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<SEC-DOCUMENT>0001178913-04-001459.txt : 20041103
<SEC-HEADER>0001178913-04-001459.hdr.sgml : 20041103
<ACCEPTANCE-DATETIME>20041103114714
ACCESSION NUMBER:		0001178913-04-001459
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20041103
FILED AS OF DATE:		20041103
DATE AS OF CHANGE:		20041103

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NUR MACROPRINTERS LTD
		CENTRAL INDEX KEY:			0000946394
		STANDARD INDUSTRIAL CLASSIFICATION:	PRINTING TRADES MACHINERY & EQUIPMENT [3555]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-26498
		FILM NUMBER:		041115290

	BUSINESS ADDRESS:	
		STREET 1:		5 DAVID NAVON STREET
		STREET 2:		MOSHAV MAGSHIMIM
		CITY:			PETAH-TIKVA ISRAEL
		STATE:			L3
		ZIP:			00000
		BUSINESS PHONE:		01197239087676

	MAIL ADDRESS:	
		STREET 1:		P O BOX 8440
		STREET 2:		MOSHAV MAGSHIMIM
		CITY:			ISRAEL
		STATE:			L3
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NUR ADVANCED TECHNOLOGIES LTD
		DATE OF NAME CHANGE:	19950607
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>zk41089.htm
<TEXT>
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     <!-- Control Number: 41089                                                            -->
     <!-- Rev Number:     1                                                                -->
     <!-- Client Name:    Nur Macroprinters Ltd                                            -->
     <!-- Project Name:   6-K                                                              -->
     <!-- Firm Name:      Zadok-Keinan Ltd                                                 -->
     <TITLE>6-K</TITLE>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>SECURITIES AND
EXCHANGE COMMISSION </FONT><BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>Washington, D.C. 20549 </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=4>FORM 6-K </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Report of Foreign
Private Issuer </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pursuant to Rule
13a-16 or 15d-16 </FONT><BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>of the Securities
Exchange Act of 1934 </FONT></H1>

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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>For the month of October
2004 </FONT></P>

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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Commission File Number:
000-26498 </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=5><U><B>NUR Macroprinters
Ltd.</B> </U></FONT><BR><FONT FACE="Times New Roman, Times, Serif" SIZE=2> (Translation of registrant&#146;s name into English)  </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>12 Abba Hillel
Silver Street, Lod, Israel 71111</U><BR>(Address of principal executive offices) </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Indicate by check mark whether the
registrant files or will file annual reports under cover Form 20-F or Form 40-F. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Form 20-F <FONT size="3" face="Wingdings">x
</font> Form 40-F <FONT size="3" face="Wingdings">o
</font>
</FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Indicate by check mark whether by
furnishing the information contained in this Form, the registrant is also thereby
furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Yes <FONT size="3" face="Wingdings">o
</font> No <FONT size="3" face="Wingdings">x</font> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>If &#147;Yes&#148; is marked,
indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ________</FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
On October 27, 2004, NUR Macroprinters Ltd. (the &#147;<B>Company</B>&#148;) held its
Annual Meeting of Shareholders. The Notice of Annual Meeting of Shareholders and Proxy
Statement, which was distributed on or about September 29, 2004 to shareholders of record
as of September 20, 2004, is attached hereto as <B><U>Exhibit 1</U></B>. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
of the following matters were approved at the Annual Meeting: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
       ratification  of the  selection of Kost Forer Gabbay &amp; Kassierer  as the
 independent  auditors of the Company for the fiscal year ended December 31, 2004; </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
       election of Dan Purjes, Robert F. Hussey and Oded Akselrod to the Board of
Directors; </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
       renewal of the Company's directors and officers liability insurance policy; </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
       an amendment of the  Company's  Amended and Restated  Articles of  Association  to
provide for advance exculpation of officers for breaches of duty their duty of care; and </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
       an increase of the number of shares  authorized  for issuance  under the
 Company's  2000 Stock Option Plan. </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following document is attached hereto and incorporated by reference herein: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
   NUR Macroprinters Ltd. Notice of Annual Meeting and Proxy Statement.  </FONT></TD>
</TR>
</TABLE>
<BR>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Signatures </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>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></P>


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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NUR Macroprinters Ltd.<BR><BR>
<BR>BY: /S/ David Seligman<BR>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
David Seligman<BR>Chief Financial Officer</FONT></TD>
</TR>
</TABLE>
<BR>



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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date November 3, 2004 </FONT></P>


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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit Index </FONT></P>


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<TR VALIGN=TOP>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Exhibit 1.</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
   NUR Macroprinters Ltd. Notice of Annual Meeting and Proxy Statement. </FONT></TD>
</TR>
</TABLE>
<BR>


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<DOCUMENT>
<TYPE>EX-99
<SEQUENCE>2
<FILENAME>exhibit_1.htm
<TEXT>
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     <!-- Control Number: 41089                                                            -->
     <!-- Rev Number:     1                                                                -->
     <!-- Client Name:    Nur Macroprinters Ltd                                            -->
     <!-- Project Name:   6-K                                                              -->
     <!-- Firm Name:      Zadok-Keinan Ltd                                                 -->
     <TITLE>6-K</TITLE>
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<H1 ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>Exhibit 1.</B></U> </FONT> </H1>

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<H1 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=5>NUR MACROPRINTERS LTD. </FONT></H1>
<BR><BR>


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<P ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=4>Notice of Annual <BR>Meeting
of Shareholders <BR>and Proxy Statement </FONT></P>
<BR><BR>


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<H1 ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=3>Wednesday, October 27, 2004<BR> at 10:00
a.m. Israel Time<BR>12 Abba Hillel Silver Street<BR>Lod, Northern Industrial Park<BR>Israel</FONT></H1>

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<p ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>NUR MACROPRINTERS
LTD.</B><BR></FONT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>12 Abba Hillel Silver Street<BR>Lod, Northern
Industrial Park,<BR>Israel </FONT></p>



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     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>NOTICE OF ANNUAL MEETING
OF SHAREHOLDERS<BR>To be held on October
27, 2004<BR>10:00 a.m.</B> </FONT></TD></TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To
Our Shareholders:  </FONT></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Annual Meeting of Shareholders of NUR Macroprinters Ltd. (the &#147;<B>Company</B>&#148;)
will be held at the offices of the Company at 12 Abba Hillel Silver Street, Lod, Northern
Industrial Park, Israel on October 27, 2004, at 10:00 a.m., Israel time, and thereafter as
it may be adjourned from time to time (the &#147;<B>annual meeting</B>&#148;), for the
following purpose: </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.&nbsp;&nbsp;&nbsp;&nbsp;
          To ratify the selection of Kost Forer Gabbay &amp; Kassierer (a member of Ernst
          &amp; Young Global) as the independent auditors of the Company for the fiscal
          year ended December 31, 2004, which selection was made by the Audit Committee of
          the Board of Directors; </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.&nbsp;&nbsp;&nbsp;&nbsp;
          To elect three members of the Board of Directors to hold office until the next
          annual meeting of Shareholders and until their respective successors are duly
          elected and qualified; </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.&nbsp;&nbsp;&nbsp;&nbsp;
          To approve the renewal and continuation of liability insurance coverage for the
          Company&#146;s officers and directors; </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.&nbsp;&nbsp;&nbsp;&nbsp;
          To approve an amendment of the Company&#146;s Amended and Restated Articles of
          Association, which amendment will add provisions permitting the Board of
          Directors to exempt in advance officers from breaches of their duty of care
          towards the Company; </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.&nbsp;&nbsp;&nbsp;&nbsp;
          To approve an amendment to the Company&#146;s 2000 Stock Option Plan to increase
          by 500,000 the number of ordinary shares of the Company, NIS 1.0 par value (the
          &#147;<B>ordinary shares</B>&#148;), authorized for issuance under the 2000
          Stock Option Plan, from 2,497,590 ordinary shares to 2,997,590 ordinary shares;
          and </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6.&nbsp;&nbsp;&nbsp;&nbsp;
          To act upon any other matters that may properly come before the annual meeting
          or any adjournment or adjournments thereof. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Details
regarding the business to be conducted at the annual meeting are more fully described in
the accompanying Proxy Statement. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Directors of the Company has fixed the close of business on September 20, 2004,
as the date, (the &#147;<B>Record Date</B>&#148;) for determining the holders of record of
ordinary shares entitled to notice of and to vote at the annual meeting. Only shareholders
of record at the close of business on the Record Date are entitled to notice of, and to
vote at, the annual meeting or any adjournments. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company expects to mail the Proxy Statement, the accompanying form of proxy, the
Company&#146;s Annual Report on Form 20-F for the fiscal year ended December 31, 2003,
attached as <B><U>Exhibit A</U></B><U></U>, and the Company&#146;s Consolidated Financial
Statements for the fiscal year ended December 31, 2003, also attached as part of
<B><U>Exhibit A</U></B><U></U>, to shareholders of record (as determined above) on or
about September 29, 2004. The Company&#146;s annual report does not form a part of the
proxy solicitation materials. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You
are cordially invited to attend the annual meeting. <B>Whether or not you plan to be
present at the annual meeting and regardless of the number of ordinary shares you own, you
are requested to complete and return the enclosed proxy, which is solicited by the Board
of Directors of the Company and to mail it promptly in the accompanying envelope, so that
your votes may be recorded. Under the Amended and Restated Articles of Association of the
Company, your proxy must be received by 10:00 a.m., Israel time, on October 25, 2004, to
be counted for the annual meeting. </B>If you attend the annual meeting, you may revoke
your proxy and vote your shares in person. If you are present at the annual meeting and
desire to vote in person, you may revoke your appointment of proxy at the annual meeting
so that you may vote your shares personally. </FONT></P>


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<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> By Order of the Board of Directors,<BR><BR>
<BR>/S/ Dan Purjes<BR>&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;&#151;<BR>
Dan Purjes<BR>Chairman of the Board</FONT></TD>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=3>NUR MACROPRINTERS LTD. </FONT><BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>12 Abba Hillel Silver
Street </FONT><BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>Lod, Northern
Industrial Park, </FONT><BR>
<FONT FACE="Times New Roman, Times, Serif" SIZE=2>Israel </FONT></H1>



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     <TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>PROXY STATEMENT FOR
ANNUAL MEETING OF SHAREHOLDERS <BR>
To be held on October
27, 2004 <BR>
10:00 a.m. <BR></B> </FONT></TD></TR>
</TABLE>
<BR>

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<HR SIZE="1" NOSHADE WIDTH="50%" ALIGN="CENTER">

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
2004 Annual Meeting of Shareholders of NUR Macroprinters Ltd. will be held on Wednesday,
October 27, 2004 at the offices of the Company, located at 12 Abba Hillel Silver Street,
Lod, Northern Industrial Park, Israel, at 10:00 a.m., Israel time (the &#147;<B>annual</B>
<B>meeting</B>&#148;). The enclosed form of proxy is solicited by our Board of Directors
for use at the annual meeting and at any adjournments of the annual meeting. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Annual Report on Form 20-F for the fiscal year ended December 31, 2003 and the
Company&#146;s Consolidated Financial Statements for the fiscal year ended December 31,
2003, are being mailed to shareholders with the mailing of these proxy materials on or
about September 29, 2004. The Annual Report and the Company&#146;s Consolidated Financial
Statements do not form a part of the proxy solicitation materials </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
used in this proxy statement, the terms &#147;NUR,&#148; the &#147;Company,&#148; and
&#147;we&#148; each refers to NUR Macroprinters Ltd. and includes its subsidiaries, unless
the context otherwise requires. </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INFORMATION ABOUT THE
MEETING </FONT></H1>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Q:</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Why
am I receiving these materials?</B> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>A. </B></FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>          The
Company, at the direction of NUR&#146;s Board of Directors (the           &#147;<B>Board</B>&#148;),
is providing these proxy materials to the holders of           ordinary shares, NIS 1.0
nominal value (the &#147;<B>ordinary shares</B>&#148;)           in anticipation of NUR&#146;s
annual shareholders&#146; meeting, which will take           place on October 27, 2004. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>Q.</B> </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>          What
information is contained in these materials? </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>A.</B></FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font></FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A
description of the proposals to be voted on at the annual meeting; and </FONT></TD>
</TR>
</TABLE>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font></FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A
description of voting process related to the annual meeting. </FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also
enclosed are  </FONT></P>


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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font></FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Our
Annual Report on Form 20-F for the fiscal year ended December 31, 2003 and the Company&#146;s
Consolidated Financial Statements for the fiscal year ended December 31, 2003 (which do
not constitute a part of the proxy solicitation materials); </FONT></TD>
</TR>
</TABLE>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A
description of our 2000 Stock Option Plan;</FONT></TD>
</TR>
</TABLE>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Charter of our Audit Committee; and</FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>4</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px">
<HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<P STYLE="page-break-after:always"></P>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a
proxy card with a return, pre-paid and addressed envelope.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Q.</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>What
am I being asked to vote on?</B> </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>A.</b> </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>You
are being asked to vote on: </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font></FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>PROPOSAL
1</U> To ratify the selection of Kost Forer Gabbay &amp; Kassierer (a member of Ernst
&amp; Young Global) as the independent auditors of the Company for the fiscal year ended
December 31, 2004, which selection was made by the Audit Committee of the Board of
Directors; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font></FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>PROPOSAL
2</U> To elect three members of the Board of Directors to hold office until the next
Annual Meeting of Shareholders and until their respective successors are duly elected and
qualified; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>PROPOSAL
3</U> To approve the renewal and continuation of liability insurance coverage for the
Company&#146;s officers and directors; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>PROPOSAL
4</U> To approve an amendment of the Company&#146;s Amended and Restated Articles of
Association, which amendment will add provisions permitting the Board of Directors to
exempt in advance office holders from breach of their duty of care towards the Company;
and </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>PROPOSAL
5</U> To approve an amendment to the Company&#146;s 2000 Stock Option Plan to increase by
500,000 the number of ordinary shares, authorized under the 2000 Stock Option Plan, from
2,497,590 ordinary shares to 2,997,590 ordinary shares. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Q:</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>How
does NUR&#146;s Board of Directors recommend that I vote?</B> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>A:</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>NUR's
Board recommends that you vote your shares:</FONT></TD>
</TR>
</TABLE>
<BR>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;<B>FOR</B>&#148; the
ratification of the Audit Committee&#146;s appointment of Kost Forer Gabbay &amp; Kassierer
as our independent auditors for 2004 and until the next Annual Meeting of Shareholders; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>"FOR"</B>
each of the nominees to the Board;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>"FOR"</B>
the renewal and continuation of the Company's directors and officers liability insurance;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>"FOR"</B>
the amendment of our Amended and Restated Articles of Association; and</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&#147;<B>FOR</B>&#148; the
adoption of the resolution to increase the number of ordinary shares reserved for
issuance under the 2000 Stock Option Plan by additional 500,000 ordinary shares. </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>5</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px">
<HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<P STYLE="page-break-after:always"></P>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Q:</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Who
is entitled to vote?</B> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>A:</b>  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Only
holders of record of ordinary shares at the close of business on September 20, 2004, are
entitled to notice of and to vote at the annual meeting. We refer to this date as the
&#147;Record Date.&#148; As of the Record Date, the Company had 25,932,013 ordinary
shares outstanding. Each ordinary share is entitled to one vote. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Joint
holders of ordinary shares should take note that, pursuant to Article 27.6 of the Company&#146;s
Amended and Restated Articles of Association, the right to vote at the annual meeting
shall be conferred exclusively upon the senior among the joint owners attending the
annual meeting, in person or by proxy, and for this purpose, seniority shall be
determined by the order in which the names stand in the Company&#146;s register of
members. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Q:</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Is
cumulative voting permitted?</B> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>A:</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>No.&nbsp;&nbsp;
</B>The Company's Amended and Restated Articles of Association do not provide for
cumulative voting for the election of the Directors or for any other purpose.
Each ordinary share is entitled to one vote on each matter to be voted on at the
annual meeting. </FONT></TD>
</TR>
</TABLE>
<BR>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>HOW TO VOTE YOUR SHARES </FONT></H1>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Q:</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>How
can I vote my shares?</B> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>A:</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>You
may vote by one of the following two ways:</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Mail.</I> You
may vote by mail by signing the enclosed proxy card and mailing it in the enclosed,
prepaid and addressed envelope. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>In
person at the annual meeting</I>. Written ballots will be passed out to anyone who is
eligible and wants to vote at the annual meeting. If you hold your shares in &#147;street
name&#148; (i.e., through a broker, bank or other nominee), you must request a legal
proxy from your broker or other nominee before the annual meeting to vote at the annual
meeting. See &#147;What is the difference between holding shares as a stockholder of
record and as a beneficial owner?&quot;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Q:</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>How
are my votes cast when I sign and return a proxy card?</B> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>A:</b>  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>When
you sign the proxy card, you appoint David Amir, our Chief Executive Officer, and David
Seligman, our Chief Financial Officer, as your representatives at the annual meeting. One
of Messrs. Amir and Seligman will vote your shares at the annual meeting as you have
instructed them on the proxy card. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
A
form of proxy for use at the annual meeting and a return envelope for the proxy are
enclosed. Upon the receipt of a properly signed and dated proxy in the form enclosed,
which is received in time and not revoked, one of Messrs. Amir and Seligman will vote the
ordinary shares represented thereby at the annual meeting in accordance with the
instructions of the shareholder indicated thereon. In accordance with the Company&#146;s
Amended and Restated Articles of Association, your proxy must be received by the Company
by 10:00 a.m., Israel time, on October 25, 2004 to be counted for the annual meeting. The
Company knows of no other matters to be submitted at the annual meeting other than as
specified in the Notice of Annual Meeting of Shareholders included with this Proxy
Statement. If any other business is properly brought before the annual meeting, however,
it is the intention of the person(s) named as proxies to vote in respect thereof in
accordance with their best judgment. </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>6</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px">
<HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<P STYLE="page-break-after:always"></P>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Even
if you plan to attend the annual meeting, it is a good idea to complete, sign and return
your proxy card in advance of the annual meeting in case your plans change. This way,
your shares will be voted whether or not you actually attend the annual meeting. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Q:</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>What
is the difference between holding shares as a shareholder of record and as a beneficial
owner?</B> </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>A:</b>  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Many
NUR shareholders hold their shares through a stockbroker, bank or other nominee rather
than directly in their own name. As summarized below, there are some distinctions between
shares held of record and those owned beneficially. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Stockholder
of Record</B> </FONT>
</TD>
</TR>
</TABLE>
<BR>


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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
If
your shares are registered directly in your name with our transfer agent, Continental
Stock Transfer &amp; Trust Company of New York, New York, you are considered with respect
to those shares, the shareholder of record. In such case, these proxy materials are being
sent directly to you. As the shareholder of record, you have the right to grant your
voting proxy directly to NUR or to vote in person at the annual meeting. NUR has enclosed
a proxy card and a pre-paid and addressed envelope for you to use.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Beneficial
Owner</B> </FONT>
</TD>
</TR>
</TABLE>
<BR>


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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
If
your shares are held in a stock brokerage account or by a bank or other nominee, you are
considered the beneficial owner of those shares. The shares held by a stock brokerage
account or by a bank or other nominee are said to be held in street name. If your shares
are held in street name, these proxy materials are being forwarded to you by your broker
or nominee who is considered, with respect to those shares, the shareholder of record. As
the beneficial owner, you have the right to direct your broker on how to vote your shares
for the annual meeting. You are also invited to attend the annual meeting. However, since
you are not the shareholder of record, you may not vote these shares in person at the
annual meeting, unless you obtain a signed proxy from the record holder (i.e., your
broker, bank or other nominee) giving you the right to vote the shares. Your broker or
nominee has enclosed a voting instruction card for you to use in directing the broker or
nominee regarding how to vote your shares.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Q:</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>How
can I vote my shares without attending the annual meeting?</B> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>A:</B> </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Whether
you hold shares directly as the shareholder of record or beneficially in street name, you
may direct your vote without attending the annual meeting by completing and mailing your
proxy card or voting instruction card in the enclosed prepaid and addressed envelope.
Please refer to the enclosed materials for details. </FONT></TD>
</TR>
</TABLE>
<BR>



<p align=center>
<font size=2>7</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px">
<HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<P STYLE="page-break-after:always"></P>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Q:</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>How
can I vote my shares in person at the annual meeting?</B> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>A:</B>  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Shares
held directly in your name as the shareholder of record may be voted in person at our
annual meeting. If you choose to do so, please bring the enclosed proxy card or proof of
identification. Even if you plan to attend the annual meeting, NUR recommends that you
vote your shares in advance as described below so that your vote will be counted if you
later decide not to attend our annual meeting. </FONT></TD>
</TR>
</TABLE>
<BR>




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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Shares
held in street name may be voted in person by you only if you obtain a signed proxy from
the record holder (i.e., your broker, bank or other nominee) giving you the right to vote
the shares. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Q:</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Can
I change my vote?</B> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>A:</B>  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Yes.
</B>You may change your proxy instructions at any time prior to the vote at the annual
meeting. You may accomplish this be entering a new vote or by granting a new proxy card
or new voting instruction card bearing a later date (which automatically revokes the
earlier proxy instructions) or by attending the annual meeting and voting in person.
Attendance at the annual meeting will not cause your previously granted proxy to be
revoked unless you specifically so request. There will be no double counting of votes. </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Q:</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Can
I revoke my proxy?</B> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>A:</b>  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Yes.
</B>A shareholder may revoke his/her proxy at any time prior to its exercise by notice in
writing to the Secretary of the Company, delivered at the Company&#146;s address above,
indicating that his/her proxy is revoked, by submitting another proxy with a later date,
or by attending the annual meeting and voting in person. Please note, however, that if a
shareholder&#146;s shares are held of record by a broker, bank or other nominee and that
shareholder wishes to vote at the annual meeting, the shareholder must bring a letter
from the broker, bank or other nominee confirming that shareholder&#146;s beneficial
ownership of shares. </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Q:</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>What
does it mean if I receive more than one proxy card?</B> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>A:</B>  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>It
means that you have multiple accounts at the transfer agent and/or with brokers. Please
sign and return all proxy cards to ensure that all your shares are voted. </FONT></TD>
</TR>
</TABLE>
<BR>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ABOUT VOTING PROCEDURE
AT THE MEETING </FONT></H1>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Q:</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>How
many votes do you need to hold the annual meeting?</B> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>A:</B>  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Shares
are counted as present at the annual meeting if the holder of those shares either is
present and votes in person at the annual meeting or has properly submitted a proxy card. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
To
conduct business at the annual meeting, two or more shareholders must be present, in
person or by proxy, representing more than 33 1/3%, or 8,644,005, of the 25,932,013
ordinary shares outstanding as of the Record Date, i.e., a quorum. </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>8</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px">
<HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<P STYLE="page-break-after:always"></P>


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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Ordinary
shares represented in person or by proxy (including broker non-votes and shares that
abstain or do not vote with respect to one or more of the matters to be voted upon) will
counted for the purpose of determining whether a quorum exists. &#147;Broker non-votes&#148; are
shares that are held in a street name by a bank or brokerage firm that indicates on its
proxy that it does not have discretionary authority to vote on a particular matter. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
If
a quorum is not present, the annual meeting will be adjourned until a quorum is obtained.  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Q:</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>How
will votes be counted?</B> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>A:</B>  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Proposals
1 (ratification of our auditors), 2 (election of directors) and Proposal 5 (increase in
the number of ordinary shares reserved for issuance under the 2000 Stock Option Plan)
require the affirmative vote of a majority (i.e., more than 50%) of the ordinary shares
of the Company voted in person or by proxy at the annual meeting on the matter presented
for passage. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Proposals
3 (renewal and continuation of the Company&#146;s directors and officers liability
insurance) and Proposal 4 (the amendment of our Amended and Restated Articles of
Association) require, in addition to the affirmative vote of the majority as set forth
above, that either (a) the votes in favor of this resolution include at least one third
of the votes of participating shareholders (not counting abstaining votes) who do not
have a Personal Interest, as such term is defined in the Israeli Companies Law, 1999 (the
&#147;<B>Companies Law</B>&#148;) in the approval of the resolution; or (b) the aggregate
votes of the opposing shareholders who do not have a Personal Interest represent less
than 1% of the Company&#146;s outstanding share capital. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Abstentions
and broker non-votes are each included for purposes of determining the presence or
absence of a sufficient number of shares to constitute a quorum for the transaction of
business. On all matters considered at the annual meeting, abstentions and broker
non-votes will not be treated as either a vote &#147;for&#148; or &#147;against&#148; the
matter. A broker non-vote occurs when a nominee holding shares for a beneficial owner
does not vote on a particular proposal because the nominee does not have discretionary
voting power with respect to that proposal and has not received instructions from the
beneficial owner. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Q:</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Is
my vote confidential?</B> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>A: </B> </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Yes.
</B>Only the inspector of elections and certain employees of NUR will have access to your
proxy card. They will tabulate and certify the vote. Any comments written on the proxy
card will remain confidential unless you ask that your name be disclosed. </FONT> </TD>
</TR>
</TABLE>
<BR>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>HOW TO FIND VOTING
RESULTS </FONT></H1>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Q:</B> </FONT> </TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><B>Where
do I find the voting results of the annual meeting?</B> </FONT> </TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><B>A: </B> </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>We
plan to announce preliminary voting results at the annual meeting and will publish the
final results in a Form 6-K filed with the SEC within few days following the annual
meeting. You can obtain a copy of the Form 6-K by any of the following means: </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>9</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px">
<HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<P STYLE="page-break-after:always"></P>


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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>reviewing
our SEC filings under the heading SEC filings within the Investor Relations section of
our website at <I><U>www.nur.com</U></I><U></U>; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>reviewing
our SEC filings through the SEC's EDGAR filing system at <I>www.sec.gov</I>;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>contacting
our Secretary at +972-8-9145526; or</FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>contacting
the SEC at (800) SEC-0330 for the location of the nearest public reference room.</FONT></TD>
</TR>
</TABLE>
<BR>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PRINCIPAL SHAREHOLDERS </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth certain information regarding the beneficial ownership of the
Company&#146;s ordinary shares as of June 30, 2004, by each person known by the Company to
be the beneficial owner of more than 5% of the outstanding ordinary shares. All of the
information with respect to beneficial ownership of the ordinary shares is given to the
best of the Company&#146;s knowledge and has been furnished by the beneficial owner. </FONT></P>


<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" border=0>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Ordinary shares<BR>Beneficially Owned (1)</FONT><HR WIDTH=95% SIZE=1 COLOR=#808080 NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Percentage of ordinary<BR>shares Beneficially Owned<BR></FONT><HR WIDTH=95% SIZE=1 COLOR=#808080 NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="48%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dan Purjes(2)</FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="3%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="20%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>7,820,851</FONT></TD>
     <TD WIDTH="4%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="20%" ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>29.5%</FONT></TD>
     <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>The Investment Corp. of United Mizrahi Bank Ltd.</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2,945,833</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>11.1%</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><BR>Myles Wittenstein(3)</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1,994,491</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN="CENTER"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;7.6%</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD></TR>
</TABLE>
<BR>
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<HR SIZE=1 NOSHADE WIDTH=15% ALIGN=LEFT>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(1)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>As
used in this table, &#147;beneficial ownership&#148; means the sole or shared
               power to vote or direct the voting or to dispose or direct the disposition
of                any security. For purposes of this table, a person is deemed to be the
               beneficial owner of securities that can be acquired within 60 days from
June 30,                2004 through the exercise of any option or warrant. Ordinary
shares subject to                options or warrants that are currently exercisable or
exercisable within 60 days                are deemed outstanding for computing the
ownership percentage of the person                holding such options or warrants, but
are not deemed outstanding for computing                the ownership percentage of any
other person. The amounts and percentages are                based upon 25,871,473
ordinary shares outstanding as of June 30, 2004. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(2)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>According
to Amendment No. 5 to Schedule 13-D filed by Mr. Purjes with the
               Securities and Exchange Commission on May 16, 2004, Mr. Purjes
beneficially                owned 7,820,851 ordinary shares of the Company, or 29.5%
percent of the                Company&#146;s ordinary shares, as of June 30, 2004. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>(3)  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>According
to Schedule 13-G filed by Mr. Wittenstein with the Securities and                Exchange
Commission on May 19, 2004, Mr. Wittenstein beneficially owned                1,994,491
ordinary shares of the Company, or 7.6% percent of the Company&#146;s
               ordinary shares, as of June 30, 2004. </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>10</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px">
<HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<P STYLE="page-break-after:always"></P>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MATTERS SUBMITTED TO
SHAREHOLDERS </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>PROPOSAL 1</U> </FONT> </H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>REAPPOINTMENT OF
INDEPENDENT PUBLIC ACCOUNTANTS </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholders
will be asked to approve the appointment of Kost Forer Gabbay &amp; Kassierer, a member of
Ernst &amp; Young Global, and their affiliates, as our independent auditors for the year
ending December 31, 2004 and to authorize the Audit Committee to approve the remuneration
of the auditors in accordance with the volume and nature of their services. Kost Forer
Gabbay &amp; Kassierer were our auditors for the year ended December 31, 2003. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Audit Committee
Pre-Approval Policies and Procedures </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Audit Committee has adopted a policy and procedures for the pre-approval of audit and
non-audit services rendered by our independent public accountants, Kost Forer Gabbay &amp;
Kassierer, a Member of Ernst &amp; Young Global, and their affiliates. Pursuant to this
policy, which is designed to assure that such engagements do not impair the independence
of our auditors, the Audit Committee pre-approves annually a catalog of specific audit and
non-audit services in the categories Audit Service, Audit-Related Service and Tax Services
that may be performed by our auditors. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following table sets forth the total remuneration that was paid by the Company and its
subsidiaries to Ernst &amp; Young in each of our previous two fiscal years: </FONT></P>





<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="400" ALIGN="CENTER" border=0>
<TR VALIGN=Bottom>
     <TH COLSPAN=9><FONT FACE="Times New Roman, Times, Serif" SIZE=1>Payments due by periods<BR>(in thousands of U.S. dollars)</FONT><HR WIDTH=98% SIZE=1 COLOR=#808080 NOSHADE></TH>
     </TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2002</FONT><HR WIDTH=95% SIZE=1 COLOR=#808080 NOSHADE></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1>2003</FONT><HR WIDTH=95% SIZE=1 COLOR=#808080 NOSHADE></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH="40%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Audit fees<SUP>1</SUP></FONT></TD>
     <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="8%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>390</FONT></TD>
        <TD WIDTH="1%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH="1%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH="10%" ALIGN="RIGHT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>360</FONT></TD>
        <TD WIDTH="2%" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Audit-related fees<SUP>2</SUP></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>120</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Tax fees<SUP>3</SUP></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>150</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>120</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All other fees<SUP>4</SUP></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>50</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>40</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#808080 SIZE=1></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#808080 SIZE=1></TD><TD></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>640</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>640</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR>
     <TD COLSPAN=3></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#808080 SIZE=3></TD><TD></TD>
     <TD COLSPAN=2 ALIGN=RIGHT><HR NOSHADE COLOR=#808080 SIZE=3></TD><TD></TD></TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the annual meeting, the Board will propose that the following resolution be adopted: </FONT></P>



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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;RESOLVED,
that the accounting firm of Kost Forer Gabbay &amp; Kassierer (a member of Ernst &amp;
Young Global), be, and they hereby are, reappointed as independent public accountants of
the Company for the fiscal year ended December 31, 2004, and until the next Annual Meeting
of Shareholders, and that the Board, with the approval of the Audit Committee, be, and it
hereby is, authorized to determine the compensation of said independent public
accountants, considering the volume and nature of their services.&#148; </FONT></P>

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<HR SIZE=1 NOSHADE WIDTH=15% ALIGN=LEFT>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>1</SUP> </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Audit
fees consist of services that would normally be provided in connection with statutory and
regulatory filings or engagements.</FONT></TD>
</TR>
</TABLE>
<BR>


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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>2</SUP> </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Audit-related
fees relate to assurance and associated services that traditionally are performed by the
independent accountant, including: </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>attest
 services  that are not  required by statute or regulation;</FONT></TD>
</TR>
</TABLE>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>accounting
consultation  and audits in connection with mergers;</FONT></TD>
</TR>
</TABLE>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font></FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>acquisitions
 and  divestitures;  employee  benefit plans audits;  and</FONT></TD>
</TR>
</TABLE>


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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font></FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>consultation
concerning financial accounting and reporting standards.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>3</SUP> </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Tax
fees relate to services performed by the tax division for tax compliance, planning, and
advice. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><SUP>4</SUP> </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> All
other fees relate to services that were mainly focused on advisory services pertaining to
approved enterprise issues, transfer prices, etc. </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>11</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px">
<HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<P STYLE="page-break-after:always"></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The
Board recommends that the shareholders vote &#147;FOR&#148; ratification of the selection
of Kost Forer Gabbay &amp; Kassierer as the independent public accountants of the Company
for the fiscal year ending December 31, 2004 and until the next Annual Meeting of
Shareholders.</B> </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>PROPOSAL 2</U> </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ELECTION OF DIRECTORS </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the annual meeting, the shareholders will elect Directors to serve on the Board. Our
Amended and Restated Articles of Association provide for a Board consisting of no less
than four and no more than twelve members, as may be determined from time to time at a
general meeting of our shareholders. The Board is currently composed of the following six
Directors: Dan Purjes, Robert F. Hussey, Oded Akselrod, Ilan Ben Gigi, Lauri A. Hanover
and Koby Shtaierman. Dan Purjes, Robert F. Hussey, and Oded Akselrod are standing for
reelection. Lauri A. Hanover and Koby Shtaierman are currently serving as our External
Directors (as defined by the Companies Law) and their initial three-year term will end on
November 18, 2006. Ilan Ben Gigi who served as Director of the Company since March 2003 is
not standing for reelection this year and the shareholders are not requested to elect a
replacement for him at the annual meeting. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
persons named in the proxy intend to vote for the election of the nominees named below,
each to hold office until the next annual meeting and until their respective successors
are duly elected and qualified, unless any office is vacated earlier under any relevant
provisions of the Company&#146;s Amended and Restated Articles of Association. The Company
is unaware of any reason why any of the nominees, if elected, should be unable to serve as
a member of the Board. If any of the nominees are unable to serve, the persons named in
the proxy will vote the shares represented thereby &#147;<B>FOR</B>&#148; the election of
other nominees proposed by the Board. All nominees listed below have advised the Board
that they intend to serve as members of the Board if elected. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following information is supplied with respect to each person nominated and recommended to
be elected by our Board and is based upon our records and information furnished to the
Board by the nominees. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
nominees for Directors are: </FONT></P>


<TABLE CELLPADDING=0 CELLSPACING=0 BORDER=0 WIDTH=600>
<TR VALIGN=Bottom>
     <TH COLSPAN="3" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1><U>Name</U></FONT></TH>
     <TH COLSPAN="3" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1><U>Age</U></FONT></TH>
     <TH COLSPAN="3" ALIGN="LEFT"><FONT FACE="Times New Roman, Times, Serif" SIZE=1><U>Position with the Company</U></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH>
     <TH COLSPAN=3><FONT FACE="Times New Roman, Times, Serif" SIZE=1></FONT></TH></TR>
<TR VALIGN=Bottom>
     <TD WIDTH=32% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Dan Purjes<SUP>(1)</SUP></FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=3% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD WIDTH=2% ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>54</FONT></TD>
        <TD WIDTH=6% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=53% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Chairman of the Board of Directors</FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD WIDTH=1% ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Robert F. Hussey<SUP>(1)(2)</SUP></FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>55</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
<TR VALIGN=Bottom>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Oded Akselrod</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=RIGHT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>58</FONT></TD>
        <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
     <TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Director</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD><TD ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD></TR>
</TABLE>
<BR>


<TABLE WIDTH="100%" BORDER="0" CELLPADDING="0" CELLSPACING="0">
<TR VALIGN="TOP">
     <TD WIDTH="100%"><HR SIZE=1 NOSHADE WIDTH=15% ALIGN=LEFT></TD></TR>
<TR VALIGN="TOP">
     <TD><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><SUP>(1)</SUP>
          Member of the Company&#146;s Stock Option &amp; Compensation Committee. <BR><SUP>(2)</SUP>
          Member of the Company&#146;s Audit Committee. </FONT></TD></TR>
</TABLE>
<BR>

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<font size=2>12</font></p>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Dan
Purjes </I>has served as the Chairman of the Board of the Company since April 1997. Mr.
Purjes is the Chairman and Chief Executive Officer of Rockwood Group LLC, a merchant and
investment banking firm headquartered in New York City. Previously, Mr. Purjes was the
Chairman and Chief Executive Officer of Josephthal Group, Inc., the parent company of
Josephthal &amp; Co. Inc., an investment banking and brokerage firm that was acquired in
2001 by the predecessor to Oppenheimer and Company. Mr. Purjes was also the Chairman and
Chief Executive Officer of FAS Holdings, Inc., the parent company of First Allied
Securities, Inc., a retail brokerage firm with over 200 branch offices in the U.S., which
was acquired in July 2002 by Wells Fargo &amp; Company. Prior to joining Josephthal in
1985, Mr. Purjes was a Vice President with a number of securities firms, including Bear
Stearns &amp; Co. and L.F. Rothschild Unterberg Towbin, in their corporate finance and
brokerage sales divisions. He began his Wall Street career at Morgan Stanley &amp; Co. in
1978 as a director of their computer systems department. Prior to that, Mr. Purjes was a
manager at Citibank and at Philip Morris International in their computer systems areas.
Mr. Purjes earned B.S. and M.S. degrees in Computer Science from the City College of New
York School of Engineering. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Robert
F. Hussey </I>has served as a Director of the Company since September 1997. Mr. Hussey is
a private investor. From June 1991 to April 1997, Mr. Hussey served as the President and
Chief Executive Officer of Metrovision of North America. Prior thereto, from 1984 to 1991,
Mr. Hussey served as the President, Chief Executive Officer and Director of POP Radio
Corp., a company which he helped form. From 1979 to 1984, Mr. Hussey served as the Vice
President/Management Supervisor for Grey Advertising, Inc. Mr. Hussey is also a director
of Digital Lightwave, Inc., New World Power Corp., Digital Data Networks, Corp. and Axcess
Inc., which are all publicly held companies. Mr. Hussey holds a B.S. degree in Finance
from Georgetown University and an M.B.A. degree in International Finance from George
Washington University. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Oded
Akselrod </I>has served as a Director of the Company since February 2002. Mr. Akselrod is
the General Manager of the Investment Corp. of United Mizrahi Bank Ltd., a wholly owned
subsidiary of United Mizrahi Bank Ltd. Prior to joining the Investment Corp. of United
Mizrahi Bank, from 1994 to 1997, Mr. Akselrod held the position of General Manager of
Apex-Leumi Partners Ltd. as well as Investment Advisor of Israel Growth Fund. Prior
thereto, from 1991 to 1994, Mr. Akselrod served as General Manager of Leumi &amp; Co.
Investment Bankers Ltd. Mr. Akselrod began his career in various managerial positions in
the Bank Leumi Group including member of the management team of Bank Leumi, Deputy Head of
the International Division, head of the Commercial Lending Department of the Banking
Division, member of all credit committees at the Bank, assistant to Bank Leumi&#146;s CEO
and Head of International Lending Division of Bank Leumi Trust Company of New York. Mr.
Akselrod holds a Bachelor&#146;s degree in Agriculture Economics from Hebrew University,
Jerusalem and an M.B.A. degree from Tel Aviv University. Mr. Akselrod is also a director
of Moffet Technology Fund Israel Ltd., Marthon Venture Capital Fund Ltd. both publicly
held companies. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following information is supplied with respect to our External Directors (whose terms
expire on November 18, 2006) and is based upon our records and information furnished to
the Board by the nominees. The External Directors are: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Lauri
Hanover </I>has served as an External Director of NUR since November 2003. Ms. Hanover is
the Chief Financial Officer of Lumenis Ltd. since August 2004. From 2000 to 2004 Ms.
Hanover served as Corporate Vice President and Chief Financial Officer of NICE Systems
Ltd. She previously served as Executive Vice President and Chief Financial Officer of
Sapiens International Corporation N.V., from 1997 to 2000.&nbsp; From 1984 to 1997, Ms.
Hanover served in a variety of financial management positions, including Corporate
Controller at Scitex Corporation Ltd. and from 1981 to 1984 as Financial Analyst at Philip
Morris Inc. (Altria).&nbsp; Ms. Hanover holds a Bachelor&#146;s degree in finance from the
Wharton School of Business and a Bachelor-of-Arts degree from the College of Arts and
Sciences, both of the University of Pennsylvania.&nbsp; Ms. Hanover also holds a
Master&#146;s degree in business administration from New York University.&nbsp; Ms.
Hanover has served on the Board of Directors of Nova Measuring Instruments Ltd. since
2000. Ms. Hanover qualifies as an External Director according to the Companies Law, 1999. </FONT></P>

<p align=center>
<font size=2>13</font></p>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>Koby
Shtaierman </I>has served as an External Director of NUR since November 2003. Mr.
Shtaierman currently serves as Vice President Marketing and Sales of Advanced Vision
Technology Ltd. From 1996 to 1998, Mr. Shtaierman served as Vice President of Corporate
Marketing for Tecnomatix Technologies Ltd. From 1985-1995, Mr. Shtaierman served as
Marketing Director of the Input System Division of Scitex Corporation. Prior thereto Mr.
Shtaierman held various positions at Israel Aircraft Industries. Mr. Shtaierman holds a
B.Sc. and M.Sc. degrees in Electronics and Computer Engineering from the Technion, Haifa.
Mr. Shtaierman qualifies as an External Director according to the Companies Law, 1999. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The
Board recommends that the shareholders vote &#147;FOR&#148; all of the nominees to the
Board.</B> </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Terms of Directors </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Directors (other than the External Directors) are elected annually at the Company&#146;s
Annual Meeting of Shareholders and remain in office until the next Annual Meeting, unless
a Director has previously resigned, vacated his/her office, or was removed in accordance
with the Company&#146;s Amended and Restated Articles of Association. In addition, the
Board may elect additional Directors to the Board. Pursuant to the Companies Law, the two
External Directors of the Board serve for a period of three (3) years unless their office
is vacated earlier in accordance with the Company&#146;s then current articles of
association and the Companies Law. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Alternate Directors </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s Amended and Restated Articles of Association provide that, subject to the
Board&#146;s approval, a Director may appoint, by written notice to the Company, any
individual (subject to Article 37.4 of the Company&#146;s Amended and Restated Articles of
Association) to serve as an alternate Director. Any alternate Director shall have all of
the rights and obligations of the Director appointing him or her, except the power to
appoint an alternate (unless the instrument appointing him or her expressly provides
otherwise). The alternate Director may not act at any meeting at which the Director
appointing him or her is present. Unless the appointing Director limits the time period or
scope of any such appointment, such appointment is effective for all purposes and for an
indefinite time, but will expire upon the expiration of the appointing Director&#146;s
term. Currently, there are no alternate Directors. To our knowledge, no Director currently
intends to appoint any other person as an alternate Director, except if the Director is
unable to attend a meeting of the Board. </FONT></P>

<p align=center>
<font size=2>14</font></p>
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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>External Directors </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Companies Law provides that a person may not be appointed as an External Director if the
person or the person&#146;s relative, partner, employer or any entity under the
person&#146;s control, has, as of the date of the person&#146;s appointment to serve as an
External Director, or had, during the two years preceding that date, any affiliation with
the company, any entity controlling the company or any entity controlled by the company or
by this controlling entity. The term &#147;affiliation&#148; under the Companies Law
includes (1) an employment relationship, (2) a business or professional relationship
maintained on a regular basis, (3) control and (4) service as an officer holder. The
Companies Law further provides that if, at the time the External Directors are appointed,
a company&#146;s board of directors is comprised solely of members of the same gender,
then at least one of the External Directors must be of a different gender than the other
directors. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
person may serve as an External Director if the person position or other business creates,
or may create, a conflict of interest with the person&#146;s responsibilities as an
External Director. Until the lapse of two years from termination of office, a company may
not engage an External Director to serve as an office holder and cannot employ or receive
services from that person, either directly or indirectly, including through a corporation
controlled by that person. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;External
Directors are to be elected by a majority vote at a shareholders&#146; meeting, provided
that either (i) the majority of shares voted at the meeting, including at least one third
of the shares of non-controlling shareholders voted at the meeting, vote in favor of the
election or (ii) the total number of shares voted against the election of the External
Director does not exceed one percent of the aggregate voting rights in the company. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
initial term of an External Director is for three years and may be extended for an
additional three years. Each External Director is required to serve on the company&#146;s
audit committee. Each other committee of a company&#146;s board of directors is required
to include at least one External Director. Lauri A. Hanover and Koby Shtaierman are
currently serving as our External Directors and their initial three-year term will end on
November 18, 2006. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Committees of the Board </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company&#146;s Amended and Restated Articles of Association provide that the Board may
delegate certain of its powers to committees of the Board, as it deems appropriate,
subject to the provisions of the Companies Law. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Audit Committee</I> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Audit Committee, which was established in accordance with Section 114 of the Companies Law
and Section 3(a)(58)(A) of the Securities Exchange Act of 1934, assists our Board in
overseeing the accounting and financial reporting processes of our company and audits of
our financial statements, including the integrity of our financial statements, compliance
with legal and regulatory requirements, our independent public accountants&#146;
qualifications and independence, the performance of our internal audit function and
independent public accountants, finding any defects in the business management of our
company for which purpose the Audit Committee may consult with our independent auditors
and internal auditor, proposing to the Board ways to correct such defects, approving
related-party transactions as required by the Companies Law and our Amended and Restated
Articles of Association, and such other duties as may be directed by our Board. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our
Audit Committee consists of three Board members who satisfy the &#147;independence&#148;
requirements of the Securities and Exchange Commission, Nasdaq and Israeli Law for audit
committee members. The Audit Committee currently consists of Robert F. Hussey and the
External Directors. The Audit Committee meets at least once each quarter. Ms. Lauri A.
Hanover is our Audit Committee&#146;s financial expert, as defined in Item 401 of
Regulation S-K. </FONT></P>

<p align=center>
<font size=2>15</font></p>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Companies Law (1) requires disclosure by an &#147;Office Holder&#148; (as defined below)
to the Company in the event that an Office Holder has a direct or indirect personal
interest in a transaction to which the Company intends to be a party and (2) codifies the
duty of care and fiduciary duties, which an Office Holder has to the Company. An
&#147;Office Holder&#148; is defined in the Companies Law as a director, general manager,
chief business manager, vice general manager, other manager directly subordinated to the
general manager and any other person assuming the responsibilities of any of the foregoing
positions without regard to such person&#146;s title. Office Holders (including Directors)
who have a personal interest in a matter which is considered at a meeting of the Board or
the Audit Committee may not be present at such meeting, may not participate in the
discussion, and may not vote on any such matter, except that such Office Holders may
consent in writing to resolutions adopted by the Board and/or the Audit Committee by
unanimous consent. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
Israeli law, an audit committee may not approve an action or a transaction with a
controlling shareholder, or with an office holder, unless at the time of approval two
External Directors are serving as members of the audit committee and at least one of the
external directors was present at the meeting in which an approval was granted. Under the
terms of our Amended and Restated Articles of Association, approval by the Audit Committee
and the Board is required for (1) proposed transactions to which the Company intends to be
a party in which an Office Holder has a direct or indirect personal interest, (2) actions
or arrangements which may otherwise be deemed to constitute a breach of fiduciary duty or
of the duty of care of an Office Holder to the Company, (3) arrangements with Directors as
to the terms of office or compensation, and (4) indemnification of Office Holders.
Arrangements with Directors as to the terms of their service or compensation also require
shareholder approval. All arrangements as to compensation of Office Holders who are not
Directors require approval of the Board. In certain circumstances, the matters referred to
in (1), (2), (3) and (4) may also require shareholder approval. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition to the applicable provisions of the Companies Law, the Audit Committee operates
under the terms of a written charter adopted by it, the adequacy of which it reviews and
reassesses on an annual basis. The Audit Committee has reviewed and discussed the
Consolidated Financial Statements for the year ended December 31, 2003 with management of
the Company. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Stock Option Committees</I> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Companies Law the Board may not delegate its powers to a committee of the Board, among
others, with regard to allotting shares or securities convertible into shares of the
Company or realizable as shares of the Company. In March 1998, the Company established the
Stock Option &amp; Compensation Committee. The Stock Option &amp; Compensation Committee
is charged with administering and overseeing the distribution of stock options under the
approved stock option plan of the Company the 2000 Stock Option Plan. The Stock Option
&amp; Compensation Committee may recommend the Board to approve the grant of options under
the approved stock option plan, but the final approval of the grant is subject to an
affirmative resolution of the Board. The Stock Option &amp; Compensation Committee is
presently composed of three members: Dan Purjes, Robert F. Hussey and Lauri A. Hanover. In
July 1999, the Board established the Non-Employee Stock Option Committee (the
&#147;NESOC&#148;), to administer the 1998 Stock Option Plan for Non-Employee Directors,
subject to the provisions of the Companies Law. The NESOC is presently composed of two
members: Dan Purjes and Oded Akselrod. </FONT></P>

<p align=center>
<font size=2>16</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px">
<HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<P STYLE="page-break-after:always"></P>


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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>PROPOSAL 3</U> </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>APPROVAL OF DIRECTORS
AND OFFICERS LIABILITY INSURANCE </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board recommends that the shareholders approve the decision to renew and continue to
maintain each year directors and officers liability insurance covering potential liability
of senior officers and directors of the Company, as permitted under the Companies Law,
with the fundamental terms described herein.&nbsp;The directors and officers insurance
policy for the period ending on May 14, 2005 covers potential liabilities of up to $5.0
million, and the associated premium costs to the Company is currently $92,000 per annum.
To date, no claims for directors and officers&#146; liability insurance have been filed
under this policy. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
policy provides coverage to the Company&#146;s directors and senior officers for claims
made (including defense costs) and judgments rendered against such insured persons arising
from acts connected to their service as directors or officers of the Company, and also
contains standard exclusions.&nbsp;The policy also covers security claims made by
shareholders in respect of alleged wrongful acts of the Company. </FONT></P>

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     <P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mr.
          Dan Purjes, who is serving as a Director and the Chairman of the Board is one of
          the beneficiaries of the proposed liability insurance. Under the Companies Law,
          Mr. Purjes may be deemed as having &#147;control&#148; over the Company, and
          therefore, pursuant to the Companies Law, approval of this resolution requires,
          in addition to the affirmative vote of the majority of the shares voted at the
          annual meeting, that either: (1) the votes in favor of this resolution include
          at least one third of the votes of participating shareholders (not counting
          abstaining votes) who do not have a Personal Interest (as defined in the
          Companies Law) in the approval of the resolution; or (2) the aggregate votes of
          the opposing shareholders, who do not have such Personal Interest, represent
          less than 1% of the Company&#146;s outstanding share capital. Pursuant to the
          Companies Law, a &#147;Personal Interest&#148; is deemed as a personal interest
          in the engagement contemplated by this resolution, including the interest of
          certain family relatives and of corporations affiliated to any person having
          such interest. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
shareholder participating in the vote on this resolution is required, as a condition to
having his/her vote counted, to indicate on this proxy if he/she has a &#147;Personal
Interest&#148; in the approval of this resolution. Each shareholder should seek legal
counsel as to whether such shareholder has a &#147;Personal Interest&#148; for the purpose
herein. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the annual meeting, the Board will propose that the following resolution be adopted: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;RESOLVED,
that the Company will (i) continue to maintain directors and officers liability insurance,
with the coverage amount of $5 million for the period beginning May 15, 2004 and ending
May 14, 2005, and (ii) continue thereafter on a year-to-year basis to obtain directors and
officers liability insurance with a coverage amount of up to $15 million, provided, that
with respect to both (i) and (ii) above the liability insurance will insure all directors
and officers as may be serving from time to time, including directors and officers whose
service has terminated for any reason, against any insurable event deriving from or
connected to their service as directors or officers of the Company at any time during
their service in the Company, and such liability insurances will be subject to applicable
law.&#148; </FONT></P>

<p align=center>
<font size=2>17</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px">
<HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<P STYLE="page-break-after:always"></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the receipt of a properly signed and dated proxy and unless otherwise instructed on the
proxy, the persons named in the enclosed proxy will vote the shares represented thereby
&#147;<B>FOR</B>&#148; the proposal. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The
Board recommends that the shareholders vote &#147;FOR&#148; the renewal and continuation
of the Company&#146;s directors and officers liability insurance.</B> </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>PROPOSAL 4 </U></FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>APPROVAL FOR AMENDING
THE AMENDED AND RESTATED ARTICLES OF ASSOCIATION </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company believes that in order to attract and retain dedicated individuals as directors,
it must provide for appropriate exculpation and indemnification arrangements in compliance
with, and subject to the limitations under, U.S. and Israeli law. </FONT></P>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>Summary of
Exculpation and Indemnification under the Companies Law </U></FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Companies Law, an Israeli company may not exculpate an office holder from liability
for a breach of the duty of loyalty of the office holder. However, a company may approve
an act performed in breach of the duty of loyalty of an office holder provided that the
office holder acted in good faith, the act or its approval does not harm the company, and
the office holder discloses the nature of his or her personal interest in the act and all
material facts and documents a reasonable time before discussion of the approval. An
Israeli company may exculpate an office holder in advance from liability to the company,
in whole or in part, for a breach of the duty of care but only if a provision authorizing
such exculpation is inserted in its articles of association. Our Amended and Restated
Articles of Association do not currently include such a provision. The Board recommends
that the shareholders approve the decision to amend the Amended and Restated Articles of
Association of the Company to include such a provision. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
Israeli company may indemnify an office holder in respect of certain liabilities either in
advance of an event or following an event provided a provision authorizing such
indemnification is inserted in its articles of association. Our Amended and Restated
Articles of Association contain such an authorization. An undertaking by an Israeli
company to indemnify an office holder must be limited to foreseeable liabilities and
reasonable amounts determined by the board of directors. A company may indemnify an office
holder against the following liabilities incurred for acts performed as an office holder: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a
 financial  liability  imposed  on him or her in favor of another  person  pursuant  to a
 judgment,                   settlement or arbitrator's award approved by a court; and</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>reasonable
litigation expenses, including attorneys&#146; fees, incurred by the office holder or
imposed by a court in proceedings instituted against him or her by the company, on its
behalf or by a third party, in connection with criminal proceedings in which the office
holder was acquitted or as a result of a conviction for a crime that does not require
proof of criminal intent. </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2>18</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px">
<HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<P STYLE="page-break-after:always"></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the annual shareholders meeting held on February 12, 2002, NUR&#146;s shareholders
authorized it to enter into indemnification agreements with each of its current and future
Directors. The shareholders of NUR further authorized certain amendments to the
indemnification agreements at the annual shareholders meeting held on November 18, 2003.
The indemnification agreements, as amended, limit the indemnification of our current and
future Directors to certain categories of events and to the maximum amount equal to fifty
percent (50%) of the net equity of NUR or to one time annual revenue of NUR in the year
prior to the date of the claim (the higher amount of the two) with regard to judgment
liability, and $3.0 million with regard to litigation expenses. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
Israeli company may insure an office holder against the following liabilities incurred for
acts performed as an office holder: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a
breach of the duty of loyalty to the company, to the extent that the office holder acted
in good faith and had a reasonable basis to believe that the act would not prejudice the
company; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a
breach of the duty of care to the company or to a third party; and</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a
financial liability imposed on the office holder in favor of a third party.</FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
Israeli company may not indemnify, insure or exculpate an office holder against any of the
following: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a
breach of the duty of loyalty, except to the extent that the office holder acted in good
faith and had a reasonable basis to believe that the act would not prejudice the company; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a
breach of the duty of care committed intentionally or recklessly;</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>an
act or omission committed with intent to derive illegal personal benefit; or</FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2><FONT size="2" face="Wingdings 2">&#151;</font> </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>a
fine levied against the office holder.</FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Companies Law, exculpation, indemnification and insurance of office holders must be
approved by our Audit Committee and our Board and, in respect of our directors, by our
shareholders. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
noted above in the description of Proposal 3, Mr. Dan Purjes, who is serving as a Director
and the Chairman of the Board is one of the beneficiaries of the proposed exculpation
provision. Under the Companies Law, Mr. Purjes may be deemed as having &#147;control&#148;
over the Company, and therefore, pursuant to the Companies Law, approval of this
resolution requires, in addition to the affirmative vote of the majority of the shares
voted at the annual meeting, that either: (1) the votes in favor of this resolution
include at least one third of the votes of participating shareholders (not counting
abstaining votes) who do not have a Personal Interest (as such term is defined in the
Companies Law) in the approval of the resolution; or (2) the aggregate votes of the
opposing shareholders, who do not have such Personal Interest, represent less than 1% of
the Company&#146;s outstanding share capital. </FONT></P>

<p align=center>
<font size=2>19</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px">
<HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<P STYLE="page-break-after:always"></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each
shareholder participating in the vote on this resolution is required, as a condition to
having his/her vote counted, to indicate on this proxy if he/she has a &#147;Personal
Interest&#148; in the approval of this resolution. Each shareholder should seek legal
counsel as to whether such shareholder has a &#147;Personal Interest&#148; for the purpose
herein. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the annual meeting the Board will propose that the following resolution be adopted: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;RESOLVED,
to add Article 61A to the Company&#146;s Amended and Restated Articles of Association
immediately after Article 61, as follows: </FONT></P>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>61A. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> Subject
to the provisions of the Companies Law, including the receipt of all           approvals
as required therein or under any applicable law, the Board may resolve           in
advance to exempt an officer from all or part of such officer&#146;s
          responsibility or liability for damages caused to the Company due to any breach
          of such officer&#146;s duty of care towards the Company.&#148;</FONT></TD>
</TR>
</TABLE>
<BR>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
the receipt of a properly signed and dated proxy and unless otherwise instructed on the
proxy, the persons named in the enclosed proxy will vote the shares represented thereby
&#147;<B>FOR</B>&#148; the proposal. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The
Board recommends that the shareholders vote &#147;FOR&#148; the amendment of our Amended
and Restated Articles of Association.</B> </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U>PROPOSAL 5</U> </FONT></H1>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>INCREASE IN THE NUMBER
OF ORDINARY SHARES AUTHORIZED FOR ISSUANCE <BR>UNDER THE COMPANY&#146;S 2000 STOCK OPTION PLAN </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
2000 the shareholders of the Company adopted the 2000 Stock Option Plan. The 2000 Stock
Option Plan provides for the granting of service and non-employee options to officers,
employees and consultants to the Company on the basis of past or future services. For a
description of the 2000 Stock Option Plan, please see <B><U>Exhibit B</U></B><U></U> to
this Proxy Statement. Options to purchase an aggregate of 2,000,000 ordinary shares were
originally available for grant under the 2000 Stock Option Plan. In November 2003, the
shareholders of the Company approved the amendment of the 2000 Stock Option Plan by
increasing the number of ordinary shares authorized for issuance under the 2000 Stock
Option Plan by 497,590, from 2,000,000 ordinary shares to 2,497,590 ordinary shares. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board recommends that shareholders approve the proposed increase of the number of ordinary
shares authorized for issuance under the 2000 Stock Option Plan in the aggregate amount of
500,000 ordinary shares, from 2,497,590 ordinary shares to 2,997,590 ordinary shares. The
Board considers the increase in ordinary shares necessary to meet the Company&#146;s
current needs. The Board further believes that the 2000 Stock Option Plan is an integral
part of the Company&#146;s benefits program that is intended to provide employees with an
incentive to exert maximum effort for the success of the Company and to participate in
that success through the acquisition of the Company&#146;s ordinary shares. In addition,
the 2000 Stock Option Plan plays an important part in employee retention, which is
essential for the Company to remain competitive. </FONT></P>

<p align=center>
<font size=2>20</font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px">
<HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<P STYLE="page-break-after:always"></P>


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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the annual meeting, the Board will propose that the following ordinary resolution be
adopted: </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#147;RESOLVED,
that an amendment of the 2000 Stock Option Plan providing for a 500,000 share increase in
the ordinary shares authorized for issuance under the 2000 Plan, to an aggregate of
2,997,590 ordinary shares under the 2000 Stock Option Plan, be, and hereby is,
adopted.&#148; </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Upon
receipt of a properly signed and dated proxy and unless otherwise instructed on the proxy,
the persons named in the enclosed proxy will vote the shares represented thereby
&#147;for&#148; the proposal. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>The
Board recommends that the shareholders vote &#147;FOR&#148; the adoption of the resolution
to increase the number of ordinary shares reserved for issuance under the 2000 Stock
Option</B> <B>Plan by an additional 500,000 ordinary shares.</B> </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>PROPOSALS OF
SHAREHOLDERS </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any
shareholder of the Company who intends to present a proposal at the annual meeting must
satisfy the requirements of the Companies Law in order to have a proposal presented at the
2004 annual meeting. Under the Companies Law, only shareholders who severally or jointly
hold at least one percent (1%) of the Company&#146;s outstanding voting rights are
entitled to request that the Board include a proposal, in a future shareholders meeting,
provided that such proposal is appropriate to be discussed in such meeting. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With
respect to the Company&#146;s annual meeting of shareholders to be held in 2005, if the
Company is not provided with notice of a shareholder proposal for inclusion in the
Company&#146;s proxy statement, the Company will not include such proposal in the agenda
for the 2005 annual meeting of shareholders. </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>COMPENSATION OF
DIRECTORS AND EXECUTIVE OFFICERS </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the year ended December 31, 2003, the aggregate compensation paid by the Company to the
Directors and executive officers of the Company (a total of 10 persons, including 2
directors who left the Board during 2003) amounted to approximately $0.198 million. Each
Non-Executive Director is entitled to receive an annual fee of $8,000, an additional $500
participation fee for participation in each meeting of the Board, and an additional $250
participation fee for the participation in a meeting of a committee of the Board. The
Chairman of the Board and chairman of any committee of the Board will be entitled to an
additional annual fee of $5,000. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the 1998 Stock Option Plan for Non-Employee Directors (the &#147;<B>1998 Plan</B>&#148;),
each of Messrs. Robert F. Hussey and Dan Purjes, who are Directors of the Company, were
granted on October 26, 1998, August 1, 1999, August 1, 2000 and August 1, 2001,
respectively, options to purchase 10,000 ordinary shares of the Company. Mr. Hussey has
been granted an additional 10,000 options under the 1998 Plan on August 1, 2002, 2003 and
on August 1, 2004. Ilan Ben Gigi, a Director of the Company as of March 11, 2003, was
granted 4,167 options under the 1998 Plan on March 11, 2003. Each of Lauri A. Hanover and
Koby Shtaierman, who are External Directors of the Company, were granted on November 18,
2003 options to purchase 6,667 ordinary shares of the Company. The exercise price for the
underlying shares of such options is the &#147;Fair Market Value&#148; (as defined in the
1998 Plan) of the ordinary shares at the date of grant. </FONT></P>

<p align=center>
<font size=2>21</font></p>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to a Terms of Service agreement with Mr. Dan Purjes effective as of January 1, 2002, Mr.
Purjes, in his capacity as Chairman of the Board, receives an annual fee of $125,000 to be
due and paid in ordinary shares to Rockwood Group Inc., a company wholly owned by Mr. Dan
Purjes, or to its assignees, Dan Purjes and/or Edna Purjes. The fee is paid quarterly, at
the end of each quarter, by way of issuing ordinary shares valued at $31,250. This annual
fee is in lieu of any and all payments, which are due to Mr. Purjes in his capacity as a
Director, Chairman of the Board, and a member of any committee of the Board, including the
right to receive options to purchase ordinary shares in accordance with the Company&#146;s
1998 Share Option Plan for Non-Employee Directors. </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>AUDIT COMMITTEE REPORT </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Audit Committee is comprised solely of independent directors, as defined in the Nasdaq
Marketplace Rules, and operates under a written charter, a copy of which is attached to
this proxy statement as <B><U>Exhibit C</U></B><U></U>. In March 2004, the Audit Committee
approved changes to its charter to satisfy the requirements of the Sarbanes-Oxley Act of
2002. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
primary focus of the Audit Committee is to assist the Board in its general oversight of
the Company&#146;s financial reporting, internal controls and audit function. Management
has the primary responsibility for preparation, presentation and integrity of the
Company&#146;s financial statements, accounting and financial reporting principles,
internal controls and procedures designed to ensure compliance with applicable accounting
standards, and applicable laws and regulations. The Company&#146;s independent auditors
are responsible for performing an independent audit of the consolidated financial
statements in accordance with generally accepted auditing standards in the United States.
Members of the Audit Committee are not auditors, and their functions are not intended to
duplicate or certify the activities of management and the independent auditors, nor can
the Audit Committee certify that the independent auditors are &#147;independent&#148;
under applicable rules. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
this context, the Audit Committee has met and held discussions with management, the
Company&#146;s internal auditor and the independent auditors. Management represented to
the Audit Committee that the audited financial statements of the Company included in the
Company&#146;s Annual Report to Shareholders for the year ended December 31, 2003, were
prepared in accordance with generally accepted accounting principles in the United States,
and the Audit Committee has reviewed and discussed the consolidated financial statements
with management, the internal auditor and the independent auditors. The Audit Committee
discussed with the independent auditors the matters required to be discussed by Statement
on Auditing Standards No. 61, &#147;Communication with Audit Committees.&#148; The Audit
Committee&#146;s discussions with the internal and independent auditors were held both
with and without management present, and included the scope of their respective audits,
their evaluation of the Company&#146;s internal controls and the overall quality of the
Company&#146;s financial reporting. </FONT></P>

<p align=center>
<font size=2>22</font></p>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the Audit Committee has discussed with the independent auditors the
auditors&#146; independence from management and the Company, including the matters in the
written disclosures required by the Independence Standards Board Standard No. 1,
&#147;Independence Discussions with Audit Committees,&#148; and approved the fees for
audit, audit-related and nonaudit services provided by the independent auditors, and
evaluated the types of nonaudit services performed, including whether or not those
services were compatible with the independent auditor&#146;s independence. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based
on the reviews and discussions referred to above, the Audit Committee recommended to the
Board, and the Board approved, that the audited consolidated financial statements be
included in the Annual Report on Form 20-F for the year ended December 31, 2003, as filed
with the Securities and Exchange Commission. The Audit Committee has recommended (which
recommendation was adopted by the Board) the selection of the Company&#146;s independent
auditors, subject to shareholder approval. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Submitted
by the Audit Committee of the Company&#146;s Board of Directors: </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Robert F. Hussey,
<BR>Lauri A. Hanover <BR> KobyShtaierman </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>REPORT OF THE BOARD OF
DIRECTORS </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
the annual meeting, the Board will provide a management report which will include a
discussion of the Company&#146;s consolidated financial statements for the year ended
December 31, 2003. </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>OTHER BUSINESS </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board is not aware of any other matters that may be presented at the annual meeting other
than those mentioned in the attached Company&#146;s Notice of Annual General Meeting of
Shareholders. If any other matters do properly come before the annual meeting, it is
intended that the persons named as proxies will vote, pursuant to their discretionary
authority, according to their best judgment in the interest of the Company. </FONT></P>

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>MAILING OF PROXY
STATEMENT; EXPENSES; SOLICITATION. </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Company expects to mail this Proxy Statement and the enclosed form of proxy to
shareholders on or about September 29, 2004. All expenses of this solicitation will be
borne by the Company. In addition to the solicitation of proxies by mail, directors,
officers, and employees of the Company, without receiving additional compensation, may
solicit proxies by telephone, in person, or by other means. Brokerage firms, nominees,
fiduciaries, and other custodians have been requested to forward proxy solicitation
materials to the beneficial owners of ordinary shares of the Company held of record by
such persons, and the Company will reimburse such brokerage, nominees, fiduciaries, and
other custodians for reasonable out-of-pocket expense incurred by them in connection
therewith. </FONT></P>

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<font size=2>23</font></p>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>ADDITIONAL INFORMATION </FONT></H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copies
of the Company&#146;s 2003 Annual Report on Form 20-F are being mailed to shareholders
simultaneously with this Proxy Statement. The Company&#146;s 2003 Annual Report, financial
statements and financial information appearing in such Annual Report are not part of the
proxy solicitation materials. Shareholders may obtain a copy of this report without charge
at <U>www.nur.com</U>. </FONT></P>

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<TABLE WIDTH=100% CELLSPACING=0 CELLPADDING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=40%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=10%><FONT FACE="Times New Roman, Times, Serif" SIZE=2></FONT></TD>
<TD WIDTH=50%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>By Order of the Board of Directors,<BR><BR>
Dan Purjes<BR>Chairman of the Board of Directors</FONT></TD>
</TR>
</TABLE>
<BR>


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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Lod,
Israel <BR>Date: September 22, 2004</FONT></P>

<p align=center>
<font size=2>24</font></p>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Exhibit A</U> </FONT> </H1>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Annual Report </FONT></P>

<p align=center>
<font size=2>25</font></p>
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<!-- MARKER FORMAT-SHEET="Head Major Center Bold 1-TNR" FSL="Workstation" -->
<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Exhibit B</U> </FONT> </H1>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Description of the 2000
Stock Option Plan </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
2000, NUR adopted the 2000 Stock Option Plan to provide for grants of service and
non-employee options to purchase ordinary shares to officers, employees, directors and
consultants of NUR. The Company&#146;s 2000 Stock Option Plan provides that it is to be
administered by the Board or by a committee appointed by the Board. The Board has broad
discretion to determine the persons entitled to receive options under the 2000 Stock
Option Plan, the terms and conditions on which options are granted, and the number of
ordinary shares subject thereto, up to an aggregate amount of 2,497,590 ordinary shares.
Subject to approval of shareholders at the annual meeting, the number of ordinary shares
subject to the plan shall be 2,997,590. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
exercise price of the option shares under the 2000 Stock Option Plan is determined by the
Board; provided, however, that the exercise price of any option granted shall not be less
than eighty percent (80%) of the Stock Value (as defined below) at the time of the grant
of such options (the &#147;<B>Date of Grant</B>&#148;). The <B>&#147;Stock Value</B>&#148;
at any time is equal to the then current Fair Market Value (as defined below) of the
Company&#146;s ordinary shares. For purposes of the 2000 Stock Option Plan, the
&#147;<B>Fair Market Value</B>&#148; means, as of any date, the last reported sale price,
on such date, of the ordinary shares on such principal securities exchange of the most
recent prior date on which a sale of the ordinary shares took place. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board determines the term of each option granted under the 2000 Stock Option Plan;
provided, however, that the term of an option shall not be for more than ten (10) years.
Upon termination of employment, all unvested options lapse. All options granted vest over
a three to four-year period at the discretion of the Board. One-third of such options vest
after the first or second anniversary of the Date of Grant, one-third after the second or
third anniversary, and the final third after the third or fourth anniversary of the Date
of Grant. Notwithstanding the foregoing, the Board may determine different vesting
scheduled for consultant options in special circumstances. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
options granted are subject to restrictions on transfer, sale, or hypothecation. Options
and ordinary shares issuable upon the exercise of options granted to Israeli employees of
NUR are held in a trust for a minimum period of up to three years and until the payment of
all taxes due with respect to the grant and exercise (if any) of such options. </FONT></P>

<p align=center>
<font size=2></font></p>
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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>Exhibit C</U> </FONT> </H1>

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<P ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Charter of the Audit
Committee </FONT></P>

<IMG SRC="logo.jpg" HEIGHT="58" WIDTH="101">

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<H1 ALIGN=CENTER><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U>NUR Macroprinters Ltd.
&#150; Charter of the Audit Committee</U> </FONT> </H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2><U><B>A.&nbsp;&nbsp;&nbsp;&nbsp;Purpose</B></U> </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The purpose of the Audit Committee
(the &#147;<B>Committee</B>&#148;) shall be as follows: </FONT></P>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To
oversee the accounting and financial reporting processes of NUR Macroprinters
               Ltd. (the &#147;<B>Company</B>&#148;) and audits of the financial statements of
the                Company. </FONT></TD>
</TR>
</TABLE>
<BR>



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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To
assist the Board of Directors of the Company (the &#147;<B>Board</B>&#148;)
               with respect to its oversight of the independent auditor&#146;s
qualifications                and independence. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To
assist the Board with respect to the oversight of the performance of the
               Company&#146;s internal and independent auditors. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4. </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>          To
assist the Board with respect to its oversight of: </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.1.</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>       The
integrity of the financial statements of the Company; and </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
compliance by the Company with legal and regulatory requirements; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>To
prepare the report required by the Securities Exchange Act of 1934, as amended, to the
extent the Company elects to include it in the Company&#146;s annual proxy statement. </FONT></TD>
</TR>
</TABLE>
<BR>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>B.&nbsp;&nbsp;&nbsp; Composition</B></U> </FONT> </H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Committee shall consist of three
or more members of the Board, each of whom is determined by the Board to be
&#147;independent&#148; under the rules of The Nasdaq Stock Market, Inc. and the
Sarbanes-Oxley Act of 2002, as each may be amended from time to time. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>C.&nbsp;&nbsp;&nbsp; Qualifications</B></U> </FONT> </H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All members of the Audit Committee
shall be able to read and understand fundamental financial statements, including the
balance sheet, income statement and cash flow statement. At least one member of the Audit
Committee shall have past employment experience in finance or accounting, requisite
professional certification in accounting, or other comparable experience or background,
including a current or past position as a chief executive or financial officer or other
senior officer with financial oversight experience and shall meet the requirements of a
&#147;Financial Expert&#148; as defined in Section 407 of the Sarbanes-Oxley Act. </FONT></P>

<p align=center>
<font size=2></font></p>
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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>D.&nbsp;&nbsp;&nbsp; Compensation</B></U> </FONT> </H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>No member of the Committee shall
receive compensation other than director&#146;s fees for service as a director of the
Company, including reasonable compensation for serving on the Board and the Committee and
regular benefits other directors receive in connection with their service on the Board. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>E.&nbsp;&nbsp;&nbsp; Appointment and
Removal</B></U> </FONT> </H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The members of the Committee shall be
appointed by the Board and shall serve until such member&#146;s successor is duly elected
and qualified or until such member&#146;s earlier resignation or removal. The members of
the Committee may be removed, with or with out cause, by a majority vote of the Board. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>F. &nbsp;&nbsp;&nbsp;Chairman</B></U> </FONT> </H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Unless a chairman is elected by the
full Board, the members of the Committee shall designate a Chairman by the majority vote
of the full Committee membership. The Chairman will chair all regular sessions of the
Committee and set the agendas for the Committee meetings. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>G. &nbsp;&nbsp;&nbsp;Meetings</B></U> </FONT> </H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Committee shall meet as
frequently as circumstances dictate. As part of its goal to foster open communication, the
Committee shall periodically meet separately with each of the Chief Executive Officer, the
Chief Financial Officer, the Internal Auditor and the independent auditors of the Company
to discuss any matters that the Committee (or any of the above mentioned) believe would be
appropriate to discuss privately. In addition, the Committee should meet with the
independent auditors and management periodically to review the Company&#146;s financial
statements in a manner consistent with that outlined in this Charter. The Chairman of the
Committee or any member of the Committee may call meetings of the Committee. All meetings
of the Committee may be held telephonically. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All non-management directors who are
not members of the Committee may attend meetings of the Committee, but may not vote. In
addition, the Committee may invite to its meetings any director, member of management of
the Company, and such other persons, as it deems appropriate in order to carry out its
responsibilities. The Committee may also exclude from its meetings any persons it deems
appropriate in order to carry out its responsibilities. </FONT></P>

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<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>H.&nbsp;&nbsp;&nbsp; Duties and
Responsibilities</B></U> </FONT> </H1>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Committee shall carry out the
duties and responsibilities set forth below. These functions should serve as a guide with
the understanding that the Committee may determine to carry out additional functions and
adopt additional policies and procedures as may be appropriate in light of changing
business, legislative, regulatory, legal or other conditions. The Committee may perform
any functions it deems appropriate under applicable law, rules or regulations, the
Company&#146;s Amended and Restated Articles of Association, and the resolutions or other
directives of the Board, including review of any certification required in accordance with
applicable law or regulations of the SEC. </FONT></P>

<p align=center>
<font size=2></font></p>
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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In discharging its oversight role,
the Committee is empowered to study or investigate any matter of interest or concern that
the Committee deems appropriate. In this and other regards, the Committee shall have the
authority, without seeking Board approval, to retain special legal, accounting or other
consultants to advise the Committee and approve the compensation of and directly oversee
such outside counsel and other consultants. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The Committee shall be given full
access to the Company&#146;s internal auditor, Board, corporate executives, and
independent accountants as necessary to carry out these responsibilities. </FONT></P>

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<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Notwithstanding the foregoing, the
Committee is not responsible for certifying the Company&#146;s financial statements or
guaranteeing the auditor&#146;s report. The fundamental responsibility for the
Company&#146;s financial statements and disclosures rests with management and the
independent auditors. It is also the job of the CEO and senior management rather than that
of the Committee to assess and manage the Company&#146;s exposure to risk. </FONT></P>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Documents and Reports:</I> </FONT></P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Discuss with
management and the independent auditor prior to public dissemination the Company&#146;s
annual audited financial statements and quarterly reviewed financial statements,
including the Company&#146;s disclosures under &#147;Management&#146;s Discussion and
Analysis of Financial Condition and Results of Operations&#148; and discuss with the
independent auditors the matters required to be discussed by Statement of Auditing
Standards No. 61 relating to the conduct of the audit. The Committee shall document that
such discussion has taken place noting the date, participants and place of the
discussion, but not the nature and scope of such discussion so that frank and open
communication between the Committee and the independent auditor may occur.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2. </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Discuss
with management and the independent auditors prior to the Company&#146;s filing of an
annual report (a) whether any significant deficiencies in the design or operation of
internal controls exists that could adversely affect the Company&#146;s ability to
record, process, summarize, and report financial data; (b) any material weaknesses in the
Company&#146;s internal controls; and (c) the existence of any fraud, whether or not
material, that involves management or other employees who have a significant role in the
Company&#146;s internal controls.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3. </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Discuss
with management and the independent auditors the Company&#146;s major financial risk
exposures, the guidance and policies by which risk assessment and management is
undertaken, and the steps management has undertaken to monitor and control risk exposure.</FONT></TD>
</TR>
</TABLE>
<BR>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Independent Auditors:</I> </FONT></P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1. </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Recommend
to the Board the appointment of the independent auditor to audit the financial statements
of the Company and its subsidiaries for ratification by the shareholders, which firm is
ultimately accountable to the Committee and the Board, as representatives of the
shareholders.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2. </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Review
the plan for and the scope of the audit and related services at least annually. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3. </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Directly
oversee the work of any accounting firm engaged by the Company for the purpose of
preparing or issuing an audit report or performing other audit, review, or attest
services for the Company, including the resolution of any disagreement between management
and the auditor regarding financial reporting.</FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2></font></p>
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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4. </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Pre-approve
the fees to be paid to the independent auditor. Pre-approve all audit, audit related and
other services permitted by law or applicable SEC regulations to be performed by the
independent auditor for the Company.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5. </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Review,
at least annually, the qualifications, performance and independence of the independent
auditors. In conditioning its review and evaluation, the Committee should:</FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.1.</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>At
least annually, obtain and review a report by the Company&#146;s independent auditors
describing (i) the auditing firm&#146;s internal quality control procedures, (ii) any
material issues raised by the most recent internal control review or by any inquiry or
investigation by governmental or professional authorities, and any steps taken to deal
with any such issues; and (iii) to assess the auditor&#146;s independence, all
relationships between the independent auditor and the Company; and</FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.2.</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Ensure
the rotation of the lead audit partner at least every five years, and consider whether
there should be regular rotation of the audit firm itself.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6. </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Review
with management and the independent auditor at least annually (i) the Company&#146;s
application of critical accounting policies and its consistency from period to period,
and the compatibility of these accounting policies with GAAP, and (where appropriate) the
Company&#146;s provisions for future occurrences which may have a material impact on the
financial statements of the Company; (ii) all alternative treatments of financial
information within GAAP that have been discussed with management, the ramifications of
the use of such alternative disclosures and treatments, and the treatment preferred by
the independent auditor; and (iii) all other material communications between the
independent auditor and management.</FONT></TD>
</TR>
</TABLE>
<BR>

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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Financial Reporting
Process:</I> </FONT></P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1. </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>In
consultation with the independent auditors and management, review the integrity of the
Company&#146;s financial reporting process, both internal and external.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2. </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Review
periodically the effect of regulatory and accounting changes with the independent
auditors and management on the financial statements of the Company.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3. </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Review
and discuss with management all material off-balance sheet transactions, arrangements,
obligations (including contingent obligations) and other relationships of the Company
with unconsolidated entities or other persons, that may have a material current or future
effect on financial condition, changes in financial condition, results of operations,
liquidity, capital resources, capital reserves or significant components of revenues or
expenses.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4. </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Review
with the independent auditor any audit problems or difficulties encountered and management&#146;s
response thereto.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5. </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Review
and discuss with internal auditor the responsibilities and budget of the Company&#146;s
internal auditor.</FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>6. </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Review
and discuss with management the Company&#146;s earnings press releases (including the use
of &#147;pro forma&#148; or &#147;adjusted&#148; non-GAAP information) as well as
financial information and earnings guidance provided to analysts.</FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
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<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2><I>Legal compliance: </I></FONT></P>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Review
periodically, with the Company&#146;s counsel, any legal matter that                could
have a significant impact on the Company&#146;s financial statements. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Obtain
reports from management of the Company, the Chief Financial Officer,
               Controller and the independent auditor that the Company&#146;s subsidiary
               entities are in conformity with applicable legal requirements and the
               Company&#146;s Code of Business Conduct. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>3.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Advise
the Board with respect to the Company&#146;s policies and procedures
               regarding compliance with applicable laws and regulations and with the
               Company&#146;s Code of Business Conduct. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Prepare
all reports of the Committee as required by the rules of the SEC and include such report
in the Company&#146;s annual proxy statement. Such report shall include the following: </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A
discussion that the Committee has reviewed and discussed the audited           financial
statements with management of the Company. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Committee has discussed with the independent auditor the matters covered by
               Statement on Auditing Standards No. 61, as well as the independence of the
               independent auditor. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>A
statement that based on the Committee&#146;s review and discussions with
               management of the Company and the independent auditor the Committee has
               recommended to the Board that the audited financial statements of the
Company be                included in the Company&#146;s Form 20-F. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>4.4.</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2> A
statement that the Board has adopted a written Audit Committee Charter. </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>The
Committee will perform such other functions as assigned by law, the                Company&#146;s
Amended and Restated Articles of Association or the Board. </FONT></TD>
</TR>
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<BR>

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<TD WIDTH=5%>&nbsp;</TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>
Without
limitation to the above, the Committee&#146;s approval is required for:  </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.1. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Proposed
transactions to which the Company intends to be a party in which an                Office
Holder or Controlling Shareholder has a direct or indirect personal
               interest; </FONT></TD>
</TR>
</TABLE>
<BR>

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<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.2. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>All
related party transactions as defined in Section 404 of Regulation S-K; </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.3. </FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Actions
or arrangements which may otherwise be deemed to constitute a breach of
               fiduciary duty or of the duty of care of an Office Holder to the Company;
and </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 1-TNR" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>&nbsp;</FONT></TD>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>5.4.</FONT></TD>
<TD WIDTH=90%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Arrangements
with directors as to the terms of office or compensation. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><I>Accounting Complaints and
Procedures</I> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 0-TNR" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Establish
procedures for the receipt, retention and treatment of complaints                received
by the Company regarding accounting, internal accounting controls or
               auditing matters. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 0-TNR" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>2.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Establish
procedures for the confidential, anonymous submission by employees of                the
Company of concerns regarding questionable accounting or auditing matters. </FONT></TD>
</TR>
</TABLE>
<BR>

<p align=center>
<font size=2></font></p>
<HR SIZE="1" NOSHADE  STYLE="margin-top: -2px">
<HR SIZE="4" NOSHADE  STYLE="margin-top: -10px">
<P STYLE="page-break-after:always"></P>


<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><i>Funding</i> </FONT> </P>

<!-- MARKER FORMAT-SHEET="Para Hang Lv 0-TNR" FSL="Workstation" -->
<TABLE WIDTH=100% CELLPADDING=0 CELLSPACING=0 BORDER=0>
<TR VALIGN=TOP>
<TD WIDTH=5%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>1.  </FONT></TD>
<TD WIDTH=95%><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Funding
for the engagement of independent auditors, outside counsel and other
               advisors, as well as ordinary administrative expenses that are necessary
and                appropriate in carrying the duties of the Committee shall be provided
by the                Company. </FONT></TD>
</TR>
</TABLE>
<BR>

<!-- MARKER FORMAT-SHEET="Head Major Left Bold-TNR" FSL="Workstation" -->
<H1 ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE="2"><U><B>I.&nbsp;&nbsp;&nbsp; Limitation of the
Committee&#146;s Role</B></U> </FONT> </H1>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>With respect to the foregoing
responsibilities and processes, the Committee recognizes the Company&#146;s financial
management, as well as the Company&#146;s independent auditors have more time, knowledge,
and detailed information regarding the Company than do the members of the Committee.
Consequently, in discharging its oversight responsibilities, the Committee will not
provide or be deemed to provide any expertise or special assurance as to the Company&#146;s
financial statements or any professional certification as to the independent auditor&#146;s
work. </FONT></P>

<!-- MARKER FORMAT-SHEET="Para Flush Lv 0-TNR" FSL="Workstation" -->
<P><FONT FACE="Times New Roman, Times, Serif" SIZE=2>While the Committee has the
responsibilities and powers set forth in this Charter, it is not the duty of the
Committee to plan or conduct audits or to determine that the Company&#146;s financial
statements and disclosures are complete and accurate and are in accordance with generally
accepted accounting principles and applicable rules and regulations. These are the
responsibilities of management and the independent auditor. It is also not the duty of
the Committee to conduct investigations except with respect to the establishment of
procedures (which may include investigations) related to accounting complaints and
procedures or to assure compliance with laws and regulations and the Company&#146;s
internal policies. </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>Date approved by the
Audit Committee </FONT></P>

<!-- MARKER FORMAT-SHEET="Head Left-TNR" FSL="Workstation" -->
<P ALIGN=LEFT><FONT FACE="Times New Roman, Times, Serif" SIZE=2>March 30, 2004 </FONT></P>



<p align=center>
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`
end

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
