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<SEC-DOCUMENT>0000910680-08-000204.txt : 20080326
<SEC-HEADER>0000910680-08-000204.hdr.sgml : 20080326
<ACCEPTANCE-DATETIME>20080326115715
ACCESSION NUMBER:		0000910680-08-000204
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20080324
FILED AS OF DATE:		20080326
DATE AS OF CHANGE:		20080326

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ELBIT SYSTEMS LTD
		CENTRAL INDEX KEY:			0001027664
		STANDARD INDUSTRIAL CLASSIFICATION:	AIRCRAFT PART & AUXILIARY EQUIPMENT, NEC [3728]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			L3
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-28998
		FILM NUMBER:		08711196

	BUSINESS ADDRESS:	
		STREET 1:		ADVANCED TECHNOLOGY CENTER
		STREET 2:		PO BOX 539
		CITY:			HAIFA, ISRAEL
		STATE:			L3
		ZIP:			31053
		BUSINESS PHONE:		01197248316626

	MAIL ADDRESS:	
		STREET 1:		ADVANCED TECHNOLOGY CENTER
		STREET 2:		PO BOX 539
		CITY:			HAIFA, ISRAEL
		STATE:			L3
		ZIP:			31053
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>f6k032408a.htm
<TEXT>
<html>
    <head>
        <title></title>
    </head>

    <body style="FONT-FAMILY: 'Arial'" bgcolor="#ffffff">
        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
        <b><font color="#000000"><font style="COLOR: #000000" face="Arial" color="#000000">UNITED
        STATES</font></font></b></p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
        <font color="#000000"><font style="COLOR: #000000" face="Arial" color="#000000">SECURITIES
        AND EXCHANGE COMMISSION</font></font></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
        <b><font color="#000000"><font style="COLOR: #000000" face="Arial" color="#000000">Washington,
        D.C. 20549</font></font></b></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
        <b><font color="#000000"><font style="COLOR: #000000" face="Arial" color="#000000">____________________</font></font></b></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
        <b><font color="#000000"><b><font style="COLOR: #000000" face="Arial" color="#000000">FORM
        6-K</font></b></font></b></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
        <b><font face="Arial"><font color="#000000"><font style="COLOR: #000000">Report of Foreign
        Private Issuer<br>
        Pursuant to Rule 13a-16 or 15d-16<br>
        of the Securities Exchange Act of 1934<br>
        For the Month of March 2008<br>
        _______________________</font></font></font></b></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
        <b><font face="Arial"><font color="#000000"><font face="Arial"><font color="#000000"><font style="COLOR: #000000">
        Commission File Number</font></font></font>
        <font style="COLOR: #000000" face="Arial" color="#000000">000-28998<br>
        &nbsp;</font></font></font></b></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
        <b><font face="Arial"><font color="#000000"><b><font style="COLOR: #000000" face="Arial" color="#000000">
        ELBIT SYSTEMS LTD.</font></b></font></font></b></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
        <font face="Arial"><font color="#000000"><font style="COLOR: #000000" face="Arial" color="#000000">
        (Translation of Registrant&rsquo;s Name into English)</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
        <font face="Arial"><font color="#000000"><font face="Arial" color="#000000">Advanced
        Technology Center, P.O.B. 539, Haifa 31053, Israel</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
        <font face="Arial"><font color="#000000"><font style="COLOR: #000000" face="Arial" color="#000000">
        (Address of Principal Corporate Offices)<br>
        &nbsp;</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in; FONT-FAMILY: 'ARIAL'" align="left">
        <font face="Arial"><font color="#000000"><b><font style="FONT-WEIGHT: normal; FONT-FAMILY: 'ARIAL'" face="Arial" color="#000000">
        Indicate by check mark whether the registrant files or will file annual reports under cover
        of Form 20-F or Form 40-F:</font></b></font></font></p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in; FONT-FAMILY: 'ARIAL'" align="center">
        <b><font face="Arial"><font color="#000000"><b><br>
        <font face="Arial"><font color="#000000"><font style="FONT-WEIGHT: normal; FONT-FAMILY: 'ARIAL'">
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
        &nbsp;<font face="Wingdings">x</font>&nbsp;
        <font style="FONT-WEIGHT: normal; FONT-FAMILY: 'ARIAL'">Form
        20-F&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
        <font face="Wingdings">o</font>&nbsp;
        <font style="FONT-WEIGHT: normal; FONT-FAMILY: 'ARIAL'">Form
        40-F</font></font></font></b></font></font></b></p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in; FONT-FAMILY: 'ARIAL'" align="left">
        <font face="Arial"><font color="#000000"><b><br>
        <font face="Arial"><font color="#000000"><font style="FONT-WEIGHT: normal; FONT-FAMILY: 'ARIAL'">
        Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted
        by Regulation S-T Rule 101(b)(1):</font>&nbsp;<font face="Wingdings">o</font><br>
        &nbsp;</font></font></b></font></font></p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in; FONT-FAMILY: 'ARIAL'" align="left">
        <font face="Arial"><font color="#000000"><font face="Arial"><font color="#000000"><font style="FONT-FAMILY: 'ARIAL'">
        Note</font></font></font>
        <font face="Arial"><font color="#000000"><font style="FONT-WEIGHT: normal; FONT-FAMILY: 'ARIAL'">
        : Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if
        submitted solely to provide an attached annual report to security holders.<br>
        &nbsp;<br>
         Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted
        by Regulation S-T Rule 101(b)(7):</font>&nbsp;<font face="Wingdings">o</font><br>
        &nbsp;</font></font></font></font></p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in; FONT-FAMILY: 'ARIAL'" align="left">
        <font face="Arial"><font color="#000000"><font face="Arial"><font color="#000000"><font style="FONT-FAMILY: 'ARIAL'">
        Note</font></font></font>
        <font style="FONT-WEIGHT: normal; FONT-FAMILY: 'ARIAL'" face="Arial" color="#000000">:
        Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K submitted
        to furnish a report or other document that the registrant foreign private issuer must
        furnish and make public under the laws of the jurisdiction in which the registrant is
        incorporated, domiciled or legally organized (the registrant&rsquo;s &ldquo;home
        country&rdquo;), or under the rules of the home country exchange on which the
        registrant&rsquo;s securities are traded, as long as the report or other document is not a
        press release, is not required to be and has not been distributed to the registrant&rsquo;s
        security holders, and, if discussing a material event, has already been the subject of a
        Form 6-K submission or other Commission filing on EDGAR.<br>
        &nbsp;<br>
         Indicate by check mark whether the registrant by furnishing the information contained in
        this form is also thereby furnishing the information to the Commission pursuant to Rule
        12g3-2(b) under the Securities Exchange Act of 1934:</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in; FONT-FAMILY: 'ARIAL'" align="left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in; FONT-FAMILY: 'ARIAL'" align="center">
        <font face="Arial"><font color="#000000"><font style="FONT-WEIGHT: normal; FONT-FAMILY: 'ARIAL'">
        <font face="Arial"><font color="#000000"><strong><font face="Wingdings">o</font>
        &nbsp;</strong>
        &nbsp;<font style="FONT-WEIGHT: normal; FONT-FAMILY: 'ARIAL'">&nbsp;Yes&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>
        <strong><font face="Wingdings">x</font>&nbsp;</strong>
        <font style="FONT-WEIGHT: normal; FONT-FAMILY: 'ARIAL'">No</font></font></font></font></font></font></p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in; FONT-FAMILY: 'ARIAL'" align="left">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.4in; FONT-FAMILY: 'ARIAL'" align="left">
        <font color="#000000"><font style="FONT-WEIGHT: normal; FONT-FAMILY: 'ARIAL'" color="#000000">
        If &ldquo;Yes&rdquo; is marked, indicate below the file number assigned to the registrant
        in connection with Rule 12g3-2(b): 82-______________</font></font></p>
        <!-- NEXT PAGE SECTION BREAK  --><!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-AFTER: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
        &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Attached hereto as Exhibit 1 and incorporated herein by
        reference is the Registrant&rsquo;s press release dated&nbsp;March 24, 2008.</p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
        <font color="#000000"><font style="COLOR: #000000" color="#000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font></font></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-TRANSFORM: uppercase; TEXT-INDENT: 0px" align="center">
        <font color="#000000"><u><font style="COLOR: #000000" color="#000000">SIGNATURE</font></u></font></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
        <font color="#000000"><font style="COLOR: #000000" color="#000000">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
        to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused
        this report to be signed on its behalf by the undersigned, thereunto duly
        authorized.</font></font></p>

        <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 24pt; TEXT-ALIGN: center"></p>

        <table cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr valign="top">
                <td width="50%">
                </td>

                <td width="50%">
                    <p><font color="#000000">ELBIT SYSTEMS LTD.<br>
                    (Registrant)<br>
                    <br>
                    By:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Ronit
                    Zmiri&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br>

                    </u> Name:&nbsp;&nbsp;Ronit Zmiri<br>
                    Title:&nbsp; &nbsp;&nbsp;&nbsp;Corporate Secretary<br>
                    <br>
                    </font></p>
                </td>
            </tr>
        </table>
        <!-- MARKER FORMAT-SHEET="Para Flush" FSL="Default" --><br>
        <br>

        <p><font color="#000000"><font color="#000000">Dated: March 24, 2008</font></font></p>
        <!-- PAGE BREAK  --><!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-AFTER: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; FONT-WEIGHT: bold; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="center">
        <font color="#000000"><b><u><font style="COLOR: #000000" color="#000000">EXHIBIT INDEX<br>
        </font></u></b></font></p>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 24pt; TEXT-ALIGN: center"></p>

        <table style="MARGIN-LEFT: 0.2in" cellspacing="0" cellpadding="0" width="700" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="114">
                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    <b><u><font style="COLOR: #000000" color="#000000">Exhibit No.<br>
                    </font></u></b></p>
                </td>

                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="499">
                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    <b><u><font style="COLOR: #000000" color="#000000">Description</font></u></b></p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    &nbsp;</p>

                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    &nbsp;</p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="114">
                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    <font style="COLOR: #000000" color="#000000">1.</font></p>
                </td>

                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="499">
                    <p style="MARGIN-TOP: 0pt; FONT-SIZE: 12pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0px" align="left">
                    Press Release dated March 24, 2008.</p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="114">
                2.</td>

                <td style="PADDING-RIGHT: 0.07in; PADDING-LEFT: 0.07in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="499">
                <font color="#000000"><font color="#000000">Restated Articles Of Association of
                Elbit Systems Ltd</font>.</font></td>
            </tr>
        </table>
        <br>
        <br>

        <p></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 24pt" align="right"></p>
        <!-- EEDocs PBStart-->
        <hr style="PAGE-BREAK-AFTER: always" align="center" width="100%" noshade>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="right">
        <font size="2"><font size="2">Exhibit 1</font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="right">
        <font size="2"><font size="2"><img src="img1.gif"></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt"><font size="2"><font size="2"><br>
        </font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 36pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: center">
        <font size="2"><font size="2"><u><b><font size="5">Elbit Systems Announces the Results of
        its</font></b></u></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 24pt; TEXT-ALIGN: center">
        <font size="2"><font size="2"><u><b><font size="5">Extraordinary General Meeting of
        Shareholders Held on March 23, 2008</font></b></u></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; TEXT-ALIGN: justify">
        <font size="2"><font size="2"><font size="2">Haifa, Israel, March 24, 2008 - Elbit Systems
        Ltd. (NASDAQ : ESLT) (the "Company") announced today that at its Extraordinary General
        Meeting of Shareholders (the "Meeting") held on March 23, 2008 at the Company's offices in
        Haifa, the proposed resolutions described in the Proxy Statement to the Shareholders dated
        February 13, 2008, (the "Proxy") and detailed hereunder, were approved by the required
        majority:</font></font></font></p>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="47">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">1.</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">to amend the Company's Articles of Association as reflected
                        in Annex A to the Proxy;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="47">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">2.</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">to re-elect Nathan Sharony as an External Director of the
                        Company for an additional three-year term or until the shareholder's annual
                        general meeting to be held in 2010, whichever occurs first.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="47">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2">3.</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font size="2">commencing April 1, 2008 to pay to the Company's External
                        Directors and other directors meeting the Nasdaq director independence
                        criteria, compensation fees as described in the Proxy.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">
        <font size="2"><font size="2"><b><font size="2">About Elbit
        Systems</font></b></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 60pt; TEXT-ALIGN: justify">
        <font size="2"><font size="2"><font size="2">Elbit Systems Ltd. is an international defense
        electronics company engaged in a wide range of defense-related programs throughout the
        world. The Company, which includes Elbit Systems and its subsidiaries, operates in the
        areas of aerospace, land and naval systems, command, control, communications, computers,
        intelligence surveillance and reconnaissance ("C4ISR"), unmanned air vehicle (UAV) systems,
        advanced electro-optics, electro-optic space systems, EW suites, airborne warning systems,
        ELINT systems, data links and military communications systems and radios.&nbsp; The Company
        also focuses on the upgrading of existing military platforms and developing new
        technologies for defense, homeland security and commercial aviation
        applications.</font></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">&nbsp;&nbsp;&nbsp;</font></font></font></p>

        <p style="BORDER-TOP: 0.75pt solid; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; PADDING-TOP: 1px">
        <font size="2">HAIFA&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P.O.B
        539&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ISRAEL 31053&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TEL.
        &nbsp;972-4-8315315&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FAX. 972-4-8550002<br>
        KARMIEL&nbsp; P.O.B&nbsp;650 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ISRAEL&nbsp; 20101&nbsp;
        &nbsp;&nbsp;&nbsp;&nbsp;TEL. 972-4-9901111&nbsp; &nbsp;&nbsp;&nbsp;FAX.
        972-4-9986522</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="right">
        <font size="2"><font size="2"><img src="img2.gif"></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <font size="2"><font size="2"><br>
        </font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <font size="2"><font size="2"><u><b><font size="2">Contacts:</font></b></u></font></font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: right">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="568" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="347">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2"><font color="#000000"><strong><u>Company
                        Contact</u>:</strong></font></font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font color="#000000" size="2">Joseph Gaspar, Corporate VP &amp;
                        CFO</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font color="#000000" size="2">Dalia Rosen, Director of Corporate
                        Communications</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font color="#000000" size="2">Elbit Systems Ltd</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font color="#000000" size="2">Tel: +972-4-8316663</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font color="#000000" size="2">Fax: +972-4-8316944</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2"><font color="#000000">E-mail:
                        <u>gspr@elbit.co.il</u></font></font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font color="#000000" size="2"><u>daliarosen@elbit.co.il</u></font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="221">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2"><font color="#000000"><strong><u>IR
                        Contact</u>:</strong></font></font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font color="#000000" size="2">Ehud Helft / Kenny Green</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font color="#000000" size="2">G.K. Investor Relations</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2"><font color="#000000">Tel: 1-646-201-9246</font></font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2"><font color="#000000">Fax:+972-3-607&ndash;4711</font></font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font size="2"><font color="#000000">E-mail:<u>info@gkir.com</u></font></font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 24pt; TEXT-ALIGN: justify"><font size="2">THIS
        PRESS RELEASE CONTAINS FORWARD-LOOKING STATEMENTS (WITHIN THE EMANING OF SECTION 27A OF THE
        SECURITIES ACT OF 1933, AS AMENDED AND SECTION 21E OF THE SECURITIES EXCHANGE ACT OF 1934,
        AS AMENDED REGARDING ELBIT SYSTEMS LTD. AND/OR ITS SUBSIDIARIES (COLLECTIVELY THE COMPANY),
        TO THE EXTENT SUCH STATEMENT DO NOT RELATE TO HISTORICAL OR CURRENT FACT. FORWARD LOOKING
        STATEMENTS ARE BASED ON MANAGEMENT'S EXPECTATIONS, ESTIMATES, PROJECTIONS AND ASSUMPTIONS.
        FORWARD LOOKING STATEMENTS ARE MADE PURSUANT TO THE SAFE HARBOR PROVISIONS OF THE PRIVATE
        SECURITIES LITIGATION REFORM ACT OF 1995, AS AMENDED. THESE STATEMENTS ARE NOT GUARANTEES
        OF FUTURE PERFORMANCE AND INVOLVE CERTAIN RISKS AND UNCERTAINTIES, WHICH ARE DIFICULT TO
        PREDICT. THEREFOR, ACTUAL FUTURE RESULTS, PERFORMANCE AND TRENDS MAY DIFFER MATERIALLY FROM
        THESE FORWARD-LOOKING STATEMENTS DUE TO A VARIETY OF FACTORS, INCLUDING, WITHOUT
        LIMITATION: SCOPEAND LENGTH OF CUSTOMER CONTRACTS; GOVERNMENTAL REGULATIONS AND APPROVALS;
        CHANGES IN GOVERNMENTAL BUDGETING PRIORITIES; GENERAL MARKET, POLITICAL AND ECONOMIC
        CONDITIONS IN THE COUNTRIES IN WHICH THE COMPANY OPERATES OR SELLS, INCLUDING ISRAEL AND
        THE UNITED STATES AMONG OTHERS; DIFFERENCES IN ANTICIPATED AND ACTUAL PROGRAM PERFORMANCE,
        INCLUDING THE ABILITY TO PERFORM UNDER LONG-TERM FIXED-PRICE CONTRACTS; AND THE OUTCOME OF
        LEGAL AND/OR REGULATORY PROCEEDINGS. THE FACTORS LISTED ABOVE ARE NOT ALL-INCLUSIVE, AND
        FURTHER INFORMATION IS CONTAINED IN ELBIT SYSTEMS LTD.'S LATEST ANNUAL REPORT ON FORM 20-F,
        WHICH IS ON THE FILE WITH THE U.S. SECURITIES AND EXCHANGE COMMISSION. ALL FORWARD-LOOKING
        STATEMENTS SPEAK ONLY AS OF THE DATE OF THIS RELEASE. THE COMPANY DOES NOT UNDERTAKE TO
        UPDATE ITS FORWARD-LOOKING STATEMENTS.</font></p>
        <!-- EEDocs PBStart--><!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: left">
        <font size="2"><font size="2"><font size="2">&nbsp;&nbsp;&nbsp;</font></font></font></p>

        <p style="BORDER-TOP: 0.75pt solid; MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; PADDING-TOP: 1px">
        <font size="2">HAIFA&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;P.O.B
        539&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ISRAEL 31053&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;TEL.
        &nbsp;972-4-8315315&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FAX. 972-4-8550002<br>
        KARMIEL&nbsp; P.O.B&nbsp;650 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ISRAEL&nbsp; 20101&nbsp;
        &nbsp;&nbsp;&nbsp;&nbsp;TEL. 972-4-9901111&nbsp; &nbsp;&nbsp;&nbsp;FAX.
        972-4-9986522</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 24pt" align="left"><br>
        </p>
        <!-- EEDocs PBStart-->
        <hr style="PAGE-BREAK-AFTER: always" align="center" width="100%" noshade>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.53in; TEXT-ALIGN: right">
        <b><font face="Times New Roman, Times, serif" color="#000000" size="2">March
        2008</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.53in; TEXT-ALIGN: center">
        <b><font face="Times New Roman, Times, serif" color="#000000" size="2">RESTATED ARTICLES OF
        ASSOCIATION</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.53in; TEXT-ALIGN: center">
        <b><font face="Times New Roman, Times, serif" color="#000000" size="2">OF</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.53in; TEXT-ALIGN: center">
        <b><font face="Times New Roman, Times, serif" color="#000000" size="2">ELBIT SYSTEMS
        LTD.</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 24pt; MARGIN-LEFT: 0.53in; TEXT-ALIGN: center">
        <u><b><font face="Times New Roman, Times, serif" color="#000000" size="2">TABLE OF
        CONTENTS</font></b></u></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 24pt; MARGIN-LEFT: 1.75in; TEXT-ALIGN: justify">
        <b><font face="Times New Roman, Times, serif" color="#000000" size="2">ARTICLE</font></b></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 24pt; TEXT-ALIGN: justify"></p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="658" align="center" border="0">
            <tr>
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="41">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <font face="Times New Roman, Times, serif" size="2">1.</font></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="581">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <a href="#interpretation"><font face="Times New Roman, Times, serif" size="2">INTERPRETATION</font></a>
                    <font face="Times New Roman, Times, serif" size="2">&nbsp;&nbsp;</font></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="35">
                    <p style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: right" align="right">
                    <font face="Times New Roman, Times, serif" size="2">3</font></p>
                </td>
            </tr>

            <tr bgcolor="#c0c0c0">
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="41">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <font face="Times New Roman, Times, serif" size="2">2.</font></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="581">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <a href="#pubco"><font face="Times New Roman, Times, serif" size="2">PUBLIC
                    COMPANY</font></a></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="35">
                    <p style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: right" align="right">
                    <font face="Times New Roman, Times, serif" size="2">5</font></p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="41">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <font face="Times New Roman, Times, serif" size="2">3.</font></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="581">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <a href="#permissible"><font face="Times New Roman, Times, serif" size="2">PERMISSIBLE
                    OBJECTIVES</font></a></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="35">
                    <p style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: right" align="right">
                    <font face="Times New Roman, Times, serif" size="2">5</font></p>
                </td>
            </tr>

            <tr bgcolor="#c0c0c0">
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="41">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <font face="Times New Roman, Times, serif" size="2">4.</font></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="581">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <a href="#nameandreg"><font face="Times New Roman, Times, serif" size="2">NAME
                    AND REGISTERED OFFICE</font></a></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="35">
                    <p style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: right" align="right">
                    <font face="Times New Roman, Times, serif" size="2">5</font></p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="41">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <font face="Times New Roman, Times, serif" size="2">5.</font></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="581">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <a href="#sharecap"><font face="Times New Roman, Times, serif" size="2">SHARE
                    CAPITAL</font></a></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="35">
                    <p style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: right" align="right">
                    <font face="Times New Roman, Times, serif" size="2">5</font></p>
                </td>
            </tr>

            <tr bgcolor="#c0c0c0">
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="41">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <font face="Times New Roman, Times, serif" size="2">6.</font></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="581">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <a href="#sharerights"><font face="Times New Roman, Times, serif" size="2">SHARE
                    RIGHTS</font></a></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="35">
                    <p style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: right" align="right">
                    <font face="Times New Roman, Times, serif" size="2">7</font></p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="41">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <font face="Times New Roman, Times, serif" size="2">7.</font></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="581">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <a href="#shareregandcert"><font face="Times New Roman, Times, serif" size="2">SHARE
                    REGISTER AND SHARE CERTIFICATES</font></a></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="35">
                    <p style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: right" align="right">
                    <font face="Times New Roman, Times, serif" size="2">7</font></p>
                </td>
            </tr>

            <tr bgcolor="#c0c0c0">
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="41">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <font face="Times New Roman, Times, serif" size="2">8.</font></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="581">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <a href="#sharewarrants"><font face="Times New Roman, Times, serif" size="2">SHARE
                    WARRANTS, OPTIONS AND DEBENTURES</font></a></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="35">
                    <p style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: right" align="right">
                    <font face="Times New Roman, Times, serif" size="2">8</font></p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="41">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <font face="Times New Roman, Times, serif" size="2">9.</font></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="581">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <a href="#lien"><font face="Times New Roman, Times, serif" size="2">LIEN ON
                    SHARES</font></a></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="35">
                    <p style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: right" align="right">
                    <font face="Times New Roman, Times, serif" size="2">8</font></p>
                </td>
            </tr>

            <tr bgcolor="#c0c0c0">
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="41">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <font face="Times New Roman, Times, serif" size="2">10.</font></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="581">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <a href="#redeemable"><font face="Times New Roman, Times, serif" size="2">REDEEMABLE
                    SHARES AND WARRANTS</font></a></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="35">
                    <p style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: right" align="right">
                    <font face="Times New Roman, Times, serif" size="2">8</font></p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="41">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <font face="Times New Roman, Times, serif" size="2">11.</font></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="581">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <a href="#calls"><font face="Times New Roman, Times, serif" size="2">CALLS ON
                    SHARES; FORFEIT OF SHARES</font></a></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="35">
                    <p style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: right" align="right">
                    <font face="Times New Roman, Times, serif" size="2">9</font></p>
                </td>
            </tr>

            <tr bgcolor="#c0c0c0">
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="41">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <font face="Times New Roman, Times, serif" size="2">12.</font></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="581">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <a href="#transfer"><font face="Times New Roman, Times, serif" size="2">TRANSFER
                    OF SHARES</font></a></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="35">
                    <p style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: right" align="right">
                    <font face="Times New Roman, Times, serif" size="2">10</font></p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="41">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <font face="Times New Roman, Times, serif" size="2">13.</font></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="581">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <a href="#transmission"><font face="Times New Roman, Times, serif" size="2">TRANSMISSION
                    OF SHARES ON DEATH, BANKRUPTCY OR DISSOLUTION</font></a></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="35">
                    <p style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: right" align="right">
                    <font face="Times New Roman, Times, serif" size="2">11</font></p>
                </td>
            </tr>

            <tr bgcolor="#c0c0c0">
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="41">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <font face="Times New Roman, Times, serif" size="2">14.</font></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="581">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <a href="#registration"><font face="Times New Roman, Times, serif" size="2">REGISTRATION
                    OF COMPANY SECURITIES FOR TRADING ON SECURITIES EXCHANGES.</font></a></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="35">
                    <p style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: right" align="right">
                    <font face="Times New Roman, Times, serif" size="2">11</font></p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="41">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <font face="Times New Roman, Times, serif" size="2">15.</font></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="581">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <a href="#borrowing"><font face="Times New Roman, Times, serif" size="2">BORROWING
                    POWERS</font></a></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="35">
                    <p style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: right" align="right">
                    <font face="Times New Roman, Times, serif" size="2">11</font></p>
                </td>
            </tr>

            <tr bgcolor="#c0c0c0">
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="41">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <font face="Times New Roman, Times, serif" size="2">16.</font></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="581">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <a href="#dividends"><font face="Times New Roman, Times, serif" size="2">DIVIDENDS
                    AND RESERVES</font></a></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="35">
                    <p style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: right" align="right">
                    <font face="Times New Roman, Times, serif" size="2">12</font></p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="41">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <font face="Times New Roman, Times, serif" size="2">17.</font></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="581">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <a href="#capitalization"><font face="Times New Roman, Times, serif" size="2">CAPITALIZATION
                    OF RESERVES</font></a></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="35">
                    <p style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: right" align="right">
                    <font face="Times New Roman, Times, serif" size="2">12</font></p>
                </td>
            </tr>

            <tr bgcolor="#c0c0c0">
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="41">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <font face="Times New Roman, Times, serif" size="2">18.</font></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="581">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <a href="#convening"><font face="Times New Roman, Times, serif" size="2">CONVENING
                    OF GENERAL MEETINGS</font></a></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="35">
                    <p style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: right" align="right">
                    <font face="Times New Roman, Times, serif" size="2">14</font></p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="41">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <font face="Times New Roman, Times, serif" size="2">19.</font></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="581">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <a href="#proceedings"><font face="Times New Roman, Times, serif" size="2">PROCEEDINGS
                    AT GENERAL MEETINGS</font></a></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="35">
                    <p style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: right" align="right">
                    <font face="Times New Roman, Times, serif" size="2">14</font></p>
                </td>
            </tr>

            <tr bgcolor="#c0c0c0">
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="41">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <font face="Times New Roman, Times, serif" size="2">20.</font></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="581">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <a href="#voting"><font face="Times New Roman, Times, serif" size="2">VOTING AT
                    GENERAL MEETINGS; VOTING INSTRUMENTS</font></a></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="35">
                    <p style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: right" align="right">
                    <font face="Times New Roman, Times, serif" size="2">15</font></p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="41">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <font face="Times New Roman, Times, serif" size="2">21.</font></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="581">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <a href="#proxy"><font face="Times New Roman, Times, serif" size="2">PROXY
                    STATEMENTS</font></a></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="35">
                    <p style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: right" align="right">
                    <font face="Times New Roman, Times, serif" size="2">17</font></p>
                </td>
            </tr>

            <tr bgcolor="#c0c0c0">
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="41">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <font face="Times New Roman, Times, serif" size="2">22.</font></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="581">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <a href="#role"><font face="Times New Roman, Times, serif" size="2">ROLE AND
                    COMPOSITION OF THE BOARD OF DIRECTORS</font></a></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="35">
                    <p style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: right" align="right">
                    <font face="Times New Roman, Times, serif" size="2">17</font></p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="41">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <font face="Times New Roman, Times, serif" size="2">23.</font></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="581">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <a href="#election"><font face="Times New Roman, Times, serif" size="2">ELECTION,
                    APPOINTMENT AND REMOVAL OF DIRECTORS</font></a></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="35">
                    <p style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: right" align="right">
                    <font face="Times New Roman, Times, serif" size="2">18</font></p>
                </td>
            </tr>
        </table>
        <br>
        <br>

        <div align="left">
            &nbsp;
        </div>

        <div align="center">
            <font face="Times New Roman, Times, serif" size="2">1</font>
        </div>

        <div style="PAGE-BREAK-AFTER: always">
        </div>
        <!-- *************************************************************************** -->
        <!-- MARKER PAGE="sheet: 5; page: 5" -->
        <hr color="gray" noshade size="2">

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"></p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="658" align="center" border="0">
            <tr>
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="41">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <font face="Times New Roman, Times, serif" size="2">24.</font></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="581">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <a href="#external"><font face="Times New Roman, Times, serif" size="2">EXTERNAL
                    DIRECTORS</font></a></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="35">
                    <p style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: right" align="right">
                    <font face="Times New Roman, Times, serif" size="2">19</font></p>
                </td>
            </tr>

            <tr bgcolor="#c0c0c0">
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="41">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <font face="Times New Roman, Times, serif" size="2">25.</font></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="581">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <a href="#boardofdirectors"><font face="Times New Roman, Times, serif" size="2">
                    BOARD OF DIRECTORS MEETINGS</font></a></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="35">
                    <p style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: right" align="right">
                    <font face="Times New Roman, Times, serif" size="2">20</font></p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="41">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <font face="Times New Roman, Times, serif" size="2">26.</font></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="581">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <a href="#committees"><font face="Times New Roman, Times, serif" size="2">COMMITTEES
                    OF THE BOARD OF DIRECTORS</font></a></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="35">
                    <p style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: right" align="right">
                    <font face="Times New Roman, Times, serif" size="2">21</font></p>
                </td>
            </tr>

            <tr bgcolor="#c0c0c0">
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="41">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <font face="Times New Roman, Times, serif" size="2">27.</font></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="581">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <a href="#president"><font face="Times New Roman, Times, serif" size="2">PRESIDENT</font></a></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="35">
                    <p style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: right" align="right">
                    <font face="Times New Roman, Times, serif" size="2">21</font></p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="41">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <font face="Times New Roman, Times, serif" size="2">28.</font></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="581">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <a href="#secretary"><font face="Times New Roman, Times, serif" size="2">SECRETARY</font></a></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="35">
                    <p style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: right" align="right">
                    <font face="Times New Roman, Times, serif" size="2">22</font></p>
                </td>
            </tr>

            <tr bgcolor="#c0c0c0">
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="41">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <font face="Times New Roman, Times, serif" size="2">29.</font></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="581">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <a href="#signatureauth"><font face="Times New Roman, Times, serif" size="2">SIGNATURE
                    AUTHORITY</font></a></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="35">
                    <p style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: right" align="right">
                    <font face="Times New Roman, Times, serif" size="2">22</font></p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="41">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <font face="Times New Roman, Times, serif" size="2">30.</font></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="581">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <a href="#accounts"><font face="Times New Roman, Times, serif" size="2">ACCOUNTS</font></a></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="35">
                    <p style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: right" align="right">
                    <font face="Times New Roman, Times, serif" size="2">22</font></p>
                </td>
            </tr>

            <tr bgcolor="#c0c0c0">
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="41">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <font face="Times New Roman, Times, serif" size="2">31.</font></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="581">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <a href="#indcertacc"><font face="Times New Roman, Times, serif" size="2">INDEPENDENT
                    CERTIFIED ACCOUNTANTS</font></a></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="35">
                    <p style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: right" align="right">
                    <font face="Times New Roman, Times, serif" size="2">23</font></p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="41">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <font face="Times New Roman, Times, serif" size="2">32.</font></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="581">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <a href="#internalaud"><font face="Times New Roman, Times, serif" size="2">INTERNAL
                    AUDITOR</font></a></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="35">
                    <p style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: right" align="right">
                    <font face="Times New Roman, Times, serif" size="2">23</font></p>
                </td>
            </tr>

            <tr bgcolor="#c0c0c0">
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="41">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <font face="Times New Roman, Times, serif" size="2">33.</font></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="581">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <a href="#notices"><font face="Times New Roman, Times, serif" size="2">NOTICES</font></a></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="35">
                    <p style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: right" align="right">
                    <font face="Times New Roman, Times, serif" size="2">23</font></p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="41">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <font face="Times New Roman, Times, serif" size="2">34.</font></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="581">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <a href="#insurance"><font face="Times New Roman, Times, serif" size="2">INSURANCE,
                    INDEMNITY AND EXEMPTION</font></a></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="35">
                    <p style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: right" align="right">
                    <font face="Times New Roman, Times, serif" size="2">23</font></p>
                </td>
            </tr>

            <tr bgcolor="#c0c0c0">
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="41">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <font face="Times New Roman, Times, serif" size="2">35.</font></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="581">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <a href="#reconstruction"><font face="Times New Roman, Times, serif" size="2">RECONSTRUCTION
                    AND WINDING-UP</font></a></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="35">
                    <p style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: right" align="right">
                    <font face="Times New Roman, Times, serif" size="2">25</font></p>
                </td>
            </tr>

            <tr>
                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="41">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <font face="Times New Roman, Times, serif" size="2">36.</font></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="581">
                    <p style="MARGIN-BOTTOM: 12pt">
                    <a href="#amendments"><font face="Times New Roman, Times, serif" size="2">AMENDMENTS
                    TO ARTICLES</font></a></p>
                </td>

                <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="bottom" width="35">
                    <p style="MARGIN-BOTTOM: 12pt; TEXT-ALIGN: right" align="right">
                    <font face="Times New Roman, Times, serif" size="2">25</font></p>
                </td>
            </tr>
        </table>
        <a name="toc38"></a><br>
        <br>

        <div align="left">
            &nbsp;
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center">
        <font face="Times New Roman, Times, serif" color="#000000" size="2">2</font></p>

        <div style="PAGE-BREAK-AFTER: always">
        </div>
        <!-- *************************************************************************** -->
        <!-- MARKER PAGE="sheet: 1; page: 1" -->
        <hr color="gray" noshade size="2">

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font face="Times New Roman, Times, serif" color="#000000" size="2">1.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 0.25in; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><a name="interpretation"><font face="Times New Roman, Times, serif" color="#000000" size="2">
                        INTERPRETATION</font></a></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 6pt" valign="top" width="16">
                        <p style="MARGIN: 6pt 0in 12pt; TEXT-INDENT: 0in">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 6pt" valign="top" width="24">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(a)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 6pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 162%; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">In
                        these Articles of Association the following terms will have the meanings
                        described below:</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.3in; TEXT-INDENT: -0.25in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="48">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="249">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt">
                        <b><font face="Times New Roman, Times, serif" color="#000000" size="2">TERM</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" nowrap width="676">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font face="Times New Roman, Times, serif" color="#000000" size="2">MEANING</font></b></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#c0c0c0">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="48">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(1)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="249">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Annual
                        Meeting</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" nowrap width="676">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        annual General Meeting.</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="48">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(2)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="249">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Articles</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" nowrap width="676">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">These
                        Articles of Association, as may be amended from time to time.</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#c0c0c0">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="48">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(3)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="249">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Audit
                        Committee</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" nowrap width="676">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        audit committee of the Board of Directors established according to these
                        Articles and the Law.</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="48">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(4)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="249">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Board
                        or Board of Directors</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" nowrap width="676">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Company&rsquo;s supervisory governing board appointed according to these
                        Articles and the Law.</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#c0c0c0">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="48">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(5)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="249">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt" align="left">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Chairman
                        of the Board of Directors</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" nowrap width="676">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        chairman of the Board of Directors, appointed according to these
                        Articles.</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="48">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(6)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="249">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Company</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" nowrap width="676">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Elbit
                        Systems Ltd.</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#c0c0c0">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="48">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(7)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="249">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Director</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" nowrap width="676">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">A
                        member of the Company&rsquo;s Board of Directors.</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="48">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(8)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="249">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Extraordinary
                        Meeting</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" nowrap width="676">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">A
                        General Meeting other than an Annual Meeting.</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#c0c0c0">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="48">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(9)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="249">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">General
                        Meeting</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" nowrap width="676">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">A
                        meeting of the Company&rsquo;s Shareholders convened according to these
                        Articles and the Law.</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="48">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(10)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="249">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt" align="left">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Independent
                        Certified Accountants</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" nowrap width="676">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Company&rsquo;s independent certified accountants appointed according to
                        these Articles and the Law.</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#c0c0c0">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="48">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(11)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="249">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Internal
                        Auditor</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" nowrap width="676">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Company&rsquo;s internal auditor appointed in accordance with these
                        Articles and the Law.</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="48">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(12)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="249">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Law</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" nowrap width="676">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        [Israel] Companies Law - 1999, including any regulations and regulatory
                        orders relating thereto, and any successor laws and regulations, as will be
                        in effect from time to time.</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#c0c0c0">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="48">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(13)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="249">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">NIS</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" nowrap width="676">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">New
                        Israeli Shekels.</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="48">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(14)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="249">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Ordinary
                        Shares</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" nowrap width="676">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Shares
                        nominal value NIS 1 per Share, which carry all ordinary rights Shareholders
                        are entitled to under these Articles and the Law.</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#c0c0c0">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="48">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(15)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="249">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">President</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" nowrap width="676">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        president and general manager of the Company appointed according to these
                        Articles.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center">
        <font face="Times New Roman, Times, serif" color="#000000" size="2">3</font></p>

        <div align="left">
            <hr align="center" width="100%" noshade size="2">
        </div>

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="48">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(16)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="251">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Proxy</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" nowrap width="676">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">A
                        person appointed, as provided in these Articles, by a Shareholder to vote
                        or otherwise act on the Shareholder&rsquo;s behalf at a General
                        Meeting.</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#c0c0c0">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="48">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(17)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="251">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Proxy
                        Statement</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" nowrap width="676">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">A
                        document issued by the Board of Directors to Shareholders soliciting the
                        Shareholders to vote for a General Meeting.</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="48">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(18)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="251">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Register</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" nowrap width="676">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        register of Shareholders, including any branch registers the Company may
                        maintain, kept according to the Law.</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#c0c0c0">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="48">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(19)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="251">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Registered
                        Office</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" nowrap width="676">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Company&rsquo;s registered office.</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="48">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(20)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="251">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Secretary</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" nowrap width="676">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Company&rsquo;s corporate secretary.</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#c0c0c0">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="48">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(21)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="251">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Securities
                        Law</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" nowrap width="676">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        [Israel] Securities Law - 1968 and any regulations and regulatory orders
                        relating thereto, and any successor laws and regulations, as will be in
                        effect from time to time.</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="48">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(22)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="251">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Share
                        Capital</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" nowrap width="676">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Company&rsquo;s registered Share capital as authorized by its Memorandum of
                        Association and these Articles.</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#c0c0c0">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="48">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(23)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="251">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Shareholder</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" nowrap width="676">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Any
                        person or entity that is the owner, according to these Articles and the
                        Law, of a Share.</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="48">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(24)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="251">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Shares</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" nowrap width="676">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Proportional
                        allocations to Shareholders of rights in the Company&rsquo;s Share Capital,
                        whether Ordinary Shares or otherwise, according to these Articles and the
                        Law.</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#c0c0c0">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="48">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(25)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="251">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Special
                        Majority</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" nowrap width="676">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">A
                        majority of at least sixty-seven percent (67%) of all votes properly cast
                        at a General Meeting, without taking into account abstentions.</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="48">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(26)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="251">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Treasury
                        Shares</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" nowrap width="676">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Shares
                        that have been acquired, redeemed or otherwise received by the Company or a
                        Company subsidiary and allocated by the Company to a reserve for future
                        allocation or sale.</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#c0c0c0">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="48">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(27)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="251">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Uncertificated
                        Shares</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" nowrap width="676">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Shares
                        that are only recorded on a Register of Shareholders and are not
                        represented by a Share certificate.</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="48">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(28)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="251">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Voting
                        Instrument</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" nowrap width="676">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">A
                        written form for Shareholders to use, according to these Articles and the
                        Law, in voting at General Meetings.</font></p>
                    </td>
                </tr>

                <tr style="page-break-inside: avoid" bgcolor="#c0c0c0">
                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" align="right" width="48">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(29)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" width="251">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Writing</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 5.4pt; PADDING-LEFT: 5.4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in" valign="top" nowrap width="676">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 4pt; MARGIN-LEFT: 0in; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">A
                        handwriting, typewriting, facsimile, print, e-mail and any other legally
                        recognized form of communication that can be read.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            &nbsp;
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(b)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">In
                        these Articles, unless the context otherwise requires, expressions defined
                        in the Law will have the meanings so defined. In addition, words importing
                        the singular will include the plural, and vice versa. Words importing the
                        masculine gender will include the feminine, and words importing persons
                        will include companies, partnerships, associations and all other legal
                        entities. Days, months and years refer to the Gregorian
                        calendar.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center">
        <font face="Times New Roman, Times, serif" color="#000000" size="2">4</font></p>

        <div align="left">
            <hr align="center" width="100%" noshade size="2">
        </div>

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(c)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">In the
                        event that an Article is revised or a new Article is added to these
                        Articles, which contradicts an original Article, the revised or added
                        Article(s) will take precedence.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(d)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">In any
                        place in these Articles that specifies the provisions will apply according
                        or subject to the provisions of the Law and/or any other law, the intention
                        is to provisions of the Law and/or of any other law that are not elective,
                        unless the context requires otherwise.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font face="Times New Roman, Times, serif" color="#000000" size="2">2.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><a name="pubco"><font face="Times New Roman, Times, serif" color="#000000" size="2">
                        PUBLIC COMPANY</font></a></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.53in; TEXT-ALIGN: justify">
        <font face="Times New Roman, Times, serif" color="#000000" size="2">The Company is a public
        company as defined in the Law. Therefore:</font></p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(a)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">No
                        limitations will apply to the transfer of its Shares.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(b)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        number of Shareholders is unlimited.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(c)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Company may issue any form of its Shares or other securities to the
                        public.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(d)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Liability
                        of the Shareholders is limited to the payment of the nominal (par) value of
                        the unpaid issued Share Capital of the Company.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font face="Times New Roman, Times, serif" color="#000000" size="2">3.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><a name="permissible"><font face="Times New Roman, Times, serif" color="#000000" size="2">
                        PERMISSIBLE OBJECTIVES</font></a></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(a)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        permissible objectives of the Company may include any objectives permitted
                        by law.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(b)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Company may contribute, from time to time, reasonable sums to worthy causes
                        even if the cause is not within the specific scope of the Company&rsquo;s
                        business.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font face="Times New Roman, Times, serif" color="#000000" size="2">4.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><a name="nameandreg"><font face="Times New Roman, Times, serif" color="#000000" size="2">
                        NAME AND REGISTERED OFFICE</font></a></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(a)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        name of the Company is Elbit Systems Ltd.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(b)</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Registered Office will be at such place in Israel as the Board of Directors
                        will from time to time select.</font></p>

                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman" size="2"><br>
                        </font>&nbsp;</p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font face="Times New Roman, Times, serif" color="#000000" size="2">5.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><a name="sharecap"><font face="Times New Roman, Times, serif" color="#000000" size="2">
                        SHARE CAPITAL</font></a></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(a)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Share Capital of the Company is NIS <i>80,000,000</i> (eighty million New
                        Israeli Shekels) divided into <i>80,000,000</i> (eighty million) ordinary
                        shares of NIS 1 nominal (par) value each.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(b)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Company may, by a resolution of a Special Majority of Shareholders at a
                        General Meeting:</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="47">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 20pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="38">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(1)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">increase
                        the Share Capital, including by classes of Shares, as the General Meeting
                        may determine; or</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 4pt" valign="top" width="47">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 16pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 4pt" valign="top" width="38">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(2)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 4pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">annul
                        Share Capital that has not yet been issued, provided that the Company has
                        no undertaking, including a provisional undertaking, to allot such
                        Shares.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center">
        <font face="Times New Roman, Times, serif" color="#000000" size="2">5</font></p>

        <div align="left">
            <hr align="center" width="100%" noshade size="2">
        </div>

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(c)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Subject
                        to the provisions of the Law, the Company may, by a resolution of a
                        majority of the Shareholders voting in a General Meeting without taking
                        into account abstentions:</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="47">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 20pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="38">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(1)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">consolidate
                        all or part of the Shares and/or divide them into Shares of a greater par
                        value than the par value of the existing Shares;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="47">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 20pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="38">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(2)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">split
                        all or part of the Shares, by way of subdivision, into Shares of lesser par
                        value than the par value of the existing Shares; or</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 4pt" valign="top" width="47">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 16pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 4pt" valign="top" width="38">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(3)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 4pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">decrease
                        the capital or any reserve fund from redemption of capital.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(d)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">In
                        executing any resolution adopted according to Article 5(c) above, the Board
                        may, at its discretion, resolve any related issues.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(e)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Subject
                        to any contrary decision in a General Meeting resolution authorizing an
                        increase in Share Capital, any new Share Capital will be subject to the
                        same provisions regarding payment of calls, liens, title, forfeiture,
                        transfer and otherwise as apply to the original Share Capital. Such General
                        Meeting resolution may also determine that the new Shares, or any part of
                        them, will first be offered, at par value or at a premium, to all the
                        existing Shareholders in proportion to the par value of their Shares or may
                        determine other provisions with regard to the issuance and allotment of the
                        new Shares. However, in the absence of such a determination in the General
                        Meeting resolution, the Board may allot such Shares as provided in Article
                        6(a) below.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(f)</font></p>
                    </td>

                    <td style="PADDING-BOTTOM: 12pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">If as a
                        result of a consolidation or split of Shares authorized under these
                        Articles, fractions of a Share will stand to the credit of any Shareholder,
                        the Board is authorized at its discretion, to act as follows:</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="47">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 20pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="38">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(1)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">determine
                        that fractions of Shares that do not entitle their owners to a whole Share,
                        will be sold by the Company and that the consideration for the sale be paid
                        to the beneficiaries, on terms the Board may determine;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="47">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 20pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="38">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(2)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">allot
                        to every Shareholder, who holds a fraction of a Share resulting from a
                        consolidation and/or split, Shares of the class that existed prior to the
                        consolidation and/or split, in a quantity that, when consolidated with the
                        fraction, will constitute a whole Share, and such allotment will be
                        considered valid immediately prior to the consolidation or
                        split;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="47">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 20pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="38">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(3)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">determine
                        the manner for paying the amounts to be paid for Shares allotted in
                        accordance with Article 5(f)(2) above, including on account of bonus
                        Shares; and/or</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 28pt; PADDING-TOP: 4pt" valign="top" width="47">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 28pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 28pt; PADDING-TOP: 4pt" valign="top" width="38">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(4)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 28pt; PADDING-TOP: 4pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">determine
                        that the owners of fractions of Shares will not be entitled to receive a
                        whole Share in respect of a Share fraction or that they may receive a whole
                        Share with a different par value than that of the fraction of a
                        Share.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            &nbsp;
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="center">
            <font face="Times New Roman, Times, serif" color="#000000" size="2">6</font>
        </div>

        <div align="left">
            <hr align="center" width="100%" noshade size="2">
        </div>

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font face="Times New Roman, Times, serif" color="#000000" size="2">6.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><a name="sharerights"><font face="Times New Roman, Times, serif" color="#000000" size="2">
                        SHARE RIGHTS</font></a></b></p>
                    </td>
                </tr>
            </table>

            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(a)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Subject
                        to these Articles and to the terms of any General Meeting resolution
                        creating new Shares, the allotment and issue of Shares will be as
                        determined by the Board of Directors, who may allot and issue such Shares
                        to persons on terms and conditions and at times as determined by the Board
                        of Directors, including the allotment of bonus Shares.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(b)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Each
                        Ordinary Share will entitle its owner to receive notices of, to attend and
                        to cast one vote at a General Meeting.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(c)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        rights granted to Shareholders of any class of Shares issued with preferred
                        or other rights will not, unless specifically provided by the terms of
                        issue of the Shares of that class, be deemed to be changed by the creation
                        or issue of other Shares of the same rank.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(d)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Unless
                        otherwise provided for by the terms of issuance of a particular class of
                        Shares, the Company may create or change rights, preferences, restrictions
                        and provisions related to one or more of the classes of Shares, after
                        receipt of the consent in writing of all Shareholders of the affected
                        class, or a resolution passed at a General Meeting of such class, approved
                        by a Special Majority of the Shareholders of the affected class. These
                        Articles will apply, as applicable, to every such separate General Meeting
                        of a class.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(e)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Treasury
                        Shares will not carry voting or dividend rights while they remain in the
                        Company&rsquo;s Treasury Share reserve. Conversion of Treasury Shares into
                        Ordinary Shares or Ordinary Shares into Treasury Shares will be subject to
                        approval of the Board of Directors and any applicable provisions of the Law
                        and Securities Law.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(f)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        rights applicable to any Shares, whether in the original Share Capital or
                        any increased Share Capital, may be changed according to the terms of these
                        Articles.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font face="Times New Roman, Times, serif" color="#000000" size="2">7.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><a name="shareregandcert"><font face="Times New Roman, Times, serif" color="#000000" size="2">
                        SHARE REGISTER AND SHARE CERTIFICATES</font></a></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(a)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Company will maintain a Register of Shareholders according to the Law. The
                        Company may maintain one or more branch registers of Shareholders, in
                        Israel or another jurisdiction, which will be considered as part of the
                        Register.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(b)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">No
                        person will be recognized by the Company as holding any Share under a trust
                        unless he is so registered in the Register according to applicable
                        provisions of the Law.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(c)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Company will not be bound by or required to recognize, even when having
                        notice, any right or interest in any Share other than rights or interests
                        of the Shareholder duly registered in the Register or otherwise proven in
                        accordance with these Articles and the Law.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(d)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Every
                        person whose name duly appears as a Shareholder in the Register or who
                        otherwise establishes proof of ownership in accordance with these Articles
                        and the Law, upon written request, will have the right without payment to
                        receive, within two (2) months after allotment or registration of transfer
                        (unless the conditions of allotment or transfer provide for a longer
                        period), a stamped certificate for all the Shares registered in his name.
                        The certificate will specify the number of Shares for which it is issued.
                        However, in case of joint Shareholders the Company will not be required to
                        issue more than one certificate to all the joint Shareholders. Delivery of
                        a certificate to any of the</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.51in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="center">
            <font face="Times New Roman, Times, serif" color="#000000" size="2">7</font>
        </div>

        <div align="left">
            <hr align="center" width="100%" noshade size="2">
        </div>

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 12pt; MARGIN-LEFT: 0.51in; TEXT-ALIGN: justify">
        <font face="Times New Roman, Times, serif" color="#000000" size="2">joint Shareholders will
        be sufficient delivery to all. Every certificate will be signed by a Director and
        countersigned by the Secretary or some other person nominated by the Board of Directors for
        that purpose. The Company may withhold the issue of Share certificates for Shares not fully
        paid up. In the case of Uncertificated Shares, within a reasonable time after the issuance
        or transfer of Uncertificated Shares, the Company or its agent shall send to the registered
        owner thereof a written notice containing the information required to be set forth or
        stated on a Share certificate, including restrictions or limitations on the transfer,
        registering or voting of such Shares.</font></p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(e)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">If any
                        Share certificate, or written evidence of ownership of Uncertificated
                        Shares, as applicable, will be defaced, worn out, destroyed or lost, it may
                        be renewed following production of any evidence, provision of any indemnity
                        and payment of any of the Company&rsquo;s out of pocket expenses as the
                        Board of Directors will require. In case of defacement or wearing out,
                        renewal will require delivery of the old certificate or written evidence of
                        ownership of Uncertificated Shares, as applicable.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(f)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Company may destroy Share certificates or written evidence of ownership of
                        Uncertificated Shares, as applicable, which have been canceled if at least
                        seven (7) years have passed from the cancellation date. The Company may
                        also destroy Share transfer forms or certificates or written evidence of
                        ownership of Uncertified Shares if at least seven (7) years have passed
                        from the Share transfer date.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font face="Times New Roman, Times, serif" color="#000000" size="2">8.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><a name="sharewarrants"><font face="Times New Roman, Times, serif" color="#000000" size="2">
                        SHARE WARRANTS, OPTIONS AND DEBENTURES</font></a></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 24pt; MARGIN-LEFT: 0.53in; TEXT-ALIGN: justify">
        <font face="Times New Roman, Times, serif" color="#000000" size="2">The Company may issue
        from time to time Share warrants, options on Shares, debentures and similar forms of
        securities. The price, terms and conditions of any such securities will be determined by
        the Board of Directors.</font></p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font face="Times New Roman, Times, serif" color="#000000" size="2">9.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><a name="lien"><font face="Times New Roman, Times, serif" color="#000000" size="2">
                        LIEN ON SHARES</font></a></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(a)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Company will have a lien on every Share for all moneys, whether currently
                        payable or not, called or payable in respect of that Share. However, the
                        Board of Directors may at any time declare any Share to be wholly or partly
                        exempt from the provisions of this Article. The Company&rsquo;s lien, if
                        any, on a Share will extend to all dividends payable on that
                        Share.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(b)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Company may sell any Shares on which it has a lien at such time and manner
                        as will be determined by the Board of Directors. However, if some sum on
                        which there is a lien is currently payable, no sale will be made until
                        fourteen (14) days after sending a notice in writing to the registered
                        Shareholders, demanding payment of such sum and giving notice of the
                        Company&rsquo;s intention to sell in default. To give effect to any such
                        sale, the Board of Directors may authorize transfer of the Shares sold to
                        the purchaser who will be registered as the holder of the Shares. The
                        Company will receive the net proceeds of the sale which will be applied in
                        payment of the sum then payable on the lien. The balance of the sale
                        proceeds, if any, will be paid to the person holding the Shares immediately
                        before the sale, subject to any lien for sums that were not currently
                        payable for the Shares before the sale.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font face="Times New Roman, Times, serif" color="#000000" size="2">10.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><a name="redeemable"><font face="Times New Roman, Times, serif" color="#000000" size="2">
                        REDEEMABLE SHARES AND WARRANTS</font></a></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify"></p>

        <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
            <tr>
                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top" width="49">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                    &nbsp;</p>
                </td>

                <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top">
                    <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                    <font face="Times New Roman, Times, serif" color="#000000" size="2">Subject to
                    the applicable provisions of the Law, the Company may issue and redeem
                    redeemable preference Shares and redeemable warrants.</font></p>
                </td>
            </tr>
        </table>
        <br>
        <br>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 24pt; MARGIN-LEFT: 0.53in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center">
        <font face="Times New Roman, Times, serif" color="#000000" size="2">8</font></p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font face="Times New Roman, Times, serif" color="#000000" size="2">11.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><a name="calls"><font face="Times New Roman, Times, serif" color="#000000" size="2">
                        CALLS ON SHARES; FORFEIT OF SHARES</font></a></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(a)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Board of Directors may, in its discretion, from time to time authorize the
                        amount and manner of the consideration to be given to the Company for
                        Shares. The Board may also make calls on Shareholders for any moneys unpaid
                        on their Shares. Each Shareholder will be liable to pay the amount of every
                        call so made on him to the persons and at the times, places and
                        installments specified by the Board. A call may be revoked or postponed as
                        the Board may determine.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(b)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">A call
                        will be considered to have been made at the time the Board of Directors
                        approves the resolution authorizing such call.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(c)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        joint Shareholders of a Share will be jointly and severally liable for the
                        payment of all calls and related installments.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(d)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Board of Directors may, at its discretion, authorize receipt of advances
                        from any Shareholder relating to future calls on Shares. The Board may
                        authorize interest to be paid as may be agreed with the advancing
                        Shareholder.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(e)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Any sum
                        that, by the terms of a Share, is payable on the Share&rsquo;s allotment or
                        at any fixed date, will be considered to be a call duly made and payable on
                        the date fixed for payment. In case of non-payment of such sum, the
                        relevant provisions of these Articles will apply as if such sum were a call
                        duly made and notified according to these Articles.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(f)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Board of Directors may, on the issue of Shares, differentiate between the
                        Shareholders as to the amount of calls to be paid and the times of
                        payment.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(g)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">If any
                        Shareholder fails to pay all or part of any call or installment of a call
                        on or before the day appointed for such payment, the Board of Directors may
                        serve a notice on such Shareholder. The notice will require payment of the
                        amount remaining unpaid together with interest, at such rate as the Board
                        will determine, and any expenses that may have accrued by reason of such
                        non-payment. The notice will name a date, not less than fourteen (14) days
                        from the date of the notice, on or before which such call or installment,
                        and all interest and expenses that have accrued by reason of such
                        non-payment are to be paid. It will also name the place where payment is to
                        be made, and will state that in the event of non-payment on or before the
                        time and at the place appointed, the Shares for which such call was made
                        will be liable to be forfeited. If the requirements of any such notice are
                        not met, any Share for which such notice has been given may, before the
                        payment required by the notice has been made, be forfeited by a resolution
                        of the Board to that effect. A forfeiture of Shares will include all
                        dividends applicable to the Shares not actually paid before the forfeiture,
                        even if the dividend has been declared.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(h)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">When
                        any Shares have been forfeited in accordance with these Articles, notice of
                        the forfeiture will be promptly given to the Shareholder or to the person
                        entitled to the Shares by transmission, as the case may be. An entry of
                        such notice having been given and of the date of the forfeiture of the
                        applicable Shares will be made in the Register.&nbsp; However, a forfeiture
                        will not be invalid due to not giving such notice or making such entry in
                        the Register.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p><font face="Times New Roman, Times, serif"><!-- EEDocs PBStart--></font></p>

        <p align="center">
        <font face="Times New Roman, Times, serif" color="#000000" size="2">9</font></p>
        <!-- EEDocs PBStart-->
        <hr style="PAGE-BREAK-AFTER: always" align="center" width="100%" noshade>
        <!-- EEDocs PBEnd-->

        <p align="center">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(i)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Following
                        a forfeiture, the Board of Directors may, at any time before the forfeited
                        Share has been otherwise disposed of, revoke the forfeiture on terms
                        determined by the Board.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(j)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Every
                        forfeited Share may be sold or reallotted or otherwise disposed of, to any
                        other person, on such terms as the Board of Directors may determine. Any
                        forfeited Share held by the Company will be considered as a Treasury
                        Share.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(k)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">A
                        person whose Shares have been forfeited will remain liable to pay to the
                        Company all calls made and not paid on such Shares at the time of
                        forfeiture, and interest thereon to the date of payment, in the same manner
                        in all respects as if the Shares had not been forfeited. He will also
                        remain liable to satisfy any claims and demands which the Company might
                        have enforced regarding the Shares at the time of forfeiture, without any
                        deduction or allowance for the value of the Shares at the time of
                        forfeiture. However, if the Company chooses to sell the forfeited Shares
                        then the net consideration accepted by the Company for such Shares will be
                        deducted from the amount the person whose Shares have been forfeited is
                        liable to pay the Company.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(l)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        forfeiture of a Share will cause the extinction at the time of forfeiture
                        all claims and demands against the Company regarding the Share, and all
                        other rights and liabilities relating to the Share as between the
                        forfeiting Shareholder and the Company, except as provided by
                        law.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(m)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">A
                        written declaration, that the declarant is a Director and that a Share has
                        been duly forfeited according to these Articles and stating the date of
                        forfeiture, will be conclusive evidence of the facts stated in the
                        declaration against any persons claiming to be entitled to the forfeited
                        Shares. Such declaration, together with the Company&rsquo;s receipt for the
                        consideration, if any, given for the forfeited Shares on their sale or
                        disposition, and a duly signed Share certificate, or in the case of
                        Uncertificated Shares, proper written transfer or forfeit instructions,
                        delivered to the purchaser will constitute good title to the Shares. Such
                        purchaser will be registered as the holder of the Shares.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font face="Times New Roman, Times, serif" color="#000000" size="2">12.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><a name="transfer"><font face="Times New Roman, Times, serif" color="#000000" size="2">
                        TRANSFER OF SHARES</font></a></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(a)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Subject
                        to the restrictions in these Articles, Shares will be transferable. Every
                        transfer must be in writing in any usual or common form, or in such other
                        form as the Board of Directors may from time to time approve. The written
                        form of transfer will be delivered to the Registered Office, accompanied by
                        a true copy of the certificate of the Shares, or written evidence of
                        ownership of the Uncertificated Shares, as applicable, to be transferred,
                        and any other evidence as the Board may require to prove the title of an
                        intending transferor.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(b)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        written form of transfer of a Share will be executed both by the transferor
                        and the transferee. The transferor will be considered to remain the
                        Shareholder until the name of the transferee is entered in the Register for
                        the applicable Shares.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(c)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Board of Directors may decline to register any transfer of Shares, which
                        have not been fully paid up.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            &nbsp;
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center">
        <font face="Times New Roman, Times, serif" color="#000000" size="2">10</font></p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(d)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Board of Directors may determine a fee to be charged for registration of a
                        transfer.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(e)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        registration of transfers may be suspended at such times and for such
                        periods as the Board of Directors may determine, not to exceed thirty (30)
                        days in any calendar year.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font face="Times New Roman, Times, serif" color="#000000" size="2">13.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <b><a name="transmission"><font face="Times New Roman, Times, serif" color="#000000" size="2">
                        TRANSMISSION OF SHARES ON DEATH, BANKRUPTCY OR
                        DISSOLUTION</font></a></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(a)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">In the
                        case of death, bankruptcy or dissolution of a Shareholder, that
                        Shareholder&rsquo;s rightful successor in interest will be entitled to the
                        Shareholder&rsquo;s Shares by transmission as provided in this
                        Article.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(b)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">If a
                        deceased Shareholder was a joint Shareholder, his surviving joint
                        Shareholder will be the successor in interest. If a deceased Shareholder
                        was a sole Shareholder, or has no surviving joint Shareholders, the
                        executors or administrators of the deceased, or in their absence the
                        legally declared heirs, will be recognized by the Company as the successor
                        in interest to the Shares. If the Shareholder was a legal entity declared
                        bankrupt or otherwise declared dissolved, then its legally recognized
                        successor in interest will be recognized by the Company as receiving title
                        to the applicable Shares.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(c)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Nothing
                        in these provisions will release the estate of a deceased Shareholder from
                        any liability for any Shares held by the deceased Shareholder.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(d)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Any
                        person becoming entitled to a Share in consequence of a Shareholder&rsquo;s
                        death, bankruptcy or dissolution may, upon producing such evidence of title
                        as the Board of Directors will require, be registered himself as a holder
                        of the Share, or subject to provisions regarding transfers of Shares,
                        transfer the same to some other person.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(e)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">A
                        person entitled to a Share by transmission will be entitled to receive, and
                        may give a release for, any dividends or other moneys payable for the
                        Share. However, he will not have the right to receive notices of, or to
                        attend or vote at General Meetings or, except as provided above, to
                        exercise any of the rights or privileges of a Shareholder unless and until
                        he becomes a Shareholder of the applicable Shares.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font face="Times New Roman, Times, serif" color="#000000" size="2">14.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><a name="registration"><font face="Times New Roman, Times, serif" color="#000000" size="2">
                        REGISTRATION OF COMPANY SECURITIES FOR TRADING ON SECURITIES
                        EXCHANGES</font></a></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 24pt; MARGIN-LEFT: 0.53in; TEXT-ALIGN: justify">
        <font face="Times New Roman, Times, serif" color="#000000" size="2">The Board of Directors
        may authorize Shares or any other duly authorized Company securities to be registered for
        trading on securities exchanges in Israel and/or in other jurisdictions.</font></p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font face="Times New Roman, Times, serif" color="#000000" size="2">15.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><a name="borrowing"><font face="Times New Roman, Times, serif" color="#000000" size="2">
                        BORROWING POWERS</font></a></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 24pt; MARGIN-LEFT: 0.53in; TEXT-ALIGN: justify">
        <font face="Times New Roman, Times, serif" color="#000000" size="2">The Board of Directors
        may, from time to time, at its discretion, determine a framework of credit or a specific
        sum the Company may raise or borrow or secure the payment of such credit or sum for Company
        purposes. The Board may authorize securing the repayment of such sum in such manner and
        terms as it may decide. This may include the issue of debentures or similar instruments of
        the Company secured by all or any part of the present and future property of the Company,
        including its then existing uncalled Share Capital.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            &nbsp;
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center">
        <font face="Times New Roman, Times, serif" color="#000000" size="2">11</font></p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font face="Times New Roman, Times, serif" color="#000000" size="2">16.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><a name="dividends"><font face="Times New Roman, Times, serif" color="#000000" size="2">
                        DIVIDENDS AND RESERVES</font></a></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(a)</font></p>
                    </td>

                    <td style="PADDING-BOTTOM: 12pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Board of Directors may approve dividends to be paid from time to time to
                        the Shareholders according to the Shareholders&rsquo; respective rights and
                        may fix the record date and time for payment. The dividend will be reported
                        to the next Annual Meeting.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(b)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Subject
                        to any preferential or limited rights to receive dividends, all dividends
                        will be declared and paid according to the amounts paid or credited as paid
                        on the applicable Shares. All dividends will be apportioned and paid
                        proportionately to the amounts paid or credited as paid on the Shares.
                        However, a Share may be issued on terms providing that it will qualify for
                        dividends only from a particular date.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(c)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">No
                        dividend will be paid other than out of surplus earnings as permitted by
                        the applicable provisions of the Law relating to capital preservation and
                        allocation. However, the Company may request a court to allow it to pay
                        dividends under other terms permitted by the Law.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(d)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Dividends
                        will be paid to Shareholders recognized by the Company in accordance with
                        Article 7(c) above, at the time the dividend is declared, as the
                        Shareholders for the Shares for which the dividend has been
                        declared.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(e)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Notice
                        of the declaration of any dividend, whether interim or otherwise, will be
                        given to the entitled Shareholders in the manner described in these
                        Articles for notices to Shareholders.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(f)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Unless
                        otherwise directed by the Board of Directors, any dividend may be paid by
                        check, warrant or bank transfer to the registered address of the person
                        entitled, or in case of joint Shareholders to the one of them first named
                        in the Register regarding the joint holding. The receipt of the person
                        whose name on the date of the dividend declaration appears on the Register
                        as the owner of any Share, or in the case of joint Shareholders, of anyone
                        of such joint Shareholders, will be a good discharge to the Company of all
                        payments made for such Share. All dividends unclaimed for up to seven (7)
                        years after having been declared may be invested or otherwise used as
                        directed by the Board for the benefit of the Company until claimed. After
                        such time the Company will have no obligation to pay the unclaimed
                        dividend. No unclaimed dividend or interest will bear interest against the
                        Company.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(g)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Board of Directors may deduct from any dividend payable to any Shareholder
                        all sums of money, if any, then payable by him to the Company on account of
                        calls or otherwise in relation to the Company Shares.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font face="Times New Roman, Times, serif" color="#000000" size="2">17.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><a name="capitalization"><font face="Times New Roman, Times, serif" color="#000000" size="2">
                        CAPITALIZATION OF RESERVES</font></a></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(a)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Board of Directors may, from time to time, direct the setting aside out of
                        the profits of the Company and the allocation to reserves of such sums as
                        the Board may decide. All sums allocated to any such reserve will, at the
                        discretion of the Board, be applicable for:</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="47">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 20pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="38">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(1)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">meeting
                        contingencies;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            &nbsp;
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center">
        <font face="Times New Roman, Times, serif" color="#000000" size="2">12</font></p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="47">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 20pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="38">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(2)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">the
                        liquidation of any debt or liability of the Company;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="47">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 20pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="38">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(3)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">maintaining
                        any properties of the Company;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="47">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 20pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="38">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(4)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">meeting
                        losses on realization of, or writing down, investments (either individually
                        or in the aggregate);</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="47">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 20pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="38">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(5)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">equalizing
                        or paying dividends or bonus Shares; or</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 4pt" valign="top" width="47">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 16pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 4pt" valign="top" width="38">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(6)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 4pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">any
                        other purpose to which Company profits may be properly applied.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(b)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">All
                        sums allocated to a reserve may, pending any other applications authorized
                        by these Articles, be invested together with any other Company funds in the
                        ordinary course of business and without it being necessary to distinguish
                        between the investments of the reserves and investments of the other moneys
                        of the Company or between investments of reserves of different
                        types.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(c)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Board of Directors may direct establishment of a capital reserve account
                        and apply such account in any manner authorized by these Articles or by
                        law.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(d)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Subject
                        to any legal requirements, the General Meeting may at any time pass a
                        resolution that any sum be capitalized, provided that it is:</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="47">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 20pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="38">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(1)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">not
                        required for the payment or provision of any fixed preferential
                        dividend;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="47">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 20pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="38">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(2)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">not
                        then allocated to any reserve fund or reserve account of the Company,
                        including premiums received on the issue of any Shares, debentures or
                        similar Company securities; and</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 4pt" valign="top" width="47">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 16pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 4pt" valign="top" width="38">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(3)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 4pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">undivided
                        net profit held by the Company.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(e)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">If a
                        resolution as provided in Article 17(d) above is passed, the resolution
                        will also provide that such sum be available for distribution and be
                        appropriated as capital to the Shareholders in the proportion in which they
                        would have been entitled to receive dividends and in such manner as the
                        resolution may direct.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(f)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">In
                        accordance with the specific resolution adopted according to Articles 17
                        (d) and (e) above, the Board of Directors will apply such sum in paying up
                        in full any unissued Shares in the Share Capital of the Company on behalf
                        of the Shareholders. The Board will direct appropriation of such Shares and
                        then distribution credited as fully paid up proportionally among such
                        Shareholders in satisfaction of their Shares and interests in the
                        capitalized sum. Alternatively, the Board will direct application of all or
                        part of such sum on behalf of such Shareholders in paying up all or part of
                        any uncalled balance that will then be unpaid regarding any issued Shares
                        held by such Shareholders, or otherwise deal with such sum as directed by
                        such resolution. Where difficulty arises in connection with any such
                        distribution, the Board may resolve the matter as it sees fit.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            &nbsp;
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center">
        <font face="Times New Roman, Times, serif" color="#000000" size="2">13</font></p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font face="Times New Roman, Times, serif" color="#000000" size="2">18.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><a name="convening"><font face="Times New Roman, Times, serif" color="#000000" size="2">
                        CONVENING OF GENERAL MEETINGS</font></a></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(a)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">General
                        Meetings will be held at least once in every calendar year at the time and
                        place, and with an agenda, as may be determined by the Board of Directors.
                        Shareholders representing at least one percent (1 %) of the Company&rsquo;s
                        voting power may request the Chairman of the Board to add appropriate items
                        to a General Meeting agenda. Each such annual General Meeting will be
                        called an &ldquo;Annual Meeting&rdquo;, and any other Shareholders&rsquo;
                        meeting will be called an &ldquo;Extraordinary Meeting&rdquo;.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(b)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Each
                        Annual Meeting will take place no later than fifteen (15) months after the
                        previous Annual Meeting, but no later than the end of the applicable
                        calendar year. The Board may convene an Extraordinary Meeting whenever it
                        finds it necessary.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(c)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Board of Directors will convene an Extraordinary Meeting on receipt of a
                        written request from any of:</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="47">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 20pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="38">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(1)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">two (2)
                        Directors or twenty-five percent (25%) of the total number of,
                        Directors;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="47">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 20pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="38">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(2)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">one (1)
                        or more Shareholders, holding at least five percent (5%) of the issued
                        Share Capital and at least one percent (1%) of the Shareholders&rsquo;
                        voting power; or</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 4pt" valign="top" width="47">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 16pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 4pt" valign="top" width="38">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(3)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 4pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">one (1)
                        or more Shareholders holding no less then five percent (5%) of the
                        Company&rsquo;s issued voting Shares.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(d)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">An
                        Extraordinary Meeting requested under Article 18(c) above will be convened
                        within fifty-six (56) days of submission of the Board&rsquo;s receipt of a
                        proper written request to convene an Extraordinary Meeting. If the Board of
                        Directors fails to convene such meeting within such time, then, the
                        required Extraordinary Meeting may be convened, in the same manner as for
                        other Extraordinary Meetings, by any of the Directors and/or by
                        Shareholders (representing at least one-half of such Shareholders&rsquo;
                        voting rights), who requested the convening; provided it is convened no
                        later than three (3) months after submission of the written request to the
                        Board.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(e)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Board of Directors will establish a record date in accordance with the
                        requirements of the Law for Shareholders entitled to receive notice of and
                        vote at a General Meeting.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(f)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">A
                        written notice of the convening of a General Meeting will be given, as
                        required by the Law, at least twenty-one (21) days in advance. The notice
                        will specify the place, date and time of the Meeting as well as other
                        requirements specified in the Law. The place of the meeting will be in
                        Israel. The date of any Extraordinary Meeting convened under Article 18(c)
                        above will be not later than thirty-five (35) days after the date of the
                        notice.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font face="Times New Roman, Times, serif" color="#000000" size="2">19.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><a name="proceedings"><font face="Times New Roman, Times, serif" color="#000000" size="2">
                        PROCEEDINGS AT GENERAL MEETINGS</font></a></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(a)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">No
                        business will be transacted at any General Meeting unless a quorum is
                        present. The quorum at any General Meeting, except an Extraordinary Meeting
                        convened in accordance with Article 18(c) above, will be at least two (2)
                        Shareholders present in person, by Proxy or by a Voting Instrument and
                        holding or representing between them at least one-third (1/3) of the issued
                        voting Shares.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            &nbsp;
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center">
        <font face="Times New Roman, Times, serif" color="#000000" size="2">14</font></p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(b)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">If
                        within one-half (1/2) hour from the time appointed for the holding of a
                        General Meeting a quorum is not present, the meeting will be adjourned to
                        the same day, time and place in the next week, or to such other day, time
                        and place as will be determined by the Board of Directors by notice to the
                        Shareholders. If at such adjourned meeting a quorum is not present within
                        one-half (1/2) hour from the time appointed for holding the adjourned
                        meeting, then two (2) Shareholders representing at least ten percent (10%)
                        of the Shareholders&rsquo; voting power, present in person, by Proxy or by
                        a Voting Instrument will be a quorum.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(c)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">If the
                        General Meeting adjourned is an Extraordinary Meeting convened in
                        accordance to Article 18(c) above, then no business will be transacted at
                        such adjourned Extraordinary Meeting unless a quorum is present comprised
                        of:</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="47">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 20pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="38">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(1)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">one (1)
                        or more Shareholders holding no less then five percent (5%) of the issued
                        Share Capital and one percent (1%) of the voting power of the Company;
                        or</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 4pt" valign="top" width="47">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 16pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 4pt" valign="top" width="38">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(2)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 4pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">one (1)
                        or more Shareholders holding no less then five percent (5%) of the issued
                        voting Shares.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(d)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Except
                        as provided in these Articles, the Law and the Securities Law, all business
                        transacted at a General Meeting will be decided by a resolution adopted by
                        a simple majority of the votes cast at the General Meeting, not taking into
                        account abstentions.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(e)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Chairman of the Board of Directors, will preside at any General Meeting,
                        but if there will be no such Chairman, or if at any General Meeting he will
                        not be present within fifteen (15) minutes after the time appointed for
                        holding the meeting, or is unwilling to act as chairman, the Shareholders
                        present will choose any Director to act as chairman of the meeting. If no
                        Director is present, or if all the Directors present decline to take the
                        chair, the Shareholders present will choose a Shareholder present to be
                        chairman of the meeting.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(f)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Chairman may, with the consent of any General Meeting at which a quorum is
                        present, (and will if so directed by the meeting) adjourn the meeting from
                        time to time and from place to place. Whenever a General Meeting is
                        adjourned for twenty-one (21) days or more, notice of the adjourned General
                        Meeting will be given in the same manner as for the original General
                        Meeting. No Shareholder will have the right to any other notice of an
                        adjournment or of the business to be transacted at any adjourned General
                        Meeting other than the business which might have been transacted at the
                        original General Meeting which was adjourned.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font face="Times New Roman, Times, serif" color="#000000" size="2">20.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><a name="voting"><font face="Times New Roman, Times, serif" color="#000000" size="2">
                        VOTING AT GENERAL MEETINGS; VOTING INSTRUMENTS</font></a></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(a)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Subject
                        to the applicable record date and any rights or restrictions then existing
                        for a particular class of Shares, each Shareholder will have the right to
                        vote who is present at a General Meeting either personally, by a Voting
                        Instrument in such cases as required or permitted under the Law for voting
                        by Voting Instrument, or by Proxy. A Shareholder may vote in respect of
                        only part of his Shares, and he may vote in different ways in respect to
                        portions of his Shares.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            &nbsp;
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center">
        <font face="Times New Roman, Times, serif" color="#000000" size="2">15</font></p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(b)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        vote may be by show of hands, by secret ballot, by Voting Instrument or by
                        any other manner authorized by the Board of Directors consistent with the
                        Law. A Shareholder will have one (1) vote for each Share held by him.
                        However, unless otherwise determined by the Board, no Shareholder will be
                        permitted to vote at a General Meeting or to appoint a Proxy to so vote
                        unless he has paid all calls for payment and all moneys due to the Company
                        from him with respect to his Shares.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(c)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">A Proxy
                        present at a General Meeting will have the same rights as a Shareholder
                        with respect to voting at a General Meeting. A Proxy need not to be a
                        Shareholder.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(d)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        vote of the senior of any joint Shareholders, whether in person, by Voting
                        Instrument or by Proxy, will be accepted to the exclusion of the votes of
                        other joint Shareholders. For the purpose of these Articles, seniority will
                        be determined by the order in which the names appear in the
                        Register.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(e)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">An
                        objection to a Shareholder&rsquo;s or a Proxy&rsquo;s right to vote in a
                        General Meeting must be raised at the applicable meeting or adjourned
                        meeting where that person was supposed to vote. The chairman of the meeting
                        will decide whether to accept or reject any objection raised at the proper
                        time regarding the vote of a Shareholder or Proxy, and the chairman&rsquo;s
                        decision will be final. Every vote not disqualified as provided above will
                        be valid for all matters at the General Meeting.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(f)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">A
                        Shareholder that is a corporation or other form of legal entity will have
                        the right to appoint a person to be its representative at any General
                        Meeting. Such appointment. must be authorized in writing by the Board of
                        Directors, president or general manager or similar body of such entity. The
                        representative so appointed will have the right to exercise on behalf of
                        the entity he represents all the powers that the entity itself might
                        perform in connection with the General Meeting.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(g)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">A
                        Shareholder who has been declared legally incompetent or has otherwise had
                        a legally appointed guardian, may, following a proof of appointment of a
                        legal guardian or similar representative, vote at a General Meeting through
                        such guardian or representative, whether in person, by Voting Instrument or
                        by Proxy.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(h)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">A vote
                        by Proxy or a Voting Instrument will be considered valid even if there has
                        been the death or declaration of incompetence of the appointee/signatory or
                        the cancellation of the Proxy appointment or Voting Instrument or
                        expiration of a Proxy appointment or Voting Instrument in accordance with
                        any law, or the transfer of the Shares for which the Proxy appointment or
                        Voting Instrument was given, unless the Company receives at the Registered
                        Office, prior to a General Meeting, a written notice as specified below.
                        For a Voting Instrument or Proxy appointment that has been provided to the
                        Company for a specific General Meeting to be considered invalid, a written
                        notice of cancellation of a Voting Instrument or Proxy appointment must be
                        duly signed by the applicable Shareholder specifying the applicable Shares,
                        the name of the Shareholder, legal representative or successor in interest
                        and nature of the event invalidating the Proxy appointment or Voting
                        Instrument. In the event of voting by a secret ballot or by Voting
                        Instrument, a notice canceling the appointment of a Proxy will be valid it
                        if is signed by the appointee/signatory and received at the Registered
                        Office no later than one (1) hour before beginning the vote.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            &nbsp;
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center">
        <font face="Times New Roman, Times, serif" color="#000000" size="2">16</font></p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(i)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">A
                        Shareholder will have the right, where permitted or required by provisions
                        of the Law relating to Voting Instruments, to vote by a Voting Instrument
                        as an alternative to voting in person or by Proxy. In all applicable cases,
                        the Voting Instrument will be sent to Shareholders before the applicable
                        General Meeting no later then the time required in the Law.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(j)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">A
                        Shareholder has the right to vote by a separate Proxy with respect to each
                        Share held by him, provided that each Proxy will have a separate letter of
                        appointment containing the serial number of the Shares for which the Proxy
                        is entitled to vote. If a specific Share is included in more than one (1)
                        letter of appointment, then no Proxy will have the right to vote such
                        Share.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(k)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">An
                        instrument appointing a Proxy which is not limited in time will expire
                        twelve (12) months after the date of its execution. If the appointment is
                        for a limited period, even if more than twelve (12) months, the instrument
                        will be considered valid for the period specified in the
                        instrument.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(l)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">A
                        Voting Instrument, letter of appointment of a Proxy, power of attorney or
                        other instrument relating to voting at a General Meeting must be in
                        writing. The form of the Voting Instrument or the form of appointing a
                        Proxy will be in any appropriate form as may be determined by the Board of
                        Directors. The signature of the appointor or voting Shareholder will be
                        confirmed by a lawyer, notary, bank or in any other manner acceptable to
                        the Board. The original or a copy of such confirmed instrument will be
                        delivered to the Registered Office, or at such other place in Israel or
                        abroad as the Board may direct from time to time, at least twenty-four (24)
                        hours before the time appointed for the applicable original or adjourned
                        General Meeting. Otherwise, that person will not be entitled to vote that
                        Share through the instrument.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font face="Times New Roman, Times, serif" color="#000000" size="2">21.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><a name="proxy"><font face="Times New Roman, Times, serif" color="#000000" size="2">
                        PROXY STATEMENTS</font></a></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(a)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Subject
                        to the applicable provisions of the Law, the Board of Directors, and in the
                        case of a General Meeting in accordance with Article 18(c) above those
                        Directors and Shareholders entitled to convene such meeting, may solicit
                        the Shareholders by a written Proxy Statement in order to persuade the
                        Shareholders regarding their vote in a General Meeting. The Proxy Statement
                        will be distributed by the Company, at its own expense together, with the
                        Voting Instrument, if any, relating to that General Meeting.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(b)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        persons authorized to distribute Proxy Statements under Article 21(a) above
                        may send additional Proxy Statements, similarly distributed, in response to
                        any other solicitations forwarded to the Shareholders in connection with a
                        General Meeting.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font face="Times New Roman, Times, serif" color="#000000" size="2">22.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><a name="role"><font face="Times New Roman, Times, serif" color="#000000" size="2">
                        ROLE AND COMPOSITION OF THE BOARD OF DIRECTORS</font></a></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(a)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Board of Directors will determine the policies of the Company and oversee
                        the performance of the duties of the President. The duties of the Board
                        will include, among others, any mandatory Board responsibilities specified
                        in the Law or the Securities Law. The Board will have all residual powers
                        not granted under these Articles or by law to any other Company
                        body.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            &nbsp;
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center">
        <font face="Times New Roman, Times, serif" color="#000000" size="2">17</font></p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(b)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        General Meeting may assume powers granted under these Articles or by law to
                        the Board of Directors. However, any decision to assume such powers must
                        specify the matters and time period for which such powers are
                        assumed.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(c)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        number of Directors comprising the Board will be at least five (5) and not
                        more than seventeen (17). Until otherwise determined by the Board or at a
                        General Meeting, the number of Directors will be ten (10). The Board will
                        include at least two (2) External Directors in accordance with the
                        requirements of the Law. A Director need not to be a Shareholder. The
                        President may serve as a Director in accordance with Article 27(c)
                        below.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(d)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        compensation to the Directors will be approved at a General Meeting. The
                        Directors will be entitled to be reimbursed for reasonable expenses
                        incurred by them in carrying out Company business.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(e)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">No
                        Director, other than an External Director, will be disqualified due to
                        holding any office in the Company or any affiliated entity of the Company
                        other than the office of Internal Auditor or Independent Certified
                        Accountant. A Director may also contract with the Company or an affiliated
                        entity of the Company either as vendor, purchaser or otherwise, whether on
                        his own behalf or as a director or representative of another entity. No
                        such holding of office by a Director or such contract entered into by or on
                        behalf of the Company in which a Director will be in any way interested
                        will be voided, nor will any Director be liable to account to the Company
                        for any profit arising from any such office, or contract by reason only of
                        such Director holding that office or of the fiduciary relations so
                        established.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(f)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">A
                        Director, other than an External Director, need not be a resident of the
                        State of Israel.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font face="Times New Roman, Times, serif" color="#000000" size="2">23.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><a name="election"><font face="Times New Roman, Times, serif" color="#000000" size="2">
                        ELECTION, APPOINTMENT AND REMOVAL OF DIRECTORS</font></a></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(a)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Directors
                        will be elected annually by the Shareholders at the Annual Meeting.
                        Directors will hold office until the conclusion of the next Annual Meeting
                        or until their earlier removal or resignation. However, if no Directors are
                        elected at an Annual Meeting, then the persons who served as Directors
                        immediately prior to the Annual Meeting will continue to serve as Directors
                        unless otherwise determined by the Annual Meeting or by the Board. Except
                        as provided in Article 24 below regarding External Directors, Directors
                        will be eligible for re-election.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(b)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">A
                        person nominated by the Board of Directors may be elected at the Annual
                        Meeting or a General Meeting to the office of Director. However, a
                        Shareholder entitled to vote at that Annual Meeting or General Meeting may
                        nominate a candidate for Director by submitting a written notice to the
                        Company at the Registered Office, no later than seven (7) days after the
                        date notice is given of the meeting, signed by the Shareholder of his
                        intention to propose at that meeting a candidate for Director to which is
                        attached the written consent and resume of such nominee.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(c)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Chairman of the Board of Directors will be appointed by the Board of
                        Directors. Such Director will serve as Chairman of the Board of Directors
                        until he ceases to hold the office of Director or until he is replaced by
                        the Board of Directors.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            &nbsp;
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center">
        <font face="Times New Roman, Times, serif" color="#000000" size="2">18</font></p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(d)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Board of Directors will have the power to appoint additional Directors, if
                        the current number of Directors is less than ten (10) or other maximum
                        number approved at a General Meeting or by the Board. Any Director so
                        appointed will hold office until the conclusion of the next Annual Meeting,
                        unless he is removed or resigns earlier. A Director will state the reasons
                        for his resignation.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(e)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">If the
                        number of Directors is reduced below ten (10) or any other number that may
                        be determined by the Board or a General Meeting, and until additional
                        Directors are elected or appointed so that the number of Directors is ten
                        (10) or such other number so determined by the Board or a General Meeting,
                        the Board may continue to act.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(f)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Subject
                        to the terms of any applicable agreement, a Director will be removed if
                        he:</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="47">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 20pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="38">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(1)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">becomes
                        bankrupt or enters into similar status;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="47">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 20pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="38">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(2)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">becomes
                        deceased or is declared legally incompetent;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="47">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 20pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="38">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(3)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">resigns
                        his office by notice in writing given to the Company; or</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 4pt" valign="top" width="47">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 16pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 4pt" valign="top" width="38">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(4)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 4pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">is
                        removed by a resolution of a General Meeting.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(g)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">A
                        Director may appoint a substitute director in his place. A substitute
                        Director must be qualified under the Law to serve as a substitute Director,
                        and if his appointment is for more than one meeting it will be subject to
                        the approval of the Board. Such person may not act as a substitute Director
                        for more than one (1) Director at the same time. The same rules, including
                        compensation, will apply to a substitute Director as to the Director who
                        appointed him, and the substitute Director may participate in Board and
                        Board committee meetings in the same manner as the Director who appointed
                        him. Subject to the Law, a Director who has appointed a substitute Director
                        may revoke the appointment at any time. In addition, the office of a
                        substitute Director will be vacated at any time that the office of the
                        Director who appointed the substitute is vacated for any reason. Any
                        appointment or revocation of the appointment of a substitute Director will
                        be made by notice in writing to the substitute Director and the Company.
                        The appointment or revocation, as the case may be, will become effective on
                        the later of the date of receipt of the above notice or the date fixed in
                        the notice.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font face="Times New Roman, Times, serif" color="#000000" size="2">24.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><a name="external"><font face="Times New Roman, Times, serif" color="#000000" size="2">
                        EXTERNAL DIRECTORS</font></a></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(a)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Board of Directors will include at least two (2) External Directors
                        complying with the qualifications described in the Law.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(b)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">An
                        External Directors will be appointed by a majority vote at a General
                        Meeting, provided that:</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="47">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 20pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="38">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(1)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        majority vote at the General Meeting will include at least one-third (1/3)
                        of the total number of the votes of the non-controlling Shareholders voting
                        at the meeting. For the purposes of this Article, abstentions will not be
                        taken into consideration in counting the total number of the
                        non-controlling Shareholders; and</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.89in; TEXT-ALIGN: left">
        &nbsp;</p>

        <div align="center">
            <font face="Times New Roman, Times, serif" color="#000000" size="2">19</font>
        </div>

        <div style="PAGE-BREAK-AFTER: always">
        </div>
        <!-- *************************************************************************** -->
        <!-- MARKER PAGE="sheet: 2; page: 2" -->
        <hr color="gray" noshade size="2">

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 4pt" valign="top" width="47">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 16pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 4pt" valign="top" width="38">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(2)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 4pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        total number of non-controlling Shareholders voting against the resolution
                        appointing an External Director, is not more than one percent (1%) of the
                        overall voting rights in the Company.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(c)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        compensation and indemnification of expenses of External Directors will be
                        in accordance with the applicable provisions of the Law.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(d)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">An
                        External Director will be appointed for a period of three (3) years and his
                        office may be extended by a resolution of the General Meeting for an
                        additional three (3) years, and thereafter for additional periods of up to
                        three (3) years each or such other period as may be permitted by the Law.
                        An External Director may be removed from his office only in accordance with
                        the applicable provisions of the Law.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font face="Times New Roman, Times, serif" color="#000000" size="2">25.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><a name="boardofdirectors"><font face="Times New Roman, Times, serif" color="#000000" size="2">
                        BOARD OF DIRECTORS MEETINGS</font></a></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(a)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Board of Directors may meet, adjourn and otherwise regulate its meetings as
                        it sees fit. However, the Board will meet at least once every three (3)
                        months. Unless otherwise determined by the Board, the quorum for a Board
                        meeting will be not less than half (1/2) of the then number of
                        Directors.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(b)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Questions
                        arising at any Directors&rsquo; meeting will be decided by a majority of
                        votes cast at the meeting. In cases of an equality of votes the Chairman
                        will not have a second or casting vote.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(c)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Each
                        Director will receive reasonable prior notice of a Board meeting. Such
                        notice may be given by any means of communication as determined by the
                        Secretary, including, among others, telephone or e-mail. Such notice will
                        include the time and location of the meeting and a reasonable description
                        of the meeting&rsquo;s agenda.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(d)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">At the
                        request of a Director, the Secretary will at any time summon a meeting of
                        the Board. Reasonable advance notice of the time, place and agenda of each
                        Board meeting will be given to each Director. The Directors may waive such
                        notice requirement.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(e)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Directors
                        may participate in a Board meeting or a Board committee meeting by means of
                        a telephone conference or other communications media, provided that all
                        participating Directors can hear each other simultaneously. Participation
                        by such means will be considered as presence in person at a
                        meeting.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(f)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">All
                        acts done bona fide by any meeting of the Board or of a committee of the
                        Board or by any person acting as a Director will be valid, even if it is
                        later discovered that there was some defect in the appointment of any
                        Director, or that any Director was disqualified.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(g)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Board of Directors will cause proper minutes to be made of all General
                        Meetings and of the proceedings of all meetings of Board of Directors and
                        Board committee meetings. Such minutes purporting to be signed by the
                        chairman of such meeting, or by the chairman of the next succeeding
                        meeting, will be considered conclusive evidence of the facts stated in the
                        minutes.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.51in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            &nbsp;
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.51in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p align="center">
        <font face="Times New Roman, Times, serif" color="#000000" size="2">20</font></p>

        <p></p>
        <hr align="center" width="100%" noshade size="2">

        <p></p>

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 24pt; MARGIN-LEFT: 0.51in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font face="Times New Roman, Times, serif" color="#000000" size="2">26.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><a name="committees"><font face="Times New Roman, Times, serif" color="#000000" size="2">
                        COMMITTEES OF THE BOARD OF DIRECTORS</font></a></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(a)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Subject
                        to the applicable provisions of the Law regarding matters that the Board
                        may not delegate to a committee, the Board of Directors may delegate any of
                        its powers to committees consisting of at least three (3) Directors,
                        including at least one (1) External Director. Any committee so formed will
                        in the exercise of its powers conform to any directions given to it by the
                        Board.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(b)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Board of Directors may appoint a chairman for any committee. If no chairman
                        is appointed by the Board of Directors for a particular committee, then
                        such a committee may elect a chairman. If no such chairman is elected, or
                        if at any meeting the chairman is not present within fifteen (15) minutes
                        after the time appointed for holding the meeting, the committee members
                        present may choose a committee member to be chairman of the meeting. Unless
                        otherwise specifically directed by the Board of Directors, the meetings and
                        proceedings of any committee will be governed as applicable by the
                        provisions in these Articles for regulating the meetings and proceedings of
                        the Board.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(c)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">A
                        committee may meet and adjourn as its members may determine. Questions
                        arising at any meeting will be determined by a majority of votes of the
                        members present. In case of an equality of votes, the chairman of a
                        committee will not have a second or casting vote.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(d)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Board of Directors will appoint an Audit Committee composed of at least
                        three (3) Directors qualified under the Law and under all other applicable
                        laws, regulations and rules to serve on the Audit Committee including all
                        External Directors. The Audit Committee will act under a charter issued by
                        the Board and according to the requirements of the Law and all other
                        applicable laws, regulations and rules.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(e)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">A
                        resolution in writing signed by the Secretary will serve as evidence of a
                        resolution passed at a duly convened meeting of the Board of
                        Directors.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top" width="51">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(f)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Board of Directors may authorize a designated committee to approve, in lieu
                        of approval by the Board of Directors as a whole, employment related terms
                        of an officer of the Company other than the Company&rsquo;s President and
                        Chief Executive Officer.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font face="Times New Roman, Times, serif" color="#000000" size="2">27.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><a name="president"><font face="Times New Roman, Times, serif" color="#000000" size="2">
                        PRESIDENT</font></a></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(a)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Subject
                        to these Articles and the Law, the Board of Directors will from time to
                        time appoint a President for such period, on such terms and with such
                        powers as the Board may determine. The compensation of the President may be
                        by salary or any other consideration as determined by the Board.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(b)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">A
                        President will be subject to the provisions of any contract between him and
                        the Company, the terms of which will be approved by the Board of
                        Directors.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            &nbsp;
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center">
        <font face="Times New Roman, Times, serif" color="#000000" size="2">21</font></p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(c)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        President may hold, while he is President, the office of a Director, if he
                        is elected or appointed in accordance with the provisions of these
                        Articles. If so elected the President is subject to the same provisions as
                        resignation and removal as the other Directors. In regard to his position
                        as President, the President will be appointed as provided in Article 27(a)
                        above and may be removed by the Board of Directors. If he ceases to hold
                        the office of President for any reason and at that time he serves as a
                        Director, he will immediately cease to be a Director. In any case, if the
                        President does not serve as a Director, he will be entitled to attend any
                        Board meeting.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(d)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Subject
                        to the supervision of the Board of Directors, the President may exercise
                        all powers of the Company and do on behalf of the Company all acts as may
                        be exercised and done by the Company and that are not by the Law or by
                        these Articles required to be exercised or done by other Company bodies. No
                        resolution made by a General Meeting will invalidate any prior act of the
                        President that would have been valid if such resolution had not been
                        made.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(e)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Subject
                        to applicable law and the specific or general approval of the Board, the
                        President may delegate any of his powers to another person.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(f)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Board of Directors may assume powers granted under these Articles or by law
                        to the President, provided that such decision to assume power specifies the
                        matters and time period for which such powers are assumed.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font face="Times New Roman, Times, serif" color="#000000" size="2">28.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><a name="secretary"><font face="Times New Roman, Times, serif" color="#000000" size="2">
                        SECRETARY</font></a></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 24pt; MARGIN-LEFT: 0.53in; TEXT-ALIGN: justify">
        <font face="Times New Roman, Times, serif" color="#000000" size="2">The Board of Directors
        may appoint a Secretary of the Company on any terms the Board may determine. The Board may
        also from time to time appoint an acting Secretary, who will be considered as the Secretary
        during the term of his appointment.</font></p>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font face="Times New Roman, Times, serif" color="#000000" size="2">29.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><a name="signatureauth"><font face="Times New Roman, Times, serif" color="#000000" size="2">
                        SIGNATURE AUTHORITY</font></a></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 24pt; MARGIN-LEFT: 0.53in; TEXT-ALIGN: justify">
        <font face="Times New Roman, Times, serif" color="#000000" size="2">The Company&rsquo;s
        signature authority will be in accordance with a signature authority procedure approved by
        the Board of Directors. The Board may also, from time to time, appoint any individual to
        sign on behalf of the Company for a particular matter. All checks, bank transfers,
        negotiable instruments and similar documents will be signed in accordance with the
        Company&rsquo;s signature authority procedure.</font></p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font face="Times New Roman, Times, serif" color="#000000" size="2">30.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><a name="accounts"><font face="Times New Roman, Times, serif" color="#000000" size="2">
                        ACCOUNTS</font></a></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(a)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Board of Directors will cause the Company&rsquo;s books of accounts to be
                        kept in accordance with legal requirements. The books of account will be
                        kept at the Registered Office and will be open to the inspection of the
                        Board of Directors and, as required by the Law, of the
                        Shareholders.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(b)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Company will issue financial statements as required by the Law, the
                        Securities Law and other applicable laws. The issued financial statements
                        will be available for inspection by the Board of Directors and Shareholders
                        at the Registered Office during regular office hours.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            &nbsp;
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center">
        <font face="Times New Roman, Times, serif" color="#000000" size="2">22</font></p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font face="Times New Roman, Times, serif" color="#000000" size="2">31.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><a name="indcertacc"><font face="Times New Roman, Times, serif" color="#000000" size="2">
                        INDEPENDENT CERTIFIED ACCOUNTANTS</font></a></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(a)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Company will appoint Independent Certified Accountants at a General
                        Meeting. The Independent Certified Accountants will hold office until the
                        end of the next Annual Meeting. However, the Shareholders at a General
                        Meeting may remove the Independent Certified Accountants or extend the term
                        of appointment for up to three (3) years.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(b)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The fee
                        of the Independent Certified Accountants will be set and approved by the
                        Board of Directors and reported to the next Annual Meeting.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font face="Times New Roman, Times, serif" color="#000000" size="2">32.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><a name="internalaud"><font face="Times New Roman, Times, serif" color="#000000" size="2">
                        INTERNAL AUDITOR</font></a></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(a)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Board of Directors, upon the recommendation of the Audit Committee, will
                        appoint an Internal Auditor for the Company. Within the organizational
                        structure of the Company the Internal Auditor will report to the President.
                        The Internal Auditor may only be removed or replaced in accordance with the
                        applicable provisions of the Law.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(b)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Internal Auditor will submit a yearly audit plan for the approval of the
                        Audit Committee. The Internal Auditor will also submit a yearly account of
                        his findings to the chairman of the Board of Directors, the President and
                        the chairman of the Audit Committee.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font face="Times New Roman, Times, serif" color="#000000" size="2">33.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><a name="notices"><font face="Times New Roman, Times, serif" color="#000000" size="2">
                        NOTICES</font></a></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(a)</font></p>
                    </td>

                    <td valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">A
                        notice to a Shareholder may be served as a general notice to all
                        Shareholders, by publication in a daily Hebrew newspaper appearing in
                        Israel. The date of such newspaper publication will be considered as the
                        date of service on all the Shareholders. The Board of Directors may also
                        decide that notice be served on each Shareholder individually to his
                        registered address by hand, by mail or by any other form of media or
                        transmission permitted by law, to the registered address of each
                        Shareholder, provided that such delivery and date thereof can be reasonably
                        verified and recorded. A notice served on a Shareholder by mail will be
                        considered as duly served the day after it was placed in the
                        mail.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(b)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">A
                        notice to joint Shareholders may be given by the Company only to the
                        Shareholder named first in the Register for the applicable
                        Shares.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(c)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Board of Directors may authorize other methods of notice to Shareholders
                        that are consistent with the Law.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(d)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Notices
                        of General Meetings will contain the information required by the
                        Law.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font face="Times New Roman, Times, serif" color="#000000" size="2">34.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><a name="insurance"><font face="Times New Roman, Times, serif" color="#000000" size="2">
                        INSURANCE, INDEMNITY AND EXEMPTION</font></a></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(a)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Subject
                        to the provisions of the Law, the Company may exempt in advance or
                        retroactively, any Director or Company officer from any liability to the
                        Company attributed to damage or loss caused by breach of the
                        Director&rsquo;s or officer&rsquo;s duty of care owed to the
                        Company.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            &nbsp;
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center">
        <font face="Times New Roman, Times, serif" color="#000000" size="2">23</font></p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(b)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Subject
                        to the provisions of the Law, the Company may procure Directors&rsquo; and
                        officers&rsquo; liability insurance for the following:</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="47">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 20pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="38">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(1)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">breach
                        of duty of care by any Director or officer owed to the Company or any other
                        person;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="47">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 20pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="38">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(2)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">breach
                        of fiduciary duty by any Director or officer owed to the Company, provided
                        that such Director or officer acted in good faith and had a reasonable
                        basis to assume that the action would not harm the interests of the
                        Company; or</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 4pt" valign="top" width="47">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 16pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 4pt" valign="top" width="38">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(3)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 4pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">any
                        other event for which insurance of a director or officer is or may be
                        permitted.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(c)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Subject
                        to the provisions of the Law, the Company may undertake in advance or
                        retroactively to indemnify a Director or Company officer in respect of a
                        liability or expense as detailed in Article 34(d) below, imposed on him as
                        a result of an act carried out in his capacity as a Director or Company
                        officer.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(d)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">An
                        indemnity, as provided in Article 34(c) above, may be issued in respect of
                        a liability or expense as follows:</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="46">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 20pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="39">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(1)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">a
                        monetary liability imposed on the Director or officer or paid by him in
                        favor of a third party under a judgment, including a judgment by way of
                        compromise or a judgment of an arbitrator approved by a court; however,
                        such undertaking will be limited to events which, in the Board&rsquo;s
                        opinion, are foreseeable in light of the Company&rsquo;s actual activities
                        at the time of granting the obligation to indemnify, and to a sum or
                        criteria as the Board deems reasonable under the circumstances, and the
                        undertaking to indemnify will specify the aforementioned events and sum or
                        criteria;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 28pt; PADDING-TOP: 4pt" valign="top" width="46">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 28pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 28pt; PADDING-TOP: 4pt" valign="top" width="39">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(2)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 28pt; PADDING-TOP: 4pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">reasonable
                        legal fees incurred by a Director or officer in an investigation or
                        procedure conducted against him by an authority authorized to conduct such
                        investigation or procedure, provided that such investigation or procedure
                        (i) concludes without the filing of an indictment against the Director or
                        officer and without imposition of a monetary payment in lieu of criminal
                        proceedings, or (ii)&nbsp;concludes with imposing on the Director or
                        officer monetary payment in lieu of criminal proceedings, provided that the
                        alleged criminal offense in question does not require proof of criminal
                        intent;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 4pt" valign="top" width="46">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 24pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 4pt" valign="top" width="39">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(3)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 4pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">reasonable
                        expenses of the proceedings, including lawyers&rsquo; fees, expended by the
                        Director or officer or imposed on him by the court for:</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="83">
                        <p style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="34">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(a)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">proceedings
                        issued against him by or on behalf of the Company or by a third
                        party;</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="83">
                        <p style="MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="34">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(b)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">criminal
                        proceedings from which the Director or officer was acquitted; or</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; TEXT-ALIGN: justify">&nbsp;</p>

        <div align="left">
            &nbsp;
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt" align="center">
        <font face="Times New Roman, Times, serif" color="#000000" size="2">24</font></p>
        <!-- EEDocs PBStart-->
        <hr align="center" width="100%" noshade size="2">

        <p style="PAGE-BREAK-BEFORE: always"></p>
        <!-- EEDocs PBEnd-->

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 0in" valign="top" width="83">
                        <p style="MARGIN: 0in 0in 16pt; TEXT-INDENT: 0in">&nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 0in" valign="top" width="34">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(c)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">criminal
                        proceedings in which he was convicted but that do not require proof of
                        criminal intent; or</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 4pt" valign="top" width="47">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 16pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 4pt" valign="top" width="38">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(4)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 4pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">any
                        other liability or expense for which it is or may be permissible to
                        indemnify a director or an officer.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(e)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Subject
                        to the provisions of the Law, the Company may issue an undertaking in
                        advance or retroactively to indemnify any person, including a Director or a
                        Company officer, who acts or acted on behalf of or at the request of the
                        Company as a director or officer of another company in which the Company,
                        directly or indirectly, is a shareholder, or in which the Company has any
                        other interest. Such indemnity will be in respect of a liability or expense
                        as detailed in Article 34(d) above, imposed on him as a result of an act
                        carried out by him in his capacity as a director or officer of the other
                        company.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(f)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Subject
                        to the provisions of the Law:</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="47">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 20pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="38">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(1)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Company may indemnify any employee or representative of the Company, who is
                        not a Director or a Company officer, for any liability or expense paid or
                        imposed on him in his capacity as a Company employee or representative in
                        any legal proceedings, due to an act carried out by him in good faith in
                        his capacity as Company employee or representative. However, such indemnity
                        may not be given for a criminal indictment in which he was convicted in an
                        offense that requires proof of criminal intent and the convicting judgment
                        was not reversed on appeal or cannot be issued for an appeal.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 4pt" valign="top" width="47">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 16pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 4pt" valign="top" width="38">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(2)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 4pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">The
                        Company may issue an undertaking in advance to indemnify a Company employee
                        or representative, who is not a Director or Company officer, or to
                        indemnify him retroactively for any monetary liability imposed or that may
                        be imposed on him in favor of any third party in respect of an act carried
                        out by him in good faith in his capacity as a Company employee or
                        representative.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(g)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Subject
                        to the provisions of the Law, nothing in these Articles will limit the
                        Company, in any manner, in entering into an agreement of liability
                        insurance, or in granting an exemption or indemnification in respect
                        of:</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="47">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 20pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(1)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">a
                        Director or Company officer, or a director or officer of another company as
                        provided in Article 34(e) above, to the extent that the insurance,
                        exemption or indemnity is not prohibited by law; or</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 4pt" valign="top" width="47">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 16pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 4pt" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(2)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 4pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">any
                        person who is not a Director or Company officer, or a director of another
                        company as provided in Article 34(e) above, including but not limited to
                        employees and representatives of the Company or such other
                        company.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="MARGIN-LEFT: 0pt; BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(h)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 24pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">Notwithstanding
                        the above, any indemnification granted by the Company under this Article 34
                        shall not exceed twenty-five percent (25%) of the consolidated equity of
                        the Company as reflected in its last consolidated Annual Financial
                        Statements published prior to the payment of such
                        indemnification.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font face="Times New Roman, Times, serif" color="#000000" size="2">35.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><a name="reconstruction"><font face="Times New Roman, Times, serif" color="#000000" size="2">
                        RECONSTRUCTION AND WINDING-UP</font></a></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(a)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">If the
                        Company will be wound up voluntarily the liquidators may, with the approval
                        of a Special Majority of the Shareholders voting at a General Meeting,
                        divide among the Shareholders any part of the Company&rsquo;s assets. Such
                        approval may also vest any part of the Company&rsquo;s assets to trustees
                        under trusts for the benefit of the Shareholders as the liquidators may
                        determine.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 0in" valign="top" width="49">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(b)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 16pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">On any
                        sale of the Company or its assets through a liquidation or winding-up, a
                        Special Majority of the Shareholders voting at a General Meeting may
                        authorize the Board of Directors or liquidators to:</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="47">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 20pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top" width="38">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(1)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 20pt; PADDING-TOP: 4pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">accept
                        fully or partly paid up Shares, debentures, or other Company securities,
                        whether registered in Israel or other jurisdictions, whether existing or
                        contingent, for the purchase in whole or in part of Company property and,
                        if the profits of the Company permit, distribute such Shares, securities or
                        any other Company property among the Shareholders without requiring their
                        realization, or vest the same in trustees for them; and/or</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 28pt; PADDING-TOP: 4pt" valign="top" width="47">
                        <p style="MARGIN-TOP: 4pt; MARGIN-BOTTOM: 28pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        &nbsp;</p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 28pt; PADDING-TOP: 4pt" valign="top" width="38">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">(2)</font></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 28pt; PADDING-TOP: 4pt" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: left">
                        <font face="Times New Roman, Times, serif" color="#000000" size="2">distribute
                        or appropriate the Company&rsquo;s cash, Shares, other securities, benefits
                        or property for the valuation of any such securities or property as so
                        approved at the General Meeting. In such case, all Shareholders will be
                        bound to accept any valuation on distribution so authorized, and will waive
                        all rights in relation to such valuation, except where otherwise required
                        by law.</font></p>
                    </td>
                </tr>
            </table>
        </div>

        <div align="left">
            <table style="BORDER-COLLAPSE: collapse" cellspacing="0" cellpadding="0" width="100%" border="0">
                <tr>
                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top" width="29">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><font face="Times New Roman, Times, serif" color="#000000" size="2">36.</font></b></p>
                    </td>

                    <td style="PADDING-RIGHT: 0in; PADDING-LEFT: 0in; PADDING-BOTTOM: 12pt; PADDING-TOP: 0in" valign="top">
                        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; TEXT-ALIGN: justify">
                        <b><a name="amendments"><font face="Times New Roman, Times, serif" color="#000000" size="2">
                        AMENDMENTS TO ARTICLES</font></a></b></p>
                    </td>
                </tr>
            </table>
        </div>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.53in; TEXT-ALIGN: justify">
        <font face="Times New Roman, Times, serif" color="#000000" size="2">These Articles may be
        amended, in whole or in part, by a Special Majority of the Shareholders voting at a General
        Meeting.</font></p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.53in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0.53in; TEXT-ALIGN: justify">
        &nbsp;</p>

        <p style="MARGIN-TOP: 0pt; MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in" align="center">
        <font face="Times New Roman, Times, serif" color="#000000" size="2">25</font></p>
        <!-- EEDocs PBStart--><!-- EEDocs PBEnd--><!-- EEDocs PBStart--><!-- EEDocs PBEnd-->
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
