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center;  unicode-bidi: embed"><FONT STYLE="font-size: 10pt">Avidan Zelicovsky</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center;  unicode-bidi: embed"><FONT STYLE="font-size: 10pt">/s/
    Yuval Viner</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center;  unicode-bidi: embed; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">Co-Chief
    Executive Officer, Director</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: center;  unicode-bidi: embed; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">November
    13, 2018</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center;  unicode-bidi: embed"><FONT STYLE="font-size: 10pt">Mr.
    Yuval Viner</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left;  unicode-bidi: embed">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left;  unicode-bidi: embed">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center;  unicode-bidi: embed; vertical-align: bottom"><FONT STYLE="font-size: 10pt">/s/
    Eyal Cohen</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center;  unicode-bidi: embed; padding-bottom: 1.5pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">Co-Chief
    Executive Officer and <BR>
Chief Financial Officer</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: center; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: center;  unicode-bidi: embed; padding-bottom: 1.5pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt">November
    13, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center;  unicode-bidi: embed"><FONT STYLE="font-size: 10pt">Mr. Eyal Cohen</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; text-align: left;  unicode-bidi: embed">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left;  unicode-bidi: embed">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left;  unicode-bidi: embed">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; text-align: center;  unicode-bidi: embed"><FONT STYLE="font-size: 10pt">/s/
    Revital Cohen&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center;  unicode-bidi: embed; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center;  unicode-bidi: embed; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">November
    13, 2018</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center;  unicode-bidi: embed"><FONT STYLE="font-size: 10pt">Ms.
    Revital Cohen&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left;  unicode-bidi: embed">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left;  unicode-bidi: embed">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: left;  unicode-bidi: embed">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left;  unicode-bidi: embed">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left;  unicode-bidi: embed">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; text-align: center;  unicode-bidi: embed"><FONT STYLE="font-size: 10pt">&nbsp;/s/
    Odelia Levanon</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: center;  unicode-bidi: embed; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center;  unicode-bidi: embed; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">November
    13, 2018&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center;  unicode-bidi: embed"><FONT STYLE="font-size: 10pt">Ms.
    Odelia Levanon</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left;  unicode-bidi: embed">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left;  unicode-bidi: embed">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: center;  unicode-bidi: embed">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: left;  unicode-bidi: embed">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: left;  unicode-bidi: embed">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; border-bottom: Black 1.5pt solid; text-align: center;  unicode-bidi: embed"><FONT STYLE="font-size: 10pt">/s/
    Ziv Dekel</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 32%; text-align: center;  unicode-bidi: embed; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 32%; text-align: center;  unicode-bidi: embed; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">November
    13, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center;  unicode-bidi: embed"><FONT STYLE="font-size: 10pt">Mr. Ziv Dekel</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: center;  unicode-bidi: embed"><FONT STYLE="font-size: 10pt">/s/
    Menachem Shmool</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center;  unicode-bidi: embed; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">Director</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center;  unicode-bidi: embed; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">November
    13, 2018</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center;  unicode-bidi: embed"><FONT STYLE="font-size: 10pt">Mr. Menachem Shmool</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>&nbsp;</B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>AUTHORIZED
REPRESENTATIVE</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Pursuant
to the requirements of Section&nbsp;6(a) of the Securities Act, the undersigned has signed this Registration Statement, in the
capacity of the duly authorized representative of the Registrant in the United States, on November 13, 2018</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify;  unicode-bidi: embed">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: justify;  unicode-bidi: embed"><FONT STYLE="font-size: 10pt">Ruby-tech,
    Inc.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%; text-align: justify;  unicode-bidi: embed">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: justify;  unicode-bidi: embed">&nbsp;</TD>
    <TD STYLE="width: 35%; text-align: justify;  unicode-bidi: embed">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify;  unicode-bidi: embed; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: justify;  unicode-bidi: embed; padding-bottom: 1.5pt"><FONT STYLE="font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: justify;  unicode-bidi: embed"><FONT STYLE="font-size: 10pt">/s/
    Eyal Cohen</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify;  unicode-bidi: embed">&nbsp;</TD>
    <TD STYLE="text-align: justify;  unicode-bidi: embed"><FONT STYLE="font-size: 10pt">Name:</FONT></TD>
    <TD STYLE="text-align: justify;  unicode-bidi: embed"><FONT STYLE="font-size: 10pt">Eyal Cohen</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify;  unicode-bidi: embed">&nbsp;</TD>
    <TD STYLE="text-align: justify;  unicode-bidi: embed"><FONT STYLE="font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="text-align: justify;  unicode-bidi: embed"><FONT STYLE="font-size: 10pt">Co-CEO and Co-Chief Financial
    Officer</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>INDEX OF EXHIBITS</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 9%; text-align: left;  unicode-bidi: embed; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">Exhibit&nbsp;No.</FONT></TD>
    <TD STYLE="width: 1%; padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed; width: 90%; border-bottom: Black 1.5pt solid"><FONT STYLE="font-size: 10pt">Description</FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left;  unicode-bidi: embed"><FONT STYLE="font-size: 10pt">4.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed"><A HREF="fs82018ex4-1_bosbetter.htm"><FONT STYLE="font-size: 10pt">Articles
    of Association of B.O.S. Better Online Solutions Ltd., as amended on July 18, 2018</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left;  unicode-bidi: embed"><FONT STYLE="font-size: 10pt">4.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed"><A HREF="fs82018ex4-2_bosbetter.htm"><FONT STYLE="font-size: 10pt">Memorandum
    of Association of B.O.S. Better Online Solutions Ltd., as amended on July 18, 2018</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left;  unicode-bidi: embed"><FONT STYLE="font-size: 10pt">4.3*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed"><A HREF="http://www.sec.gov/Archives/edgar/data/1005516/000117891303000755/share-certificate.htm"><FONT STYLE="font-size: 10pt">Registrant&rsquo;s 2003 Israeli Share Option Plan</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left;  unicode-bidi: embed"><FONT STYLE="font-size: 10pt">4.4**</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed"><A HREF="http://www.sec.gov/Archives/edgar/data/1005516/000121390018007209/f6k060418ex99-1_bosbetter.htm"><FONT STYLE="font-size: 10pt">Form of Indemnification Letter to the Directors and Officers of the Company</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left;  unicode-bidi: embed"><FONT STYLE="font-size: 10pt">5</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed"><A HREF="fs82018ex5_bosbetter.htm"><FONT STYLE="font-size: 10pt">Opinion of Gornitzky &amp; Co. with respect to the validity of the Ordinary Shares being registered</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left;  unicode-bidi: embed"><FONT STYLE="font-size: 10pt">23.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed"><A HREF="fs82018ex5_bosbetter.htm"><FONT STYLE="font-size: 10pt">Consent of Gornitzky &amp; Co. (included in Exhibit 5)</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left;  unicode-bidi: embed"><FONT STYLE="font-size: 10pt">23.2</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed"><A HREF="fs82018ex23-2_bosbetter.htm"><FONT STYLE="font-size: 10pt">Consent of Fahn Kanne &amp; Co. Grant Thornton Israel </FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left;  unicode-bidi: embed"><FONT STYLE="font-size: 10pt">23.3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed"><A HREF="fs82018ex23-3_bosbetter.htm"><FONT STYLE="font-size: 10pt">Consent of Kost Forer Gabbay &nbsp;&amp; Kasierer, a member of Ernst &amp; Young Global</FONT></A></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left;  unicode-bidi: embed"><FONT STYLE="font-size: 10pt">24.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left;  unicode-bidi: embed"><A HREF="#power_001"><FONT STYLE="font-size: 10pt">Power
    of Attorney (included on signature page of this registration statement)</FONT></A></TD></TR>
</TABLE>
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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">*</TD><TD STYLE="text-align: justify">Incorporated by reference
                                         to the Registrant&rsquo;s Registration Statement on Form S-8 filed with the Commission
                                         on November 24, 2003 (Filing no. 333-110696)</TD>
</TR></TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in; text-align: left">**</TD><TD STYLE="text-align: justify">Incorporated by reference
                                         to Exhibit B to the Registrant&rsquo;s current report on Form 6-K, filed with the Commission
                                         on June 4, 2018)</TD>
</TR></TABLE>

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<DOCUMENT>
<TYPE>EX-4.1
<SEQUENCE>2
<FILENAME>fs82018ex4-1_bosbetter.htm
<DESCRIPTION>ARTICLES OF ASSOCIATION OF B.O.S. BETTER ONLINE SOLUTIONS LTD., AS AMENDED ON JULY 18, 2018
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: right"><B>Exhibit 4.1</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B><U>B.O.S BETTER ON-LINE SOLUTIONS LTD.</U></B></P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>IN ACCORDANCE WITH THE COMPANIES LAW,
5759-1999</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">1.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><B><U>The Company&rsquo;s Name</U></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The Company&rsquo;s name is &ldquo;B.O.S Better On-Line Solutions Ltd&rdquo;.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">2.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><B><U>The Company&rsquo;s Objects</U></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The Company&rsquo;s object is to engage in any legal business.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">3.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><B><U>Interpretation</U></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">3.1</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">Everything mentioned in the singular shall include the plural and vice versa, and everything mentioned in the masculine shall include the feminine and vice versa.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">3.2</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">Unless these articles include special definitions for certain terms, every word and expression herein shall bear the meaning attributed thereto in the Companies Law, 5759-1999 (hereinafter referred to as &ldquo;the Companies Law&rdquo;), unless the context otherwise admits.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">3.3</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">For the avoidance of doubt, it is expressed that in respect of matters regulated in the Companies Law such that it is possible to qualify the arrangements in respect thereof in articles, and these articles do not include in respect thereof provisions different from those of the Companies Law - the provisions of the Companies Law shall apply in respect thereof.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">4.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><B><U>The Company&rsquo;s Share Capital and the Rights Attached to Shares</U></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">4.1</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The Company&rsquo;s authorized capital is NIS 480,000,000 divided into 6,000,000 ordinary shares of NIS 80.00 nominal value each. <I>(amended May 2003, May 2006, December 2009, December 2012, January 2015 and July 2018).</I></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">4.2</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The ordinary shares shall vest the holders thereof with -</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 96px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">4.2.1</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">an equal right to participate in and vote at the Company&rsquo;s general meetings, whether ordinary or special, and each of the shares in the Company shall entitle its holder, present at the meeting and participating in the vote, himself, by proxy or through a voting instrument, to one vote;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 96px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">4.2.2</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">an equal right to participate in a distribution of dividends, whether in cash or by way of bonus shares, in a distribution of assets or in any other distribution, pro rata to the nominal value of the shares held by them;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 96px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">4.2.3</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">an equal right to participate in a distribution of the Company&rsquo;s surplus assets on winding up pro rata to the nominal value of the shares held by them.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">4.3</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The board of directors may issue shares and other securities which are convertible or exercisable into shares up to the limit of the Company&rsquo;s authorised share capital. With regard to computing the limit of the authorised capital, securities convertible or exercisable into shares shall be deemed to have been converted or exercised on the date of their issue. The board of directors may delegate such authority as permitted by law. <I>(amended May 2006)</I></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">5.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><B><U>Limited Liability</U></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The shareholders&rsquo; liability for the Company&rsquo;s debts shall be limited to the full amount (nominal value plus premium) they are required to pay the Company for the shares and not yet paid by them.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">6.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><B><U>Joint Shareholders and Share Certificates</U></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">6.1</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">Where two or more persons are listed in the shareholders&rsquo; register as the joint holders of a share, each of them may give binding receipts for any dividend or other monies in connection with such share.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">6.2</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">A shareholder who is listed in the shareholders&rsquo; register may receive from the Company, without payment, within three months of the allotment or registration of the transfer, one share certificate bearing a seal in respect of all the shares registered in his name, which shall specify the number of shares. In the case of a jointly held share, the Company shall issue one share certificate to all the joint shareholders, and the delivery of such a certificate to one of the joint shareholders shall be deemed delivery to all of them.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">Each share certificate shall bear the signature of at least one director together with the Company&rsquo;s stamp or its printed name.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">6.3</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">A share certificate which has been defaced, destroyed or lost may be renewed in reliance upon proof and guarantees as required by the Company from time to time.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.6in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">7.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><B><U>The Company&rsquo;s Reliefs in relation to Shares Not Paid in Full</U></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">7.1</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">If the consideration which the shareholder undertook to pay the Company for his shares or any part thereof is not paid at the time and on the terms prescribed in the shares&rsquo; allotment terms and/or in the payment call mentioned in paragraph 7.2 below, the Company may, pursuant to the board of directors&rsquo; resolution, forfeit the shares whose consideration has not been paid in full. The shares shall be forfeited, provided that the Company has sent the shareholder written warning of its intention to forfeit his shares, at least seven days from the date of receiving the warning if the payment is not effected during the period specified in the warning letter.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The board of directors may, at any time prior to the date on which a share forfeited is sold, re-allotted or otherwise transferred, cancel the forfeiture on such terms as it deems fit.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The shares forfeited shall be held by the Company as dormant shares or shall be sold to another.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">7.2</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">If pursuant to the issue terms of shares there is no fixed date for payment of any part of the price payable therefor, the board of directors may from time to time make calls for payment on the shareholders in respect of the monies not yet paid for the shares held by them, and every shareholder shall be liable to pay the Company the amount of the call made on him on the date specified as aforesaid, provided that he receives 14 days&rsquo; notice of the date and place for payment (hereinafter referred to as &ldquo;call&rdquo;). The notice shall state that non-payment on the date specified or prior thereto at the place specified might result in the forfeiture of the shares in relation to which the call was made. A call may be cancelled or postponed to another date, as resolved by the board of directors.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">7.3</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">In the absence of another provision in the shares&rsquo; allotment terms, a shareholder shall not be entitled to receive dividend or to exercise any right as a shareholder in respect of shares not yet paid up in full.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">7.4</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">Persons who are joint holders of a share shall be jointly and severally liable for payment of the amounts due to the Company in respect of the share.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">7.5</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The provisions of this paragraph are not such as to derogate from any other relief available to the Company vis-a-vis a shareholder who has not paid his debt to the Company in respect of his shares.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">8.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><B><U>Transfer of Shares</U></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">8.1</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The Company&rsquo;s shares may be transferred.</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">8.2</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">A share transfer shall be effected in writing and shall not be registered unless -</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 96px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">8.2.1</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">a due share transfer instrument is furnished to the Company at its registered office together with the certificates relating to the shares to be transferred, if issued. The transfer instrument shall be signed by the transferor and a witness verifying the transferor&rsquo;s signature. In the case of a transfer of shares which are not fully paid up on the date of the transfer, the transfer instrument shall also be signed by the transferee and a witness verifying the transferee&rsquo;s signature; or</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 96px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">8.2.2</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">the Company is given a court order to amend the registration; or</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 96px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">8.2.3</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">it is proved to the Company that the legal conditions for transmission of the right to the share have been fulfilled.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">8.3</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">A transfer of shares which are not fully paid up requires the approval of the board of directors, which may refuse to grant its approval in its absolute discretion and without giving grounds therefor.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">8.4</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The transferee shall be deemed the shareholder in relation to the shares being transferred from the moment his name is listed in the shareholders&rsquo; register.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">9.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><B><U>Alteration to Capital</U></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.6in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">9.1</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The general meeting may increase the Company&rsquo;s authorized share capital by creating new shares of an existing class or of a new class, as determined in the general meeting&rsquo;s resolution.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">9.2</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The general meeting may cancel authorized share capital which has not yet been allotted, provided that the Company has not undertaken, including conditionally, to allot the shares.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">9.3</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The general meeting may, subject to the provisions of any law:</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 96px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">9.3.1</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">consolidate and re-divide its share capital, or any part thereof, into shares of a nominal value greater than that of the existing shares;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 96px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">9.3.2</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">sub-divide its existing shares, or any of them, or its share capital, or any part thereof, into shares of a nominal value smaller than that of the existing shares;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 96px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">9.3.3</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">reduce its share capital and any capital redemption reserve fund in such manner and on such terms and conditions and with the receipt of such approval as the Companies Law requires.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">&nbsp;</P>


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">10.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><B><U>Alteration of the Rights Attached to Classes of Shares</U></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">10.1</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">So long as not otherwise provided in the shares&rsquo; issue terms and subject to the provisions of any law, the rights attached to a particular class of shares may be altered, after a resolution is passed by the Company and with the approval of a resolution passed at a general meeting of the holders of the shares of such class or the written agreement of all the class holders.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The provisions of the Company&rsquo;s articles regarding general meetings shall apply, mutatis mutandis, to a general meeting of the holders of a particular class of shares.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">10.2</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The rights vested in the holders of shares of a particular class that were issued with special rights shall not be deemed to have been altered by the creation or issue of further shares ranking equally with them, unless otherwise provided in such shares&rsquo; issue terms.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">11.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><B><U>General Meetings</U></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">11.1</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The Company&rsquo;s resolutions on the following matters shall be passed at the general meeting -</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 96px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">11.1.1</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">alterations to the articles;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 96px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">11.1.2</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">the exercise of the board of directors&rsquo; powers when the board of directors is unable to function;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 96px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">11.1.3</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">the appointment and dismissal of the Company&rsquo;s auditor;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 96px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">11.1.4</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">the appointment of directors, including external directors;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 96px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">11.1.5</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">the approval of acts and transactions requiring the general meeting&rsquo;s approval pursuant to the provisions of the Companies Law and any other law;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 96px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">11.1.6</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">increasing and reducing the authorized share capital;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 96px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">11.1.7</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">a merger as defined in the Companies Law.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">12.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><B><U>Convening General Meetings</U></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">12.1</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">General meetings shall be convened at least once a year at such place and time as determined by the board of directors but no later than 15 months from the last general meeting. Such general meetings shall be called &ldquo;annual meetings&rdquo;. The Company&rsquo;s other meetings shall be called &ldquo;special meetings&rdquo;.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">12.2</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The annual meeting&rsquo;s agenda shall include a discussion of the board of directors&rsquo; reports and the financial statements as required at law. The annual meeting shall appoint an auditor, appoint the directors pursuant to these articles and discuss all the other matters which must be discussed at the Company&rsquo;s annual general meeting, pursuant to these articles or the Law, as well as any other matter determined by the board of directors.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">12.3</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The board of directors may convene a special meeting pursuant to its resolution and it must convene a general meeting if it receives a written requisition from any one of the following (hereinafter referred to as &ldquo;requisition&rdquo;):</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">12.3.1</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">two directors or one quarter of the directors holding office; and/or</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 96px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">12.3.2</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">one or more shareholders holding at least 5% of the issued capital and at least 1% of the voting rights in the Company; and/or</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 96px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">12.3.3</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">one or more shareholders holding at least 5% of the voting rights in the Company.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">12.4</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">A requisition must detail the objects for which the meeting must be convened and shall be signed by the persons requisitioning it and sent to the Company&rsquo;s registered office. The requisition may be made up of a number of documents in an identical form of wording, each of which shall be signed by one or more of the persons requisitioning the meeting.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">12.5</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">Where the board of directors is required to convene a special meeting, it shall do so within 21 days of the requisition being submitted to it, for a date that shall be specified in the invitation pursuant to paragraph 12.6 below and subject to the law.</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">12.6</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">Notice to the Company&rsquo;s members regarding the convening of a general meeting shall be sent to all the shareholders listed in the Company&rsquo;s shareholders&rsquo; register at least 21 days prior to the meeting and shall be published in other ways insofar as required by the law. The notice shall include the agenda, proposed resolutions and arrangements with regard to a written vote.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The accidental omission to give notice of a meeting to any member, or the non-receipt of notice sent to such member, shall not invalidate the proceedings at such meeting.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">13.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><B><U>The Discussion at the General Meetings</U></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

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    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">13.1</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">No discussions may be commenced at the general meeting unless a quorum is present at the time of the discussion&rsquo;s commencement. A quorum is the presence of at least two shareholders holding at least 33&#8531;% of the voting rights (including presence through a proxy or a voting instrument), within half an hour of the time fixed for the meeting&rsquo;s commencement. <I>(amended August 2004)</I></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">13.2</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">If no quorum is present at a general meeting within half an hour of the time fixed for the commencement thereof, the meeting shall be adjourned for one week, to the same day, time and place, or to a later time if stated in the invitation to the meeting or in the notice of the meeting (hereinafter referred to as &ldquo;the adjourned meeting&rdquo;.)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">13.3</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The quorum for the commencement of the adjourned meeting shall be any number of participants.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">13.4</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The board of directors&rsquo; chairman shall serve as the general meeting&rsquo;s chairman. If the board of directors&rsquo; chairman is not present at the meeting within 15 minutes of the time fixed therefor or if he refuses to chair the meeting, the chairman shall be elected by the general meeting.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">13.5</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">A general meeting at which a quorum is present may resolve to adjourn the meeting to another place and time determined by it, and in such case notices and invitations in respect of the adjourned meeting shall be given as provided in paragraph 12.6 above.</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.6in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">14.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><B><U>Voting at the General Meeting</U></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">14.1</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">A shareholder of the Company may vote at the general meetings himself or through a proxy or a voting instrument.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The shareholders entitled to participate in and vote at the general meeting are the shareholders on the date specified by the board of directors in the resolution to convene the general meeting, and subject to the law.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">14.2</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">In every vote each shareholder shall have a number of votes according with the number of shares held by him.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">14.3</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">A resolution at the general meeting shall be passed by an ordinary majority unless another majority is specified in the Companies Law or these articles.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">14.4</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The declaration of the meeting&rsquo;s chairman that a resolution has been passed unanimously or by a particular majority, or that it has been defeated or not passed by a particular majority, shall constitute prima facie proof of that stated therein.</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">14.5</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">If the votes at a meeting are tied, the chairman of the meeting shall not have an additional or deciding vote, and the resolution that was put to the vote shall be defeated.</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">14.6</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The Company&rsquo;s shareholders may, in respect of any matter on the meeting&rsquo;s agenda, vote at a general meeting (including a class meeting) through a voting instrument, provided that the board of directors does not, subject to any law, rule out the possibility of voting through a proxy instrument on such matter in its resolution to convene the general meeting.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">If the board of directors prohibits voting through a voting instrument, the fact that the possibility of voting through a voting instrument has been ruled out shall be stated in the notice of the meeting pursuant to paragraph 12.6 above.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">14.7</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">A shareholder may state the way in which he is voting in the voting instrument and send it to the Company&rsquo;s registered office at least 48 hours prior to the meeting&rsquo;s commencement. A voting instrument in which a shareholder states the way in which he is voting, which reaches the Company&rsquo;s registered office at least 48 hours prior to the meeting (including the adjourned meeting), shall be deemed presence at the meeting for the purpose of constituting the quorum as provided in paragraph 13.1 above. <I>(amended May 2003)</I></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">14.8</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">A proxy shall be appointed in a written instrument signed by the appointor. A corporation shall vote through its representatives who shall be appointed by a document duly signed by the corporation.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">14.9</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">Voting in accordance with the terms and conditions of a proxy instrument shall be legal even if prior thereto the appointor dies or becomes legally incapacitated, is wound up, becomes bankrupt, cancels the proxy instrument or transfers the share in relation to which it was given, unless written notice is received at the office prior to the meeting that the shareholder has died, become legally incapacitated, been wound up, become bankrupt, cancelled the appointment instrument or transferred the share as aforesaid.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">14.10</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The proxy instrument and the power of attorney or a copy certified by an attorney shall be deposited at the Company&rsquo;s registered office at least 48 hours prior to the time fixed for the meeting or the adjourned meeting at which the person mentioned in the document intends voting pursuant thereto.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">14.11</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">A shareholder of the Company shall be entitled to vote at meetings of the Company through a number of proxies appointed by him, provided that each proxy is appointed in respect of different parts of the shares held by the shareholder. There shall not be any impediment to any proxy as aforesaid voting differently at meetings of the Company.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">14.12</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">If a shareholder is legally incapacitated, he may vote by his board of trustees, receiver, natural guardian or other legal guardian, and they may vote themselves or by proxy or through a voting instrument.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">14.13</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">Where two or more persons are the joint holders of a share, in a vote on any matter the vote of the person whose name appears first in the shareholders&rsquo; register as the holder of such share shall be accepted, himself or by proxy, and he is entitled to give the Company voting instruments.</TD></TR>
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    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">15.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><B><U>The Board of Directors</U></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

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    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The board of directors shall delineate the Company&rsquo;s policy and supervise the performance of the Managing Director&rsquo;s duties and actions. Any power of the Company which has not been vested in another organ pursuant to the Companies Law or the articles may be exercised by the board of directors.</TD></TR>
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    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">16.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><B><U>Appointment and Dismissal of Directors</U></B></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

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    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">16.1</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The number of directors in the Company (including external directors) shall be determined from time to time by the annual general meeting, provided that it shall not be less than four nor more than eleven.</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">16.2</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The Company&rsquo;s directors shall be elected at the annual meeting and/or at a special meeting, and shall hold office until the end of the next annual meeting or until they cease to hold office pursuant to the provisions of the articles. If at a general meeting of the Company new directors in the minimum amount specified pursuant to the articles are not elected, the directors who held office until such time shall continue to hold office, until they are replaced by the Company&rsquo;s general meeting.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">16.3</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">In addition to the provisions of paragraph 16.2 above, the board of directors may appoint a director instead of a director whose office has been vacated and/or as an additional director, subject to the maximum number of directors on the board of directors as provided in paragraph 16.1 above. The appointment of a director by the board of directors shall be valid until the next annual meeting or until he ceases to hold office pursuant to the provisions of the articles.</TD></TR>
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    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">16.4</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">A director whose term of office has come to an end may be re-elected.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">16.5</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The office of a director shall commence on the date of his appointment by the annual meeting and/or the special meeting and/or the board of directors or on a later date if specified in the appointment resolution of the annual meeting and/or special meeting and/or board of directors.</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">16.6</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The board of directors shall elect a board of directors&rsquo; chairman from amongst its members. If a chairman is not elected or if the chairman is not present at the end of 15 minutes from the time fixed for the meeting, the directors present shall elect one of their number to chair such meeting, and the person chosen shall conduct the meeting and sign the discussion minutes.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The board of directors&rsquo; chairman shall not be the Company&rsquo;s MD save on fulfillment of the conditions mentioned in section 121(c) of the Companies Law.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">16.7</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The general meeting may remove any director from his office before the end of his term of office, whether the director was appointed by it by virtue of paragraph 16.2 above or by the board of directors by virtue of paragraph 16.3 above, provided that the director is given a reasonable opportunity to state his case before the general meeting.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">16.8</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">Where the office of a director is vacated, the remaining directors may continue to act so long as their number has not fallen below the minimum specified in the articles. Where the number of directors has fallen below the aforementioned minimum, the remaining directors may only act in order to fill the place of the director which has been vacated as mentioned in paragraph 16.3 above or in order to convene a general meeting of the Company, and until the general meeting is convened as aforesaid they may act to manage the Company&rsquo;s business only in respect of matters that cannot bear delay.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">16.9</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">Every board of directors&rsquo; member may appoint an alternate for himself, provided that such an appointment shall not be for a period exceeding one month, and that someone who was appointed as an alternate for another director and/or who is already serving as a director of the Company may not be appointed as an alternate, except as provided in section 237(d) of the Companies Law.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The appointment or termination of the office of an alternate shall be effected in a written document signed by the director who appointed him; however, in any event, the office of an alternate shall terminate if one of the events specified in paragraph 16.10 below befalls the alternate or if the office of the board of directors&rsquo; member for whom he is acting as alternate is vacated for whatsoever reason.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">An alternate shall be treated as a director and all the provisions of the law and these articles shall apply to him, save for the provisions regarding the appointment and/or dismissal of a director specified herein. <I>(amended May 2003 and May 2006)</I></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">16.10</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The office of a director shall be vacated in any one of the following cases:</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 96px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">16.10.1</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">he resigns from his office by a letter signed him and submitted to the Company which specifies the reasons for his resignation;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 96px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">16.10.2</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">he is removed from his office by the general meeting;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 96px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">16.10.3</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">he is convicted of an offence as provided in section 232 of the Companies Law;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 96px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">16.10.4</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">pursuant to a court decision, as provided in section 233 of the Companies Law;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 96px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">16.10.5</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">he is declared legally incapacitated;</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 96px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">16.10.6</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">he is declared bankrupt, and in the case of a corporation - it is resolved to wind it up voluntarily or a winding up order is given in respect thereof.</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">16.11</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The terms of office of the board of directors&rsquo; members shall be approved by the audit committee, the board of directors and the general meeting, in this chronological order.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.6in">&nbsp;</P>

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    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">17.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><B><U>Board of Directors&rsquo; Meetings </U></B><I>(amended December 2011)</I></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in"><I>&nbsp;</I></P>

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    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">17.1</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The board of directors shall convene in accordance with the Company&rsquo;s requirements and at least once every three months.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">17.2</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The board of directors&rsquo; chairman may convene the board of directors at any time. In addition, the board of directors shall hold a meeting, on a matter that shall be detailed, in the following cases:</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 96px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">17.2.1</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">on the demand of two directors; however, if at such time the board of directors consists of five directors or less - on the demand of one director;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 96px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">17.2.2</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">on the demand of one director if he states in his demand to convene the board of directors that he has learned of a matter involving the Company in which a prima facie contravention of the Law or an infringement of proper business procedure has been discovered;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 96px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">17.2.3</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">a notice or report of the managing director obliges action by the board of directors;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 96px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">17.2.4</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">the auditor has notified the board of directors&rsquo; chairman of materials deficiencies in the audit of the Company&rsquo;s accounts.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">17.3</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">Notice of a board of directors&rsquo; meeting shall be sent to all its members at least three days prior to the date of the meeting. The notice shall be sent to the address of the director which was furnished to the Company in advance, and shall state the date, time and place of the meeting, and reasonable details of all the matters on the agenda.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">Notwithstanding the aforegoing, in urgent circumstances, the board of directors may convene a meeting without notice, with a majority of the directors&rsquo; agreement. <I>(amended December 2011)</I></TD></TR>
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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">17.4</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The quorum for the commencement of a board of directors&rsquo; meeting shall be a majority of the members of the board of directors. If no quorum is present at the board of directors&rsquo; meeting within half an hour of the time fixed for the meeting&rsquo;s commencement, the meeting shall be adjourned to another date decided upon by the board of directors&rsquo; chairman, or in his absence by the directors present at the meeting, provided that three days&rsquo; notice shall be given to all the directors of the date of the adjourned meeting. The quorum for the commencement of an adjourned meeting shall be any number of participants. Notwithstanding the aforegoing, the quorum for discussions and resolutions at the board of directors on the auditor&rsquo;s dismissal or suspension shall be a majority of the board of directors&rsquo; members.</TD></TR>
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    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">17.5</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The board of directors may hold meetings using any communications means, provided that all the directors participating may hear each other simultaneously.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">17.6</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The board of directors may also pass resolutions without actually convening, provided that all the directors entitled to participate in the discussion and vote on a matter that is brought for resolution agree not to convene for discussion of the matter. In such a case, minutes of the resolutions (including the decision not to convene) shall be signed by the chairman of the board of directors, or alternatively, signatures of the directors shall be attached to the minutes. Instead of a director&rsquo;s signature, the chairman of the board or the corporate secretary may attach a signed memo regarding the oral vote of a director. Resolutions passed without convening, as aforementioned, shall be passed by an ordinary majority and shall have the same effect as resolutions passed at a duly convened meeting. <I>(amended May 2006)</I></TD></TR>
</TABLE>
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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">18.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><B><U>Voting at the Board of Directors</U></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">18.1</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">In a vote at the board of directors, each director shall have one vote.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">18.2</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The board of directors&rsquo; resolutions shall be passed on a majority. The board of directors&rsquo; chairman shall not have an additional or deciding vote and where the votes are tied, the resolution that was put to the vote shall be defeated.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.6in">&nbsp;</P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">19.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><B><U>Board of Directors&rsquo; Committees </U></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">19.1</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The board of directors may establish committees and appoint members from the board of directors thereto (hereinafter referred to as &ldquo;board of directors&rsquo; committee&rdquo;), and it may from time to time revoke such delegation or alter the composition of such committee. If board of directors&rsquo; committees are established, the board of directors shall determine in their terms of authority whether certain powers of the board of directors will be delegated to the board of directors&rsquo; committee such that a resolution of the board of directors&rsquo; committee shall be deemed a resolution of the board of directors or whether a resolution of the board of directors&rsquo; committee shall merely amount to a recommendation which is subject to the board of directors&rsquo; approval, provided that powers to resolve on the matters specified in section 112 of the Companies Law shall not be delegated to a committee. If a committee merely has a recommendation role, the board of directors may also appoint to the committee members who are not directors. <I>(amended May 2006)</I></TD></TR>
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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">19.2</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The meetings and discussions of any board of directors&rsquo; committee composed of two or more members shall be governed by the provisions of these articles regarding board of directors&rsquo; meetings and the voting thereat, mutatis mutandis, so far as not superseded by&nbsp;the Companies Law, and subject to the board of directors&rsquo; resolutions regarding arrangements for the committee&rsquo;s meetings (if any). <I>(amended December 2011)</I></TD></TR>
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    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">20.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><B><U>Audit Committee</U></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">20.1</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The Company&rsquo;s board of directors shall appoint an audit committee from amongst its members. The number of members on the audit committee shall not be less than three and all the external directors shall be members thereof. The board of directors&rsquo; chairman and any director employed by the Company or providing services to it on a permanent basis and/or a control owner or his relative shall not be appointed as members of the committee.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">20.2</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The duties of the audit committee shall be -</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 96px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">20.2.1</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">to detect deficiencies in the Company&rsquo;s business management, inter alia through consultation with the Company&rsquo;s internal auditor or with the auditor, and to propose to the board of directors ways of rectifying them;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 96px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">20.2.2</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">to resolve whether to approve acts and transactions requiring the audit committee&rsquo;s approval pursuant to the Companies Law.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">21.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><B><U>Managing Director</U></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The Company&rsquo;s board of directors shall appoint a managing director and may appoint more than one managing director. The managing director shall be responsible for the routine management of the Company&rsquo;s affairs within the framework of the policy determined by the board of directors and subject to its guidelines.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">22.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><B><U>Exemption, Insurance and Indemnity</U></B> <I>(amended May 2006 and December 2011)</I></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in"><I>&nbsp;</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">22.1</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The Company may exempt an Office Holder therein in advance for his liability, or any part thereof, for damage in consequence of a breach of the duty of care vis-a-vis it, except with respect to Distribution (as defined in the Companies Law).</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">22.2</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The Company may indemnify an Office Holder retroactively for an obligation or expense as specified in sub-paragraphs 22.2.1 22.2.2 and 22.2.3 below, imposed on him in consequence of&nbsp;an&nbsp;act&nbsp;or omission done in his capacity as an officer in the Company.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 96px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">22.2.1</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">a monetary obligation imposed on him in favor of another person pursuant to a judgment, including a judgment given in settlement or an arbitrator&rsquo;s award that has been approved by a court;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">22.2.2</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">reasonable litigation expenses, including advocates&rsquo; professional fees, incurred by the Office Holder pursuant to an investigation or a proceeding commenced against him by a competent authority and that was terminated without an indictment and without having a monetary charge imposed on him in exchange for a criminal procedure (as such terms are defined in the Companies Law), or that was terminated without an indictment but with a monetary charge imposed on him in exchange for a criminal procedure in a crime that does not require proof of criminal intent or in connection with a financial sanction;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">22.2.3</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">reasonable litigation expenses, including advocates&rsquo; professional fees, incurred by the Office Holder or which he is ordered to pay by a court, in proceedings filed against him by the company or on its behalf or by another person, or in a criminal indictment in which he is acquitted, or in a criminal indictment in which he is convicted of an offence that does not require proof of criminal intent;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 96px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">22.2.4</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">expenses, including reasonable litigation expenses and legal fees, incurred by an Office Holder as a result of a proceeding instituted against such Office Holder in relation to (A)&nbsp;infringements that may result in imposition of financial sanction pursuant to the provisions of Chapter H&rsquo;3 under the Securities Law or (B)&nbsp;administrative infringements pursuant to the provisions of Chapter H&rsquo;4 under the Securities Law or (C)&nbsp;infringements pursuant to the provisions of Chapter I&rsquo;1 under the Securities Law; and</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 96px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">22.2.5</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">payments to an injured party of infringement under Section&nbsp;52ND(a)(1)(a) of the Securities Law.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">22.3</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The Company may give an advance undertaking vis-a-vis an Office Holder to indemnify him in respect of an obligation or expense as specified in paragraph 22.2 above, provided that the undertaking specified in paragraph 22.2.1 is limited to types of events which in the board of directors&rsquo; opinion may be anticipated, in light of the Company&rsquo;s activities, at the time of giving the indemnity undertaking, and to an amount or criteria which the board of directors determines is reasonable in the circumstances of the case, both to be specified in the Company&rsquo;s undertaking.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">22.4</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">A company may enter into a contract to insure the liability of an Office Holder therein for an obligation imposed on him in consequence of an act &nbsp;or omission done in his capacity as an Office Holder therein, in any of the following cases:</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in">&nbsp;</P>

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    <TD STYLE="width: 96px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">22.4.1</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">a breach of the duty of care vis-a-vis the Company or vis-a-vis another person;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 96px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">22.4.2</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">a breach of the duty of fidelity vis-a-vis the Company, provided that the Office Holder acted in good faith and had reasonable basis to assume that the act would not harm the Company;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 96px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">22.4.3</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">a monetary obligation imposed on him in favor of another person.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 96px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">22.4.4</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">(i) expenses, including reasonable litigation expenses and legal fees, incurred by the Office Holder as a result of a proceeding instituted against such Office Holder in relation to (A)&nbsp;infringements that may result in imposition of financial sanction pursuant to the provisions of Chapter H&rsquo;3 under the Securities Law or (B)&nbsp;administrative infringements pursuant to the provisions of Chapter&nbsp;H&rsquo;4 under the Securities Law or (C)&nbsp;infringements pursuant to the provisions of Chapter&nbsp;I&rsquo;1 under the Securities Law and (ii)&nbsp;payments made to the injured parties of such infringement under Section&nbsp;52ND(a)(1)(a) of the Securities Law.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in">&nbsp;</P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">22.5</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">Paragraphs 22.1 to 22.4 shall not apply in any of the following cases -</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 96px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">22.5.1</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">a breach of the duty of fidelity, save regarding insurance and indemnity provided that the Office Holder acted in good faith and had reasonable basis to assume that the act would not harm the Company;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 96px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">22.5.2</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">an intentional or rash breach of the duty of care, except where the breach was negligent only;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 96px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">22.5.3</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">an act done with the intention of unlawfully producing a personal profit;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 96px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">22.5.4</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">a fine imposed on an Office Holder.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in">&nbsp;</P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">22.6</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">Resolutions regarding the grant of exemption, insurance, indemnity or the grant of an undertaking to indemnify an Office Holder shall be passed subject to the law.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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

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    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">22.7</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">&ldquo;Office Holder&rdquo; in this section shall include directors and officers as defined in the Companies Law 1999.</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in">&nbsp;</P>

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    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">23.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><B><U>Internal Auditor</U></B></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

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    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">23.1</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The Company&rsquo;s board of directors shall appoint an internal auditor in accordance with the audit committee&rsquo;s proposal. Interested parties in the Company, officers in the Company, relatives of any of the aforegoing and the auditor or someone on his behalf may not hold office as the Company&rsquo;s internal auditor.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">23.2</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The board of directors shall determine what officer shall be the organ to whom the internal auditor is subordinate, and in the absence of such a determination it shall be the board of directors&rsquo; chairman.</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">23.3</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The internal audit plan prepared by the auditor shall be submitted for the audit committee&rsquo;s approval; however, the board of directors may determine that the plan shall be submitted for the board of directors&rsquo; approval.</TD></TR>
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    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">24.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><B><U>Auditor</U></B></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

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    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">24.1</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The annual meeting shall appoint an auditor for the Company. The auditor shall hold office until the end of the following annual meeting, or for a longer term as determined by the annual meeting, provided that his term of office shall not extend beyond the end of the third annual meeting following the one at which he was appointed.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">24.2</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The auditor&rsquo;s remuneration for the audit shall be determined by the board of directors. The board of directors shall report to the annual meeting on the auditor&rsquo;s remuneration.</TD></TR>
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    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">25.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><B><U>Signatory Rights</U></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

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    <TD STYLE="width: 47px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 57px; font: 10pt Times New Roman, Times, Serif">25.1</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The rights to sign on the Company&rsquo;s behalf shall be determined from time to time by the Company&rsquo;s board of directors.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 47px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 57px; font: 10pt Times New Roman, Times, Serif">25.2</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The signatory on the Company&rsquo;s behalf shall sign together with the Company&rsquo;s stamp or its printed name.</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -43.1pt"><B>&nbsp;</B></P>

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    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">26.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><B><U>Dividend and Bonus Shares</U></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

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    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">26.1</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The Company&rsquo;s board of directors shall be the organ authorized to decide upon the distribution of a dividend and/or the distribution of bonus shares.</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">26.2</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The shareholders who are entitled to dividend are the shareholders on the date of the resolution on the dividend or on a later date if another date is specified in the resolution on the dividend&rsquo;s distribution.</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">26.3</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">If the board of directors does not otherwise determine, any dividend may be paid by way of a cheque or payment order that shall be sent by mail in accordance with the registered address of the shareholder or person entitled thereto, or in the case of registered joint shareholders to the shareholder whose name appears first in the shareholders&rsquo; register in relation to the joint shareholding. Every such cheque shall be drawn up to the order of the person to whom it is being sent. The receipt of a person who on the date of the dividend&rsquo;s declaration is listed in the shareholders&rsquo; register as the holder of any share or, in the case of joint shareholders, of one of the joint shareholders shall serve as confirmation of all the payments made in connection with such share.</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">26.4</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">For the purpose of implementing any resolution pursuant to the provisions of this paragraph, the board of directors may settle, as it deems fit, any difficulty arising in relation to the distribution of the dividend and/or bonus shares, including determine the value for the purpose of the said distribution of certain assets and resolve that payments in cash shall be made to members in reliance upon the value thus determined, determine regulations in relation to fractions of shares or in relation to non-payment of amounts less than NIS&nbsp;200.</TD></TR>
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    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">27.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><B><U>Redeemable Securities</U></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The Company may, subject to any law, issue redeemable securities on such terms as determined by the board of directors, provided that the general meeting approves the board of directors&rsquo; recommendation and the terms determined.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">28.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><B><U>Contributions</U></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The Company may contribute a reasonable sum of money for an worthy object, even if the contribution is not within the scope of business considerations conducive to the Company&rsquo;s profits.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">29.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><B><U>Accounts</U></B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

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    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">29.1</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The Company shall keep accounts and draw up financial statements pursuant to the Securities Law and any other law.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">29.2</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The books of account shall be kept at the office or at such other place as the directors deem fit, and shall always be open for the directors&rsquo; inspection.</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in">&nbsp;</P>

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 0px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">30.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify"><B><U>Notices</U></B></TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">30.1</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">Subject to any law, notice or any other document which the Company sends and which it may or is required to give pursuant to the provisions of these articles and/or the Companies Law shall be sent by the Company to any person personally, by mail in a letter addressed in accordance with the registered address of such shareholder in the shareholders&rsquo; register or in accordance with any address which the shareholder specifies in a letter to the Company as the address for the sending of notices or other documents, or by facsimile in accordance with the number specified by the shareholder as the number for sending notices by facsimile. Should the Company publish notice in at least two Israeli daily newspapers, notice shall be deemed to have been given to any member whose address as registered in the Company&rsquo;s Register is in Israel.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">30.2</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">Any notices which must be given to the shareholders shall be given, in relation to shares which are jointly held, to the person whose name appears first in the shareholders&rsquo; register as the holder of such share, and any notice given in this manner shall be adequate notice to the holders of such share.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">30.3</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">Any notice or other document that is sent shall be deemed to have reached its destination within three business days - if sent by registered mail and/or ordinary mail in Israel, and if delivered by hand or sent by facsimile, it shall be deemed to have reached its destination on the first business day following its receipt. When coming to prove the delivery, it shall be adequate to prove that the letter that was sent by mail containing the notice or document was correctly addressed and delivered to the post office as a stamped letter or as a stamped registered letter, and in respect of a facsimile it is sufficient to furnish the transmission confirmation from the sending instrument.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 48px; font: 10pt Times New Roman, Times, Serif">30.4</TD>
    <TD STYLE="padding-right: 3.15pt; text-align: justify; font: 10pt Times New Roman, Times, Serif">Any entry effected in the ordinary way in the Company&rsquo;s register shall be deemed prima facie proof regarding the dispatch, as entered in such register.</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="padding-right: 3.15pt; text-align: justify; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">30.5</TD>
    <TD STYLE="padding-right: 3.15pt; text-align: justify; font: 10pt Times New Roman, Times, Serif">Where it is necessary to give prior notice of a particular number of days or notice that is valid for any period, the date of delivery shall be taken into account in reckoning the number of days or the period.</TD></TR>
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<DOCUMENT>
<TYPE>EX-4.2
<SEQUENCE>3
<FILENAME>fs82018ex4-2_bosbetter.htm
<DESCRIPTION>MEMORANDUM OF ASSOCIATION OF B.O.S. BETTER ONLINE SOLUTIONS LTD., AS AMENDED ON JULY 18, 2018
<TEXT>
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<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: right"><B>Exhibit 4.2</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(translated from the Hebrew)</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 46px; font: 10pt Times New Roman, Times, Serif">1.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><U>The company&rsquo;s name</U> &ndash; B.O.S. Better Online Solutions Ltd.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 46px; font: 10pt Times New Roman, Times, Serif">2.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">The objects for which the company is formed:</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="width: 46px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 46px; font: 10pt Times New Roman, Times, Serif">(a)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">The development of sophisticated interfaces for IBM mainframe computers.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 46px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 46px; font: 10pt Times New Roman, Times, Serif">(b)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">The export of hi-tech products to Europe and the USA.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 46px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 46px; font: 10pt Times New Roman, Times, Serif">(c)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">The sale of the said products on the domestic market.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 46px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 46px; font: 10pt Times New Roman, Times, Serif">(d)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Research, development and manufacture of products in the sphere of communication networks.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 46px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 46px; font: 10pt Times New Roman, Times, Serif">(e)</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">To prepare, write, publish, update, collect together, import, export, market and sell books, brochures, collections, procedures and any ancilliary material whatsoever on the matters set out above and on any other matter as the company deems fit.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 46px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 46px; text-align: justify; font: 10pt Times New Roman, Times, Serif">(f)</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">To provide training and teaching in the scope of any courses whatsoever in the branches set out above and on other matters directly or indirectly connected with the said branches and on any other matters as the company deems fit.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 46px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 46px; text-align: justify; font: 10pt Times New Roman, Times, Serif">(g)</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">To design, develop, manage, purchase, take on short or long lease, sell and grant on short lease and otherwise market any data, computer, control and communication services whatsoever.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 46px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 46px; text-align: justify; font: 10pt Times New Roman, Times, Serif">(h)</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">To purchase or otherwise acquire and obtain rights in and rights to use or exploit all manner of patents, patent rights, invention rights, copyrights, licenses, protections and concessions (hereinafter together referred to as &ldquo;patent rights&rdquo;) which might, in the company&rsquo;s opinion, be of benefit to it and to protect, extend and renew them and to exercise patent rights, work pursuant thereto, exploit them and produce any benefit therefrom, to make agreements or transactions in respect of the use or exploitation of patent rights or the production of benefit therefrom and to grant licenses and rights in connection therewith.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 46px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 46px; text-align: justify; font: 10pt Times New Roman, Times, Serif">(i)</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">To carry on business as general merchants, importers, exporters and agents of all manner of machinery, appliances, equipment and materials connected with the branches of work set out above.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="width: 46px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 46px; font: 10pt Times New Roman, Times, Serif">(j)</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">To enter into partnership with partnerships, companies, cooperative societies and other bodies corporate, public or private holders of capital or with any other entity for the purpose of establishing enterprises and for the purpose of engaging in agencies, consultancy, and manufacturing in the branches set out above.</TD></TR>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 46px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 46px; text-align: justify; font: 10pt Times New Roman, Times, Serif">(k)</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">To carry on all branches of investment and financing business, to invest funds in industry, commerce, banks and financial institutions, in housing and construction enterprises, agriculture, development enterprises, transportation, shipping, aviation and in any other investments whatsoever, whether by way of purchase or against collateral of shares, share stock, debentures, debenture stock, promissory notes, value notes, covenants or securities of any type or without any collateral, as the company&rsquo;s management deems fit and beneficial.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 46px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 46px; text-align: justify; font: 10pt Times New Roman, Times, Serif">(l)</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">To encourage, seek, direct, supervise, initiate, broke, finance and manage the transfer of capital and capital investments in Israel and from overseas to Israel and generally to engage in the business of investors, investments and finance and produce benefit therefrom as the company&rsquo;s management deems fit.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 46px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 46px; text-align: justify; font: 10pt Times New Roman, Times, Serif">(m)</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">To promote, construct, erect, develop, plan, implement, manage, operate, finance, encourage and improve in Israel or overseas all manner of economic, industrial, agricultural and commercial enterprises, businesses and undertakings and to engage in any business as brokers, promoters and founders of corporations, companies, enterprises, holders of capital, concessionaires, contractors, property owners, merchants, agents and attorneys in order to do or perform any act or transaction which might directly or indirectly assist the achievement of any object as the company deems fit.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 46px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 46px; text-align: justify; font: 10pt Times New Roman, Times, Serif">(n)</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">To lend any funds and give advances or credit, to accept funds and securities and any valuables whatsoever, to guarantee the debts and contracts of such persons, companies and corporations and on such terms as the company deems fit and in particular the persons and companies with whom the company maintains business relations and to accept from those to whom the company lends funds or grants credit or guarantees all manner of guarantees and securities as aforesaid and to redeem them on such terms as the company deems fit.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 46px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 46px; text-align: justify; font: 10pt Times New Roman, Times, Serif">(o)</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">To purchase, take on long lease or by barter, to take on short lease or otherwise acquire and hold for the company any property or beneficial interest, all manner of land, buildings, rights, privileges, concessions, licenses, machinery, plant, merchandise and all manner of movable or immovable property which are needed by the company or suitable for the purposes of its business.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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

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<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 46px; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 46px; font: 10pt Times New Roman, Times, Serif">(p)</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">To do any legal act which a corporation may legally do.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 46px; font: 10pt Times New Roman, Times, Serif">3.</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">The members&rsquo; liability is limited.</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 46px; font: 10pt Times New Roman, Times, Serif">4.</TD>
    <TD STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif">The Company&rsquo;s authorized capital is NIS 480,000,000 divided into 6,000,000 ordinary shares of NIS 80.00 nominal value each. <I>(amended May 2003, May 2006, December 2009, December 2012, January 2015 and July 2018).</I></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We the undersigned are desirous of becoming
incorporated in accordance with this memorandum of association and each agree to take the number of shares in the company&rsquo;s
capital as appearing against our respective names.</P>

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

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<TR STYLE="vertical-align: bottom; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif">Subscribers&rsquo; Names</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">I.D. number</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Address</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Description</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">No. of shares taken</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center">Signature</TD></TR>
<TR STYLE="vertical-align: top; background-color: #CCEEFF; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 29%; font: 10pt Times New Roman, Times, Serif">1. Israel Gad</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 11%; font: 10pt Times New Roman, Times, Serif">5009749</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 11%; font: 10pt Times New Roman, Times, Serif">Moshav Yaad</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 11%; font: 10pt Times New Roman, Times, Serif">Electronic Engineer</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 22%; font: 10pt Times New Roman, Times, Serif">55 ordinary class A shares 55 ordinary class B shares</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: center; font: 10pt Times New Roman, Times, Serif">-</TD></TR>
<TR STYLE="vertical-align: top; background-color: white; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">2. Yael Gal</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">5044063</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Moshav Yaad</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Computer Engineer</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">45 ordinary class A shares 45 ordinary class B shares</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">-</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>(*Note: class A and B shares since abolished and shareholdings
have changed)</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dated this 5<SUP>th</SUP> day of November 1990</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Witness to the aforegoing signatures:</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">M:\Bos\MEMORANDUM OF ASSOCIATION</P>

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

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

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-5
<SEQUENCE>4
<FILENAME>fs82018ex5_bosbetter.htm
<DESCRIPTION>OPINION OF GORNITZKY & CO. WITH RESPECT TO THE VALIDITY OF THE ORDINARY SHARES BEING REGISTERED
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right; background-color: white"><B>Exhibit 5</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 80%; text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 311.85pt; text-align: justify; text-indent: -311.85pt">To:
                                         November 13, 2018</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">B.O.S. Better
Online Solutions Ltd.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">20 Freiman St.,
Rishon Le-Zion</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><U>Israel 7535825</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Ladies and Gentlemen:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">We have acted as
Israeli counsel to B.O.S. Better Online Solutions Ltd. (the &ldquo;<B>Company</B>&rdquo;), an Israeli corporation, in connection
with the Registration Statement on Form S-8 (the &ldquo;<B>Registration&nbsp;Statement</B>&rdquo;) filed by the Company with the
Securities and Exchange Commission (the &ldquo;<B>Commission</B>&rdquo;) on the date hereof. The Registration Statement relates
to the registration of&nbsp;an&nbsp;additional 200,000 Ordinary Shares, nominal value NIS 80.00 per share, of the Company to be
granted under the 2003 Israeli Share Option Plan (the &ldquo;<B>Share Option Plan</B>&rdquo;).</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">In so acting, we
have examined such corporate documents and have made such investigation of matters of fact and law as we have deemed relevant
and necessary as a basis for the opinion hereinafter set forth.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">In such examination,
we have assumed the genuineness of all signatures, the legal capacity of natural persons, the authenticity of all documents submitted
to us as originals, the conformity to original documents of all documents submitted to us as certified, conformed or photostatic
copies and the authenticity of the originals of such latter documents. As to all questions of fact material to this opinion, we
have relied, without independent investigation, upon statements and certificates or comparable documents of officers and representatives
of the Company and upon certificates of public officials. We have considered such questions of Israeli law as we have deemed necessary
for the purpose of rendering this opinion.&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">We are members of
the Bar of the State of Israel and, in rendering our opinion, we do not pass (expressly or by implication) on the laws of any jurisdiction
other than the State of Israel. Our opinion relates only to Israeli laws. In addition, we render no opinion in relation to any
representation made or given in the Registration Statement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">Based upon such examination
and investigation, and upon the assumption that there will be no material changes in the documents examined and the matters investigated,
we are of the opinion that the 200,000 Ordinary Shares which are the subject of the Registration Statement, have been duly authorized
by the Company and that, when issued upon the exercise of options in accordance with the terms of the Share Option Plan, will be
validly issued, fully paid and nonassessable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">This opinion is furnished
to you solely in connection with the Registration Statement and is not to be used, circulated, quoted or otherwise referred to
for any other purpose without our express prior written permission.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">We hereby consent
to the filing of this opinion with the Securities and Exchange Commission as Exhibit 5 to the Registration Statement. In giving
such consent, we do not thereby admit that we are within the category of persons whose consent is required under Section&nbsp;7(a)
of the Securities Act of 1933, as amended or the rules and regulations of the Commission thereunder.</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 28.35pt">&nbsp;</P>
<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.75in">Very truly yours,</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.75in">/s/
Gornitzky &amp; Co.</P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-left: 3.75in; margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.75in"></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 3.75in">Gornitzky &amp; Co.</P>





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



</TD>
    <TD STYLE="width: 2%">&nbsp;&nbsp;</TD><TD STYLE="text-align: justify; width: 18%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Pinhas
                                         Rubin</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Moriel Matalon</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Jack Smith</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Eyal Marom</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Ofer Tzur</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Itay Geffen</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Eyal Raz</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Erez Harel</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Chaim Y. Friedland*</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Lior Porat</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Yaron Elhawi</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Sharon Werker-Sagy</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Elite Elkon</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Eli Elya</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Shlomo Cohen</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Daniel Paserman(CPA)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Gil Grady (CPA)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Noam Ronen</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Eli Cohen</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Kfir Yadgar</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Timor Belan</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Avi D. Pelossof</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Aviram Handel</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Daniel Marcus</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Shlomo Landress*</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Yair Shiloni</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Joseph D. Gross***</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Harel Shaham</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Ari Fried**</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Orly Tenennbaum</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Idan Baki</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Shiri Shani</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Sagit Ohana-Livne</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Avner Finkelshtein</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Michael Ayalon</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Nurit Traurik</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Tamar Cohen</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Lior Relevy</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Ofer Fleischer</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Ziv Rotenberg</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Adi Ben-Hur
Efroni</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Inbal Zackay-Horev</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Itai Itzkovich</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Ronit Rozenstein-Barel</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Shlomo Aviad
Zider</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Ori Yitzhak</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Itzchak Lazar</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Yiftach Farber</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Adi Nahmias-Twina</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Inbal Badner</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Asaf Avtuvi</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Yehonatan Raff</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Uri Heller</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Oded Uni</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Nir Keidar</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Assaf Harel</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Hila Shimon</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Saray Aharony
(CPA)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Yoad Cohavy</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Sarit Naaman
Shaag</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Itay Rubin</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Shimon Moyal</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Maya Hoftman</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Ehud Katzenelson</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Gila Ponte-Shlush***</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Assaf Prussak</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Avi Meer*</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Daniel Skald
(CPA)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Reut Oshaya
Holzer</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Sharon Zeitouni</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Daniel Lasry</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Ariel Zeewi</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Nir Erez</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Shani Mizrahi</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Tigist Bayleyei-Salomon</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Lior Baran</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Neta Peled</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Alon Peled</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Yoav Meer*</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Joanna Yanowsky</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Sagi Padureanu</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Itamar Ben Yehuda</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Lior Grinblat</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Amit Levy</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Tal Sela</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Ori Smith</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Nuna Lerner</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Shirin Gabbay-Metzger</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Elinor Lavie
Vardi</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Noga Haruvi</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Yael Kleinman</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Shani Sahar</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Inbar Barak-Bilu
(CPA)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Adi Haya Raban</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Liron Gilor</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Nimrod Saville</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Dana Suidman</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Dan Fisher</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Yechiel Zipori</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Sharon Ohayon</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Amnon Biss</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Aviad Rabinowitz</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Tom Alkalay</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Shimrit Moshe</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Shahar Oshri</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Ariel Sheinkman</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Idan Zohar</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Tamar Barchad
(CPA)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Nir Knoll*</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Natalie Dragot</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Shani Weiss</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Samuel Berkowitz****</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Marina Portugalov</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Oleg Omeli</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Adi Shoval</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Maor Israeli</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Moshe Sevi</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Moran Ben Moshe</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Yaad Gordon</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Hagar Peleg</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Smadar Ron</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Noa Schweitzer
Amar</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Roni Sharon
Aviram</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Nofar Arad</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Ayala Livni
Shoham</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Shira Plotnik</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Yehonatan Prussak</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Elona Lerner</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Maya Rechnitz</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Raz Karni</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Zeev Bienenstock</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Daniel Barlev</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Maya Dvir</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Alex Lazarovich</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Coral Leshez</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Inbal Navon</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Alex Feldsher</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Lior Sharabi</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Netanel Kahana</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Yuval Kaplan</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Assaf Hasson</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Karin Avichail</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Noy Greenberg</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Asaf Alterman</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Karin Blank</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Netalee Aviv</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Amir Tzemach</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Liron Karass</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Dalia Karzbrun
(CPA)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Sharon Reingwirtz</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Gani Shani</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Karin Shani</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Alon Shecheransky</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Noa Even Sapir</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Dafna Sidkiyahu</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Amit Kappon</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Avigail Labaton</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Tomer Basson</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Danielle Fadlon</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Amit Ron</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Inbal Ronel</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Sharon Strauss</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Yitzhak Hefetz</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Roy Eilon</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Isack V. Hasday</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Astar Shechter</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Shahar Schleifer</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Shmuel Matan
Ben-Guigui</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Niv Braverman</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Anat Zehavi</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Yael Hana Tikotsky</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Hana Atias</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Laura Tal Hadar</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Tal Cohen</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Yaara Suesskind</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Oren Meiri</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Netanel Nehemya</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Anat Primovich</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Omer Rousso
Haezrachy</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Omer Razin</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Ran Shamia</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Avidor Lapid
(CPA)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Lilach Shamir
(CPA)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Coral Ashkeloni</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Ygal Vilshanskiy</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Amit Tal</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Inbar Nisim
Katz</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Omri Katz</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Shir Hershkovits</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Toot Salles</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Hila Sabah</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Kobi Shetret</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Inbar Boiangio</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">David Chester</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Michal Lavi-Sneh</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Netta Oyerbach</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Lee Cohen</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Sirage Satel</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Stav Tayar</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt"><U>____________</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Zvi Ephrat,
Senior Counsel</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Zvi Sohar, Of-Counsel</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 7pt">Rani M. Haj-Yachya,
Of-Counsel<B>&nbsp;</B></FONT></P>


</TD>
</TR>
</TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%; text-align: center; padding-left: 5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 8pt">Tel-Aviv:
                                         45 Rothschild Blvd., Herzliya</FONT><FONT STYLE="font-size: 8pt">: <FONT STYLE="font-family: Times New Roman, Times, Serif">1
                                         Abba Eban Blvd</FONT></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt">Phone:
        +972-3-7109191 Fax: +972-3-5606555</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt">E-mail
        address: office@gornitzky.com P.O.B 29141 Tel-Aviv 6578403 Israel</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt">Advocates&amp;Notaries</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt"><U>www.gornitzky.com</U></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 8pt">ESTABLISHED
        - 1938</FONT></P></TD>
    <TD STYLE="width: 18%; text-align: left; padding-left: 5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 8pt">Eric
                                         J. Gornitzky</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 8pt">Boaz
        Nahir</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 8pt">Ariel
        Zelichov</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 8pt">Dalia
        Ronen</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 8pt">Hagar
        Alon-Windman</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 8pt">Daphna
        Talgam</FONT></P></TD>
    <TD STYLE="width: 12%; text-align: left; padding-left: 5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 8pt">(1921
                                         &ndash; 1997)</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 8pt">(1930
        &ndash; 2006)</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 8pt">(1955
        &ndash; 2009)</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 8pt">(1956
        &ndash; 2000)</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 8pt">(1978
        &ndash; 2013)</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 8pt">(1954
        &ndash; 2015)</FONT></P></TD>
    <TD STYLE="width: 35%; text-align: left; padding-left: 5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 8pt">*
                                         &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Member of the New York State Bar</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left; margin-left: 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 8pt">**
        &nbsp;&nbsp;&nbsp;Member of the New York State Bar and Massachusetts Bar</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 8pt">***
        &nbsp;Solicitor in England &amp; Wales</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 8pt">****
        Solicitor in the State of Victoria, Australia</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P></TD></TR>
</TABLE>


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

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


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>5
<FILENAME>fs82018ex23-2_bosbetter.htm
<DESCRIPTION>CONSENT OF FAHN KANNE & CO. GRANT THORNTON ISRAEL
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: right"><B>Exhibit 23.2</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: left; margin-bottom: 0pt"><IMG SRC="ex23-2_01.jpg" ALT="">&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left; width: 70%">&nbsp;</TD><TD STYLE="text-align: justify; width: 30%"><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Fahn Kanne &amp; Co.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">32 Hamasger Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Tel-Aviv 6721118, ISRAEL</P>

<P STYLE="margin: 0pt 0"><FONT STYLE="font-weight: normal; font-style: normal">PO Box 36172, 6136101</FONT></P>



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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">T +972 3 7106666</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">F +972 3 7106660</P>

<P STYLE="margin: 0pt 0; font-style: normal; font-weight: normal">www.gtfk.co.il</P>



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

</TD>
</TR>
</TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt">CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We have issued
our report dated March 29, 2018, with respect to the consolidated financial statements of B.O.S. Better Online Solutions Ltd.
included in the Annual Report on Form 20F for the year ended December&nbsp;31, 2017, which is incorporated by reference in this
Registration Statement. We consent to the incorporation by reference of the aforementioned report in this Registration Statement<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">/s/ <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">FAHN KANNE &amp; CO. GRANT
THORNTON ISRAEL</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>FAHN KANNE &amp; CO. GRANT THORNTON ISRAEL</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">Tel Aviv, Israel</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">November 13, 2018</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-23.3
<SEQUENCE>6
<FILENAME>fs82018ex23-3_bosbetter.htm
<DESCRIPTION>CONSENT OF KOST FORER GABBAY & KASIERER, A MEMBER OF ERNST & YOUNG GLOBAL
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; font: 10pt Times New Roman, Times, Serif; text-align: right"><B>Exhibit 23.3</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>CONSENT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
consent to the incorporation by reference in this Registration Statement of B.O.S. Better Online Solutions Ltd. (&ldquo;BOS&rdquo;)
<FONT STYLE="background-color: white">on Form S-8 pertaining to the BOS 2003 Israeli Share Option Plan, </FONT>of our report dated
March 26, 2017, with respect to the consolidated financial statements of BOS for the years ended December 31, 2015 and December
31, 2016 filed with Securities and Exchange Commission under Form 20-F on March 29, 2018.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="width: 60%; text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tel Aviv, Israel</FONT></P>
                                                                                <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">November 13, 2018</FONT></P></TD>
    <TD STYLE="width: 40%; text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Very
    truly yours,</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    KOST FORER GABBAY &amp; KASIERER</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Times New Roman, Times, Serif">
    <TD STYLE="text-align: left; unicode-bidi: embed; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>/s/
                                         KOST FORER GABBAY &amp; KASIERER,</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>A
        Member of Ernst &amp; Young Global</B></FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; padding-left: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></P>



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

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##__9

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